公司收购中目标公司控股股东的诚信义务探析

On the Fiduciary Duty of the Control Shareholder of Targeted Corporation

目标公司的控股股东既可以通过股东大会的表决机制作出有利于自身,但对其他股东不利的决定;也可以利用直接或间接任免高级经营者的人事权,支配经营者在面对收购时是否采取行动上,优先考虑其利益,漠视公司和其他股东利益,将目标公司置于被掠夺、蚕食的境地,少数股东则沦为被压榨、排挤的对象。为了公平地维护和实现公司、少数股东的利益,就必须使前者对后者承担诚信义务。虽然控股股东与董事的诚信义务在内容上均由忠实义务和谨慎注意义务构成,但二者并不完全相同。在不同的收购类型和各种具体的反收购行动中,控股股东诚信义务的内容也各有所侧重。

The control shareholder of targeted corporation might vote to show a determination useful for them, but harmful to other stockholders in general meet. He also directly or indirectly appoints or recalls advanced managers for controlling managers to make them consider his interests first when buying over, disregards the corporations and other stockholder's interests. In this situation, the corporation is looted and majority of shareholders are squeezed. The former must undertake fiduciary duty to the latter for carrying out the protection of the corporations and majority shareholder's interests. Though stockholders and directors' fiduciary duty contains duty of loyalty and duty of care, but they are different. The content of control shareholder's fiduciary duty is not the same too, in different buy-over and various actions of opponent merger.