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A Study on the Necessity and Revitalization of the Mandatory Electronic Voting System

Park Eunyoung 1

1동아대학교

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ABSTRACT

Due to the complexity of the corporate governance, there is an issue on the restriction of the voting right of stockholders. Consequently, a general meeting of stockholders becomes nominal, so that this might merely represent the corporate management and some of the major shareholders. In order to improve this circumstances and guarantee shareholders to have the right to participate in management, there is a suggestion of an electronic voting system. According to the amendment of the capital market law in 2013, the abolition of the shadow voting was completed at the end of the 2017. Therefore, for the sake of forming a quorum of a general meeting of stockholders, it is necessary to take the measure for the revitalization of a general meeting. The electronic voting makes stockholders exercise their vote without any restriction of time and space. This also makes a corporate sure of invigoration and effectiveness of a general meeting of stockholders. However, effectiveness of electronic voting system is not yet sufficient now, even though several years have passed since the introduction of the system in the commercial law. The discussion on the amendment of mandatory electronic voting system is ongoing. In spite of mandatory electronic voting, there is some doubt about revitalization of a general meeting, though. Moreover, on-line by its nature is likely to make it difficult to confirm identification, and there might be an exercise of vote by unconfirmed rumor. For this reason, there is a possibility that the mandatory electronic voting is not only placing additional pressures on businesses, but also reducing efficiency of it. However, the introduction of mandatory electronic voting system is of any practical use for conversion of awareness of some domestic individual investors who are only concentrating on a short-term profit margin as well as revitalization of positive domestic investment. The introduction of this system might be compulsory unless otherwise compensated in advance for the technical and legal issues by means of the electronic voting system.

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