表决权滥用的法律规制——以决议效力为中心

The Legal Regulation of Voting Abuse-Centered on the Validity of Resolutions

表决权滥用规制的理论基础为股东间利益调整、禁止权利滥用法理以及股东平等原则,主要的规制模式包括表决权限制与禁止表决权滥用。表决权限制由于对股东权利限制过大、适用范围狭窄以及实际作用不明等,不宜作为规制表决权滥用的一般规范。而对于违反禁止表决权滥用的公司决议而言,决议有效说不足以全面保护少数股东;无效说存在不符合资本多数决原则、决议无效的理论基础不明、适用对象不清晰等问题;表决权滥用决议的可撤销说能够兼顾少数股东保护及多数决原则,并符合保护交易安全的要求。在具有利益关系的多数股东或控制股东滥用表决权、故意损害少数股东或公司利益且其表决权行使与决议结果之间存在因果关系时,少数股东得主张撤销决议,由此规制表决权滥用。

The theoretical basis for the regulation of voting rights abuse is the adjustment of interests among shareholders,the jurisprudence on the prohibition of abuse of rights and the principle of equality of shareholders,and the main modes of regulation include the restriction of voting rights and the prohibition of voting rights abuse.The restriction of voting rights is not suitable as a general regulation of voting rights abuse due to its excessiverestriction of shareholders'rights,narrow scope of application and unclear practical effect.As for the resolution of a company that violates the prohibition of voting rights abuse,the validity of the resolution is not sufficient to fully protect minority shareholders;the invalidity of the resolution is inconsistent with the principle of majority of capital,the theoretical basis of the invalidity of the resolution is unclear,and the object of application is unclear;the revocability of the resolution of voting rights abuse can balance the protection of minority shareholders and the principle of majority of resolution,and meets the requirements of protecting the security of transactions.Article 26(1)of the Draft Revised Company Law should add the circumstances under which a resolution on the abuse of voting rights may be revoked,so that if a majority or controlling shareholder with an interest abuses its voting rights,intentionally harms the interests of the minority shareholders or the company,and there is a causal relationship between the exercise of its voting rights and the outcome of the resolution,the minority shareholders may claim the revocation of the resolution,thereby regulating the abuse of voting rights.