国内政策【切换】 国际政策

Korea - Labor Law-FRAMEWORK ACT ON LABOR WELFARE [Enforcement Date 19. Nov, 2014.]（35-38）

Article 35 (Operation of Employee Stock Ownership Associations, etc.) (1) An employee stock ownership association shall be operated in a democratic way by reflecting the opinions of all association members.

(2) The following matters shall be determined by the resolution of the general meeting of employee stock ownership association members:

1. Enactment and modification of the association bylaws;

2. Fund-raising for employee stock ownership association under Article 36;

3. Budget and settlement of accounts;

4. Election of executive officers, including the representative of employee stock ownership association;

5. Other important matters regarding operation of employee stock ownership association.

(3) An employee stock ownership association may have an assembly of delegates on behalf of the general meeting of employee stock ownership association members by the association bylaws: Provided, That the matters specified in paragraph (2) 1 shall be determined by the resolution of the general meeting of employee stock ownership association members without exception.

(4) The representative of an employee stock ownership association shall hold a general meeting of employee stock ownership association members or an assembly of delegates, as prescribed by Presidential Decree.

(5) Executive officers and delegates such as the representatives of employee stock ownership association shall be elected in a direct, secret and unsigned vote.

(6) A company implementing the employee stock ownership program and its employee stock ownership association may establish a steering committee for the employee stock ownership program, which shall be comprised of an equal number of committee members from the company and the employee stock ownership association respectively , as prescribed by Presidential Decree, so as to negotiate on the details, terms and conditions, etc. of assistance to the employee stock ownership association.

(7) A representative of employee stock ownership association shall prepare and retain the following accounting books and documents in its principal place of business so as to make them available to employee stock ownership association members for inspection, and preserve them for ten years. The accounting books and documents in such cases may be prepared and preserved in electronic form under subparagraph 1 of Article 2 of the Act on Electronic Documents and Transactions (hereinafter referred to as “electronic document”):   <Amended by Act No. 11461, Jun. 1, 2012>

1. A list of employee stock ownership association members;

2. Bylaws;

3. A directory of names and addresses of executive officers and delegates of the employee stock ownership association;

4. Accounting books and documents;

5.Records and documents regarding the acquisition and management of shares by the employee stock ownership association and its members.

(8) A representative of employee stock ownership association shall, when relocating its principal place of business, report the relocation to the Minister of Employment and Labor within three weeks from the date of relocation.

(9) A representative of employee stock ownership association shall report the status of management to the Minister of Employment and Labor within three months after the end of each fiscal year.

(10) Specific methods of management of the general meeting of employee stock ownership association members and employee stock ownership association and other necessary matters shall be prescribed by Presidential Decree.

Article 36 (Creation and Use of Employee Stock Ownership Association Fund) (1) An employee stock ownership association may create an employee stock ownership association fund using the following financial resources in order to acquire employee shares:

1. Money and other valuables contributed by the company implementing the employee stock ownership program or its shareholders;

2. Money contributed by employee stock ownership association members;

3. Loans borrowed pursuant to Article 42 (1);

4. Dividends generated from shares in the association account under Article 37;

5.Other revenue, including interest accruing from the employee stock ownership association fund.

(2) An employee stock ownership association shall manage the employee stock ownership association fund created pursuant to paragraph (1) by safekeeping or depositing it in a financial company, etc. specified by Presidential Decree.

(3) The employee stock ownership association fund created pursuant to paragraph (1) shall be used for the following purposes:

1. Acquisition of employee shares;

2. Repayment of loans borrowed pursuant to Article 42 (1) and payment of interest thereon.

(4) An employee stock ownership association shall ensure that the shares acquired with financial resources provided by the company or its shareholders pursuant to paragraph (1) 1 or 3 are allotted to employee stock ownership association members, who are workers employed by the company, in managing such shares.

(5) When it is intended to use an employee stock ownership association fund for the repayment of loans and the payment of interest thereon pursuant to paragraph (3) 2, the fund shall be used in the following manner:

1.Money and other valuables specified in paragraph (1) 1 and the dividends specified in paragraph (1) 4 shall be used only for the repayment of loans borrowed on condition that such loans shall be repaid in accordance with the agreement under Article 42 ( 2);

2.Money contributed by employee stock ownership association members pursuant to paragraph (1) 2 shall not be used for the repayment of loans borrowed on condition that such loans shall be repaid in accordance with the agreement under Article 42 (2).

Article 37 (Management of Accounts Following Acquisition of Employee Shares)

Where an employee stock ownership association acquires shares in the company implementing the employee stock ownership program by directly purchasing shares in the company or by having new shares allotted, it shall separately allot the shares so acquired to the account of employee stock ownership association members (hereinafter referred to as the “Members' Account”) and the account of the employee stock ownership association (hereinafter referred to as the “Association's Account”) and shall manage the accounts by the method prescribed by Presidential Decree for the management of the account of each financial resource.

Article 38 (Limits on Preferential Allotment to Employee Stock Ownership Association Members) (1) When a stock-listed corporation specified by Presidential Decree, among stock-listed corporations under Article 9 (15) 3 of the Financial Investment Services and Capital Markets Act, or a corporation that intends to list its stock on a securities market specified by Presidential Decree publicly offers or sells the share of its stock pursuant to the aforementioned Act, employee stock ownership association members shall have a right to have the share of its stock preferentially allotted , which shall not exceed 20% of the total number of the share offered or sold pursuant to Article 165-7 (1) of the aforementioned Act.  <Amended by Act No. 11845, May 28, 2013>

(2) Notwithstanding Article 418 of the Commercial Act, when a corporation, other than corporations specified in paragraph (1), publicly offers or sells the share of its stock or increases its equity capital by issuing the new share of stocks for consideration pursuant to the Financial Investment Services and Capital Markets Act, it may preferentially allot such share of the stock to employee stock ownership association members, which shall not exceed 20% of the total number of shares so offered or sold.