비공개회사의 복수의결권주식 도입 방안 및 절차에 관한 연구

Enactment of Multiple Voting Shares for Private Company

이 글에서는 지금까지의 다수의 선행연구와 입법의안을 비공개회사에 복수의결권 주식 도입시의 단계적 쟁점에 따라 정리하고, 복수의결권주식의 발행근거를 정관에 규정할 때 주주의 동의를 어느 정도로 받아야 할 것인가 및 복수의결권주식을 신주로 발행하여 차등의결권구조로 전환하는 방식과 같은 절차적 측면에 대해 검토하였다. 또한 지배력확대에 따른 폐해를 완화하기 위한 장치로서 의결권배수 및 일몰조항에 대해 살펴봄으로써 복수의결권주식 도입시의 입법 또는 개정방향을 제시하였다.

The dual-class structure has been debated in Korea since around 2005 but even a private company is not permitted to issue multiple voting shares under Korean Commercial Code(KCC) so far because of strict one share one vote rule. As the rise in the listing of dual-class shares of technology firms in the United States, more and more legislation around the world allows the issuance and listing of multiple voting share. The approach of KCC which does not permit the issuance of multiple voting shares even for a private company is rather an exception. This paper analyzes the legal issues to be considered in introducing multiple voting shares to the KCC. It focuses on (ⅰ) the argument for and against multiple voting share in Korea (ⅱ) the requirement of shareholder approval when providing multiple voting shares in the articles of incorporation ⅲ) legal issues caused by shareholders’ preemptive right and payment for the newly issued shares in dual-class recapitalization ⅳ) the safeguard to be provided in the KCC to prevent negative cost of multiple voting shares.