第四章 股東會與董事會決議門檻之外國立法例模式
第三節 英國立法例
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司以章程降低定足數門檻之比例最低不得小於三分之一。
第三節 英國立法例
第一項 股東會決議門檻部分
關於股東會決議之門檻，英國公司法（Companies Act 2006）第 三一八條第一項與第二項規定：「如果公司只有一人股東，則股東會 之定足數門檻即為一人。若非一人公司，公司章程可規定二位以上適 格之人親自出席股東會即構成定足數門檻，除非（a）每一適格之人 皆僅是在該會議上依第三二三條代表同一法人出席之不同人（b）每 一適格之人皆僅是在該會議上受到同一股東依委託書指派出席之不 同人235。」，而所謂適格之人係得合法出席股東會者，同條第三項即 謂適格之人乃自然人股東、第三二三條下之法人股東代表人，及持有 該股東會委託書之而代表出席者236。是以就股東會決議之定足數門檻，
英國公司法有其特殊之規定，除章程有其他規定或是股份有限公司為 一人公司之情形外，股東會最低之出席門檻並非由股權數或表决權數 計算，而係以「股東人數」計算，且只要有二人以上之複數股東就能 符合法定出席門檻之要件237。
另值得注意英國公司法第二八二條、第二八三條規定之股東會普 通決議及特別決議之方式，其中，第二八二條規定股東會普通決議由 公司股東（或某一類的股東）以簡單多數決成立，包含選任董事在內
235 Companies Act 2006 §318: (1)In the case of a company limited by shares or guarantee and having only one member, one qualifying person present at a meeting is a quorum. (2): In any other case, subject to the provisions of the company's articles, two qualifying persons present at a meeting are a quorum, unless—(a)each is a qualifying person only because he is
authorised under section 323 to act as the representative of a corporation in relation to the meeting, and they are representatives of the same corporation; or (b)each is a qualifying person only because he is appointed as proxy of a member in relation to the meeting, and they are proxies of the same member.
236 Companies Act 2006 §318 :(3) For the purposes of this section a “qualifying person” means—
(a)an individual who is a member of the company,(b)a person authorised under section 323 (representation of corporations at meetings) to act as the representative of a corporation in relation to the meeting, or(c)a person appointed as proxy of a member in relation to the meeting.
237 曾宛如，論公司法制賦予公司之自主與彈性—以英國 2006 年公司法為借鏡，余雪明大法官 榮退論文集：企業與金融法制，2009 年 1 月，頁 582。
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238 Model Articles for Public Companies Part Two: Directors: 20. Any person who is willing to act as a director, and is permitted by law to do so, may be appointed to be a director—
(a) by ordinary resolution, or (b) by a decision of the directors.
239 Companies Act 2006 §282:
(1)An ordinary resolution of the members (or of a class of members) of a company means a resolution that is passed by a simple majority.
(2)A written resolution is passed by a simple majority if it is passed by members representing a simple majority of the total voting rights of eligible members (see Chapter 2).
(3)A resolution passed at a meeting on a show of hands is passed by a simple majority if it is passed by a simple majority of the votes cast by those entitled to vote
(4)A resolution passed on a poll taken at a meeting is passed by a simple majority if it is passed by members representing a simple majority of the total voting rights of members who (being entitled to do so) vote in person, by proxy or in advance (see section 322A) on the resolution.
(5)Anything that may be done by ordinary resolution may also be done by special resolution.
240 Companies Act 2006 §283:
(1)A special resolution of the members (or of a class of members) of a company means a resolution passed by a majority of not less than 75%.
(2)A written resolution is passed by a majority of not less than 75% if it is passed by members representing not less than 75% of the total voting rights of eligible members (see Chapter 2).
(3)Where a resolution of a private company is passed as a written resolution—
(a)the resolution is not a special resolution unless it stated that it was proposed as a special resolution, and(b)if the resolution so stated, it may only be passed as a special resolution.
(4)A resolution passed at a meeting on a show of hands is passed by a majority of not less than 75% if it is passed by not less than 75% of the votes cast by those entitled to vote.
(5)A resolution passed on a poll taken at a meeting is passed by a majority of not less than 75% if it is passed by members representing not less than 75% of the total voting rights of the members who (being entitled to do so) vote in person, by proxy or in advance (see section 322A) on the resolution.
241 Companies Act 2006 §907:Approval of members of merging companies＆§922: Approval of
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自上述觀察可知，英國法上固然可說是對定足數門檻之高低毫不 在乎，只要符合兩個人之會議本質最基本要求即可，惟英國立法例上 另有足以保護股東之配套方式，其係以第二章所提到的「有權投票之 多數」而非「實際出席投票之多數」作為多數決之計算基礎，並對於 特別決議採用高達四分之三的加重多數決（限定多數）。倘按第二章 所研究之多數決原理，此種立法在股東會運作與執行效率上恐比採用 實際出席投票之多數其他國家來得較低，蓋此將使得各項議案較不容 易通過而被實現。
就此種立法模式，論者曾一併針對英國公司法及與其相像之香港 公司條例第一一四 A(1)(c)條評論，僅以兩位股東親自出席作為股東會 定足數之法定門檻，優點在於此對於公眾公司而言非常容易達成，然 而壞處在於管理階層將很容易召集並組成股東會會議，且一般來說經 營管理之權利義務應是賦予管理階層的，但在此法定門檻如此低之態 樣下，恐變成就算不是牽涉公司根本性變化之事項，董事會亦召開股 東會決議之，使股東事後無法再咎責242。換言之，學者認為法定人 數低增強了管理階層對於股東之控制，法定人數高則增加了維 持現狀之可能性，故而，法定出席人數低所帶來之便利性其實係以 昂貴的代價來換取的。
第二項 董事會決議門檻部分
就董事會（meeting of directors）之定足數門檻，於英國公司法之 明文內並無規定，然而英國立法例上在通過公司法時一併發布了公司 之模範章程，過去稱為一九八五年公司法的附件Ａ(Table A)，如今已 被二Ｏ一三年發布的模範章程取代（Examples of model articles）243， 一般來說英國公司之章程會遵循裡面關於董事會之會議程序訂定自
members of companies involved in the division: The compromise or arrangement must be approved by a majority in number, representing 75% in value, of each class of members of each of the companies involved in the division.
242 何美歡，公眾公司及其股權證券（中冊），北京大學出版社，1999 年，頁 592。
243 資料來源：英國政府網站
https://www.gov.uk/guidance/model-articles-of-association-for-limited-companies#table-a ， 最後瀏覽日：2017 年 5 月 25 日。
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244 Regulations 2007 for public companies limited by shares: 89. The quorum for the transaction of the business of the directors may be fixed by the directors and unless so fixed at any other number shall be two. A person who holds office only as an alternate director shall, if his appointor is not present, be counted in the quorum.
245 Model Articles for Public Companies Part Two: Directors: 10 (1) At a directors’ meeting, unless a quorum is participating, no proposal is to be voted on, except a proposal to call another meeting. (2) The quorum for directors’ meetings may be fixed from time to time by a decision of the directors, but it must never be less than two, and unless otherwise fixed it is two.
246 Model Articles for Public Companies Part Two: Directors: 11 (1) This article applies where the total number of directors for the time being is less than the quorum for directors’
meetings.
(2) If there is only one director, that director may appoint sufficient directors to make up a quorum or call a general meeting to do so.
(3) If there is more than one director—(a) a directors’ meeting may take place, if it is called in accordance with the articles and at least two directors participate in it, with a view to
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此外，關於英國公司之董事會會議亦不區分為特別決議或普通決 議方式，是以董事會之決議作成，只需要出席會議董事以簡單多數決 之方式通過即可成立247。而且，縱使是董事長(Chairing directors)之指 派會議，由於英國公司法上董事會主席的作用，多被認為僅係在主持 會議和確保議事順利進行，其權能與一般董事並無不同248，故依英國 模範章程第十三條之規定249，亦僅需由董事會以普通決議之方式選任 並得以同樣方式隨時解任，如未選任董事長作為董事會主席，則應於 召開董事會十分鐘內於出席會議董事中互選出一人主持會議。