[지배구조 리포트] 국제약품, 풀어야할 숙제…지분·신용공여

This case illustrates critical governance vulnerabilities when leadership succession outpaces actual ownership transfer, creating potential conflicts between operational control and shareholder interests. The low compliance rate (46.7%) and absence of minority shareholder protections expose the company to agency risk and mismanagement concerns. The expanding guarantee exposure (300 billion won to 2036) signals growing contingent liabilities that could materially impact the company's financial stability and credit standing.