上市公司董監高信息披露異議制度何去何從──以新《證券法》第82條第四款為視角

Where Does Disclosure Objection System for Directors and Supervisors of Listed Companies Go from Here

兆新股份董監高集體不保證年報真實性等一系列“不保真”事件引起了市場對於新《證券法》第82條第四款董監高異議制度的疑問和反思。在注冊制全面推行的當下，董監高異議制度承載著發現違規信息披露的現實功能與重要使命。然而董監高異議制度缺乏激勵機制，同時異議規則本身並不完善，實踐中暴露出規則濫用的問題，導致董監高異議制度的現實功能難以實現，甚至威脅正常的信息披露秩序。基於此，應當打通新《證券法》第82條第四款與董監高責任减免之間的聯繫，並將一種董監高减免責任的“示範動作”作為該款功能之一，建立正向激勵機制，同時以“陳述理由”為核心，結合“陳述理由”的類型劃分實現異議規則的規範化和責任减免機制的構建，以助力董監高異議制度現實功能的實現。

A series of cases such as the Zhaoxin Co. case have aroused the public's doubts and reflections on the objection system of information disclosure regulated by Article 82, paragraph 4 of the new Securities Law. At the moment when the registration system is fully implemented, the objection system carries the function of discovering illegal information disclosure. However, the objection system lacks an incentive mechanism, and the rules of the system are not perfect, exposing the problem of rule abuse, which makes it difficult to realize the function of objection system and even threats the normal order of information disclosure. Therefore, the fourth paragraph of Article 82 of the Securities Law should be linked with the responsibility reduction of directors, supervisors and senior executives, and a ''demonstration action'' for the reduction of responsibility of directors, supervisors and senior executives should be used as one of the functions of this paragraph to establish a positive incentive mechanism. At the same time, ''statement of reason'' is the core of the objection system, which should be combined with the type of ''statement of reason'' to realize the standardization of objection rules and the construction of liability reduction mechanism, so as to help the realization of the practical functions of the director, supervisor, and senior objection system.