Prior to recent amendments to the Korean Commercial Code (KCC) it was impossible to limit the liability of directors of Korean companies without the agreement of all shareholders.
- Engaged in action or inaction that are intentionally or grossly negligent;
- Violated the competitive business prohibition (KCC art. 397);
- Violated the interested transaction prohibition (KCC art. 398);
- Violated the misappropriation of business opportunities prohibition (KCC art. 397-2).
Other articles that may be of interest related to the amended KCC:
- Korean Commercial Code Revisions Make Capital Reductions in Korea Simpler
- Squeezing-Out Minority Shareholders Under the Korean Corporate Law
- Korean Corporate Forms under Korean Law
- Limiting Director Liability in Korea under new KCC
- Participating and Exchangable Bonds Issuance by Non-listed Companies in Korea
- No Court Apprasial Necessary in Korea for In-Kind Contribution to Company
- Fiduciary Duties of Directors/Representative & Controlling Shareholders of Korean Companies
- Involuntary Dissolution of a Company in Korea: Shareholder Disputes in Korean Companies
- Suing Directors for Company Loses in Korea: Korean Corporate Compliance Basics