기 업 지 배 구 조 리 뷰 2009 프랑스 SRI 자산증가 Novethic 1) 의최근시장조사에의하면금융위기의여파에도불구하고, 2009년한해프랑스 SRI 자산규모는 50bn mark를기록하였으며, 이는 2008년 29.2bn mark 규모에서 70% 정도상승한수치이다. 구체적으로, SRI 소매자산은전년대비 111% 성장하여 2009년한해동안 15.6bn mark를기록했으며, 이는프랑스종업원저축제도 (Employee savings plans) 에대비한상품개발과대형은행및보험사에의해판매된 SRI 소매펀드금액증가에기인한것으로나타났다. 이에반해, 프랑스 SRI 자산의 69% 를차지하고있는기관자산 (institutional assets) 은 56% 증가한 35.1bn mark를보여상대적으로낮은성장률을기록하였다. 기관소유의 SRI 자산증가는기존의펀드에 SRI 요소를포함하려는기관투자자들의펀드운용전환이주요동인이었다고 Novethic은분석하였다. 프랑스기관투자자들을대상으로한 ( 펀드내 ) ESG 통합관련조사 2) 에서응답자들의 23% 는 UN PRI(United Nations Principles for Responsible Investment) 에참여하였고, 36% 는참여를희망하는것으로나타나펀드내 ESG 요소를포함하려는기관투자자가향후점점많아질것으로전망하였다. 기업지배구조리뷰 120 1) 프랑스의지속가능한투자리서치그룹 (sustainable investment research group) 2) EthiFinance, extra financial rating agent, RSEGO Between 및 laboratoire d'econométrie de l'ecole Polytechnique가시행한조사
국 / 내 / 동 / 향해 / 외 / 동 / 향센 / 터 / 소 / 식 지배구조개선을위한 EU 집행위원회의녹서 (Green Paper) EU 집행위원회 (European Commission: 유럽연합의정책의결기관 ) 는금융부문기업들에대한기업지배구조개선계획안을담은녹서 3) 를 6월 2일공표했으며, 이는이전보다강화된주주의관여활동을주된내용으로하고있다. EU 역내시장 (Internal Market) 위원장 Michael Barnier는베를린 (Berlin) 에서가진연설에서해당기업지배구조녹서는효과적인금융기관리스크관리방법, 주주권한확보방법에대한것이며, 위기방지는기업내부에서출발한다는관점에서이러한내용은중요하다고밝혔다. 또한, Barnier는대변인을통해 EU 집행위원회는녹서에서입법적혹은비입법적계획안모두를고려하고있으며, 기업지배구조의주주관여활동, 금융감독및내부감사개선에초점을맞추어과도한리스크감수 (risk taking) 회피를위한기업내보상정책변화를추구할것이라고하였다. 이밖에계획안은리스크문화 (risk culture) 의확립과금융기관의이사회구성및기능향상을위한제안도포함하고있다. 금융위기를통해금융기관들의기업지배구조는유의미하게취약하며, 주주들은소유한금융기관에대해리스크감수를통제하지않는것으로밝혀졌다. 이러한지배구조의취약성이금융위기의주된원인으로밝혀지지는않았지만, 적절하고효과적인점검과균형잡힌지배구조시스템은금융위기와관련된위험을경감시키는데도움이된다는점에서제고될필요가있다고 EU 집행위원회는보고있는것이다. 금융부문기업의지배구조개선계획안은투명성, 책임및자기자본요건강화를목적으로한 G20 합의사항을충족하는 EU 집행위원회로드맵의일부분이며, 헤지펀드와사모펀드에대한 AIFM 지침 4) (Alternative Investment Fund Managers Directive), 투자서비스와신용평가에이전시감독에대한 MiFID(Markets in Financial Instruments Directive) 개정지침 5) 과같은다양한이니셔티브와조화를이룬다. 3) 정책방안토의용보고서 4) 대안투자펀드매니저지침 5) EU 금융상품투자지침 해외 동향 121
기 업 지 배 구 조 리 뷰 미등기이사의보상에대한 ICGN 가이드라인전세계적으로압력단체들은이사회멤버에게일반적으로제공되는퇴직연금이미등기이사에게허용되지않도록요청하고있으며, 이에 ICGN(International Corporate Governance Network) 은미등기이사의급여체계에대해새로운접근을제안하는글로벌가이드라인을출간하였다. 미등기이사들은사내직원으로서가아닌주주이익을대표하기위해선출되었기때문에확정급여형퇴직연금제도 (DB: Defined Benefit) 혹은배당거치주보상 (deferred stock award) 에대한자격이주어져서는안된다고해당가이드라인은밝혔다. 이와더불어, 미등기이사가현금지급 (cash pay) 을이연하는것은이연보상제도에따라계속해서허용되어야하지만, 현금지급을이연하여이를주식으로전환하는혜택을누려서는안되며, 광범위한퇴임후보상제도 (deferral plan) 에있어직원들에게제공되는수준을고려하여적용되어야한다고밝혔다. 미등기이사의보상에대한 ICGN 가이드라인은책임성 (accountability) 을강화하고자하는데그목적이있으며국가간, 대륙간법적 지배구조적특성에따라그적용에차이가있을수있다고밝혔다. 기업의미성년노동착취에대한노르웨이중앙은행의경고 기업지배구조리뷰 122 NOK 2.7trn( 354bn) 규모의노르웨이연금펀드를관리하는노르웨이중앙은행 6) 은 미성년노동이슈에있어자체전문역량을키우고있으며, 향후 20 년동안기업의 미성년노동착취여부를조사할계획이다. 미성년노동은수자원관리, 기후변화 (climate change), 주주에대한공평한대우 (equal treatment of shareholders), 이사회의책임성 (board accountability), 효율적시장 (efficient markets) 과더불어연금의 6 가지주요중점분야중하나 이다. 최근노르웨이중앙은행이출간한두번째아동인권관련보고서에서조사기업의 1/3 이아동인권에대한처신과보고활동이개선된것으로나타났지만, 계속적인 개선활동을추구할것이라고노르웨이중앙은행총재인스베인제드렘 (Svein Gjedrem) 은 6) 노르웨이의중앙은행으로서전통적인중앙은행의역할외에도노르웨이연금을관리한다. 노르웨이정부의연금은유동성펀드로서세계에서가장시장이큰투자처로꼽힘 ( 출처 : 위키백과 )
국 / 내 / 동 / 향해 / 외 / 동 / 향센 / 터 / 소 / 식 밝혔다. 노르웨이중앙은행의이러한활동은종자생산에서발생한 Dupont, Monsanto, Bayer와 Syngenta 7) 의미성년노동착취가시발점이되었으며, 노르웨이정부윤리위원회에서도미성년노동을착취하는국내외피투자기업을중앙은행의연금펀드포트폴리오에서제외시키는방안을꾸준히제기하여노르웨이중앙은행의활동을지지하고있는상태이다. 그러나해당연금펀드는글로벌자산시장에서운용중인자산이지난 2년간 2배가까이늘어났다는점에서, 그리고수익성이가장좋은기업과프로젝트에자본이할당되어야만한다는점에서어려움이있다고노르웨이중앙은행투자관리부문수장인잉베슬링스타드 (Yngve Slyngstad) 는언급하였으며, 향후프라이빗에쿼티 (private equity) 와인프라 (infrastructure) 에대한투자는더높은경영관리비용과더많은고용인을필요로하는것과같다고하였다. ESG 관련컨퍼런스, 포럼, 세미나등 7월의행사 June 28 - July 2, Monaco. 20th Annual FundForum International, ICBI(The International Centre For Business Information). http://icbi-uk.com/. July 1, London. Achieving Better Results from Internal Audit Reporting, Quorum Training. www.quorumtraining.co.uk. July 1, Shanghai. Sustainable Investment Roundtable, Association for Sustainable and Responsible Investment in Asia. www.asria.org. July 4-7, Dubai. Certificate in Financial Analysis, IIR Middle East. www.iirme.com. July 4-7, Dubai. Certificate In Internal Audit II Internal Audit Practitioner, IIR Middle East. www.iirme.com. July 4-7. Dubai. Certificate In Strategic Finance For Non-Finance Managers, IIR Middle East. www.iirme.com. July 4-7, Dubai. Senior Executive Finance(A Series Of Training Courses For Auditors), IIR Middle East. www.iirme.com. 7) 4 사모두노르웨이중앙은행의피투자기업임 해외 동향 123
기 업 지 배 구 조 리 뷰 July 5, London. Sarbanes-Oxley Act - Requirements and Adding Value, Quorum Training. www.quorumtraining.co.uk. July 6, Hong Kong. CCBF Research Launch - Low -Carbon Economy for Hong Kong, Association for Sustainable and Responsible Investment in Asia. www.asria.org. July 6, London. IR Seminar: Corporate Governance, Investor Relations Society. www.ir-soc.org.uk. July 7, TAS. Briefing - How Can Company Directors Obtain a Quality Audit?, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 8, Gauteng. Being a Director Part 2: Increasing Board Effectiveness and Adding Value, Institute of Directors in Southern Africa. www.iodsa.co.za. July 8, London. Climate Change and Green Development in China, Chatham House Royal Institute of International Affairs. www.chathamhouse.org.uk. July 8, Western Cape. Being a Director Part 1: A Practical Approach to Implementing Corporate Governance, Institute of Directors in Southern Africa. www.iodsa.co.za. July 8-9, London. IPO Renaissance: Russia and CIS Conference, London Stock Exchange. www.londonstockexchange.com. July 9, Western Cape. Being a Director Part 2: Increasing Board Effectiveness and Adding Value, Institute of Directors in Southern Africa. www.iodsa.co.za. July 12, Gauteng. ADP(Accelerated Directorship Programme), Institute of Directors in Southern Africa. www.iodsa.co.za. July 12, WA. Company Directors Course Information Evening, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 12-13, Singapore. Structuring and Financing Mergers & Acquisitions, Marcus Evans. www.marcusevans.com. 기업지배구조리뷰 July 12-14, Chicago. Advanced Auditing for In-Charge Auditors, MIS Training Institute. www.misti.com. July 12-15, Jakarta. Green Investments Summit 2010, Association for Sustainable and Responsible Investment in Asia. www.asria.org. July 13, Sao Paulo. Carbon Financial Instruments - Challenges and Opportunities for Commercial Banks, Brokers, Inter-American Development Bank. www.iadb.org. 124
국 / 내 / 동 / 향해 / 외 / 동 / 향센 / 터 / 소 / 식 July 13, VIC. Geelong Directors Breakfast: Achieving Board Diversity, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 13-14, Denver. Wind Power Development and Integration, Marcus Evans. www.marcusevans.com. July 14, Melbourne. Global Pension System(2010 Luncheons Series), Australian Institute of Superannuation Trustees. www.aist.asn.au. July 14-15, Boston. Environmental Management and Regulatory Compliance 2010, Marcus Evans. www.marcusevans.com. July 14-15, New York. U.S. Sub-Advisory Roundtable, Institutional Investor Conferences www.iiconferences.com. July 14-16, Las Vegas. Renewable Technologies Summit 2010, Marcus Evans. www.marcusevans.com. July 15, SA. Complimentary CDC Information Session, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 15, TAS. Member Networking Evening - Hobart, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 18 21, Dubai. IFRS International Financial Reporting Standards, IIR Middle East. www.iirme.com. July 18-24, Boston. Finance for Senior Executives, Harvard Business School. www.exed.hbs.edu. July 19, London. Risk Management Workshop - Day 1, Quorum Training. www.quorumtraining.co.uk. July 19-21, Chicago. Financial Auditing, MIS Training Institute. www.misti.com. July 19-21, New York. Governance, Risk, and Compliance: Putting the Right Framework in Place, MIS Training Institute. www.misti.com. July 19-21, New York. Risk-Based Internal Auditing, MIS Training Institute. www.misti.com. July 19-22, Boston. Advanced Fraud Auditing, MIS Training Institute. www.misti.com. July 20, London. Risk Management Workshop - Day 2, Quorum Training. www.quorumtraining.co.uk. 해외 동향 125
기 업 지 배 구 조 리 뷰 July 20, London. Libya s Energy Future, Chatham House Royal Institute of International Affairs. www.chathamhouse.org.uk. July 20, NSW. Governance in Public & Private Healthcare, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 20, VIC. Finding Board Positions Workshop, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 22, SA. Are You Looking for a Board Position or a New Director?, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 23, Sydney. Developing and Leading a Risk Culture, Tonkin Corporation. www.tonkincorporation.com. July 26-28, Chicago. Conducting Effective Fraud Audits, MIS Training Institute. www.misti.com. July 28, Kwazulu-Natal. Being a Director Part 2: Increasing Board Effectiveness and Adding Value, Institute of Directors in Southern Africa. www.iodsa.co.za. July 28, VIC. Leaders' Edge Luncheon Series: Board Diversity, Australian Institute of Company Directors. www.companydirectors.com.au/events. July 28-31, Boston. Making Corporate Boards More Effective, Harvard Business School. www.exed.hbs.edu. July 29, View from the Board: Validating Your Ethics and Compliance Efforts, Corporate Board Member. www.boardmember.com/conferences/. July 29, Kwazulu-Natal. Being a Director Part 3: The Directors' Role in Risk and Strategy, Institute of Directors in Southern Africa. www.iodsa.co.za. July 29, WA. Directors Networking: Direct Connect, Australian Institute of Company Directors. www.companydirectors.com.au/events. 기업지배구조리뷰 July 29, Western Cape. Western Cape: IoDSA Sustainable Development Forum (SDF)_Sustainability Round Table, Institute of Directors in Southern Africa. www.iodsa.co.za. July 30, Sydney. Investment Performance Measurement & Risk, Tonkin Corporation. www.tonkincorporation.com. 126
국 / 내 / 동 / 향해 / 외 / 동 / 향센 / 터 / 소 / 식 8월의행사 August 1, Male(Maldives). IFSB-FIS Workshop Series(Maldives): Introduction to Islamic Finance & IFSB Standards, Islamic Financial Services Board. www.ifsb.org. August 2-3, Bangkok. 2nd International Conference on Oil-palm Biomass, Association for Sustainable and Responsible Investment in Asia. www.asria.org. August 2-4, Boston. Audit Committees in a New Era of Governance, Harvard Business School. www.exed.hbs.edu. August 2-4, Queensland. Australian CIO Summit 2010, Marcus Evans. www.marcusevans.com. August 3, Eastern Cape. Being a Director Part 2: Increasing Board Effectiveness and Adding Value, Institute of Directors in Southern Africa. www.iodsa.co.za. August 4, Kwazulu-Natal. IoDSA Insights to King III(An introduction and overview of the South African code on Corporate Governance King III), Institute of Directors in Southern Africa. www.iodsa.co.za. August 4-6. Boston. Compensation Committees, Harvard Business School. www.exed.hbs.edu. August 5, NSW. Managing Personal Reputation & Liability at the Board Level, Australian Institute of Company Directors. www.companydirectors.com.au/events. August 7 9, Dubai. Successful Energy Management and Auditing, IIR Middle East. www.iirme.com. August 9-10, Kuala Lumpur. Internal Audit Risk Control and Remediation Asia 2010, Marcus Evans. www.marcusevans.com. August 10, Gauteng. Being a Director Part 1: A Practical Approach to Implementing Corporate Governance, Institute of Directors in Southern Africa. www.iodsa.co.za. August 10, VIC. AIST Superannuation Administration Symposium 2010, Australian Institute of Superannuation Trustees. www.aist.asn.au. August 10, VIC. Albury Directors Breakfast: Succession Planning, Australian Institute of Company Directors. www.companydirectors.com.au/events. August 11, Washington, D.C.. Rethinking What Committees Need to Know Most About Executive, National Association of Corporate Directors. www.nacdonline.org. 해외 동향 127
기 업 지 배 구 조 리 뷰 August 12, WA. Director Briefing: Diversity - What does it look like?, Australian Institute of Company Directors. www.companydirectors.com.au/events. August 16, Brisbane. Developing and Leading a Risk Culture, Tonkin Corporation. www.tonkincorporation.com. August 16, Gauteng. Being a Director Part 1: A Practical Approach to Implementing Corporate Governance, Institute of Directors in Southern Africa. www.iodsa.co.za. August 16-17, Orlando. Quick Impact Audits, MIS Training Institute. www.misti.com. August 16-18, Chicago. Auditing Construction Activities, MIS Training Institute. www.misti.com. August 16-20, Boston. MIS Audit Leadership Institute, MIS Training Institute. www.misti.com. August 17, Melbourne. Developing and Leading a Risk Culture, Tonkin Corporation. www.tonkincorporation.com. August 18, Adelaide. Developing and Leading a Risk Culture, Tonkin Corporation. www.tonkincorporation.com. August 18, Gauteng. Finance for Directors, Institute of Directors in Southern Africa. www.iodsa.co.za. August 19-20, Johannesburg. Risk and Internal Control Forum, Marcus Evans. www.marcusevans.com. August 23-25, Sydney. Carbon Accounting and Financial Management, Tonkin Corporation. www.tonkincorporation.com. 기업지배구조리뷰 August 24. London. Internal Audit Fundamentals - Part 1, Quorum Training. www.quorumtraining.co.uk. August 24-25, California. Director Professionalism Course, National Association of Corporate Directors. www.nacdonline.org. August 25, London. Internal Audit Fundamentals - Part 2, Quorum Training. www.quorumtraining.co.uk. 128
국 / 내 / 동 / 향해 / 외 / 동 / 향센 / 터 / 소 / 식 August 25, Western Cape. Being a Director Part 3: The Directors Role in Risk and Strategy, Institute of Directors in Southern Africa. www.iodsa.co.za. August 25-27, Boston. An Audit and Compliance Blueprint, MIS Training Institute. www.misti.com. August 26, London. Internal Audit Fundamentals - Part 3, Quorum Training. www.quorumtraining.co.uk. August 26-27, Singapore. Risk Modelling and Validation, Marcus Evans. www.marcusevans.com. August 31, Hong Kong. Clean Technology Investment World Asia 2010, Association for Sustainable and Responsible Investment in Asia. www.asria.org. 편집팀 해외 동향 129