引進獨立董事責任限制之必要性研究

Is it Necessary to Transplant the Statutes Related to Limitation of Liability for Independent Directors to Taiwan?

當企業弊案爆發時，例如：財報不實，總會有許多媒體報導及研究疾呼：強化公司治理。學者所建議強化公司治理的選項之一是增加董事會中獨立董事的席次。雖然對於獨立董事是否能改善公司治理仍有爭議，但2006年臺灣的主管機關仍透過修正證券交易法引進獨立董事，公司被鼓勵或強制於董事會中設置至少二席獨立董事。近年來，臺灣的媒體持續報導獨立董事因擔心所負責任過重而辭職，媒體也報導獨立董事辭職的人數逐漸增加。這項報導的事實是否為真？或只是跨大的報導？本文中，將進行近十年來的獨立董事辭任比例的實證分析。研究結果顯示本文的結論與上述媒體的報導相左。再者，本文也分析獨立董事的可能責任，本文並因此建議證券法等規定應修正，以降低獨立董事的責任。

When the corporate scandals, such as misstatement of financial statements, are revealed, media reports and research studies usually demand the government to enhance corporate governance. One way to strengthen corporate governance is to increase the percentage of independent directors on the board. Although whether independent directors can improve corporate governance is debatable, the government authority still amended the Securities and Exchange Act in 2006 to introduce independent directors and audit committee to Taiwan. Corporations are encouraged or mandated, depending on the market capitalization, to retain at least two seats of independent directors on the board. Recently, news reports in Taiwan reveal that independent directors quit their job because they worry about the potential liability of being independent directors. The media also reports that the numbers of independent directors resigning from their positions are increasing. Is it true or is it just a kind of exaggerated expression? In this article, we conduct an empirical study about the resigning rate of independent directors in the past ten years. The result is contrary to the media reports about the resigning rate of independent directors. Furthermore, this article evaluates the possible responsibility of independent directors and suggests that some amendments in Securities and Exchange Act can be made to lessen the responsibilities of independent directors.