機構投資人於公司治理的角色

現代化的公司中，隨著股東人數的增加，所有權和經營權分離引發了經營者和所有者之間不同利益的矛盾，使公司的運作進入兩難境地。為保障股東的合法權益及兼顧其他利害關係人的利益，以公司治理作為管理企業營運的機制，並藉此完善、確立企業經營者的責任。本論文乃以公司治理為核心展開，並緊扣於機構投資人與公司治理間之關係，希望藉由機構投資人的參與，促進公司治理機制的健全性。　　2015年OECD公司治理原則修訂，將機構投資人對公司治理可能產生的影響潛力更強烈地連結。又機構投資人行使股東權促進公司治理的方式包含行使股東提案權、徵求委託書行使表決權、提起股東代表訴訟以及其他非法律途徑等等。但其中亦潛藏著問題所在，亦即機構投資人參與公司治理將面臨如股東平等、公司內部資訊洩漏、成本效益考量等等的困境與難題。　　本文的另一重點為機構投資人受託義務的討論，擬針對英國、香港的「盡職治理守則」做簡要介紹與分析，作為台灣「機構投資人盡職治理守則」制度的參考與比較基礎。最後，透過現行機構投資人履行盡職治理義務的現狀，觀察是否確實達成促進公司治理的目標，並針對其他機構投資人參與公司治理中所殘存的問題提出看法。希望能有效達到檢討對於推動盡職治理守則的缺失等深層目的，使機構投資人能真正有效地參與並影響公司治理，成為促進公司治理中不可或缺的角色，亦對機構投資人在公司治理的角色提供不同的省思。

關鍵字

機構投資人；機構投資人積極主義；公司治理； OECD公司治理原則；股東權；受託義務；盡職治理

並列摘要

In modern companies, with the increase in the number of shareholders, the separation of ownership and management rights has led to conflicts of interest between operators and owners, which has put the company's operation into a dilemma. In order to protect the legitimate rights and interests of shareholders and the interests of other stakeholders, corporate governance is used as a mechanism to manage business operations, and establish the responsibility of business operators. This paper is based on corporate governance and focus on the relationship between institutional investors and corporate governance. It is hoped that the institutional investors' participation will promote the soundness of corporate governance. The 2015 OECD Principles of corporate governance were revised to strongly mark the institutional investors' influence on corporate governance. In addition, there’re ways in which institutional investors exercise shareholder rights to promote corporate governance, such as shareholder proposal, proxy solicitation, vote, shareholder derivative litigation, and other approach out of law. But there’re also potential problems, such as shareholder equity, internal information leakage, cost-effectiveness considerations, and so on. The other point of this article is the discussion of the fiduciary duty of institutional investors, providing a brief introduction and analysis of "the UK Stewardship code" and “Hong Kong principles of responsible ownership”, as a reference and comparison to the "Stewardship Principles for Institutional Investors " in Taiwan. At last, this paper provides some suggestions and inspirits that are hoped to enable institutional investors to become an indispensable role in promoting corporate governance.

並列關鍵字

Institutional Investor ； Institutional Shareholder Activism ； Corporate Governance ； OECD Principles of Corporate Governance ； Shareholder right ； Fiduciary Duty ； Stewardship