我國機構投資人盡職治理報告揭露內容之分析——以議合內容為中心

Abstract

機構投資人具備金融知識及挾帶大筆資金之優勢，對於資本市場之影響力甚鉅，搭配股東行動主義之崛起開始吹起盡職治理之風潮，因此「議合」此概念也開始被提起，期許機構投資人能夠針對特定議題與特定對象進行積極對話，並影響被投資公司之決策，同時也提升其代表之受益人或客戶之總體利益，「議合」隱含之積極態度比起單純出清持股，更能深入、長遠影響整體資本市場之內涵，也是主管機關或一般投資人都應多加重視的面向。 我國簽署盡職治理守則之機構投資人截至2021年12月7日共153家，包含證券投資信託業、保險業、證券商、銀行、四大基金及其他，投信業者更全體均完成簽署，而在如此盛況下，各機構投資人實際對外向利害關係人公開之盡職治理報告品質如何，則是本文主要希望探討的內容。 盡職治理內容之揭露目的在於資訊透明化，加強機構投資人議合行為之品質。本文藉由分析我國各機構投資人於盡職治理報告中撰寫之議合內容，統計2019年至2020年間報告之揭露情況，也提出本文所見良好之案例寫法，輔以研究英國及美國相關規範，期許能夠從外國經驗以及我國揭露內容之案例中，提供我國盡職治理議合內容揭露情形之建議改善方式，讓我國盡職治理報告揭露內容能有更多具體之議合案例，也能藉由人才之培育、增加評估標準之多元性，強化機構投資人盡職治理之力道，以達永續發展之實質目的。

Institutional investors have the advantages of financial knowledge and capital and a huge influence on the capital market. Competent authorities in various countries expect them to take the lead in exerting their influence to enhance the attention of the investee companies to the environment, society and corporate governance (“ESG”). As of December 7, 2021, a total of 153 institutional investors in Taiwan have signed the Stewardship Code. These institutional investors include securities investment trust companies, insurance companies, securities dealers, banks, four major funds, and others. In light of this development, this thesis attempts to evaluate the quality of the stewardship reports issued by institutional investors. Issuing stewardship reports aims at transparentizing the stewardship-related information and enhancing the quality of institutional investors' engagements. This thesis analyzes the content of engagements disclosed in stewardship reports issued by various institutional investors in Taiwan, collects data of these disclosures in the reports from 2019 to 2020, and proposes best practice for preparing the engagement disclosure. Based on the experience of foreign institutional investors and the case studies in Taiwan, this thesis offers specific suggestions for improving the stewardship disclosure in Taiwan to increase more specific engagement disclosure in Taiwan’s stewardship reports. This thesis believes that the cultivation of talents, the increase in the diversity of evaluation standards, and the enhancement in institutional investors’ stewardship may help achieve the real purpose of sustainable development.