- Corporate governance •
- director liability •
- fiduciary duty •
- Securities Law •
- securities class actions •
- law and finance •
- director duties
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.
For a shorter, somewhat updated version of this article, see Black, Cheffins & Klausner, Shareholder Suits Against Korean Directors (2012), at http://papers.ssrn.com/abstract=913623.
For the other principal pieces of our overall project on outside director liability, see:
Black, Cheffins & Klausner, Outside Director Liability (Stanford Law Review, 2006), http://papers.ssrn.com/abstract=894921
Cheffins and Black, Outside Director Liability Across Countries, (Texas Law Review 2006), http://papers.ssrn.com/abstract=438321.
Additional pieces of this overall project are:
http://papers.ssrn.com/abstract=878135 (policy analysis)
http://papers.ssrn.com/abstract=382422 (a pre-Enron and WorldCom version of Outside Director Liability)
http://papers.ssrn.com/abstract=628223 (study of Korea)
http://papers.ssrn.com/abstract=682507 (summary article for a finance audience)
http://papers.ssrn.com/abstract=800604 (German language version of Germany-paper)
http://papers.ssrn.com/abstract=590913 (summary for practitioner audience)