論董事善良管理人注意義務下之責任風險

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1 * In re Caremark International Inc. Derivative Litigation American Law Institute *

2 fiduciary duty fiduciary fides faith confidencecommon law 1 trustee executor administrator beneficiary g 2 Restatement (First) of Trust 3 1 JEFFREY D. BAUMAN ET AL., CORPORATIONS LAW AND POLICY 607 (2003). 2 MARK REUTLINGER, WILLS, TRUSTS, AND ESTATES 156 ( 2d. 1998). 3 Edward Rock & Michael Wachter, Dangerous Liaisons: Corporate Law, Trust Law, and Interdoctrinal Legal Transplants, 96 Nw. U. L. Rev. 651, ( 2002).

3 3 self-dealing executive compensation corporate opportunity sale of control

4 Model Business Corporation 4 Act (a) 6 (b) informed decision official comment FRANKLIN A. GEVURTZ, CORPORATION LAW 274 (2000). 6 Model Bus. Corp. Act 8.30 (a) : Each member of the board of directors, when discharging the duties of a director, shall act (1) in good faith, and (2) in a manner the director reasonably believes to be in the best interests of the corporation. 7 Model Bus. Corp. Act 8.30 (b) : The members of the board of directors or a committee of the board, when becoming informed in connection with their decision-making function or devoting attention to their oversight function, shall discharge their duties with the care that a person in a like position would reasonably believe appropriate under similar circumstances.

5 5 8.30(a) duty of care duty to become informed duty of inquiry duty of informed judgment duty of attention duty of loyalty duty of fair dealing 8.30(a) reasonably believe 8.30(b) 8.30(b) " "" " 8.30(b) " " (b) 8.01(b) 8 8 Model Bus. Corp. Act 8.01 (b) : All corporate powers shall be exercised by or under the authority of, and the business and affairs of the corporation managed by or under the direction of, its board of directors, subject to any limitation set forth in the articles of incorporation or in an agreement authorized under section 7.32.

6 (b) becoming informed 8.30(b) devoting attention compliance 8.30(b) 8.30(b)person ordinarily prudent person 9 a person in a like position ordinarily prudent person 8.30(b)reasonably believe appropriate (a)(2) the care an ordinarily prudent person in a like position would exercise under similar circumstances

7 7 8.30(b) in a like position 8.30(b)under similar circumstances Henry R. Horsey Graham v. Allis-Chalmers Manufacturing Co decision making context non-decision making or oversight context A.2d 125, 130 (Del. 1963). 11 Henry R. Horsey, The Duty of Care Component of the Delaware Business Judgment Rule, 19 Del. J. Corp. L. 971, (1994). 12 Melvin Aaron Eisenberg, The Duty of Care of Corporate Directors and Officers, 51 U. Pitt. L. Rev. 945, 948 (1990); Charles Hansen, The Duty of Care, The Business Judgment Rule, and The American Law Institute Corporate Governance Project, 48

8 business judgment rule 13 Aronson v. Lewis 14 gross negligence Bus. Law. 1355, 1356 (1993) informed 3rationally believe Hal R. Arkes & Cindy A. Schipani, Medical Malpractice V. The Business Judgment Rule: Differences in Hindsight Bias, 73 Or. L. Rev. 587, (1994); Kenneth B. Davis, Jr., Once More, The Business Judgment Rule, 2000 Wis. L. Rev. 573 (2000); A. 2d 805, 812 (Del. 1984).

9 9 Aronson Aronson Smith v. Van Gorkom 15 Trans Union 1 Van Gorkom Van Gorkom Aronson Van Gorkom 16 Van Gorkom Van Gorkom Van Gorkom A.2d 858, (Del. 1985). 16 E. Norman Veasey & Julie M. S. Seitz, The Business Judgment Rule in the Revised Model Act, the Trans Union Case, and the ALI Project--A Strange Porridge, 63 Tex. L. Rev. 1483,

10 " " become informed Lutz v. Boas Graham v. Allis Chalmers Manufacturing Co. Aronson 19 Francis v. United Jersey Bank 1Lutz v. Boas 20 Lutz 21 mutual fund 17 Hansen, supra note 12, at E. Norman Veasey, An Economic Rationale for Judicial Decisionmaking in Corporate Law, 53 Bus. Law. 681, 690 (1998). 19 Veasey & Seitz, supra note 16, at Lutz v. Boas, 171 A.2d 381 (Del. 1961). 21 James L. Griffith, Jr., Director Oversight Liability : Twenty-First Century Standards and Legislative Controls on Liability, 20 Del. J. Corp. L.. 653, (1995).

11 11 portfolio securities 22 2Graham v. Allis-Chalmers Manufacturing Co. 23 Graham Allis-Chalmers 30, ,000 anti-trust laws Court of Chancery 24 consent decrees 22 Lutz, supra note 20, at A.2d 125 (Del. 1963). 24 Id. at

12 Francis v. United Jersey Bank 26 Francis Pritchard & Baird 25 Graham, supra note 23, (Del. 1963) A2d 814 (N.J. 1981).

13 Francis, supra note 26, at Id. at

14 Francis Graham 30, Francis, supra note 26, at STEPHEN M. BAINBRIDGE, CORPORATION LAW AND ECONOMICS 294 (2002).

15 Graham Court of Chancery Gevurtz, supra note 5, at Del.Gen.Corp. Law 141(e)M.B.C.A. 8.30(c)(d)(e) %

16 (a)Model Business Corporation 8.01(b) Act

17 17 American Law Institute (a) 8.01(b)

19 (a)(2) ordinarily prudent person 8.30(b) reasonably believe appropriate Aronson

20 In re Caremark International Inc. Derivative Litigation Caremark 7, Medicare and Medicaid The Anti-Referral Payments Law-ARPL Caremark Caremark Caremark Caremark A.2d 959 (Del. 1996).

21 21 United States Department of Health and Human Services Office ARPL Caremark Caremark Caremark Caremark ARPL Caremark Caremark Caremark Price Waterhouse Caremark Caremark ARPL Caremark Caremark 41 Caremark Caremark Caremark 41 Caremark, supra note 40, at

22 Caremark Caremark 42 Caremark ARPL mail fraud Caremark Caremark Caremark Caremark 43 Caremark Caremark Compliance and Ethics Committee ARPL 42 Caremark, supra note 40, at Id. at

23 23 44 William T. Allen business judgment rule rational informed 45 Caremark Salomon, Inc.; Kidder, Peabody; Prudential Insurance 44 Caremark, supra note 40, at Id. at

24 Sentencing 46 Reform Act of 1984 United States Sentencing Commission Organizational Sentencing 47 Guidelines 48 William T. Allen Smith v. Van Gorkom 49 Paramount Communications v. QVC Pub. L , 217(a), 98 Stat (1984) (codified at 28 U.S.C (1994)) Caremark, supra note 40, at A.2d 858 (1985) A.2d 34 (1994). 51 The business and affairs of every corporation organized under this chapter shall be managed by or under the direction of a board of directors, except as may be otherwise provided in this chapter or in its certificate of incorporation. If any such provision is made in the certificate of incorporation, the powers and duties conferred or imposed upon the board of directors by this chapter shall be exercised or performed to such extent and by such person or persons as shall be provided in the certificate of incorporation (Del. Code Ann. tit. 8, 141(a)).

25 25 Graham 52 William T. Allen 53 A member of the board of directors, or a member of any committee designated by the board of directors, shall, in the performance of such member's duties, be fully protected in relying in good faith upon the records of the corporation and upon such information, opinions, reports or statements presented to the corporation by any of the corporation's officers or employees, or committees of the board of directors, or by any other person as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the corporation (Del. Code Ann. tit. 8, 141(e)). 52 Caremark, supra note 40, at Caremark, supra note 40, at 970.

26 E. Norman Veasey 54 William T. Allen Caremark William T. Allen proximately resulted in the losses Caremark Myron T. Steele Veasey, supra note 18, at H. Lowell Brown, The Corporate Director s Compliance Oversight Responsibility in the Post Caremark Era, 26 Del. J. Corp. L. 1, 47 n.87 (2001).

27 27 William T. Allen sustained or systematic 57 William T. Allen Caremark 58 Allen sustained or systematic 57 Caremark, supra note 40, at C2.5

28 American Law Institute Principles of Corporate Governance: Analysis and Recommendations American Bar Association American Law Institute Principles of Corporate Governance: Analysis and Recommendations 59 Stephen F. Funk, In re Caremark International Inc. Derivative Litigation: Director Behavior, Shareholder Protection, and Corporate Legal Compliance, 22 Del. J. Corp. L. 311, (1997).

29 29 Reporter s Note (b)(1) cost-benefit analysis 2.01 F F P F P F F F F F P F 2.01(b)(1) (a)(2) 3.02(a)(2) 60 A.L.I., Principles of Corporate Governance: Analysis and Recommendations, Chief Reporter Foreword xxv (1994). 61 The corporation, in the conduct of its business, is obliged to the same extent as a natural person to act within the boundaries set by law. 62 A.L.I., Principles of Corporate Governance: Analysis and Recommendations 2.01, cmt. g (1994).

30 (a) X horizontal price fixing Sherman Act Sherman Ac 16,800,000 X 63 A.L.I., Principles of Corporate Governance: Analysis and Recommendations 4.01(a)A director or officer has a duty to the corporation to perform the director s or officer s functions in good faith, in a manner that he or she reasonably believes to be in the best interests of the corporation, and with the care that an ordinarily prudent person would reasonably be expected to exercise in a like position and under similar circumstances. 64 A.L.I., Principles of Corporate Governance: Analysis and Recommendations 4.01, Reporter s Note, Comment to 4.01(a)(1)-(a)(2) at (1994).

31 31 X X X 1,000,000 X X (a)(2) 4.01(a) Corporate Director s Guidebook A.L.I., Principles of Corporate Governance: Analysis and Recommendations 4.01, Reporter s Note, Comment to 4.01(a)(1)-(a)(2) at (1994)

32 de oversight Sarbanes-Oxley Act of 2002

33 33 67 Sarbanes-Oxley Act of F Committee on Corporate Laws, ABA Section of Business Law, Corporate Director s Guidebook, Fourth Edition, 59 Bus. Law. 1057, Pub. L. No , 116 Stat. 745 (2002). 69 Committee on Corporate Laws, supra note 67, at COMMITTEE ON CORPORATE LAWS, CORPORATE DIRECTOR S GUIDEBOOK (2004).

34 F 71 The Business 72 Roundtable Principles of Corporate Governance Chief Executive Officer CEO 71 Committee on Corporate Laws, supra note 67, at March Group, Construction Users Anti-Inflation Roundtable, and Labor Law Study Committee ,000,000 CEO 1 2

35 Organization for Economic Co-operation and Development OECD The Business Roundtable, Principles of Corporate Governance, (May 2002), available at 74 Id. at Id. at Id. at OECD, OECD PRINCIPLES OF CORPORATE GOVERNANCE 25 (2004), available at

36 Antitrust General Electric Paul Rand Dixon 68 Code of 78 Id. at 63.

37 37 Conduct 79 Foreign Corrupt Practices Act of Lockheed Aircraft Corp. Gulf Oil Corp Harvey L. Pitt & Karl A. Groskaufmanis, Minimizing Corporate Civil and Criminal Liability: A Second Look at Corporate Codes of Conduct, 78 Geo. L.J. 1559, (1990). 80 Pub. L. No , , 91 Stat (1977) ( codified as 15 U.S.C. 78dd-1, 78dd-2, 78ff (1994)).

38 Securities 20(a) Exchange 83 Act U.S.C. 78 m(b)(2)(a)-(b)(1994). 82 Pitt & Groskaufmanis, supra note 79, at ; Brown, supra note 56, at 35-43; Robert C. Clark, CORPORATE LAW 3.42 (1986) U.S.C. 78 t(a) (1988).

39 39 84 S.E.C. v. First Jersey Securities, Inc., 85 Insider Trading and Securities Fraud Enforcement Act of controlling person 1,000, regulated entity 84 Pitt & Groskaufmanis, supra note 79, at F.3d 1450, (2d Cir. 1996) Edward Brodsky, Directors Liability-Importance of Compliance Procedures, 217 N.Y.L.J. 29,36 n.41 (1997) U.S.C. 78c, 78o, 78t-1, 78u, 78u1, 78f, 78kk, 80b-4a (1988) U.S.C. 78o(f), 80b-4a (1988) U.S.C. 78u-1(a)(3) (1988). 89 Pitt & Groskaufmanis, supra note 79, at

40 environmental audit due diligence Edward Brodsky, Directors Liability-Importance of Compliance Procedures, 217 N.Y.L.J. 29, 31 (1997); Incentives for Self-Policing; Discovery; Disclosure, Correction and Prevention of Violations, 60 Fed. Reg Public Company Accounting Reform and Investor Protection Act of 2002, Sarbanes-Oxley Act, Pub. L. No , 116 Stat. 745 (2002) Enron Worldcom Jonathan Shirley, International law and the Ramifications of the Sarbanes-Oxley Act of 2002, 27 B.C. Int l & Comp. L. Rev. 501, (2002).

41 41 Public Company Accounting Oversight Board certify Sarbanes-Oxley Act Id Id Id Id Id Id Sarbanes-Oxley Act 906.

42 chief legal counsel chief executive officer Sentencing Reform Act of 104 United States Sentencing Commission C.F.R (b), 205.3(d)(2)(2003). American Bar Association Model Rules of Professional Conduct Jenny E. Cieplak & Michael K. Hibey, The Sarbanes-Oxley Regulations and Model Rule 1.13: Redundant or Complementary?, 17 Geo. J. Legal Ethics 715, (2004) Sarbanes-Oxley Act Id Pub. L , 217(a), 98 Stat (1984) (codified at 28 U.S.C.

43 43 Organizational Sentencing Guidelines (1994)) Mistretta v. United States488 U.S. 361, New York Central & Hudson River Railroad Co. v. United States212 U.S. 481 New York Central 107 Brown, supra note 56, at

44 ,500, %40% U. S. Sentencing Guidelines Manual ch. 2 & 8C2.4(a)(1) (Nov. 2003), available at U. S. Sentencing Guidelines Manual 8C U. S. Sentencing Guidelines Manual 8C U. S. Sentencing Guidelines Manual 8C2.8.

45 Daiwa Bank 1,100,000,000 Daiwa Bank Daiwa Bank Daiwa Bank 113 Salomon Brothers 50% 112 Brown, supra note 56, at Brown, supra note 56, at 87 n.422.

46 (b)(4)(e) Brown, supra note 56, at 87 n Brown, supra note 56, at

47 C2.5(b) 5, Graham Caremark William T. Allen E. Norman Veasey 116 U. S. Sentencing Guidelines Manual 8A1.2, cmt. n.3(k) (2003). 117 U. S. Sentencing Guidelines Manual 8A1.2, cmt. n.3(k) (2003).

49 49 2,000,000 10,000,000 2,000,000 10,000, ,000,000 50,000,000

52 (a) 101(a) 2.01(a)

53 53

55 55

56 to be informed

59 Committee on Corporate Laws, Corporate Director s Guidebook (4 th ed. 2004). Bauman, Jeffrey D. et al., Corporations Law and Policy (2003). Model Rules of Professional Conduct (2003). U. S. Sentencing Guidelines Manual (Nov. 2003). Bainbridge, Stephen M., Corporation Law and Economics (2002). Gevurtz, Franklin A., Corporation Law (2000). Reutlinger, Mark, Wills, Trusts, and Estates ( 2d. 1998). American Law Institute, Principles of Corporate Governance: Analysis and Recommendations (1994). Clark, Robert C., Corporate Law (1986)

60 Jenny E. Cieplak & Michael K. Hibey, The Sarbanes-Oxley Regulations and Model Rule 1.13: Redundant or Complementary?, 17 Geo. J. Legal Ethics 715, (2004). Edward Rock & Michael Wachter, Dangerous Liaisons: Corporate Law, Trust Law, and Interdoctrinal Legal Transplants, 96 Nw. U. L. Rev. 651, ( 2002). Jonathan Shirley, International law and the Ramifications of the Sarbanes-Oxley Act of 2002, 27 B.C. Int l & Comp. L. Rev. 501, (2002). H. Lowell Brown, The Corporate Director s Compliance Oversight Responsibility in the Post Caremark Era, 26 Del. J. Corp. L. 1, 47 n.87 (2001). Kenneth B. Davis, Jr., Once More, The Business Judgment Rule, 2000 Wis. L. Rev. 573 (2000). E. Norman Veasey, An Economic Rationale for Judicial Decisionmaking in Corporate Law, 53 Bus. Law. 681, 690 (1998). Edward Brodsky, Directors Liability-Importance of Compliance Procedures, 217 N.Y.L.J. 29, 36 n.41 (1997). Edward Brodsky, Directors Liability-Importance of Compliance Procedures, 217 N.Y.L.J. 29, 31 (1997). Stephen F. Funk, In re Caremark International Inc. Derivative Litigation: Director Behavior, Shareholder Protection, and Corporate Legal Compliance, 22 Del. J. Corp. L. 311, (1997). James L. Griffith, Jr., Director Oversight Liability : Twenty-First Century Standards and Legislative Controls on Liability, 20 Del. J. Corp. L.. 653, (1995). Henry R. Horsey, The Duty of Care Component of the Delaware Business Judgment Rule, 19 Del. J. Corp. L. 971, (1994). Hal R. Arkes & Cindy A. Schipani, Medical Malpractice V. The Business Judgment

61 61 Rule: Differences in Hindsight Bias, 73 Or. L. Rev. 587, (1994). Charles Hansen, The Duty of Care, The Business Judgment Rule, and The American Law Institute Corporate Governance Project, 48 Bus. Law. 1355, 1356 (1993). Harvey L. Pitt & Karl A. Groskaufmanis, Minimizing Corporate Civil and Criminal Liability: A Second Look at Corporate Codes of Conduct, 78 Geo. L.J. 1559, (1990). Melvin Aaron Eisenberg, The Duty of Care of Corporate Directors and Officers, 51 U. Pitt. L. Rev. 945, 948 (1990). E. Norman Veasey & Julie M. S. Seitz, The Business Judgment Rule in the Revised Model Act, the Trans Union Case, and the ALI Project--A Strange Porridge, 63 Tex. L. Rev. 1483,

62 Caremark

63 63 Directors Duty to Monitor under the Duty of Care Jru-sheng Yang Abstract The first chapter makes a general description about the duty of care. The second chapter engages a textual comparison regarding the contents of the duty of care and the standards of care between the United States and the Republic of China. The third chapter discusses directors duty to establish a law compliance program in the context of duty to monitor. In the year of 1996, the Delaware Chancery Court in Caremark expressed that corporate boards may not satisfy their obligation to be reasonably informed concerning the corporation, without assuring themselves that information and reporting systems exist in the organization that are reasonably designed to provide to senior management and to the board timely and accurate information. Comment to 4.01 of the ALI Principles of Corporate Governance also provides that an ordinarily person serving as a director of a corporation of any significant scale should recognize the need to be reasonably concerned with the existence and effectiveness of procedures to assist the board in its oversight role. Corporate Director s Guidebook published by ABA and relevant provisions of the federal law and regulations also support the same viewpoint. The fourth chapter mentions that even though the Company Law and the Securities and Exchange Act of the Republic of China emphasize the importance of the decisions of the board of

64 directors to comply with the law, however, the relevant laws and regulations did not requires that a law compliance program should be established by the board of directors. As conclusion of this article a proposal is made which suggests that the board of directors of each public corporation should have an obligation to establish an effective law compliance program. Key words: director, duty of care, duty to monitor, gross negligence, law compliance program

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