上市櫃公司董事薪酬政策揭露──實務運作評析

Disclosure on Directors’Remuneration Policy in Listed Companies: Regulations and Practices

我國證券交易法與公開發行公司年報應行記載事項準則均規定，公開發行公司應於年報中揭露給付董監事與經理人之酬金政策、標準與組合、訂定酬金之程序、與經營績效及未來風險之關聯性。然實務運作中，上市櫃公司的揭露情況不佳。本文首先說明薪酬政策揭露之重要性，進一步分析歐盟與美國有關薪酬規範差異之形成原因，並透過外國揭露實例之介紹，說明應如何揭露以平衡公司機密資訊維護與投資人資訊取得間之需求。最後，針對我國規範與實務運作情況，提出改善建議。

According to Taiwan Securities and Exchange Act, listed companies in their annual reports shall disclose the company’s remuneration policy, the average salary of all the company’s employees and any adjustments thereto, and the remuneration of the directors and supervisors. However, most companies failed to comply the rule. Starting from the importance of remuneration issue in corporate governance, this paper analyzes the different approaches on regulating director’s remuneration and executive remuneration in EU, the UK and the US. This paper further introduced HSBC Holing’s remuneration policy and remuneration report as a good practice example, and concludes some suggestions on improving Taiwan regulations and practices on directors’ remuneration policy.