大同公司之公司治理個案研究

摘要公司治理的目標，在於確實承擔經營責任，以保障市場投資股東及利害相關人的權益。透過良好的公司治理評鑑與內部審計作業能夠有效敦促董事會與公司經營團隊，以符合全體投資股東與社會利益的方式，達成企業以營利事業發展為目標。如果企業能夠以負責任的態度，建構一個值得信賴的董事會，一切依循法制正派的經營與運作，承擔應有的企業社會責任，提供公開透明的經營資訊及詳實的公司財報數字，對於所有投資人而言，這家公司就是足以信賴，能夠帶來預期投資報酬的標的，也是可以列入長期投資的標的。近二十餘年，由於大同公司經營高層與市場投資股東之間，對於「公司治理」與建立「良善經營」理念之差異，造成多次股權爭議，由此延伸激烈的經營權爭奪，主事者為了維護經營，幾乎用盡了公司法與民刑訴訟中所有可以運用的負面手段，罔顧龐大股東的利益，尤其以(107年度)經濟部呈報立法院的「公司法」修正案，特別增訂俗稱「大同條款」的公司法第173條第1項條文，同意持股過半的股東得以召集臨時股東會，最終還是因為公然恣意剃除過半股東的投票權，造成所有主管(機關)萬箭齊發制裁公司董事會，以致於109年10月21日歷史性的「百年大同變天」。到底經歷百年歲月的家族企業大同公司，曾經在企業治理過程中，發生過什麼違反企業社會責任的股權爭議及經營權爭奪戰？到底一個擁有超過70萬股東（含所有相關子公司）的大同公司，為了守住經營權，做出了多少違背公司治理的錯誤行為？針對上述情事，本文蒐集大同公司財務、業務等公開資訊、相關新聞報導，進行個案詳述，並以「公司治理五大面向」維護股東權益及平等對待股東、董事會結構與運作、相關法令規章之遵循、資訊透明度、股權結構與資本結構等5項，逐一分析大同公司的治理問題，依據上述五大面向，逐一提出改善方向。最後，提出本文結論與建議。

關鍵字

公司法；公司治理；公司治理評鑑與內部審計作業；股權爭議；財報數字；大同(股)公司；大同企業文化；大同條款；公司法173-1條文；家族企業；企業社會責任； CSR與ESG

並列摘要

English Abstract The goal of corporate governance is to assume business operating responsibilities, thereby protecting the rights and interests of market investors and other stakeholders. Through good corporate governance evaluation and internal audit, we can effectively urge the board of directors and the management team to achieve the goal of good business development in a manner that is in the interest of all investing shareholders and society. In other words, a company can be deemed trustworthy if it takes a responsible attitude, has a trustworthy board of directors, operates in compliance with laws and regulations, and provides open and transparent operating information and factual financial statement. In addition, this company is considered capable of bringing the expected return on investment and a preferable choice of long-term investment. In the past two decades, Tatung’s top management team and shareholders have had many unprovoked arguments over the differences between the concepts of corporate governance and good management, which caused several equity disputes. Undoubtedly, these events have led to intense disputes over management rights. The then management team of Tatung has used every possible means concerning corporation law, civil and criminal laws to protect their management right, disregarding the interests of a considerable number of shareholders. A notable example is an amendment to the Corporation Law submitted by the Ministry of Economic Affairs to the Legislative Yuan, resulting in the addition of Article 173-1 of the Corporation Law, commonly known as the Tatung Clause. This article allows shareholders holding more than half of the shares to convene an interim shareholders’ meeting. However, the Tatung chairman had removed the voting rights of more than half of the shareholders blatantly and arbitrarily, which caused government authorities to launch a counterattack against the company’s board of directors and brought about the historic transition of management power at Tatung on October 21, 2018. What kind of shareholding disputes and management battles that violate corporate social responsibility has occurred in the course of corporate governance at Tatung, a family-owned company that has been in business for over a century? How many wrongdoings have been committed by Tatung, a company with more than 700,000 shareholders, to keep the management right? This study focuses on the problems and omissions in the five major aspects of corporate governance of Tatung Company over the years, including the protection of shareholders’ rights and equal treatment of shareholders, the board structure and its operation, compliance with relevant laws and regulations, information transparency, and shareholding structure and capital structure. After analyzing the case of Tatung Company, we found that there are corporate governance deficiencies, such as not treating shareholders equally and not protecting shareholders’ rights. We offer suggestions on ways to improve the corporate governance of Tatung Company in the light of its previous deficiencies. Meanwhile, we present specific events for the reference of government authorities and investors. Some of the issues mentioned in this study remain unresolved, and brainstorming is thus needed to find practical solutions.

並列關鍵字

Corporation Law ； Corporate Governance ； Corporate Governance Review and Internal Auditing ； Company Management Rights Agreement ； Financial Statement ； Tatung Company ； Tatung Corporate Culture ； Tatung Clause ； Article 173-1 of the Company Act ； Family Enterprise ； Corporate Social Responsibility ； CSR and ESG