作者：汪青松
作者介绍：西南政法大学市场交易法律制度研究基地、民商法学院教授
出版日期：2023年10月9日
内容提要 现代公司法在具体类型样态和治理模式上存在法域差异，但在治理结构形成机制上普遍遵循立法供给的法定结构与公司章程的私序定制，以确保公司治理结构的公开透明。然而，公司治理实践中却大量存在通过股东协议建构治理私序的暗箱操作，以此实现所有权与股东权的分离以及表决权与控制权的分离，规避了公司法对治理私序定制范围和结构的法定限制。通过股东协议的暗箱治理会消解公司法固有的结构性，加剧治理机制的不透明性，损害公司及其相关者的利益，也会造成协议效力的不确定性。股东协议不应成为契约自由的任性领地，我国公司法应当明确将治理型股东协议纳入调整范围，并着重从识别标准、效力要件、义务责任方面积极回应治理型股东协议的特别调整需求。
关键词 股东协议 公司治理 私序定制 暗箱治理 信义义务
Abstract: Modern corporate laws of different jurisdictions have different specific types and governance modes, but the formation mechanism of governance structure generally follows the statutory structure provided by legislation and the private ordering of the articles of association, so as to ensure the openness and transparency of the corporate governance structure. However, in the practice of corporate governance, there are a large number of black box operations that construct the private order of governance through the shareholders’ agreement, in order to achieve the separation of ownership and shareholder rights, as well as the separation of voting rights and control rights, which circumvents the legal restrictions of the corporate law on the scope and structure of the private order of governance. The black box governance through the shareholders’ agreement will eliminate the inherent structure of the corporate law, increase the opacity of the governance mechanism, damage the interests of the company and its stakeholders, and cause the uncertainty in the effectiveness of the agreement. Therefore, the shareholders’ agreement should not become the arbitrary territory of contractual freedom. The Company Law in China should clearly include the shareholders’ governance agreements into the scope of adjustment, and actively respond to the special adjustment needs of the shareholders’ governance agreements from the aspects of identification criteria, effectiveness elements, obligations and responsibilities.