機構投資人盡職治理踐行實效之研究──以我國政府四大基金為中心

我國於2016年發布《機構投資人盡職治理守則》，其中機構投資人中之四大基金除具有政府股東之身分外，亦挾帶著龐大的長期性資金，代表全體公民之利益，是以，本文認為不論四大基金的持股目的為何或持股數多寡，皆應善盡善良管理人責任，以謀求全民福祉為目標，引導眾機構投資人一同健全被投資公司之公司治理機制。因此，本文擬透過四大基金所出具之盡職治理報告，觀察其落實盡職治理之情形，以此視角點評我國機構投資人參與盡職治理之現況和可能之侷限性，並進一步提出相關之分析與建議。綜觀四大基金出具之盡職治理報告後可總結出一根本問題。本文認為撰擬該報告之核心目的主為「使大眾了解『當年度』各機構投資人『執行盡職治理之情形』」，而非以「執行原則之揭示」作為報告之主軸，或以其佔據大量篇幅，故四大基金應盡力提升報告所能呈現之資訊量，並強化其資訊價值，縱使已於其他報告或官網任一位置揭露相關資訊，亦應進行資訊之整合，以利提升盡職治理報告之信息量暨其內隱和外顯價值，並增進盡職治理本身所能產生之綜效。除此之外，主管機關應深度思忖的是──機構投資人有無貫徹盡職治理之動機與誘因？倘若四大基金未能達到政府股東應有之道德標準，那麼主管機關又怎能期待其他的機構投資人透過盡職治理之落實向其輸誠？採原則基礎架構與「遵循或解釋」之監理方式，似可避免形式化之遵循，但若無相應之獎勵措施，終究難逃淪落形式化遵循之窘境，是以，本文認為主管機關應多方探詢機構投資人之需求，並設法了解其於盡職治理之履行上所面臨之困境，藉由資訊之蒐集、整合和分析，進一步挖掘出可滿足多數機構投資人之激勵機制，該等資訊亦有利於政府通盤檢討盡職治理守則之推動思維和修改方向，進而達到強化公司治理之最終目的。

關鍵字

公司治理；股東行動主義；機構投資人；盡職治理；政府股東

並列摘要

Taiwan promulgated the Stewardship Codes for Institutional Investors in 2016. Among the institutional investors, the four major funds are government shareholders with large long-term capital. Therefore, regardless of their shareholding purpose or the amount of shares held, the four major funds should represent the interests of all citizens, fulfill the duty of a good administrator with the purpose of pursuing welfare for all, and guide all institutional investors in enhancing the corporate governance of investee companies. In light of the above, this thesis aims to review the current institutional investor stewardship practice and the possible restrictions thereof by observing the implementation of stewardship from the stewardship reports prepared by the four major funds and provide further analysis and recommendations. After reviewing the stewardship reports prepared by the four major funds, this thesis observes a fundamental issue. This thesis believes that the core purpose of requiring such reports should be to allow the public to better understand the 'status of stewardship' as implemented by various institutional investors in 'the said year'," rather than rendering the "disclosure of implementation principles" become the theme or take up a large part of the report. To be specific, the four major funds should try their best to increase the content of information presented in the report and enhance the value of said information. Even though other reports or certain parts of the official website may have disclosed relevant information, the stewardship report should integrate such information to increase the implicit and explicit value of the amount of information contained therein and improve the synergy that can be generated by stewardship practices. Furthermore, the competent authority should contemplate the motivation and incentive of institutional investors in implementing stewardship, or the lack of. If the four major funds fail to implement the moral standard required for government shareholders, how can the competent authority expect other institutional investors to honestly implement the stewardship practices? Adopting a principle-based framework and monitoring through the comply or explain method may seemingly avoid the compliance from becoming a formality, but without corresponding rewards, such compliance may eventually becoming mere formality. Therefore, this thesis proposes that the competent authority should inquire through different channels the needs of institutional investors and try to understand the difficulties faced in implementing stewardship. By collecting, integrating, and analyzing the information, the competent authority may further explore the incentives applicable to most institutional investors. Such information may also benefit the government in its comprehensive review of the promotion of the stewardship code and the directions for improvement and further achieve the ultimate goal of enhancing corporate governance.