董事會面對ESG目標的治理責任－以金融機構氣候風險管理為例

本文試圖探討公司董事會，就因應「環境、社會及治理議題」（ESG）目標的達成的功能與責任，除了一般性的討論之外，將以金融機構針對氣候變遷相關風險管理為例，來探討董事應盡的治理責任與法律責任。建構在對ESG的重視、公司治理的基本要求、以及於金融規範上對內部控制制度的依賴，綜觀目前國際規範趨勢，董事在金融機構內部有相當的治理責任，包括政策與策略的制定、內部組織架構的確立及授權、監督考核的機制與資訊揭露等，不僅在完善公司的內部控制與治理架構，亦強調董事及高階經理人在其間應扮演的積極角色；在此基礎上，氣候變遷與一些ESG的目標不僅可融入為公司最大利益行為的原則中，董事若疏於其治理責任時，亦可能構成對董事忠實義務或善良管理人注意義務的違反，此外，若與ESG有關的資訊揭露有誤時，可能會違反證券交易法的規定從而衍生出董事的民事責任；具體法律責任的應用仍有待未來立法介入或司法判決來澄清，僅管國內尚未有明顯以責任投資、永續金融或以疏於氣候變遷相關治理責任為基礎的訴訟，但在但適當的責任機制，對董事的內部治理責任的落實，具有相當的重要性。

關鍵字

環境；社會及治理； ESG ；董事責任；治理責任；公司治理；氣候風險管理

並列摘要

This Article attempts to explore the functions and responsibilities of the board of directors of a corporation to accommodate and to achieve the goals of the "environmental, social and governance issues" (ESG issues). In addition to general discussions, the climate risk management of financial institutions will be used as an example to discuss directors' responsibilities of governance to be fulfilled and legal liabilities for failing to do so. In light of the current international regulatory trend, building either upon the basic requirements of emphasizing ESG and corporate governance, or upon the dependence of internal control of financial laws and regulations, directors of financial institutions bear certain responsibilities of governance, including the promulgations of policies and strategies, the establishments of the internal organizational structure, the mechanisms of authorization, supervision and review, information disclosure, and so forth, which aim not only to strengthen corporate internal control and governance structure, but also to emphasize the active role which directors and high ranking officers shall play. Basing on the foregoing, the goals of climate change and some ESG may not only be incorporated into the principle of acting for the maximum interests of the corporation, but also be breaches of the duty of loyalty and the duty of the care of a good administrator when directors are neglect of their governance responsibilities. Besides, when there is a false disclosure of ESG related information, there may be a violation of securities regulation and may give rise to directors' civil liabilities. The application of substantive legal liabilities may still wait for future enactments of the legislative branch or for future judicial decisions to clarify. In spite of the lack of lawsuits which are apparently on the ground of failing to fulfil the governance responsibilities, such as accountable investments, sustainable finance, and climate change, an appropriate accountable mechanism is of certain significance in implementing the internal governance responsibilities of directors.

並列關鍵字

Environmental ； Social and Governance ； ESG ； Duties of Directors ； Governance Responsibility ； Corporate Governance ； Climate Risk Management

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