[Àΰ°úÁ¤] L(Opinions)-010
ÃÖ°í°ü¸®ÀÚ | 16-04-26 10:07
ÁÖ¾îÁø ÁÖÁ¦¿¡ ´ëÇÑ ´Ù¾çÇÑ ÀÇ°ßÀ» »ìÆ캽À¸·Î½á ´Ü¼øÈ÷ "Yes/No"°¡ ¾Æ´Ñ
´Ù¸¥ °üÁ¡ÀÇ °¢µµ¿¡¼ ºñ·ÔµÇ´Â ÀÇ°ßÀÇ Àü°³¸¦ ¿¹ÃøÇØ º¸¸ç Åä·Ð ½Ç·ÂÀ» Çâ»óÇÑ´Ù.
Etsy¡¯s I.P.O. and Public Corporations¡¯ Obligations to Shareholders (Ŭ¸¯)
Etsy just became the second company to go public while maintaining social and environmental standards. But the age-old debate over whether corporations¡¯ primary duty is to shareholders has already been reignited by the corporate sustainability movement — the idea that companies can pursue social and environmental welfare, even if it seems at odds with the goal of maximizing profits and stock prices. Businesses must make a profit, but do they have to work to increase earnings even at the expense of customers, employees or the environment? Does the law allow corporations to pursue social goals like environmental sustainability or worker well-being?
* go public = (±â¾÷ÀÌ) ÁÖ½ÄÀ» °ø°³(»óÀå)ÇÏ´Ù/ age-old = ¾ÆÁÖ ¿À·¡µÈ/ reignite = ÀçÁ¡ÈµÇ´Ù(ÇÏ´Ù)/ corporate sustainability movement(management) = Áö¼Ó°¡´É °æ¿µ, °æÁ¦¼ºÀå, ȯ°æº¸Àü, »çȸ¹ßÀüÀ» µ¿½Ã¿¡ Ãß±¸ÇÏ´Â 21¼¼±âÇü °æ¿µ¿îµ¿(¹æ½Ä)/ at odds with ~ = ~¿Í ºÒÈÇÏ¿©/ at the expense of ~ = ~ÀÇ ºñ¿ëÀ¸·Î(Èñ»ýÀ¸·Î)
¹ýÀº ±â¾÷ÀÌ È¯°æ °¨¼ö¼º ¶Ç´Â Á÷¿ø º¹Áö¿Í °°Àº »çȸÀû ¸ñÇ¥ÀÇ Ãß±¸¸¦ Çã¶ôÇϳª¿ä?
1. A Duty to Shareholder Value
¸¸¾à ȸ»çÀÇ ÀÓ¿øÀÌ ÁÖÁÖÀÇ ºÎÀÇ ÃÖ´ëÈ¿¡¼ ¹þ¾î³ªµµ·Ï Çã¶ôµÇ¸é, ±×µéÀº ½±°Ô °¡´ÆÇÒ ¼ö ¾ø´Â
Á¶Á¤ ±âÁØ¿¡ ÀÇÁ¸ÇÏ°Ô µÇ¸ç ±×°ÍÀº Ã¥ÀÓÀ» Á¦°øÇÏÁö ¾Ê´Â´Ù.
If directors were allowed to deviate from shareholder wealth maximization, they could turn to
indeterminate balancing standards, which provide no accountability.
2. Corporations Don¡¯t Have to Maximize Profits
°æ¿µ ÆÇ´Ü ¿øÄ¢Àº ¾î¶»°Ô ±×µéÀÇ È¸»ç¿Í ÁÖÁÖ¿¡ ÃÖ°íÀÇ ±â¿©¸¦ Çϴ°¡¿¡ ´ëÇÑ
»ç¹ýÀû ¿¹ÃøÀ¸·Î ºÎÅÍ ÀÓ¿øÀ» º¸È£ÇØ ÁØ´Ù.
The business judgment rule gives directors protection from judicial second-guessing about
how to best serve their companies and shareholders.
3. Social Good Is Not Inconsistent with Profit
¼¼»óÀ» "¼öÀÍ"°ú "»çȸÀû °øÀÍ"À¸·Î ±×¸©µÇ°Ô ³ª´©°í ȸ»çÀÇ Âü¿©¸¦ ÀüÀÚ¿¡ Á¦ÇÑ ÇÏ´Â °ÍÀº
¹ýÀÎ ÇüÅÂÀÇ °¡Ä¡¸¦ ¶³¾î¶ß¸°´Ù.
To falsely divide the world between ¡°profit¡± and ¡°social good,¡± and to limit corporate participation to
the former, cheapens the value of the corporate form.
4. A Good Corporate Accounting of Social Costs Is Needed
Áö¼Ó °¡´É ¿äÀÎÀº À繫 ¼º°ú¸¦ Çâ»ó ½Ãų ¼ö ÀÖ´Ù.
¹¦Ã¥Àº ¾î¶² ¿äÀÎÀÌ ¼öÀÍ(ÃÖÁ¾ °á»ê °á°ú)¿¡ ¿µÇâÀ» ÁÖ´ÂÁö¸¦ ã´Â °ÍÀÌ´Ù.
Sustainability factors can improve financial performance.
The trick is identifying which factors affect the bottom line.