證券交易法上薪資報酬委員會之研究

Legal Problems of Compensation Committee under the Securities Exchange Act

曹家瑞(Chia-Ruei Tsao)

指導教授 ： 賴英照

中原大學/商學院/財經法律研究所/碩士(2014年)

https://doi.org/10.6840/cycu201400051

摘要

論文摘要：
在先前一波波要求對公司董事、監察人、經理人薪酬的檢討聲浪中，我國於2010年證交法修法，要求設立薪酬委員會，建構為反肥貓機制的一環，因此本文以這個議題為焦點，探討現行法上的架構、所會遇到問題。在本文的第一章為緒論，先介紹論文之架構。第二章則簡介公司治理的理念，設立包括薪資報酬委員會在內的各種獨立性功能的委員會，對於建全公司治理有著深遠影響。第三章則介紹了公司治理模式的單軌制和雙軌制，並分析薪酬委員會在兩種制度下的問題，將單軌制的薪酬委員會放入雙軌制中，也成了學者批評最多的地方。第四章則是介紹了美國法制上的薪酬委員會，分析其對於專業性和獨立性、以及章程應具備事項的規範，還有組成薪酬委員的獨立董事們的各項義務。第五章則是介紹了我國關於薪酬委員會的立法沿革和現況，以及我國現行薪酬分配之情況。本文研究發現在薪酬委員會設立之後，董監事之薪酬有稍為下降之趨勢，也許跟發揮一定監督效果有關。第六章則對於在法制移植之後，所面臨的各項問題，以及可能的建議。從契約法和組織法的觀點來看，股東會並不是一個很適當的決定董監事、經理人薪酬的場所。而且對於獨立董事的雙重責任，也影響了組成薪酬委員會的效能，建議應該要減輕其責任。最後，在修法的進程上，建議應該是在建全了獨立董事制度之後，才能引進薪酬委員會制度，而非本末倒置的移植。

薪酬委員會之立法立意雖然良善，但修法之後也引發諸多的法律問題，期待本文的整理和介紹，能為未來的改革的路上提供一些建言和方向。

關鍵字

誠信義務 ； 報酬 ； 酬勞 ； 公司治理揭露 ； 公司治理 ； 代理成本 ； 經營判斷原則 ； 績效 ； 注意義務 ； 忠實義務 ； 獨立董事 ； 薪資報酬委員會 ； 雙軌制 ； 單軌制

並列摘要

Abstract

In previous waves of requirements for directors, supervisors, managers, compensation review voices in our Securities Exchange Act changes in 2010, requires the establishment of a compensation committee, to construct a mechanism for the anti-fat cat , so the issue of this article focus on existing law to explore architecture, and related problems. In the chapter I of this article, first introduced the article's architecture. The chapter II is the introduction to the concept of corporate governance, including the establishment of the commission, including the compensation committee independence various functions for the whole building has a profound impact on corporate governance. The chapter III describes the corporate governance model of the one-tier system and the two-tier system, and analyze the problem of the compensation committee under the two different systems, put the compensation committee of one-tier system into the two-tier system, also become the point that scholar criticized the most. The chapter IV is the introduction of the compensation committee on the American legal system, to analyze its professional and independence and the charters of association should have normative matters, and various obligations of the independent directors who composed the compensation committee. The chapter V is the introduction of the legislative history and current status of the compensation committee, and the current situation of compensation distribution in our country. This study found that directors and supervisors have a slight decline in the trend after the establishment of the compensation committee, and perhaps exert a supervision effect. Chapter VI is introduction of the problems after legal system transplant, and possible recommendations. From the perspective of view point of contract law and corporate law, the shareholders is not a very appropriate occasion to decide the compensation for directors and supervisors, managers. And the double responsibilities of independent directors, also affected the performance of the composition committee, this article recommend to reduce their responsibilities. Finally, in the process of amending the law, the proposal should be in the building after the whole of the independent director system in order to introduce the compensation committee system, and not the invert transplant.

Although the legislative conception of the compensation committee is good, but after amending the law also raises many legal problems and wish the introduction and presentation this article can provide some suggestions and direction for the future reform of the way.

並列關鍵字

one-tier system ； independent directors ； the duty of care ； corporate governance ； business judgment rule ； two-tier system ； corporate governance disclosure ； duty of loyalty ； compensation committee ； agency costs ； performance ； good faith ； compensation ； remuneration

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