公司治理中控股股东的主体地位及职权代行机制构建

The Principal Position and the Construction of Power Subrogation Mechanism of Controlling Shareholders in Corporate Governance

控股股东缺位是我国现行公司治理制度的重大缺陷之一,与我国公司股权结构以"股权集中型"为主之现状不符,是我国公司治理的制度架构与实际架构脱节的重要成因。公司治理实践表明,股东会议的高效决策和监督制衡两大预设功能较难实现,彰显资本威权、促进沟通交流才是股东会议的真正功能,组织决策中的"授权"模式比"同意"模式更适应公司商业判断场景。股东会逐步淡化决议功能后,控股股东应承接其移交的决策权力,在公司治理制度中居主导地位。控股股东主导公司治理时,应对公司和其他股东承担信义义务,其享有的特殊权利之一应为股东会职权代行权,如此方能实现权利与义务相匹配,体现其主导公司治理之实质,并为其公司治理权利义务的细化提供理想载体。职权代行机制应属公司法上的任意性规范,代行时的控股股东应为团体性、特定范围之概念且对外承担连带责任。立法者应以明示列举禁止情形的方式限制可以职权代行的公司决策类型。职权代行所需表决权比例应以全体股东表决权总数为基准。职权代行过程中应采取必要措施保护其他股东的知情权、股份回购请求权等权益。

The absence of controlling shareholders is one of the major defects of the current corporate governance system in China.Nowadays,it is inconsistent with the situation that China’s corporate ownership structure is mainly“ownership concentration type”,which becomes an important reason for the disconnection between the institutional structure and the actual structure of corporate governance in China.Corporate governance practices show that it is difficult to realize the two preset functions of both“efficient decision-making”and“supervision and restriction of rights”of shareholders’meeting,and the real function of the shareholders’meeting is to highlight the authority of capital and promote communication.In organizational decision-making,the“authorization”model is more appropriate in business judgment scenario than the“consent”model.When the shareholders’meeting gradually weakens the resolution function,the controlling shareholders shall undertake the decision-making power transferred to them and take up a leading position in corporate governance system.One of their special rights should be the exercise of powers on behalf of the shareholders’meeting.In this way,they can realize the matching of rights and obligations,reflect the essence of their leading corporate governance,and provide an ideal basis for the refinement of their rights and obligations in corporate governance.The power subrogation mechanism shall be an arbitrary norm in the Company Law,the controlling shareholders subrogating the power of the shareholders’meeting should be the concept of community and the concept of specific group,and bear joint and several liabilities to the outside world.Legislators should limit the types of corporate decision-making that can be subrogated by explicitly enumerating prohibited situations.The proportion of voting rights required for the power subrogation shall be based on the total voting rights of all shareholders.During the power subrogation,necessary measures shall be taken to protect the rights and interests of other shareholders,such as the right to know and the right to request share repurchase.