董事会权力中心的生长与回归

The Growth and Return of the Power Center of the Board of Directors

公司机关之间决策权力的分工配置,是公司治理的枢纽问题与要害所在。在中国公司分权的现代化进程中,呈现董事会中心渐进回归的趋势。董事会享有公司经营决策权,尊重不同类型公司的治理差异,给予公司更多的自治空间,已成为全球公司决策分工治理的经验共识。中国上市公司的商业治理实践显示,经由章程不断扩张的董事会权力,已经向股东会权力中心提出挑战。司法实践中关于公司治理分权边界的模糊,剩余权力归属不清的诉讼分歧,要求对公司决策权力分工进行立法改进。在公司法改革中,应考虑在股东会保留修改公司章程、选举和罢免董事等有限的法定权力的基础上,重塑董事会经营决策中心,尊重董事会与经理分权的弹性。董事会的权力边界应当以法律和公司章程为限,股东会不得任意行使董事会职权。尊重公司治理的自生需求,改写董事会作为执行机构的简单定位,回归董事会中心主义,或许是中国公司治理胜出的自主道路。

The division and allocation of decision-making power among corporate organs is the key issue and key point of corporate governance.In the modernization process of decentralization of Chinese companies,there is a trend of gradual return of the center of the board of directors.It has become an empirical consensus that the board of directors enjoys the decision-making power of company management,respects the governance differences of different types of companies,and gives companies more autonomy.The practice of commercial governance of listed companies in China shows that the power of the board of directors has been continuously expanded through the articles of association,which has challenged the power center of the shareholders'meeting.In practice,the litigation differences about the vague boundary of corporate governance decentralization and the unclear ownership of residual power require legislative improvement on the division of corporate decision-making power.In the reform of company law,we should consider rebuilding the management decision-making center of the board of directors and respecting the flexibility of the separation of powers between the board of directors and managers on the basis that the shareholders'meeting retains the limited statutory powers of amending the company's articles of association,electing and dismissing directors,etc.The power boundary of the board of directors shall be limited by laws and the articles of association,and the shareholders'meeting shall not arbitrarily exercise the powers of the board of directors.Respecting the inherent needs of corporate governance,rewriting the simple positioning of the board of directors as the executive body,and returning to the centralism of the board of directors may be the independent way for China's corporate governance to win.