董事间披露义务的法律构造  

Legal Construction of Duty of Disclosure Among Directors

作　　者：袁崇霖 YUAN Chonglin

机构地区：[1]清华大学法学院

出　　处：《法学研究》2024年第5期114-132,共19页Chinese Journal of Law

摘　　要：信息是董事会知情决策的基础,从个体董事到董事会集体的决策信息横向流动具有重要意义。由于集体决策的固有局限和日益凸显的董事异质性,董事会决策信息横向流动面临着结构性困境。针对董事会内部的信息不对称和信息流动受阻问题,基于勤勉义务的董事间披露义务可以作为规范上的应对。知情董事应当向董事会或其他全部董事,及时披露足以引起多数董事合理注意或能够改变个体董事决策判断的重大信息。董事会集体决策失败并给公司造成损失时,应在董事集体归责的基础上,结合披露义务的履行情况,甄别和评价董事的个体责任,实现董事集体责任与个体责任的区分和兼容。对于知情董事而言,在董事会决议作出之前及时履行披露义务,是责任减免的关键因素。Informed decision-making by corporate boards depends on the availability of adequate information,highlighting the importance of horizontal information flow from individual directors to the board.However,collective action deficiencies and increasing director heterogeneity have created a structural challenge for such horizontal information flow.Grounded in the duty of care,a duty of disclosure could mitigate the information asymmetry in boardrooms and improve impeded communication.Informed directors should disclose to the board or all other directors,in a timely manner,information that is material enough to reasonably warrant the attention of the majority of the directors,or to alter the judgment of an individual director in decision-making.When collective decision-making fails and results in corporate losses,the assessment of individual directors'liability should consider both the collective responsibility of the board and informed directors'fulfillment of their disclosure obligations,to realize the distinguish and compatibility between the collective liability of the board and the liability of individual directors.Timely fulfillment of the duty of disclosure before the resolution of the board is also essential for mitigating liability for informed directors.

关 键 词：信息不对称 董事间披露义务 勤勉义务 董事责任 

分 类 号：D922.291.91[政治法律—经济法学]