我國公開發行公司獨立董事報酬之規範及實證研究

A Study on Regulation and Empirical Analysis of Independent Directors Compensation under the Public Issued Companies in Taiwan

郭大維(Ta-Wei Kuo)

《東吳法律學報》 24卷2期 (2012/10) Pp. 1-34

https://doi.org/10.6416/SLR.201210.0001

摘要

我國於二○○六年證券交易法修正時，增訂第十四條之二規定公開發行公司得依章程規定設置獨立董事，但主管機關可例外強制公司設置獨立董事，正式將獨立董事法制化，以期強化我國的公司治理。惟現行法規除針對獨立董事之專業資格、持股與兼職限制、獨立性之認定及提名方式有所規範外，並未特別論及獨立董事之報酬問題。有別於一般董事，獨立董事之特殊任務在於監督其他董事會成員，其目的係為強化董事會之職能。而合理的報酬能夠激勵獨立董事，發揮其在公司治理中的功能。因此，獨立董事之報酬結構應如何設計才能反映其對公司所付出之勞力及時間，並提供優秀人才擔任此一職務之誘因，又不至於損害公司及股東之利益，頗為重要。再者，獨立董事之報酬應由何機關決定，其監控機制為何？是否應有別於一般董事？我國現行規範是否適當？均為值得探究之議題。有鑒於獨立董事制度源自英美，且此一制度在英美已行之有年，就獨立董事之報酬結構、報酬決定及監控機制等規範較為完備。反觀我國，獨立董事制度尚處於發展階段，相關配套措施並未完備。因此，本文將就我國現行獨立董事報酬之規定加以檢視，並對英美兩國有關獨立董事報酬之規範與實務運作情形做一深入且完整之探討。透過對英美獨立董事報酬制度之探討，一方面評析其優劣與可能不足之處，另一方面亦針對我國現行規範之缺失提出改進之道。

關鍵字

獨立董事 ； 公開發行公司 ； 獨立董事報酬 ； 薪酬委員會 ； 公司治理

並列摘要

The Taiwan’s government introduced independent directors into Taiwan by amending the Securities and Exchange Act in 2006 for the purpose of enhancing the Taiwan’s corporate governance. According to the new provisions added by this amendment, a publicly issued company may appoint independent directors in accordance with its articles of incorporation. The Competent Authority, however, shall as necessary in view of the company's scale, shareholder structure, type of operations, and other essential factors, require it to appoint independent directors, not less than two in number and not less than one-fifth of the total number of directors. Although the current regulations govern the professional qualifications, restrictions on shareholdings and concurrent positions held, assessment of independence, method of nomination with respect to independent directors, the Taiwanese laws do not specify the independent director compensation.In contrast to inside directors, the independent directors’ function is to oversee the other members of the board. Because a reasonable amount of compensation creates incentives for the independent directors to achieve a desired result, how to design the independent director compensation is an important issue. Further, who should decide the independent director compensation? What is the monitoring and disciplinary mechanism? These issues are all important. Since independent directors derive from the Britain and U.S. and have existed in both countries for decades, the laws pertaining to independent director compensation in both countries are well-established. Consideration of the British and American systems is helpful in assessing the present Taiwanese system. Accordingly, this article will examine the current regulation and practice regarding independent director compensation in Taiwan, Britain and US. Through a comparative study, this article will offer suggestions for amendments to the Taiwanese law where applicable.

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