經營判斷法則對董事責任追究之影響──從美國法與德國法之比較研究觀點

The Impact of Business Judgment Rule on Directors’ Accountability: A Comparison between American and Germany Laws

商業活動之經營管理，難免有所失誤、判斷錯誤或因商業環境的變化，使經營結果可能不如預期或不符合股東期待，從而致使董事可能面對各種質疑，甚至陷入民事或刑事訴訟的法律責任風險中，而在這些有關的訴訟中，被告董事抗辯或法院審理時，經常援引經營判斷法則，顯見其在國內實務界，對追究董事責任的影響性越來越受到重視，甚至獲得某些法院的肯定，成為訴訟審理判斷的重要依據之一，有鑑於此，本文介紹外國法制對經營判斷法則的應用，以供我國參考。對於經營判斷法則的應用，美國與德國法制存有一定程度的異同。首先，本文先介紹美國與德國經營判斷法則的發展由來，之後，探討經營判斷法則對美國與德國訴訟的影響，以及適用經營判斷法則的前提要件，最後，介紹我國司法實務及學界對是否得於訴訟案件適用經營判斷法則的見解，並進而提出本文對經營判斷法則是否法典化的看法。

Corporate directors sometimes make mistakes, misjudgments or cause losses due to changes in business environment. As a result, directors may face doubts from the shareholders or even litigations. Business judgment rule has often been invoked in these litigations by the directors or the courts. With the endorsement by some local courts, business judgment rule has become one of the most important bases for the judgment and has influenced the law on directors' accountability. In view of this, this article introduces the application of business judgment rule in Germany and the U.S. for reference. In both the American and German legal systems, there is a certain degree of similarities and differences in the application of the business judgment rule. First of all, this article introduces the development of the business judgment rule in the U.S. and Germany. This article then discusses the influence of the business judgment rule on the lawsuits in the U.S. and Germany and the preconditions for its application. Finally, this article presents the judicial opinions and scholarly views on the application of business judgement rule in Taiwan and then puts forward the author’s personal view on whether or not the business judgment rule should be codified in Taiwan’s company law.