The law firm Barun (managed by attorneys Lee Dong-hoon, Lee Young-hee, and Kim Do-hyung) announced on the 1st that it will hold a seminar in cooperation with the Korea Venture Capital Association on the 14th titled 'The new government's amended Commercial Act - focusing on the directors' duty of loyalty to shareholders.'
Professor Lee Sang-hoon from Kyungpook National University Law School will serve as a speaker at the seminar. He is regarded as an authority on domestic corporate law. He first pointed out in 2008 that the existing practice of excluding shareholders from directors' duty of loyalty is a structural problem in Korean corporate law. He has also published over 30 related papers. Following his keynote lecture, a question-and-answer session will be held.
Lee Eung-se, head of the venture business support center at Barun, which is hosting the seminar, said, "If the scope of the directors' duty of loyalty is expanded to include shareholders, it is expected that the demands for profit distribution from minority shareholders and cases pursuing civil and criminal responsibility against directors will increase," and noted, "By establishing a proactive response system, such as reorganizing the principles of board operation, we can minimize legal risks, especially when the standards for the duty of loyalty are not clearly established."
The seminar will be held from 3 p.m. to 5 p.m. on the 51st floor conference room of the Trade Tower in Gangnam, Seoul. Pre-registration is available on the Barun Law Firm's website.