公司治理與機構投資人──以機構投資人之盡職治理為例

Corporate Governance and Institutional Investors: Taking the Institutional Investor Stewardship As an Example

隨著機構投資人在證券市場之重要性日益增加，國際組織與各國乃賦予機構投資人更積極的公司治理角色。其中，英國透過發布「機構投資人盡職治理守則」（The UK Stewardship Code），採取遵循或解釋之方式，敦促機構投資人能夠積極參與被投資公司之治理。其後，各國陸續仿效英國之做法，研議符合其自身需求的盡職治理守則。我國亦於2016 年公布「機構投資人盡職治理守則」，並於2020 年8 月10 日進行修正，以期鼓勵機構投資人關注被投資公司之營運狀況，並積極參與公司治理，提升國內企業之公司治理。
本文將自機構投資人行動主義之興起出發，進而探討OECD 公司治理原則關於機構投資人對公司治理之建議，並透過對英國法之比較研究，檢視我國現行制度之缺失，並提出個人淺見，以作為我國未來制度改進之參考。

As the importance of institutional investors in the securities market increases gradually, international organizations and countries expect institutional investors to play a more active role in corporate governance. Among all, in order to encourage institutional investors to aggressively participate in the corporate governance of the companies they invested, the U.K. promulgates “The U.K. Stewardship Code”, which is a “soft law” delineating principles of best practices that derives compliance from its “comply or explain” provisions. Thereafter more and more nations follow the U.K. approach and start drafting their Stewardship Codes which reflect their individual needs A Stewardship Code was adopted in Taiwan in 2016, and revised on August 10, 2020, in order to encourage institutional investors to pay attention to the operating conditions of the companies they invested, and actively participate in their corporate governance, so as to improve the corporate governance of Taiwanese companies. This article will begin with the rise of institutional shareholder activism. Then, it will discuss suggestions offered by the G20/OECD Principles of Corporate Governance and will examine the current regulatory system in Taiwan through a comparative study of the U.K. law. After drawing lessons from the U.K. experience, reform suggestions will be made as a reference for improving Taiwan’s regulatory system.