关于交错董事会在我国的适法性,持支持观点认为,该措施在我国不存在法律上的障碍。根据现行《公司法》第四十五条规定:“董事任期由公司章程规定,但每届任期不得超过三年。董事任期届满,连选可以连任。” 公司法对于董事每任任期仅设置三年的限制,没有规定董事需要任期相同,亦未要求所有的董事在同一时间任期届满。理论上讲只要任期没有超过三年,章程中规定交错董事会不违反《公司法》的禁止性规定,允许章程自治。持反对观点的则认为,公司法关于股东会选举、罢免董事的权利属于强制性规范,交错董事会将剥夺股东选举、变更董事的权利。另外,上市公司采取累积投票制选举董事,目的在于防止大股东的表决权优势操纵董事选举,倘若允许交错董事会,每年改选的董事比例减少,则会削弱累积投票制的影响、削弱少数股东取得董事席位的权利,违背累积投票制和保障少数股东利益的法律秩序。在分类董事会和累计投票制并存的问题,美国特拉华州普通公司法141条(K)(2)[5]规定,如果公司实行累积投票权,倘若罢免的董事人数少于整个董事会,换言之即非罢免整个董事会,如果反对罢免该董事的票数足以选举该董事,则不得无因罢免该董事。
我国引进分期改选董事后,并没有完全适用上述域外交错董事会的模式,即便交错董事会在我国的法律框架下合法,但实际上目前多数公司采用的是限制董事改选的比例,也即是通常是在公司章程中直接限制在换届选举时或/和非换届选举时董事改选比例,譬如三分之一,则其余的三分之二的董事仍将任职于董事会,一般更换任期最长的董事。减少了每次需选举董事的人数,将董事会由统一任期变为交叉任期,公司董事任期届满期限也相应的相互错开。譬如在大港油田收购爱使股份案,爱使股份章程规定了董事会、监事会任期届满需要更换时,新的董、监事人数不超过董事会、监事会组成人数的二分之一。虽在效果上看,两者都能达到每年选举一定比例的董事的效果,但限制董事改选数量的规定实际上和美国的交错董事会的制度并不完全一致。因此,关于限制董事改选数量的条款是否超出公司自治的边界,是否剥夺了股东选举和罢免董事的权利尚有争议,仍待商榷。
[1] 第三十三条 被收购公司的董事、监事、高级管理人员针对收购行为所做出的决策及采取的措施,不得损害公司及其股东的合法权益。
收购人做出提示性公告后,被收购公司董事会除可以继续执行已经订立的合同或者股东大会已经做出的决议外,不得提议如下事项:
(一)发行股份;
(二)发行可转换公司债券;
(三)回购上市公司股份;
(四)修改公司章程;
(五)订立可能对公司的资产、负债、权益或者经营成果产生重大影响的合同;但是公司开展正常业务的除外;
(六)处置、购买重大资产,调整公司主要业务;但是面临严重财务困难的公司调整业务或者进行资产重组的除外。
[2] 第三十三条 收购人作出提示性公告后至要约收购完成前,被收购公司除继续从事正常的经营活动或者执行股东大会已经作出的决议外,未经股东大会批准,被收购公司董事会不得通过处置公司资产、对外投资、调整公司主要业务、担保、贷款等方式,对公司的资产、负债、权益或者经营成果造成重大影响。
[3] (d) The directors of any corporation organized under this chapter may, by the certificate of incorporation or by an initial bylaw, or by a bylaw adopted by a vote of the stockholders, be divided into 1, 2 or 3 classes; the term of office of those of the first class to expire at the first annual meeting held after such classification becomes effective; of the second class 1 year thereafter; of the third class 2 years thereafter; and at each annual election held after such classification becomes effective, directors shall be chosen for a full term, as the case may be, to succeed those whose terms expire. The certificate of incorporation or bylaw provision dividing the directors into classes may authorize the board of directors to assign members of the board already in office to such classes at the time such classification becomes effective. The certificate of incorporation may confer upon holders of any class or series of stock the right to elect 1 or more directors who shall serve for such term, and have such voting powers as shall be stated in the certificate of incorporation. The terms of office and voting powers of the directors elected separately by the holders of any class or series of stock may be greater than or less than those of any other director or class of directors. In addition, the certificate of incorporation may confer upon 1 or more directors, whether or not elected separately by the holders of any class or series of stock, voting powers greater than or less than those of other directors. Any such provision conferring greater or lesser voting power shall apply to voting in any committee, unless otherwise provided in the certificate of incorporation or bylaws. If the certificate of incorporation provides that 1 or more directors shall have more or less than 1 vote per director on any matter, every reference in this chapter to a majority or other proportion of the directors shall refer to a majority or other proportion of the votes of the directors.
[4] (k) Any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except as follows:
(1) Unless the certificate of incorporation otherwise provides, in the case of a corporation whose board is classified as provided in subsection (d) of this section, stockholders may effect such removal only for cause; or
(2) In the case of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director’s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there be classes of directors, at an election of the class of directors of which such director is a part.
Whenever the holders of any class or series are entitled to elect 1 or more directors by the certificate of incorporation, this subsection shall apply, in respect to the removal without cause of a director or directors so elected, to the vote of the holders of the outstanding shares of that class or series and not to the vote of the outstanding shares as a whole.
[5] 同4返回搜狐,查看更多