論董事注意義務 ─以美國德拉瓦州法院判決為中心─

A Study on Duty of Care of Corporate Directors ─Focusing on the Supreme Court Judgments of the State of Delaware─

張慧玲(Hui-Ling Chang)

指導教授 ： 楊竹生

中原大學/商學院/財經法律研究所/碩士(2010年)

https://doi.org/10.6840/cycu201000810

摘要

在公司治理上公司董事一直扮演非常關鍵性的角色，尤其是近年來不少企業掏空舞弊的案件頻傳，董事對於公司所應擔負的責任更顯重要。本文將以公司董事注意義務內容之整理與責任制度之建構為目的，經由比較法及相關文獻整理，介紹美國德拉瓦州法院在近年來針對公司董事注意義務之重要判決見解，並藉此比較我國公司法及相關法律對於董事受託義務尤其是在注意義務上之規定。

而董事對於公司及股東所負有之受託義務主要分為「忠實義務」及「注意義務」二者。其中注意義務又可分為董事作商業決策與業務監督兩部分，這兩者在內涵及判斷標準上各有不同。作商業決策時，董事有商業判斷法則之適用，以鼓勵董事勇於任事。本文會介紹商業經營判斷法則，並評估商業經營判斷法則在我國法制適用上之可行性。

另外，董事所負有之監督義務，除了監督公司日常營運以符合具體法令之義務外，尚有建構內部控制系統之義務，確保董事於經營公司時能適切的符合董事之受託義務。

關於董事受託義務，美國德拉瓦州法院在二OO六年Disney案中提出「善意義務」應獨立作為董事之另一受託義務，本文將分析美國德拉瓦州法院對於善意義務之見解，及美國公司法學界之看法，整理善意義務在行為標準與司法審查標準上之內涵，以釐清善意義務之樣貌。

關鍵字

德拉瓦州法院 ； 董事義務 ； 注意義務 ； 忠實義務 ； 監督義務 ； 善意義務

並列摘要

Corporate directors play a key role in governing their corporation especially after the frequent occurrence of economic crimes and financial scandals in recent years. The review of duties and liabilities that they owe to the corporation has its significance in improving corporate governance. In this thesis, the research focuses on the development of fiduciary duties, particularly in the duty of care. This thesis also introduces the American law literature which reviews Delaware court judgments made in recent years. The research attempts to constitute a rough framework of liability system fit for our country.

Corporate directors have the two main fiduciary duties including the duty of loyalty and the duty of care towards their corporation and shareholder. The duty of care is consisted of two parts namely business judgment and business monitor. Their characteristics and judgment standards are somewhat different. When directors make a business decision, the business judgment is the standard rule to adopt. The purpose of it is to facilitate directors in the process of decision making. In our country, we don’t have any standardized regulations or rules in place as business judgment in order to assist directors. The appraisal business judgment rule is suitable on the feasibility in our country’s legal system.

Moreover, the directors’ fiduciary duty also includes the duty of monitor. Apart from monitoring the company’s daily operations in order to comply with all existing laws, it also assists the development of company’s internal control system; ensuring that the directors themselves can conform to their duties when managing.

In 2006 Walt Disney case, the Supreme Court of Delaware confirmed that the duty of good faith is indeed an independent duty. The discussion on the evolution of the duty of good faith can help us interpret the fiduciary duties in a modern light, making them more definite and more comprehensive. Furthermore, constituting an appropriate exculpation and limitation liability system can make the regulations more complete. The research of this paper may leave some advice.

並列關鍵字

Fiduciary Duty ； Duty of Care ； Delaware ； Directors’ Duties ； Duty of Loyalty ； Duty of Monitor ； Duty of Good Faith

參考文獻

5. 邱聰智，民法債篇通則(下)，輔仁大學法學叢書編輯委員會，2003。

1. 吳碧雲，董事的注意義務，中原大學財經法律學系碩士論文，2005年。

5. 林國彬，董事忠實義務與司法審查標準之研究─以美國德拉瓦州公司法為主要範圍，政大法學評論，第100期，2007年7月。

6. 邵慶平，董事法制的移植與衝突─兼論「外部董事免責」作為法制移植之策略，台北大學法學論叢，第57期，2005年12月。

14. 黃銘傑，公司治理與董監民事責任之現狀與課題─以外部董事制度及忠實、注意義務為中心，律師雜誌，305期，2005年2月