S-Space College of Law/Law School (법과대학/대학원) The Law Research Institute (법학연구소) 법학 법학 Volume 49, Number 1/4 (2008)
재무이사(CFO)의 법률적 지위와 책임
The Role and Legal Status of the Chief Financial Officers in Large Korean Companies
- Issue Date
- 서울대학교 법학연구소
- 법학, Vol.49 No.2, pp. 97-132
- 자본시장통합법; 외감법; 기업지배구조; Capital Market Integration Act; CPA Law; Corporate Governance; CFO; Enron
- The Chief Financial Officer (CFO) is not a defined term under Korean law.
However, the term ‘CFO’ is widely being used in the capital markets,
professional communities, and even amongst educated general population. On the
other hand, the Korean Securities and Exchange Act and the CPA Law envisage
the status of the CFOs and regulate CFOs’ activities without officially using the
term CFO. One of the reasons for this may be that a designation such as CFO
does not have room in the Korean law because it is in the English language.
This Article proposes to amend the relevant laws by introducing the new term
“Financial Officer.” This article argues that the amendment would create
efficiency in the regulation of corporate governance and capital markets through
comparative discussions on the US laws and regulations regarding corporate
governance and capital markets. It also suggests that the duties and liabilities of
CFOs in large Korean companies are excessive under current laws and those of
the Financial Officer should be limited by the proposed amendment.