委託書徵求亂象：以股東表決權行使為中心

委託書制度為我國一般股東最常行使表決權方式之一；對公司而言，其也須透過委託書徵求滿足定足數之要求。然而我國委託書制度受制定時之時空背景影響，其目的並非使股東得藉由委託書徵求資料之提供，正確行使其表決權；相反地，我國委託書制度志在鞏固現任經營者之經營，避免少數股東因委託書制度獲取經營權。故在制度上存有許多機制供經營者於委託書徵求上刁難市場派，導致委託書徵求相關爭議總不絕於耳，尤其當股東會議案涉及董監事選舉時。而隨著主管機關大力推行電子通訊投票以落實股東行動主義，增加股東參與度，該如何降低股東和公司對於委託書制度之依賴以提升電子投票之使用率須審慎思考。短期內應先導正委託書制度規範立場偏頗問題，並於規則中加強對於股東資訊權保障。同時，就委託書格式應更加細緻化圈選選項，讓股東之意見得如實被表達。中長期而言若要降低對於委託書制度之依賴應先開放公司得調整定足數，並重新檢視電子通訊投票相關規定。無彈性之定足數規範使公司每遇有股東會時需花費大量心力於委託書徵求，也因此產生諸多委託書徵求亂象；現行通訊投票規範對於股東意思表示之判斷囿於實務運作，犧牲股東表達其最新意思之權利，違背引進通訊投票之目的與初衷。若可開放調整定足數，並檢討如何判定股東意思表示之規範，改進規範上之未盡之處，方能減少委託書徵求亂象。此外，也應考慮是否放寬視訊股東會適用對象，打破空間和時間限制，以加深股東參與度。

關鍵字

委託書；委託書徵求；表決權；定足數；通訊投票

並列摘要

The Proxy mechanism is the most-used approach for shareholders in Taiwan to vote. As for companies, proxy solicitation helps meet the quorum requirement. However, the purpose of the proxy rule in Taiwan, influenced by the historical context, is not to help shareholders make informed decisions with proxy material provided but to entrench incumbent management control. Compared with incumbents, the law itself makes insurgents have a hard time soliciting proxies. Therefore, when it comes to shareholder meetings, especially a directors election involved, considerable controversies arise. Meanwhile, to develop shareholder activism and encourage shareholders to exercise their voting rights, the government introduced the electronic voting system in 2005 by amending its company law. There is a discussion concerning how to reduce the dependence on a proxy mechanism and promote the electronic voting system. This thesis intends to provide some suggestions for improving the current solicitation practice. In the short term, ensuring the neutrality of the proxy rule is primary. At the same time, it is necessary to enhance the shareholder information rights protection in the regulation. In addition, the proxy form needs refining to better express shareholders' faithful thoughts. In the long term, amending the quorum requirement and regulations regarding electronic voting is imperative. Companies in Taiwan spend lots of time and expenditure on soliciting proxies to satisfy the quorum demand, which often causes controversies during the process. Besides, Shareholders have difficulties showing their will by the electronic voting system under current regulation. As a result, to decline the dispute during the soliciting process, the deliberation of modifying related provisions on quorum and electronic voting may be the solution. Last but not least, a virtual shareholder meeting plays a significant role during the pandemic. Since a virtual shareholder meeting does help shareholders engage in corporate governance without restrictions of time and space, it is time for the authorities to consider applying a virtual shareholder meeting to public companies.