Narae Lee of Bliss Law Office participated as a panelist at the Korean Corporate Governance Forum's 36th Seminar on “Problems in the Listed Company Spin-Off and Merger System from the Case of Doosan Group” on July 22 at Two IFC Brookfield Hall.
The seminar was held to analyze the problems with the recently announced spin-offs and mergers of Doosan Robotics, Doosan Bobcat, and Doosan Energy, and to seek ways to improve them.
Wiseforest's Junbeom Chun gave a keynote presentation analyzing the structure of the transaction in detail, and Sean Brown, a director at Doosan Bobcat's investment firm, also raised issues with the transaction.
In the panel discussion, Narae Lee introduced the duties and responsibilities of directors based on case law in the US state of Delaware.
“This case confirms the importance of the role and responsibilities of the board of directors in public company spin-offs and mergers,” she said, adding that ”it is essential for directors to fulfill their fiduciary duties to protect shareholder interests.”
The seminar was evaluated as a meaningful opportunity to have an in-depth discussion on the problems related to controlling shareholders seeking benefits at the expense of non-controlling shareholders, which has been identified as one of the most serious problems in the Korean financial markets.
Narae Lee of Bliss Law Office participated as a panelist at the Korean Corporate Governance Forum's 36th Seminar on “Problems in the Listed Company Spin-Off and Merger System from the Case of Doosan Group” on July 22 at Two IFC Brookfield Hall.
The seminar was held to analyze the problems with the recently announced spin-offs and mergers of Doosan Robotics, Doosan Bobcat, and Doosan Energy, and to seek ways to improve them.
Wiseforest's Junbeom Chun gave a keynote presentation analyzing the structure of the transaction in detail, and Sean Brown, a director at Doosan Bobcat's investment firm, also raised issues with the transaction.
In the panel discussion, Narae Lee introduced the duties and responsibilities of directors based on case law in the US state of Delaware.
“This case confirms the importance of the role and responsibilities of the board of directors in public company spin-offs and mergers,” she said, adding that ”it is essential for directors to fulfill their fiduciary duties to protect shareholder interests.”
The seminar was evaluated as a meaningful opportunity to have an in-depth discussion on the problems related to controlling shareholders seeking benefits at the expense of non-controlling shareholders, which has been identified as one of the most serious problems in the Korean financial markets.