개정 금융회사 지배구조법의 주요내용과 과제

In December 2023, the amendment to the ACT ON CORPORATE GOVERNANCE OF FINANCIAL COMPANIES(hereinafter referred to as the 'Financial Companies Governance Act') was passed in Korea. The amendment to the Financial Companies Governance Act primarily mandates the governance entities to faithfully perform the monitoring of internal controls. While the pre-amendment Financial Companies Governance Act only mandated the establishment of internal control standards, the amended Act imposes a duty to establish an internal control system within the law. This legalizes the duty of directors to establish an internal control system, which has been accepted in case law, and appears to be a desirable legislation. Moreover, the amended Financial Companies Governance Act differentiates the roles of internal control by function and specifies responsibilities, signifying progress in establishing advanced governance. However, with the obligation to establish an internal control system being established through case law, continuous additional regulations could burden the operation of financial companies' governance and potentially limiting the interests of financial consumers. This paper reviews the amendments to the Financial Companies Governance Act, recognizing its positive role in the transition to a governance guide and principle-based regulation during the transitional period, while suggesting the need for the development of sector-specific guidelines, the specification of supervisory regulations, and support for a disclosure system that allows stakeholders to verify the results of internal controls. It is hoped that through the support of financial authorities and the voluntary efforts of the industry, the development of internal control systems suitable for each company's circumstances will be achieved, leading to the healthy development of the financial market