我國公司法上董事選舉制度之變革 ——兼論強制性累積投票制之利弊

Changes in the Process of Electing Directors at a Shareholders' Meeting under the Company Act in Taiwan and the Pros and Cons of Mandatory Cumulative Voting

楊淨淳(Ching-Chun Yang)

指導教授 ： 蔡英欣

國立臺灣大學/法律學院/科際整合法律學研究所/碩士(2023年)

https://doi.org/10.6342/NTU202300210

摘要

現行我國董事選舉方法採行強制性累積投票制藉此保護少數股東。我國自1966年起反覆修法，擺盪於強制規定與任意規定間，然而，這不該是「公平」與「公司有效率運作」間的單選題；相反的，兩者應是缺一不可。
比較法上美國及日本發展出一些直得我國借鏡之處。如：俄亥俄州為避免選後多數股東恣意解任少數股東代表董事，規定「若反對特定單一董事被解任的股東人數，在累積投票制下足以選出該董事，則該董事就不能被解任」。而日本學者曾提出，如：「應為防止股東權利濫用，提前設下防止措施」及「股東監督權能否發揮為重點所在」亦值我國思考。
我國公司董事選舉制度與公司法其他法制間存在衝突，尤其與「公發公司表決權拘束契約效力」、「獨立董事獨立性之確保」與「委託書徵求制度」等議題產生之衝突，均指向我國應捨棄強制性累積投票制更能調和衝突。
然而，修法應配合妥適配套措施，例如：提高董事選任方式變更門檻、加強忠實義務、注意義務規範之效能，改善救濟管道，以保護小股東；或設計能夠促成實務改變之法規，避免修法結果與實務脫節。

關鍵字

累積投票制 ； 董事選舉制度 ； 比例代表制 ； 表決權拘束契約 ； 獨立董事獨立性 ； 委託書徵求制度

並列摘要

Mandatory cumulative voting is now used in the election of the board of directors in Taiwan to protect minority shareholders. It has been about three times to change the method of electing directors in Taiwan since 1966. Cumulative voting, which refers to fairmess, and straight voting, which refers to business efficiency, are the most commonly used methods. However, it should not be a single-choice question between fairness and business efficiency when it comes to business operations. On the contrary, both of them are necessary.
We can also learn from American and Japanese experiences. For example, there are special rules regarding removal of directors in Ohio. That is, no one director can be singled out for removal if those opposing the removal have sufficient voting power to elect that director using cumulative voting. Furthermore, scholars in Japan proposed that precautionary measures should be taken in order to prevent abuses of rights by majority shareholders and that it is important to promote effective supervisory authority of shareholders.
We should amend the law to resolve the conflicts between directors election system and other rules under Company Act in Taiwan, especially voting agreements for listed companies, independence of independent directors and the proxy solicitation system.
What’s more important, Company Act and relevant regulation should be amended simultaneously so that the minority shareholder's rights can be better protected. It is necessary for protecting minority shareholders to set a higher threshold for changing the method of election of directors, to ensure fiduciary duties of loyalty and care efficient and to increase access to effective remedy. Additionally, acts that can prevent business practice being out of touch with law amendment should also be enacted.

並列關鍵字

Cumulative Voting ； Directors Election System ； Proportional Representation ； Voting Agreement ； Independence of Independent Directors ； Proxy Solicitation System

參考文獻

一、 中文部分

(一) 專書

王文宇（2022），《公司法論》，頁62-63，增修七版，元照。

余雪明（等著）（2002），《新修正公司法解析》，二版，元照。

劉連煜（2022），《現代公司法》，頁491，增訂十七版，新學林。