以公司治理實務案例論單軌制與雙軌制之設計與選擇

A Study on Choices and Selection of One- tier and Two-tier System by Corporate Governance Practices

蔡怡萱(Yi-Shuan Tsai)

指導教授 ： 賴英照

中原大學/法學院/財經法律研究所/碩士(2016年)

https://doi.org/10.6840/cycu201600959

摘要

公司治理原則係為了協助企業建置有效的監督機制，尤其在證券市場的公開發行公司法制架構下，公司治理是否完備，將是影響投資人決策的重要關鍵之一，而優質的公司治理健全企業經營之不二法門。
目前內部監督機關法治設計，全面強制要求上市（櫃）公司設立獨立董事及審計委員會，由雙軌制走向單軌制已勢在必行，但改革下也要兼顧立法者的理想與企業實務的需求，是否已經考慮到企業執行上的可能性，值得再斟酌檢討。另其未在有監察人的制度下，改善監察人制度缺失，反而立法創設新制度，是否為最適的選擇，似有檢討之處。
本研究由東芝電子案例為發想，欲探討公司治理中內部監督機關法治的設計是否妥適，藉由股東與董事利益的結合以及權責相符的制度，提出一個不同的思考觀點，以在法制設計與產業界的歧見中找到一個公司治理強化的平衡點。

關鍵字

公司治理；內部機關監督制度；單軌制；雙軌制；監察人；獨立董事； 審計委員會；薪資報酬委員會

並列摘要

The company deemed that the board of directors should actively increase the company’s business performance besides the function of avoiding malpractices in 1990. Therefore, independent directors should play an active role in determining the company’s long-term development objectives in addition to acting as supervisors. The proportion of independent directors should be larger in the board of directors. Moreover, the independent directors should be substantially independent instead of formally independent.
Principles of Corporate Governance is used for assisting the enterprise to build an effective monitoring mechanism, in particularly under the condition when the company’s legal frame is listed in the securities market, whether corporate governance is complete is one of the key factors which affect investors’ decisions. Premium corporate governance is the only correct way for perfecting enterprise business.
Currently, the regulations of internal supervision department compulsorily require listed (public) companies to set independent directors and audit committee. Hence, it’s imperative to transform dual-track system into single track system. However, the reform should also give consideration to legislators’ ideal and enterprises’ practical needs. It needs to deliberate and discuss whether it’s possible for enterprises to execute. In addition, under the condition that supervisor system is available, a new system is legislated instead of improving the supervisor system. It still needs to discuss whether it’s the most appropriate choice. 　
Based on the case of Toshiba Electronics, this research aims at discussing whether the design of internal supervision department is appropriate in corporate governance. A different thinking viewpoint is put forward by relying on combination of shareholders and directors’ benefits as well as the system of consistent rights and liabilities, for the purpose of seeking a balance point for strengthening corporate governance in the divergences between legislation design and industry.

並列關鍵字

board of directors；One- tier；Two-tier；independent directors；

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