기업형태의 다양화와 합병과 기업구조 개혁 등, 정부 주도의 기업구조 건전화 작업으로 인해 다중대표소송의 도입 논의가 상당 기간 제기되어 온 점 등을 고려한다면, 2020년 다중대표소송의 제정은 시기적절해 보인다. 「상법」 제406조의2를 살펴보면, 지주회사와 모회사의 지분 관계를 50%로 규정하여 이를 충족하는 경우에만 다중대표소송을 제기하도록 하는 것이, 형평의 관점에 맞는지 생각해 보아야 한다. 순환출자의 경우 자회사의 지분율 50%에 미치지 못할 경우, 다중대표소송의 대상에서 제외될 수 있다. 이렇게 되면, 순환출자가 지배구조상의 문제점이 많음에도 불구하고 책임의 소재를 묻기가 어렵게 된다는 문제점이 발생한다. 본 연구논문은 위와 같은 문제점 등에 착안하여 우선 대표소송에 관한 일반론을 살펴본 후, 다중대표소송 도입 필요성을 살피고, 입법 타당성에 관하여 논의하고자 한다.
아울러, 기존에 우리 기업지배구조에 있어 지배권에 관한 문제는 가공자본에 의한 비정상적인 회사의 지배에서 비롯되었다. 자유롭고 공정한 시장거래질서를 저해하는 지주회사나 순환출자는 대표적인 비정상적 지배권 행태로 분류되어 한때, 지주회사제도는 금지되기도 하였다. 지주회사와 순환출자제도 역시 다중대표소송 도입을 촉구하는 이유가 되고 있지만, 순환출자의 경우 모회사가 자회사의 50%의 지분비율을 보유하는 요건을 충족하는 경우가 많지 않기 때문에 다중대표소송을 제기할 수 없다는 문제가 발생한다. 순환출자는 자회사의 소유지분율이 높은 지주회사제도보다 가공자본으로 인한 비정상적인 기업지배의 위험성이 더 높기 때문에, 다중대표소송제도에 대한 필요성이 강조됨에도 불구하고 순환출자 대상기업의 경우, 다중대표소송을 적용하여 회사의 손해를 전보할 수 없다는 불합리한 결과가 발생된다. 본 연구는 이 점에 관한 현재 우리 법의 보완을 촉구함은 물론, 다중대표소송을 통해 소수주주권 강화를 유도할 수 있는 방안을 제안하고자 한다.
When a major shareholder of a parent company establishes a subsidiary and misappropriates the assets or business opportunity of the subsidiary, multiple representative Multiple representative lawsuits were enacted in December 2020 for the purpose of establishing a sustainable growth structure for companies and the national economy by improving the opaque decision-making structure of companies by introducing the litigation system and the separate election of members of the audit committee.
In the stock market, circular shareholding is gradually being resolved through subsidiaries, parent company, sub-subsidiary system, and holding company system. M&As centered on large corporations are also occurring frequently. Of course, it causes serious injury. Currently, in our capital market, the possibility of conflicts of interests between shareholders and management is increasing due to the activation of the holding company system, diversification of merger methods, and the existence of a malformed ownership structure of circular shareholding. The asymmetry of information due to the increase in the amount of internal information, such as the provision of financial indicators, asset management and company information management, is more serious than ever. Considering that the discussion on the introduction of multiple representative litigation has been raised for a long time due to the government-led corporate structure soundening work such as diversification of corporate forms, mergers and corporate structure reform, the enactment of multiple representative litigation in 2020 is timely. see. According to Article 406-2 of the Commercial Act, it is necessary to consider whether it is in the best of circumstances to stipulate a 50% equity relationship between a holding company and a parent company so that multiple representative lawsuits are filed only when this is satisfied. In the case of circular shareholding, if the shareholding ratio of the subsidiary is less than 50%, it may be excluded from the subject of multiple representative litigation. In this case, there arises a problem in that it is difficult to ask the location of responsibility despite the many problems in the governance structure of circular shareholding. In this research thesis, focusing on the above problems, first reviewing the general theory on representative litigation, then examining the necessity of introducing multiple representative litigation, and discussing the legislative feasibility.
In addition, in the existing corporate governance of Korea, the problem of control was caused by abnormal control of the company by fictitious capital. Holding companies or circular shareholdings that impede free and fair market transaction order were classified as representative abnormal control practices, and at one time the holding company system was banned. Holding companies and the circular shareholding system are also reasons for urging the introduction of multiple-representative litigation. The problem arises that it cannot. Because circular shareholding has a higher risk of abnormal corporate governance due to fictitious capital than a holding company system with a high ownership stake in subsidiaries, even though the need for a multiple-representative litigation system is emphasized, in the case of a company subject to circular shareholding, multiple-representative litigation The unreasonable result that the company cannot compensate the company’s damage occurs. This study not only urges the amendment of our current law in this regard, but also proposes a way to induce the strengthening of minority shareholder rights through multiple representative litigation.