摘要
《公司法》2023年修订明确规定公司经营须充分考虑各方利益相关者的利益,但利益相关者考量与股东至上原则之间的关系仍不明朗。利益相关者导向型治理模式的支持者认为应当摒弃传统的股东至上原则,确立董事会平衡各方利益相关者利益的义务。然而,域外利益相关者导向的实践表明,若欠缺特殊的社会经济和历史背景,利益相关者导向型治理模式可能只会沦为公关活动或者严重冲击资本市场。因此,我们不能寄希望于通过强行变革公司目的或董事义务来强化对利益相关者的保护。公司法视域下的利益相关者保护应当抛却对利益相关者导向的想象,而在坚持股东至上与意思自治的基本原则的前提下采取更为务实的路径。一方面,对于传统投资者占据主导的普通营利性公司,完善具有经济重大性的ESG信息的披露制度有助于在促进长期股东回报最大化的基本框架下考虑利益相关者的利益;另一方面,公司法应新设共益公司这一公司类型,从而使得ESG型投资者可以通过合意突破财富最大化的传统假设,股东价值最大化在该类公司中并非体现为利润最大化,而是股东的长期投资回报与持续性社会效益之间的平衡。
The Chinese Company Law,as revised in 2023,explicitly mandates that companies should adequately consider the interests of various stakeholders including employees,consumers and the environment in their operation,yet the relationship between the consideration of stakeholder interests and the entrenched principle of shareholder primacy remains ill-defined.Advocates for a stakeholder-oriented governance framework argue for a departure from the traditional maxim of shareholder value maximization in favor of a mandate requiring directors to balance the interests of all stakeholders.However,empirical observations from various jurisdictions that have adopted distinct approaches to the stakeholder-oriented governance model within their corporate laws-including multiple U.S.states,India,and Germany-highlight the practical challenges and limitations of implementing such models.In particular,if this model is adopted by merely modifying the standards of conduct of directors absent distinct socio-economic and historical contexts,the stakeholder orientation will yield minimal real effect in stakeholder protection,reducing the adoption of this model to a mere public-relation activity;if such orientation is enforced by hard rules,such as the mandatory social responsibility expenditure obligation in Indian law,there is a substantial risk of disproportionately undermining shareholder interests and destabilizing the capital market.Given these insights,Chinese lawmakers should not rely on forcibly reshaping corporate purpose or directors'fiduciary duty to bolster stakeholder protections.Rather,within the realm of corporate law,it should move from the illusory imagination of stakeholder orientation towards a more pragmatic approach based on the fundamental principles of maximizing shareholder value and autonomy of will in the protection of stakeholders.For conventional profit-driven companies dominated by traditional investors,improving mandatory disclosure requirements of economically material ESG information can help align stakehol
出处
《环球法律评论》
北大核心
2024年第4期107-123,共17页
Global Law Review
