德國董事薪酬決定及揭露機制對我國之啟示

The Revelation of the Decision and Disclosure Mechanism of Directors' Remuneration in Germany

2008年全球金融海嘯的發生暴露了許多公司治理上的嚴重缺陷，包括備受質疑之公司經營者的薪酬政策與決定機制，從而使各國或國際組織紛紛對其相關法令進行檢討或提出建議，包括我國及德國在內。本文先從金融海嘯後我國董事薪酬法制之改革談起，探討現行法董事薪酬的決定機制及其揭露規範，以及分析2014年1月行政院提出之「公司法部分條文修正草案」若於完成立法後，可能對董事薪酬制度運作之影響。之後，探討德國股份法對董事薪酬的規範，其中非常重要的一個修法，即是於2009年8月所修訂之股份法第87條第2項董事薪酬降低規定。本文亦一併探討德國公司治理規約對董事薪酬所提的建議。在比較德國法之法制後，本文於最後提出幾點對我國董事薪酬制度的建議，以供各界參考。

The global financial crisis in 2008 has exposed a number of serious flaws on corporate governance, including the directors’ remuneration policy and its decision mechanism. Hence, many countries such as Germany and Taiwan and relevant international organizations have reformed related laws and proposed recommendations. This article firstly works on the reform of directors’ remuneration in Taiwan after the financial crisis, especially its decision mechanism and disclosure rules. Secondly, it deals with the proposal of amended Company Act by the Executive Yuan in January 2014 and its impact on the directors’ remuneration system. After that, this article focuses on the German amended provision of 87 II of Stock Corporate Act relating to the reduction of directors’ remuneration in August 2009. This article also deals with the recommendation of the directors’ remunerations in the German Corporate Governance Code. Finally, it makes a conclusion in relation to recommendation of directors’ remuneration after the legal comparison between Germany and Taiwan.