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標題: | 董事會運作與經營權異動 The Operation of the Board and The Transfer of Management Power |
作者: | Yuan-Hua Hsiao 蕭元華 |
指導教授: | 李存修 |
關鍵字: | 公司治理,董事會,審計委員會,薪酬委員會,提名委員會,委託書,電子投票,經營權異動, corporate governance,the board,the audit committee,the compensation committee,the nomination committee,proxy statement,electronic voting,the transfer of management power, |
出版年 : | 2015 |
學位: | 碩士 |
摘要: | 我國從2003年之「強化公司治理政策綱領暨行動方案」到2013年提出「強化我國公司治理藍圖」,是公司治理發展最重要的十年,有關董事會獨立性、功能性委員會之設置、推動電子投票等議題,都是主管機關之重要政策,並期望上市(櫃)公司能夠恪遵落實,以提升我國資本市場之水準及保障投資人權益。但有機制與規範尚且不足,部分制度在實務運作上讓董事會仍有操作空間,尤其遇有經營權爭議時,在在都令市場參與者嘆為觀止,甚至導致我國公司治理排名之退步。
我國公司治理之架構與規範,主要參考英美法制,而美國之公司治理發展與運作已非常成熟,因此,本研究自董事會至所屬之功能性組織,主要皆與美國制度之規定相比較,期能有所借鏡。此外,亦透過案例研究之方式,分析董事會操作與經營權異動之關聯性因素,以高興昌與頂新集團之案例,說明董事會結構與法人股東改派代表人問題;以彰化銀行案例,說明股東資訊、委託書徵求與股東會紀念品問題;以三陽工業案例,說明設質股票表決權限制、董事選任與解任表決權及資訊之透明對等問題;以中石化案例,說明股務事務自辦、議程變更、股東報到程序與董事會審查被提名人問題,藉由各公司挑戰制度之分析,俾思考改進措施。 董事會是公司治理之核心,兼具決策與監督角色,近年來,公司經營權爭議不斷發生,追本究源,應從董事會組成之質與量開始改革,董事會成員要達到多元、專業、獨立之標準,必須端賴一個公正之組織-提名委員會為其選任與評估適任性;為免董事會為控制性股東所操控,獨立董事之席次與比例應增加,以利其他功能性委員會之組成與運作。 主管機關及其指定之市場管理單位,對於公司經營權爭議時之脫法行為已逐漸訂定防制措施,但尚有不足之處,必須給予更多的時間來因應,我國之立法程序較為緩慢,因此,許多制度或可思考從上市(櫃)契約作規範,亦可考量將上市(櫃)公司治理實務守則列為強制性規範,或作為上市(櫃)契約之一部分,來落實對上市(櫃)公司的規範。 2011年「ACGA臺灣公司治理白皮書」就股東會議及股東投票、董事會的有效性、股東權利等三大議題,對我國主管機關及上市(櫃)公司提出諸多建議,本論文亦嘗試將該等建議與我國現狀作結合,說明已落實之部分並檢視其不足之處,俾作為未來繼續努力之目標。 The most critical 10 years of corporate governance development for our country is from the release of The Policy and Action Plan on Strengthen Coporate Governence in 2003 to the release of The Vision of Strengthen Coporate Governence in 2013. During this period,policies on enforcing board independence,creating functional committee,and promoting electronic voting are amount the most important agendas from the competent authority with expectation of the listed (OTC)companies to abide by and implement in order to improve our capital market standard and to protect the interests of investors. But there are loopholes on the mechanisms and regulations,as the result;there are rooms for the board to maneuver in actual practice of these regulations. Again and again,market stockholders have been amazed by such maneuver in particular when there is a dispute on management right that even lead to the deterioration of our country’s corporate governance rankings. The corporate gorvernance and regulation in this country is based on Anglo- American legal system. Since the development and practice of corporate governance in America is very mature, hence, this study on board of directors and its subordinate functional organizations will be focused on compare with the American system and learn from it. Furthermore, numerous case studies will be used for analyzing different correlation factors between operation of board of directors and change of management right. Taking the case study of Kao Hsing Chang Iron&Steel Corp. and Ting Hsin International Group, issues will be eplored are board of directors structure and corporate shareholder information, proxy fight, and shareholder meeting giveway will be looked into. Sanyang Industry is the problem showcase for Chang Hwa Bank (CHB), shareholder information< proxy fight and shareholder meeting giveaway will be looked into. Sanyang Industry is the problem showcase for stock voting rights restrictions; the voting rights of elect and dismiss director of board; and on information transparency. Finally, study CPDC case can provide insight on stock affair management,shareholder meeting agenda changes, shareholders meeting registration process, and the board member nominees qualification riveiw by board of directors. In all, by paying close attention to how above companies challenge regulations, improvement practice and method can be derived and served. The board of director is the core of a company that serves the roles of decision-making and oversight. Yet, in recent years, the occurrences of dispute over the right to mange the company have not been stopped. To eliminate such, reform should start from the quality and quantity of the composition of the board of directors. Asan unbiased organization, the nomination committee should nominate and evaluate if the composition of the board of directorsfulfills diversity, professional, and independent standard. To avoid a board of directors been manipulated by controlling stockholders, and to facilitate the composition and operation of the other functional committee, the proportion of independent directors should be increased. Thought the competent authority and its designated market governing enforcer have gradually set preventive measures to suppress law-circumventing behaviors during a company management right dispute, but more time should be given to cope as the preventive measures have their short comings . Since our country’s legislative process is relatively slow, therefore, one can consider to order the code of practice as part of the contract between the competent authority and company been or to be listed(OTC). Once these code of practices are part of the contract, then implementation can be realized amount the company been or to be listed or traded over the connter. Regarding to many recommendations from 2011 ACGA Taiwan Company Goverance White Paper address to the competent authority and listed(OTC)company around three major topics which are the stockholders’ meeting and voting, the effectiveness of the board of directors, and the shareholders’ rights, this paper attempts to take a closer look on these recommendations in conjunction with our current status quote to provide the insight of the portion that have been implemented and review the shortcomings so further continuous efforts in response to the those recommendations can be derived. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/54999 |
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