Limiting Director Liability under Korean Law: Don’t Drop the Insurance Policy Yet

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. However, please, still, obtain a Director Liability Insurance Policy. In order to relieve the burden on directors of Korean companies (and their insurance companies) and also to encourage qualified individuals to be willing to become directors (facial purpose), the KCC was amended to exempt directors from some liability in certain cases of

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