论目标公司董事违反信义义务的救济路径

On Remedies of Violating Fiduciary Duty by Directors of the Target Company

目标公司董事违反信义义务的救济路径是公司资本运作中突出的法律问题之一。目标公司董事信义义务的类型化应建立在成文法的逻辑体系之上,在忠实义务和勤勉义务的框架下进行细分,忠实义务涵摄避免利益冲突的义务和禁止利用公司重大信息获利的义务;勤勉义务包括知情义务和信息披露义务。实践中以行政处罚机制为主导的法律救济模式应予改变。在选择目标公司董事违反信义义务的法律救济模式时,应实现公司外部资本市场环境与公司内部制度环境的区隔,从完善公司内部治理层面来设计法律救济规则。

The remedies of violatingfiduciary duty by directors of the target company is one of the prominent legal problems in corporate capital operation. The classification of director’s fiduciary duty in target company should be based on the logic system of statute law,it shall be subdivided under the frame of duty of loyalty and duty of care. The duty of loyalty contains obligation to avoid conflict of interest and the obligation to prohibit the usage of company’s material information for gaining personal profits,while the duty of care includes informed obligation and disclosure obligation. In practice,the remedies which dominated by the administrative penalty mechanism should be changed. When selecting the legal relief mode for the violation of fiduciary duty by directors in the target company,the external capital market environment and the internal institutional environment of the company should be separated as well,the legal relief rules should be designed from the perspective of improving the internal company governance.