公司治理新途徑──論公開發行公司視訊股東會議法制

A New Path to Corporate Governance: The Shareholders’ Meetings with Video Conferencing in a Public Company

於2020年8月金融監督管理委員會（以下稱金管會）發布「公司治理3.0-永續發展藍圖」，為接軌國際潮流敦促落實股東行動主義（Shareholder Activism），自2016年6月30日台灣證券交易所（以下稱證交所）發布「機構投資人盡職治理守則」，國內外政府基金、保險、投信等機構投資人對市場及被投資公司影響力漸大，金管會特別指導增加金融機構簽署家數，並強化機構投資人「盡職治理」資訊之揭露品質等。另外，金管會在「公司治理3.0-永續發展藍圖」中說明「為配合2018年全體上市櫃公司採行電子投票，要求上市櫃公司自 2021年起，董監事選舉應採候選人提名制，並透過持續鼓勵銀行、保險公司積極出席股東會，發揮機構投資人影響力。此外，金管會並自2020年起要求上市櫃公司每季揭露5%以上股東持股資訊及要求股東會議案採行逐案票決，持續提升公司股權資訊及股東會議事之透明度」。換言之，適當的推動股東行動主義，長期以降有助於深化公司治理，從制衡角度提供監督平衡的機制（A Checks-and-Balances Structure），最能展現股東行動主義，莫過於股東積極參與股東會並行使股東表決權，而股東被賦予此一投票權可選舉董事、修改公司章程或章程細則等，透過投票監督經營階層或影響公司重要決策方向8。

The role of shareholders’ meetings, in which shareholders can participate in and vote fundamental issues in a company, shall be pivotal and can be exerted as forms of shareholder activism and shareholder democracy in the context of corporate governance. Due to recent pandemic crisis of COVID-19, Section 172-2 of Taiwan Company Act and relevant delegated regulations were enacted and promulgated to authorize public companies to hold visual shareholders’ meetings. This Article will analyze such provision and relevant regulations in a theoretical and practical manners to examine whether such new institution can be reserve the rights of shareholders as expected. By employing a comparative law methodology, this Article will conduct a survey on virtual shareholder meetings in the U.S.A. Moreover, will learn from the US Delaware General Corporation Law to introduce the blockchain technology, and provide insights into how to use emerging technologies to better the new institution and a new path to corporate governance.