董事責任補償與保險之研究—比較與實證的觀點

Abstract

本計畫旨在以比較法與實證之觀點，對董事之責任補償與與保險法制進行完整的研究。在董 事責任之防護機制中，公司補償(corporate indemnification)以及董事與高級職員之責任保險 (D&O liability insurance)，屬於責任發生後之救濟方式，對於損失填補甚為重要；惟我國對此 規範仍屬相對欠缺，實有待補充。另外，承保董事或公司損失之保險人，是否能進一步監控 被保險人、發揮積極促進公司治理之效果，亦為各界所重視。我國保險人是否具此一功能， 法制上應如何配合，亦亟待規範。而補償與保險制度之設計，不宜忽略我國董監之實際責任 風險狀況，故亦有研究之必要。 基此，本文擬以以下階段進行：首先，英美董事責任補償與保險設計，或與其董事須面對較 高訴訟風險之背景有關；故我國是否具備類似前提，應有釐清之必要。本文擬蒐集相關判決 進行實證分析，以確認我國董監之訴訟風險及與各國之差異。再以比較法學之方式，詳細分 析英美等國之法制與條款。同時輔以訪談與迴歸分析等實證方法，對保險人在公司治理之機 能、投保與成本之因素、各方對費率與條款之期待、承保能力等面向進行分析，作為法制建 議之基礎。最後，總結實證證據與研究發現，對我國法制與保單條款提出建議。

The purpose of this study is to explore corporate indemnification and D&O liability insurance with comparative and empirical approaches. Corporate indemnification and D&O liability insurance are critical in protecting directors, and it is proposed that insurer may monitor the quality of insured firms and thus promote their corporate governance. However, the relevant researches are not comprehensively available in Taiwan. Meanwhile, the litigation risk of director in Taiwan should be clarified before transplanting the indemnification and insurance system from the United States and other countries. Hence, this study will be developed by three stages. First of all, the relevant judicial decisions will be collected and coded to process empirical study to assess the litigation risk of director in Taiwan. Afterwards, this paper will analyze the indemnification and insurance systems in the United States and other relevant countries. Also, more interviews, regressions and empirical studies will be conducted to test the function of insurance. Finally, concluding with all findings and empirical evidence, this study will sketch the optimal model, and then draft relevant regulations and policies for Taiwan.