Regulation of Remuneration for Directors and Officers of Listed Companies

2021 Fiscal Year Final Research Report

• Project/Area Number: 18K12690
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 05060:Civil law-related
• Research Institution: Kansai University
• Principal Investigator: HARA Hiroaki 関西大学, 法学部, 教授 (70546720)
• Project Period (FY): 2018-04-01 – 2022-03-31
• Keywords: 役員報酬 / 裁判例分析 / データベース / 付議義務 / 株主総会

Outline of Final Research Achievements

For the initial research project, I conducted a detailed examination of court cases on directors' remuneration that had not yet been published in the public domain or included in the case law database. As a result, we found that the court decisions, as in the past, have generally taken a strict attitude toward compensation claims that lack a resolution of the shareholders' meeting, but there were some cases in which the court imposed an obligation on the company and directors to submit a proposal for compensation to the shareholders' meeting and found a breach of that obligation.
In addition, the report also examines a wide range of issues related to the overall corporate governance of stock companies, such as defects in resolutions of shareholders' meetings, and analyzes them with a focus on judicial precedents.

Free Research Field

商法・会社法・保険法

Academic Significance and Societal Importance of the Research Achievements

役員報酬に関する裁判例法理には相当程度の集積がみられるものの、(法律分野全体にいえることだが)そのうち実際に紙媒体の雑誌に掲載される事例には限りがあり、それらを対象とした検討にも内容的な偏りが生じる可能性がある。研究代表者の手法のようにデータベースに検討対象を拡大することにも同様の問題はあるが、セレクション・バイアスの軽減につながることは事実である。未公刊・データベース未収録裁判例へのアクセスには限界があるため、網羅的な裁判例分析の手法としてデータベースを活用することは、どの法律分野においても今後必須といえる。