The Legal System for Effective Shareholder Engagement

2022 Fiscal Year Final Research Report

• Project/Area Number: 20K22063
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Multi-year Fund
• Review Section: 0105:Law and related fields
• Research Institution: Aoyama Gakuin University
• Principal Investigator: KUMASHIRO TAKUMA 青山学院大学, 法学部, 助教 (50877040)
• Project Period (FY): 2020-09-11 – 2023-03-31
• Keywords: コーポレート・ガバナンス / 非財務情報 / 役員報酬 / 虚偽記載

Outline of Final Research Achievements

This study aims to identify and address key issues within the legal systems, specifically focusing on the non-financial information disclosure system and shareholders' rights. It provides interpretations and legislative theories to facilitate effective monitoring of management and shareholder engagement with management. Recognizing the insufficiency of the current laws and regulations governing executive remuneration in disciplining executives, this study clarifies the objectives of executive remuneration regulation. It proposes an interpretative and legislative theory for a legal system that is better suited to achieve these objectives. Additionally, considering the detrimental impact of inaccurate information disclosed by companies, this study examines the function and limitations of ensuring accuracy through securities fraud litigations.

Free Research Field

商法

Academic Significance and Societal Importance of the Research Achievements

本研究は、株主による監視・対話を実効的なものとする観点から、役員報酬規制を対象に、体系的に情報開示制度と株主の是正手段を整理・分析し、そのあり方を示した。情報開示制度や個々の株主権につき各論的に検討するものはあるが、何らかの視座に基づき体系的に整理する先行研究が乏しいところ、規制目的を明確化し、情報開示制度と是正手段を横断的に検討した点で学術的意義がある。また、実務において、上場企業の役員報酬の構成が変化するとともに、コーポレート・ガバナンスやESG投資との関係から企業の開示する非財務情報の重要性が高まっているところ、実務状況を踏まえ、実践的な解釈論・立法論を提示した点で社会的意義がある。