上市公司章程引入仲裁条款的美国实践与本土进路

U.S.Practice and Localization Analysis on the Introduction of Arbitration Clause in the Articles of Association of Listed Companies

在美国公司治理领域,上市公司章程引入仲裁条款,要求股东将其基于股东权利与公司及董事、高管等产生的纠纷提交仲裁个别解决的行为,主要面临着是否存在基于合意的有效仲裁协议、是否违反公司法和证券法强制性规范以及是否违背某些公共政策目标等三方面争议。分析美国围绕上述问题的市场及监管实践中呈现的法律和政策逻辑,结合我国资本市场实际,本文提出,通过章程仲裁条款在机构投资者与上市公司间引入仲裁机制是完善我国资本市场纠纷多元化解机制值得探索的方向.

The mandatory arbitration charter/bylaw of listed companies stipulates that shareholders shall submit their disputes with companies,directors,and executives to arbitration forum,respectively.This is a controversial topic in the field of corporate governance in the United States.The listed company adopting the mandatory arbitration charter/bylaw faces three challenges:first,whether there is a valid arbitration agreement based on mutual consent;second,whether it violates the mandatory norms of the corporate law and the securities law;third,whether it violates certain public policy objectives.In light of the legal and policy logics embodied in relevant US practices and controversies as well as the current situation of the Chinese capital market,introducing an arbitration mechanism between institutional investors and listed companies through charter arbitration clauses to improve the multiple dispute resolution mechanism in the capital market is a direction worth exploring.