论股东资助和补偿董事选举的法律规制——兼议我国防范董事选任利益输送的前置性变革  

On the Legal Regulation of Shareholders' Subsidy and Compensation for Directors' Election——Discussion on the Fore Changes of China's Prevention from Benefit Transfer during the Election and Appointment of Directors

作　　者：薛前强 Xue Qianqiang

机构地区：[1]北京大学法学院,北京100871

出　　处：《政治与法律》2018年第9期105-116,共12页Political Science and Law

基　　金：作者主持的中国法学会2017年度部级法学研究课题青年调研项目"公司机会法律问题实证研究"[编号:CLS(2017)Y20]的阶段性成果

摘　　要：董事会被称为公司治理的"震中",与之相关的任何治理改革都会引发连锁反应。当下,董事选举活动随着积极投资者频繁发起代理权争夺战而变得日益激烈,如何规制提名者与候选董事间的利益输送行为成为全球共同难题。在美国,被称为"金带"的股东资助董事选举的协议安排引发董事向提名股东、受聘公司承担双重忠实义务的利益冲突。纳斯达克信息披露规则、公司自我修改章程运动以及政治选举规制方法的跨域移植成为解决该问题的主要手段。这为规制中国董事选任活动中提名人与候选人之间的利益输送提供了改革的可借鉴经验:问题的解决不应采用结果导向而单纯依赖于董事信义义务、决议效力判断等规则做事后处理,应转为制度导向而将规制手段前置,确立董事候选人利益关系审查程序、在选举过程中设置强制信息披露规则、对章程约束提供类型化指引以及参照人大代表和党代表选举设立资格审查小组、监票人等。这能够在减少董事选任法律纠纷的同时,更彰显对日益兴起的股东积极主义和股东主权的尊重。The board of directors is known as the epicenter of corporate governance, and any governance reforms associated with it can trigger a chain reaction. At present, the election of directors has become increasingly fierce as the active investors frequently initiate proxy battles. How to regulate the benefit transfer between the nominator and the candidate director has become a global difficulty. In the USA,the socalled Golden Leash agreement arrangement on shareholders＇ financing of the election of directors causes conflict of interests that the director assumes dual fiduciary duties to the nominating shareholder and the hired company. The cross-domain transplantation of the Nasdaq Information Disclosure Rules, the company＇s self-revised charter campaign and the political electoral regulation approach has become the primary means of resolving this issue. This also provides a reform reference for regulating the benefit transfer between the nominator and the candidate in the election of directors in China： the resolution should not be result-oriented by simply relying on the directors＇ fiduciary duties and judgments on the effectiveness of resolutions as after-event treatments. Instead, it should be turned to a system-oriented approach and putt regulatory measures first by establishing procedures for reviewing the interest relations of the director candidates,setting mandatory rules for information disclosure during the election process, providing guidelines for typed restraints of the articles of association and establishing the qualification review group and scrutineers according to the election of deputies of people＇ s congress and party representatives. This will also highlight the growing respect for shareholder activism and shareholder sovereignty while reducing the number of legal disputes on the election of directors.

关 键 词：董事选任 金带协议 忠实义务 信息披露 

分 类 号：D922.291.91[政治法律—经济法学]