论我国上市公司股东提案权——以美国法为借鉴

On Shareholder Proplsal Right of Listed Company

美国上市股东提案权的初衷是促进公司民主,股东提案权与委托书征集共同构成美国上市公司股东参与公司治理的重要机制。美国SEC rule14a-8规定的股东提案程序和排除事由保护上市公司免受股东滥用提案权的影响,股东提案排除事由的实践和演变揭示了股东提案权对践行美国上市公司社会责任贡献卓著。针对股东提案排除争议美国联邦证券委员会创设了无异议函(No action letter)这一行政决定来事前高效、经济地处理。我国股东提案权制度针对上市公司股东滥用提案权存在规范漏洞,不能激励中小股东积极行使提案权,未能将股东提案权作为落实公司社会责任的机制,提案排除争议制度效率低下且存在规范漏洞。

Shareholder proposal right of U. S. listed company is to promote corporate democracy, which together with proxy constitute important corporate governance mechanism. Shareholder proposal procedure and excluding cause stipulated by Rulel4a - 8 of U. S. SEC protected listed company from shareholder abusing proposal right. Practice and evolution of Shareholder proposal excluding cause had revealed that it contribute to Corporate social responsibility greatly. U. S. SEC created No action letter to dissolve proposal excluding dispute, which is an economic and effective administrative decision. There is Law loopholes for Shareholder proposal right abuse in China Shareholder proposal right system. The system can＇t stipulate minority shareholders to exercise proposal right, which also can＇t regard the right as a mechanism to realize Corporate social responsibility. The dispute solution system about Shareholder proposal excluding is ineffective an~! has law loopholes. Evolution of Shareholder proposal right in U.S. should be use for reference.