公司收购中目标公司董事信义义务研究

信义义务是公司董事的基本义务。在公司收购与反收购过程中,由于董事和股东之间存在严重的利益冲突,因此对董事的信义义务提出了更高的要求。目标公司董事除应遵循公司法中有关董事的一般信义义务标准外,还负有一些特殊的信义义务,这些特殊义务主要包括决策谨慎义务、防御适当义务、全面披露有关信息的义务和最大限度地维护股东利益义务等。为了使董事信义义务的判断更具有可操作性,可考虑采取主观与客观相结合的标准、利益标准、正当目的标准、商业判断原则标准等多重标准。

A Study on the Fiduciary Duty of Target Company's Director(s) in Company Takeover

Fiduciary duty is the basic duty of a company＇s director（s）.Due to the severe interests conflict between director（s） and shareholders,a higher standard of fiduciary duty for the director（s） is needed in the takeover and antitakeover of a company.Besides the basic fiduciary duty stipulated in the company law,a target company＇s director（s） also takes on some special fiduciary duties which include the duty of making prudent decision,taking proper defensive measures,fully disclosing relevant information and safeguarding shareholders＇ interests to the largest extent.In order to make the evaluation of fiduciary duties operative,multiple standards like the combination of subjectivity and objectivity,interests standard,proper target standard and the principle of commercial judgment could be considered.