注册制背景下独立董事责任反思与完善

The Reflection and System Improvement of Independent Director’s Responsibility under the Reform of the Registration System

摘要: 新《证券法》实施和注册制改革下，行政处罚金额提升、代表人诉讼制度建立、刑事违法刑期提高，三方面的制度性优化体现了国内证券市场的“强责任”倾向，仅以“强责”促使独立董事履行“畸重”义务，并不符合独立董事制度目标，也会进一步弱化独立董事监督效用。对此，须明确独立董事的制度目标，细化独立董事问责标准，加强独立董事履职保障，提高独立董事治理效能，促进公司治理体系和治理能力现代化。

Abstract: Under the implementation of the Securities Law and the reform of the registration system, the increase in the amount of administrative penalties, the establishment of a representative litigation system, and the increase in the sentence for criminal violations reflect the strong responsibility tendency of the domestic securities market. Only using strong responsibility to promote independent directors to perform obligations does not meet the objectives of the independent director system, and will further weaken the effectiveness of independent director supervision. It is necessary to clarify the objectives of independent directors system and the standards for independent directors to assume responsibility, strengthen the protection of independent directors’ performance of duties, improve the governance efficiency of independent directors, promote the modernization of the corporate governance system and governance capabilities.