Corporate governance of stock companies without separation of ownership and management

Abstract

本稿は、「所有と経営の分離のない株式会社」すなわち中小閉鎖型の株式会社におけるコーポレートガバナンス上の問題について論ずるものである。取締役会を置かず、最低資本金の拠出もない株式会社における経営判断のリスクを債権者や少数株主に転嫁することは許容されるか。論者はこの問題について立法的な対応を図るべきと考えている。This paper discusses some of the corporate governance issues of stock companies without separation of ownership and management , i.e., small and medium-sized closed stock companies. Is it acceptable to pass on the risk of business judgment to a creditor or a minority shareholder in a stock company that does not have a board of directors and minimum capital contribution? The writer thinks that legislative action should be taken on this issue.