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Shareholder suits and outside director liability : The case of Korea

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  • Shareholder suits and outside director liability
  • Black, Bernard; Cheffins, Brian; Klausner, Michael
  • Seoul National University(BK 21 Law)


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Title Shareholder suits and outside director liability
Similar Titles
Sub Title

The case of Korea

Material Type Articles
Author(English)

Black, Bernard; Cheffins, Brian; Klausner, Michael

Publisher

[Seoul]:Seoul National University(BK 21 Law)

Date 2011
Journal Title; Vol./Issue Journal of Korean Law:vol. 10(no. 2)
Pages 40
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Government and Law < Laws and Legislation
Holding Seoul National University

Abstract

Reforms to Korean corporate and securities law carried out in the wake of the 1997-1998 East Asian financial crisis included a mandate that boards include a minimum number of outside directors and facilitation of shareholder lawsuits against board members for damages. The strategy of imposing liability risk on directors (both inside and outside) appeared to follow U.S. practice. In the U.S., outside directors of public companies are often sued but rarely face personal, or “ut-of-pocket,”liability unless they engage in self-dealing. (The rest omitted)