[연구목적] 주주행동주의 확대와 ESG에 대한 사회경제적 관심이 높아진 환경 속에서 기업지배구조보고서의 중요성이 점차 커지고 있다. 한국거래소에서는 2020년부터 기업지배구조보고서에 대한 공시 분석결과를 발표함과 동시에 공시가 미흡한 경우 정정공시를 요구하고 있다. 본 연구에서는 기업지배구조보고서에 대한 정정보고가 관계당국의 의도(공시 충실성 제고)에 맞게 수행되고 있는지에 대하여 현황, 문제점 및 개선방안 등을 논의하고자 한다. [연구방법] 상장공시시스템에 공시된 기업지배구조보고서를 대상으로 2019년 2월에서 2023년 5월까지의 1,165개 표본을 활용하였으며, 수작업으로 해당 자료를 수집하였다. [연구결과] 첫째, 정정보고 현황을 살펴보면 분석기간 동안 기업지배구조보고서 정정공시는 146건으로, 2021년(20개사), 2022년(38개사), 2023년(49개사)로 나타났다. 최초 공시와 구분 목적으로 제목에 [정정] 기업지배구조보고서의 형태가 아닌 최초 보고서의 첨부서류에 정정하는 형태가 상대적으로 높게 나타났다. 둘째, 정정사유는 첨부(기재)정정과 첨부자료 정정의 비율이 상대적으로 높게 나타났으며, 정정항목은 CoE 정정(82건/146건)이 높게 나타났다. 아울러, 정정사유에는 첨부정정으로 기재하면서 정정사항 항목에는 아무런 기재가 없거나 오류사항에 대한 정정이 정확히 어떤 내용인지 알 수 없는 경우가 발견되었다. 셋째, CoE 정정과 관련된 핵심지표를 살펴보면, 핵심지표 1번(주주총회 4주 전에 소집공고 실시), 6번(내부통제정책 마련 및 운영), 14번(내부감사기구가 분기별 1회 이상 경영진 참석없이 외부감사인과 회의 개최) 항목에서의 정정이 상대적으로 빈번하게 나타났다. [정책적 시사점] 본 연구는 기업지배구조보고서 정정보고와 관련된 현황에 대한 국내의 첫번째 연구결과이며 관계당국에서는 본 연구의 결과를 참고하여 향후 정책 보완에 활용할 수 있을 것이다. 특히, 기업은 반복되는 공시 오류를 수행하지 않아야 하며 정보이용자는 이러한 부분을 유념하여 관련 정보를 활용해야 할 것이다.

[Purpose] The Korea Exchange has been announcing the results of analysis of disclosures of corporate governance reports since 2020, and is requesting corrective disclosures in cases where the disclosures are insufficient. A corrective disclosure refers to the process of correcting data that was initially disclosed inappropriately in order to correct errors due to work errors or numerical errors. Therefore, this study is intended to examine the present situation of corrective disclosures of corporate governance reports to see whether they are being carried out in accordance with the relevant authorities’ intentions (enhancing disclosure fidelity) and discuss related problems and improvement measures. [Methodology] A total of 1,165 samples of governance reports published in the listing disclosure system from February 2019 to May 2023 were used, and the relevant data were collected manually. [Findings] First, looking at the present situation of corrective disclosures, it was found that 146 corrective disclosures of corporate governance reports were published during the analysis period, comprising those published by 20 companies in 2021, 38 companies in 2022, and 49 companies in 2023. Rather than the form of corrective disclosures with the title [Corrected] corporate governance report for the purpose of distinguishing them from the initial disclosures, the ratio of the form of corrective disclosures that corrected errors in the attached documents of the initial reports was shown to be relatively high, and it is judged that a solution to this problem is urgently necessary. Second, looking at the reasons for correction and correction items, the ratio of corrections to attachments (statements) and corrections to attached data was found to be relatively high among the reasons for correction, and the ratio of CoE correction (82 cases/146 cases) was found to be high among the correction items. In addition, it was found that there were cases that the reason for correction was stated as attached corrections, but there was no entry in the correction items or the exact content of the correction of errors cannot be known. Third, looking at the key indicators related to the correction of the CoE of the governance reports, key indicators No. 1 (announcement of the convening of the general shareholders’ meeting 4 weeks before the general shareholders’ meeting), No. 6 (preparation and operation of internal control policy), and No. 14 (internal audit organization holds meetings with external auditors without management attendance at least once per quarter) appeared relatively frequently. [Policy Implications] This study is the results of the first domestic study on the present situation related to corrective disclosures of corporate governance reports, and the relevant authorities will be able to refer to the results of this study to utilize them in future policies. In particular, companies should avoid making repeated disclosure errors, and information users should keep this in mind when utilizing relevant information.