公司高管薪酬法律问题研究

第12卷第4期上海财经大学学报Vol12No42010年8月JournalofShanghaiUniversityofFinanceandEconomicsAug2010:D923:A:10090150(2010)04004307文杰(,430079):金融危机背景下不合理的高管薪酬使得有必要对高管薪酬法律制度进行反思在高管薪酬的决定机制上,应赋予股东高管薪酬提案权,并强化股东高管薪酬决策权应从限定披露的高管范围明确披露高管薪酬的具体形式加强对公司薪酬政策的充分披露和改善高管薪酬披露的方式等方面完善高管薪酬信息披露制度应允许股东就高管薪酬提起派生诉讼,并就高管薪酬在公司自治和法院司法审查之间寻求和保持适当平衡:高管薪酬;公司治理;信息披露;股东派生诉讼:20100523:(1976-),,,,,,,,(AIG),,,,,,,,,,200924,,,50,!2009210,∀()#;916,,∀#;221,∀#,,,,,,∃,,,∀#162(m),,100%,,&∀#47,2002∀#52,,,2005∀()#37,,∋∋∋,,,,,,2/3,,,(,2090,2090,,,,,),2008,,∗,,,,,,,,,,1995,∀#,∀#(∀#)∀#,;,[phone],,(advisory),(HR1257)1934∀#,,4420104,,,,,,,,,,,,,:,,,,,,,,,,,−,,,,,,,,,,,,,,,,,,1933∀#1934∀#RegulationS-K1992,(SEC)RegulationS-K:(1)43,,(stockappreciationrights);(2);(3)5;(4)1992,,2006,SEC,1992,,:,4520104;,,;;;;;,,,,,,!∀#117:,2002∀#2005∀()#2007∀#,2007∀2∋∋∋#25,:(),,,:,,,,,,,,;,,,,,,∀,,,:,,,,,,,,,,4620104,,,,,;,,:(CD&A);;,#,,,,,,:,,,,,,,(),,,,,,,,,,,,,:∃,,,%,,,,,AB,BA,,,&4720104,,,,,,,∋,,,,(),.(825A2d275DelCh2003)(2003U.S.Dist.LEXIS7818,S.D.N.Y.2003)(,,,,1990GuinnessplcvsSaunders,,1992,(,:,(!,∀#152,,,,,∀#,,,,,,,,,,,,,,,,,,:,,,;,,;,,,(∀4820104:!:∀#,∀#,20101,189∃([]..:∀:#,,2009,212%ImanAnabtawi,SecretCompensation,82NCLRev835,842(2004)&+([].:∀:#,,2001,713715725)!∋:∀#,∀#,20085,108-112∗:∀#,∀#,20087,22-36,−:∀#,∀#,20096,129:∀#,∀#,20053,183#:∀#,∀#,20094,121122∀:∀#,2006,6074∃:∀#,∀#58,33%&MichaelERagsdale,ExecutiveCompensation:WillTheNewSECDisclosureRulesControlExcessivePayattheTop,61UMKCLRev537,548(1993)()JeffreyNGordon,ExecutiveCompensation:IfThere/sAProblem,What'stheRemedyTheCaseforCompensationDiscussionandAnalysis,30IowaJCorpL675,692(2005)(:∀:#,∀#,20046,7(!:∀#,∀#,20083,108-109(∀:∀:#,∀#,2009,(2)StudyonLegalIssuesofExecutiveCompensationWENJie(SchoolofPoliticalScienceandLaw,HuazhongNormalUniversity,WubeiWuhan430079,China)Abstract:Undertheglobaleconomiccrisisunreasonableexecutivecompensationmakesitnecessarytoreflectonthelegalsystemofexecutivecompensation.Asforthedeterminationofexecutivecompensation,shareholdersshouldbeempoweredtoputforwardproposalsforexecutivecompensationandtheirrighttodetermineexecutivecompensationshouldbeenhanced.Forimprovingtheinformationdisclosuresystemofexecutivecompensation,thescopeofdisclosedexecutivesandspecificformsofdisclosingexecutivecompensationshouldbeclearlydefined;thefulldisclosureofcorporateexecutivecompensationpoliciesshouldbestrengthened,andthedisclosuremodesofexecutivecompensationshouldbeperfected.Shareholdershouldbeallowedtotakederivativeactiononexecutivecompensation.Andthereshouldbekeptaproperbalancebetweencorporateautonomyandjudicialreview.Keywords:executivecompensation;corporategovernance;informationdisclosure;shareholdersderivativeaction(责任编辑:海林)4920104