公司治理與獨立董事

Corporate Governance and Independent Directors

吳光明(Kuang-Ming Wu)

《財產法暨經濟法》 3期 (2005/09) Pp. 1-34

摘要

有關公司治理之發展，在我國受到高度囑目，主管機關亦迅速推動公司治理之組織。然而，其基本概念上，公司治理無非在公司各組織機關中，無論稱其爲內部或外部，其目的在求取一個平衡，使公司資訊透明，監督機制得以有效運行，並保障股東與各利害關係人之權益。
目前我國有關公司治理獨立董事之規定，詳見於若干行政規則等。此等規範對獨立董事之法律基礎、功能定位、產生方式、權利義務與責任，以及獨立董事之獨立性規則、與監察人間之關係，甚至獨立董事之保障機制、保險機制等等，均有明文，然其是否確能達到對股東利益負責，對經理進行監控之公司治理目標，又是否能有效解決我國董事會基本權能制度，則有待觀察。
由於文化背景之差異，東、西方世界對於法律及許多社會事務之認知、理念、解釋，皆存有很大之差異。目前，在許多西方商業社會，或許普遍對於擔任上市公司之獨立董事，猶頗關注。惟獨立董事制度既源於西方國家，在移植至我國之過程中，自然須要配合我國法律文化與實際運作，克服獨立董事制度本土化所可能面臨之之一系列問題，始能使此一移植而來之制度，發揮其預期之功能。

關鍵字

公司治理 ； 獨立董事 ； 監察人 ； 法律文化

並列摘要

The regime of independent directors is a substantive legal device deriving from the legal concept of independent directors and incorporating legal ingredients from various branches of law.
The independent directors came into being at the beginning of 20(superscript th) century when the corporate governance structure in U .S. transferred from the ”shareholder centralism” to the ”directors central ism”.
The independent directors regime has different functioning orientation in different corporate governance systems. Unlike civil law countries, U.S. and U.K. do not have a Board of Supervisors as the special supervising agency inside their corporations. And the shareholders are usually isolated from the day-to-day management due to the highly dispersed shareholding distribution. Under these circumstance, the function of independent directors is oriented to supervising executive directors and officers for fear of losing control of insider control. By contrast, due to the peculiar issues of highly concentrated shareholding structure and ”one dominant shareholder” in Taiwan, the role of independent directors is oriented to supervising the insiders controlled by big shareholders in case that the big shareholders infringe the interest of other shareholders and the corporation itself in conspiracy with the insiders under their control.
The corporate governance in U. S. and U. K. provides a good reference to Taiwan during our establishing an independent directors regime. However, Taiwan should take into account its own specific situations when transplanting the independent directors regime, especially the reconciliation of independent directors and board of supervisors, which is the key 10 our success of transplanting the independent directors regime.

並列關鍵字

Corporate Governance ； independent directors ； Supervisors ； legal culture