經營判斷法則於民事案件之實務運作與股東事證蒐集之研究

經營判斷法則為公司法上作為保障投資人及公司法制之重要原則之一。在我國受託義務案件應否採用經營判斷法則作為司法審查標準，我國法院實務未有定見，此與我國公司法尚未有經營判斷法則明文規定有極大關係。民國110年7月1日實施之商業事件審理細則第37條對此問題有所關注，本條明定「法院審理商業事件，得審酌下列各款情事，以判斷公司負責人是否忠實執行業務並盡善良管理人注意義務：一、其行為是否本於善意且符合誠信。二、有無充分資訊為基礎供其為判斷。三、有無利益衝突、欠缺獨立性判斷或具迴避事由。四、有無濫用裁量權。五、有無對公司營運進行必要之監督。」首次將受託義務之客觀判斷標準明文規範，提供我國法院實務審理受託義務案件審查標準。此一立法對於我國受託義務內涵之充實與商業實務有極大影響。本文從受託義務之司法審查標準及審理細則第37條出發，參酌美國之規定及法院實務之作法，針對審理細則第37條是否即為美國法之經營判斷法則、是否引入美國法之經營判斷法則、經營判斷法則之舉證責任及推定效果，及審理細則第37條審查事項之司法審查標準等議題，提出法律適用與修法建議。此外，股東之事證蒐集為引入經營判斷法則而傾向尊重董事會立場下，提供股東仍保有保障自身權益之措施。本文同時將從股東之事證蒐集方法出發，參酌美國之作法，針對我國股東起訴前及起訴後事證蒐集方法之議題，提出法律適用與修法建議。

關鍵字

受託義務；經營判斷法則；經營決定；欠缺利害關係且具獨立性；資訊充分；善意；無濫用裁量權；股東查閱權；檢查人制度；事證開示制度

並列摘要

Business Judgment Rule (BJR) is one of the most important rules in company law to protect investors and the corporation. However, Taiwan Courts have yet specifically developed BJR in which the company or a shareholder challenges a board’s business decision due to no regulation in the Taiwan Company Act. The situation may change when the Commercial Case Adjudication Rules are promulgated in 2021. Article 37 provides that “When a court hears a commercial case, the court may consider the following matters to judge whether the responsible person of the company has the loyalty and exercise the due care of a good manager in conducting the business operation: 1. Whether the conduct is amicable and in good faith? 2. Is there sufficient information provided as a basis for judgment? 3. Is there a conflict of interests, a lack of independent judgment, or a reason for recusal? 4. Is there an abuse of discretion? 5. Is there any necessary supervision for the company's operations?” This is the first time the rule in Taiwan makes it clear how the court decides whether the responsible person fulfilled all of his/her fiduciary duties. The newly promulgated rule could have an impact on judicial decisions and corporate practices. Through a comparative study among the United States, this Article analyzes the difference between the BJR of the United States and Article 37, and provides suggestions about whether Taiwan Courts should adopt the BJR of the United States and how the court to apply the BJR including the burden of proof, the effect of presumption, and the standard of each prerequisite. Besides, when Taiwan adopt BJR to give the board of directors protection and discretion to make business decisions, shareholders’ access to information is a significant issue to allow shareholders the opportunity to protect themselves. Through a comparative study from the United States, this Article also analyzes and provides suggestions on the shareholders’ access to information regulations including before and after the shareholder files an action.

並列關鍵字

Fiduciary duty ； Business Judgment Rule ； Business judgment ； Disinterested and independence ； Informed ； Good faith ； No abuse of discretion ； Shareholder’s inspection right ； Discovery