欧美主要国家上市公司董事薪酬制度之变迁  

Evolution of the Directors' Remuneration System in Major Western Countries

作　　者：郑观[1] 

机构地区：[1]浙江大学光华法学院

出　　处：《环球法律评论》2015年第1期55-70,共16页Global Law Review

基　　金：浙江省教育厅高校科研计划项目"欧美上市公司高管薪酬制度最新发展"(Y201225913)研究成果

摘　　要：2008年金融危机对欧美主要国家上市公司董事薪酬制度的立法理念产生了较大影响,从此前仅强调董事薪酬应符合公平正义理念,转为兼重公司经营的风险调控和可持续发展。一直以来,基于对社会公正价值的追求,薪酬制度主要关注薪酬制定主体的独立性以及立法和司法的有限干预。但在金融危机爆发后,立法者意识到除薪酬制定机关的独立性无法得以有效保障外,董事和股东基于公司运营而产生的时间及风险偏好差异,更是危机的重要成因之一。因此,欧美主要国家通过立法,在强化薪酬制定机关的独立性,赋予股东相关表决权的同时,将风险调控作为薪酬制度的核心,以确保公司的可持续发展。考虑到我国上市公司的股权结构较为集中,现行制度应在保障中小股东和机构股东的投票权、强化董事业绩和薪酬之间的关联性。Profoundly influenced by the financial crisis in 2008, the legislative policy on the remuneration of directors of public companies in major western countries is undergoing a change from emphasising the fairness of directors＇ remuneration to giving equal consideration to risk control and sustainable development of companies. For a long time, the directors＇ remuneration system, based on the pursuit of the value of social just, had mainly emphasized the independence of the remuneration committee However, after the breakout of the financial lack of guarantee of the independence of the and limited legislative and judicial crisis, legislators have realized that, intervention. apart from the remuneration committee, the difference of opinions between directors and shareholders regarding the time and risk preferences in corporate operation is also an important cause of the crisis. Thus, by implementing new regulations, major western countries, while improving the independence of the remuneration committee and giving shareholders the right to vote on directors＇ pay, have taken risk control as the core of the remuneration system, so as to ensure the sustainable development of companies. Considering the concentrated ownership structure of public companies in China, the current Chinese system of public companies should be further improved by safeguarding the voting rights of minor and institutional shareholders, strengthening the link between directors＇ performance and their remuneration, clarifying the standards of judicial review, and ensuring that the scheme of directors＇ remuneration is conducive to the sustainable corporate development.

关 键 词：董事薪酬 管理权力理论 股东咨询性投票 限薪令 

分 类 号：D912.29[政治法律—民商法学]