Corporate Value and Vitalization of Capital Markets: Focusing on the Problems of the Amendment to the Commercial Act of Directors' Duty of Loyalty

[Purpose]The purpose of this study is to point out the problems of the amendment to the Commercial Act in relation to the recently approved duty of loyalty of directors and to suggest improvement measures. [Methodology]The research method reviewed the historical revisions of our law and identified the problems of our law through comparison of the laws of the United States, the United Kingdom, Germany, and Japan. Improvement methods were derived through literature review. [Findings]The amendment to the Commercial Act has problems such as consistency with the commercial law system and concerns about corporate management contraction. [Implications]The revision of the Capital Market Act is desirable for directors to be faithful to shareholders, not the Commercial Act. It was also concluded that it is desirable to take the business judgment rule and improve the tax system.