公司經營權爭奪與保險業規範──析論一○三年修正保險法第146條之1第3項規定

Corporate Takeovers and Insurance Enterprise Regulations: An Analysis on the 2014 Amendment to the Insurance Act Article 146-1(3)

依保險法第146條之1第3項第2款、第5款規定，保險業購買公開發行公司之股票者，不得行使對被投資公司董事、監察人選舉之表決權，亦不能與第三人共同參與對被投資公司的經營。此一規定明文剝奪保險業作為股東所能參與被投資公司之最重要權利──董監選舉表決權，而且何謂「禁止共同參與經營」，文義不清，立法理由亦不明，顯然存在著高度爭議性，但相關學術討論卻非常有限，因此本文期待可以彌補此一學術上的空缺。本文先簡要說明此一規定於一○三年增訂的背景，並深入分析第2款及第5款規定之不當。本文主張，這些規定之增訂並無必要，其適用之結果甚至可能與立法原意相違。若不將這些規定刪除，至少可以考慮從兩個方向加以修正，使之更具法理正當性，也更有可能在未來擴及適用於其他機構投資人，以避免立法上的不當差別對待。其一，對於保險業的董監選舉表決權的行使，增加持股期間之限制；其二，對於保險業行使其董監選舉表決權，而不支持現有經營者，要求其應事先揭露。

According to the Insurance Act Article 146-1(3) Subparagraphs 2 and 5, insurance enterprises that have purchased shares in listed companies can neither cast their votes in elections of directors or supervisors nor participate in the operations of the invested companies with other third parties. Given these provisions deprived the insurance enterprises’ most important shareholder rights—the right to select directors and supervisors, adding that the prohibition of “participate in the operation” is largely ambiguous in terms of its meaning and rationale, it is apparent that these provisions are highly controversial. However, academic discussion related to these provisions has been very limited. Therefore, this article attempts to fill this gap within the existing legal scholarship. This article begins with a brief introduction to the background of the 2014 amendment, then it is followed by in-depth analyses of the negative impacts of Subparagraphs 2 and 5. This article argues that the introduction of these provisions is unnecessary, and their application may lead to outcomes contrary to their original legislative purposes. If these provisions were to be kept in place, they should be amended to increase their legitimacy, and potentially be expanded to cover other institutional investors in the future to prevent unequal legal treatment. This article offers two proposals for future reforms. First, minimum holding period requirements can be introduced as prerequisites for exercising voting rights in the election of directors or supervisors; Second, insurance enterprises that do not support the incumbents to vote in the elections of directors or supervisors should be required to disclose ex ante.