股东提案权行使条件规则的困境与出路

The Dilemma and Solutions in the Conditions for Exercising Shareholder Proposal Rights

2023年公司法第115条通过强制性规定降低了股东提案权的行使门槛,但现实中该规定仍面临着市场实践复杂性和司法实践多样性带来的困境。这导致公司关于提案权主体、范围、持股期限等行使条件的规定面临效力性风险。其原因主要源于股东提案权规则在确定性和适应性上的不足。为有效应对该困境,一方面需要明确规范阐释趋向,一是利用章程自治应对规则不适应性并确保决策效率,二是通过程序正义克服规则不确定性并推动理性决策;另一方面应肯定公司对提案权规范进行自治性调适,允许公司章程对调整股东提案权主体资格、肯定股东提案权持股期限条款有效性和引入提案权行使的相关程序性限制。

Article 115 of the 2023 Company Law has mandatorily lowered the threshold for exercising shareholder proposal rights.However,these provisions still face challenges in practice due to the complexity of market practices and the diversity of judicial practices.This creates the risk to the effectiveness of the company's regulations concerning the main body,scope,and shareholding duration for the exercise of proposal rights.The primary cause is the inadequacy of certainty and adaptability in the rules governing shareholder proposal rights.To effectively address this dilemma,on the one hand,it is necessary to clarify normative interpretations,firstly by using corporate charter autonomy to address the inadaptability of rules and ensure decision-making efficiency,and secondly by overcoming the uncertainty of rules through procedural justice and promoting rational decision-making.On the other hand,the company's autonomous adjustment of the norms governing proposal rights should be affirmed,allowing corporate charters to adjust the qualifications of the subjects of shareholder proposal rights,affirm the validity of shareholding duration clauses,and introduce procedural limitations related to the exercise of proposal rights.