董事会中心主义治理模式在我国公司法中的重塑

On the Reconstruction of Board of Directors Centralism Governance Model in China's Company Law

公司治理是公司所有权与控制权分离衍生出的新问题,其核心在于如何配置公司权力及构建相应问责机制。随着公司股权分散化趋势在各国公司中的蔓延,域外公司法普遍确立了董事会中心主义的治理模式,即以董事会为公司治理中枢,赋予其广泛经营管理权并以完备的信义义务体系为董事合理履职背书。我国《公司法》忽视公司治理需求上的本质差异,将分权控制结构强制嵌套在所有公司权力配置中,造成公司治理规制失当与迟滞缺憾。未来我国公司治理的优化革新应当以公司治理发展多元化为主线,制定单行的“有限责任公司法”和“股份有限公司法”并分别确定公司治理模式,其中对股份有限公司而言,董事会中心主义模式的全面确立是与时代并行、与现实契合的不二选择。此外,以权责相称为旨归完善董事信义义务体系并补缺董事问责机制,是确立董事会中心主义模式的应有之义。

Corporate governance is a new problem derived from the separation of corporate ownership and control power,and its core lies in how to allocate corporate power and build corresponding accountability mechanism.With the spread of shareholding decentralization in various countries,foreign company laws have widely established corporate governance structure centered with board directors.That is to say,the board of directors is taken as the corporate governance center,endowed with extensive operation and management rights and endorsed the directors'reasonable performance of duties with a complete fiduciary duty system.Our country's Company Law has ignored the essential difference in the demand of corporate governance,and enforced a decentralized control structure to be nested in all corporate power configurations,which results in improper regulation and hysteresis of corporate governance.In the future,the optimization and innovation of China's corporate governance should focus on the diversification development,as well as formulate the separate“limited liability company law”and“joint stock limited company law”,and set respective corporate governance models.For joint stock limited companies,the comprehensive establishment of the board of directors centralism model is the only choice which is in line with the reality.Moreover,to perfect the fiduciary duty system of directors and to make up for the accountability mechanism of directors is the necessary meaning of establishing the mode of director-centered doctrine.