合規機制對公司治理的挑戰及公司法回應

The Challenge of Compliance Mechanism to Corporate Governance and the Response of Company Law

合規是公司治理的外生產物，對傳統公司治理產生了結構性影響。公司內部的組織權力、董事義務的問責過程，以及股東至上的公司目的，都在合規機制嵌入公司治理的過程中發生了不同程度的改變。但合規不是目的，只是優化治理結構的方式與過程，其精髓在於通過規範轉化、分工監督與資訊互通的運行機制，塑造守法向善的公司文化。公司法既要促進公司治理的合規化轉型，也要防止立法和執法對公司治理的硬性干預。讓合規組織權力回歸董事會，並夯實董事監督義務，既是對公司採納合規機制的內部驅動，也保留了合規靈活自律的制度優勢。在公司治理接納合規的同時，還應在董事問責機制中體現組織分工、拓寬商業判斷規則的審查範圍，推進公司社會責任范式向ESG（環境社會和公司法理）轉型。

Compliance is an external product of corporate governance, which has a structural impact on traditional corporate governance. The organizational power within the company, the accountability process of directors’ obligations, and the corporate purpose of shareholder supremacy have all changed in the process of embedding the compliance mechanism into corporate governance. However, compliance is not the purpose, but the way and process of optimizing the governance structure. Its essence is to shape the corporate culture of abiding by the law and good through the operation mechanism of normative transformation. The company law should not only promote the regulatory transformation of corporate governance, but also prevent the rigid interference of legislation and law enforcement on corporate governance. Returning the power of the compliance organization to the board of directors and consolidating the supervision obligations of directors is not only an internal drive for the company to adopt compliance governance, but also retains the institutional advantages of compliance flexibility and self-discipline. While accepting compliance in corporate governance, the more important measures are to reflect the organizational division of labor in the director accountability mechanism, broaden the scope of review of business judgment rules, and promote the transformation of corporate social responsibility paradigm to ESG.