上市公司股东不可撤销表决权委托研究——问题、挑战与监管

Research on the Irrevocable Proxy of Shareholders of Listed Companies:Questions,Challenges and Supervision

表决权是上市公司股东参与管理决策的重要方式。证券监管实践表明,不可撤销表决权委托既有规避股份限售和减持规则的动机,也有出于增强控制权转让交易中博弈弹性的考虑。表决权委托并非一项简单的债权债务法律关系,其合规性及对证券市场的影响需引起足够的重视。为规范上市公司股东不可撤销的表决权委托,本文建议:在信息披露监管方面,重点关注表决权委托对权益变动、控制权稳定性、投资者保护的影响;在制度规范方面,发布表决权委托示范协议指引等规则,明确表决权委托的关键要素和监管要求。

Voting is an important way for shareholders of listed companies to participate in management decisions.Recent securities regulatory practice shows that,irrevocable proxy not only evaded the rules of limited sale of shares,but also enhanced control transfer transactions.The delegation of voting rights is in fact not a simple legal relationship of creditors’rights and debts.Its legality and impact on the securities market should be paid enough attention.The regulatory authorities are suggested to focus on information disclosure in the areas of equity change,control stability and investor protection,and to promulgate rules such as guidelines which clarify the key elements and regulatory requirements of the delegation of voting rights.