從股東權益保障檢討徵求委託書制度

Examining Proxy Solicitation System from the Viewpoint of the Protection of Shareholders’ Right

透過徵求委託書制度可確保股東能在股東會議前收到充分資訊，以讓其表決權人透過代理的方式行使。在美國經營與所有分離的公司治理架構下，委託書制度係為其股東會能否順利召開的重要機制；為防止公司經營者濫用委託書制度而侵害股東權益，美國聯邦證券交易法規範了委託書之徵求與程序，用以防止經營者利用委託書徵求取得不正之優勢，並保障股東參與和股東權益。反觀我國許多家族企業的公司治理架構與美國大型公司並不相同，致使因委託書徵求而衍生的公司治理弊端不斷，特別是公司派往往利用其在委託書徵求與戰爭的優勢，運用掌握徵求委託書優勢的不公平，來保有其經營權。

Through the system of proxy solicitation, shareholders can beensured to receive the sufficient information before shareholder meetingand exercise their votes by the duly authorized agent. Under the corporategovernance structure of separate ownership and management in the U.S.,proxy system has become a key mechanism for the success of shareholdermeeting. In order to prevent the abuse usage of proxy system by corporatemanagers to infringe the interests of shareholders, the U.S.Securities Actof 1934 regulates the solicitation and procedure of proxy to preventsmanager to gain unfair advantage via proxy solicitation. It also protectsshareholder participation and shareholder rights. On the other hand, thecorporate governance structure of many family-owned companies inTaiwan is different with the corporate governance structure in theU.S.companies. Hence, proxy solicitation leads to many corporategovernance problems in Taiwan, especially the managers often use theirunfair advantage of proxy to keep their powers.