欧美主要国家上市公司董事薪酬制度之变迁

发布时间：2018-09-14 20:46

【摘要】：2008年金融危机对欧美主要国家上市公司董事薪酬制度的立法理念产生了较大影响,从此前仅强调董事薪酬应符合公平正义理念,转为兼重公司经营的风险调控和可持续发展。一直以来,基于对社会公正价值的追求,薪酬制度主要关注薪酬制定主体的独立性以及立法和司法的有限干预。但在金融危机爆发后,立法者意识到除薪酬制定机关的独立性无法得以有效保障外,董事和股东基于公司运营而产生的时间及风险偏好差异,更是危机的重要成因之一。因此,欧美主要国家通过立法,在强化薪酬制定机关的独立性,赋予股东相关表决权的同时,将风险调控作为薪酬制度的核心,以确保公司的可持续发展。考虑到我国上市公司的股权结构较为集中,现行制度应在保障中小股东和机构股东的投票权、强化董事业绩和薪酬之间的关联性、明确界定司法审查标准以及确保薪
[Abstract]:The 2008 financial crisis has had a great impact on the legislative idea of directors' compensation system of listed companies in Europe and America. It has changed from emphasizing that directors' compensation should conform to the concept of fairness and justice, and turning to the risk regulation and sustainable development of the management of companies. For a long time, based on the pursuit of the value of social justice, the compensation system mainly pays attention to the independence of salary makers and the limited intervention of legislation and judicature. However, after the financial crisis broke out, legislators realized that the difference of time and risk preference between directors and shareholders based on the operation of the company is one of the important causes of the crisis. Therefore, the main countries in Europe and America adopt legislation to strengthen the independence of the compensation establishment organs and give shareholders the relevant voting rights, and at the same time, take the risk control as the core of the compensation system, in order to ensure the sustainable development of the company. In view of the concentrated ownership structure of listed companies in China, the current system should guarantee the voting rights of minority shareholders and institutional shareholders, strengthen the relationship between directors' performance and remuneration, clearly define the standards of judicial review and ensure pay.
【作者单位】：浙江大学光华法学院;
【基金】：浙江省教育厅高校科研计划项目“欧美上市公司高管薪酬制度最新发展”(Y201225913)研究成果
【分类号】：D912.29

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