從中國獨立董事法制論優化公司治理

Optimizing Corporate Governance through China’s Independent Director Legal System

中國施行獨立董事制度已有相當時間，然而近年陸續傳出有大型企業產生內控缺失、獨立董事不獨不懂之弊病，使一般社會大眾對於獨立董事的定位、權利範圍與監督手段等制度性問題，引發莫大的好奇與擔憂。2001年中國證券監督管理委員會發布《關於上市公司建立獨立董事制度的指導意見》以來，到2023年國務院辦公廳發布《關於上市公司獨立董事制度改革的意見》，中國獨立董事首次迎來重大之變革。究其根本，中國獨立董事制度之所以必須實質改革，是因核心價值已背離原本設立之初衷，該制度設計本應促進公司治理透明度並保護少數股東發揮正向效果，然而中國在實踐過程中產生各種弊病，出現專門為公司背書的人情獨董、不獨不懂的花瓶獨董等不專業人士涉入公司治理環節，不具監督功能的獨立董事，勢必無法發揮監督效果，反而在公司產生財務危機時無法保護中小股東之權益，造成更大的社會問題。因此，本文梳理相關資料，並提出完善中國獨立董事制度之建議，從而期許獨立董事制度能發揮其真正應有之作用。

China has implemented an independent director system for quite some time. However, in recent years there have been reports of internal control deficiencies in large-scale companies involving independent directors’being neither independent nor knowledgeable enough. This has raised significant public curiosity and concern regarding the positioning, authority, and supervisory role of independent directors. Since China Securities Regulatory Commission issued the“Guiding Opinions on the Establishment of an Independent Director System in Listed Companies”in 2001, and with the 2023 release of the State Council's“Opinions on Reforming the Independent Director System in Listed Companies,”independent directors in China have encountered major changes for the first time. Fundamentally, reform of the independent director system is necessary because its core values have strayed from its original intent. Designed to enhance transparency in corporate governance and protect minority shareholders, the said system has encountered numerous issues in practice. It has led to the involvement of unprofessional independent directors who are seen as mere“endorsements”for companies, failing to provide effective oversight. This ineffectiveness becomes even more problematic when companies face financial crises, as it cannot safeguard the rights of minority shareholders, thereby creating greater societal concerns. Therefore, this paper examines relevant information and proposes recommendations for improving China’s independent director system, aiming to effectively fulfill its intended role.