公司治理ESG法制與公司目的論辯──以2023年G20/OECD公司治理原則為參考

ESG Regulations in Corporate Governance and the Corporate Purpose Debate: Utilizing the 2023 G20/OECD Corporate Governance Principles as a Reference

本文回顧我國近年推動的公司治理ESG法制內容，探討其背後涉及的公司目的理論論辯，以與相對採納利害關係人主義的我國立法與法院實務對話。本文參考國際文獻提出的啟發式股東價值理論以及公司目的實用觀點，輔以2023年G20/OECD公司治理原則反映的思維，提出我國公司治理ESG法制未來可著力的發展方向，包括可著重公司內部控制特別是ESG風險管理的面向，以及著重外部守門人即ESG評等機構的規範，並強調法制上一方面應給予公司形塑其公司目的與著重特定ESG議題的空間，另方面應強化公司ESG資訊揭露的明確性與可執行性。

This Article reviews the ESG regulations in corporate governance that were recently put forward and promoted in Taiwan. It explores the theoretical debate about the underlying corporate purpose to reconcile with the stakeholderism adopted by Taiwan’s legislation and judicial practice. After referencing the Enlightened Shareholder Value Theory and the Instrumental View of Corporate Purpose and exploring the rationale reflected by the 2023 G20/OECD Principles of Corporate Governance, this Article specifies the future directions for Taiwan’s development of its ESG regulations in corporate governance. Specifically, it proposes that Taiwan should emphasize the internal control aspect, which includes ESG risk management in particular, and the external gatekeeper regulation, i.e., notably the ESG rating agencies. This Article also highlights that Taiwan’s ESG regulations shall provide flexibility for companies to shape their individual corporate purposes and the focused ESG topics while strengthening the specificity and enforceability of companies’ESG disclosures.