《外商投资法》对外商投资企业董事会的影响

《外商投资法》对外商投资企业董事会的影响

The Impact of Foreign Investment Law on Board of Directors of Foreign-invested Enterprises

王源 2019年3月

摘要：中国《外商投资法》是对中国外商投资制度进行彻底变革的一部法律，将于2020年1月1日施行。于1979年颁布的《中外合资经营企业法》、1986年颁布的《外资企业法》、1988年颁布的《中外合作经营企业法》将同时废止。在中国的外商投资企业于5年过渡期结束之前，即2025年1月1日前，必须适用和内资企业基本相同的法律制度。本文将讨论《外商投资法》施行后对外商投资企业股东、董事、监事、经理等管理层的影响及实务操作建议。

Abstract: China’s Foreign Investment Law, as a law that will overhaul its foreign investment system, will come into force on January 1, 2020 when the Law of Sino-foreign Equity Joint Ventures adopted in 1979, Law of Wholly Foreign-owned Enterprises adopted in 1986, and Law of Sino-foreign Co-operative Enterprises adopted in 1988 will abolished.  Foreign-invested enterprises in China must apply the same legal system as domestic-funded enterprises before the end of the five-year transition period   before January 1, 2025.  This article will discuss the impact of the implementation of the Foreign Investment Law on shareholders, directors, supervisors, managers and other management of foreign-invested enterprises and practical operation suggestions.

中国第十三届全国人民代表大会第二次会议于2019年3月15日通过《外商投资法》，中国实行了40年的外商投资政策将发生全局性和根本性改变。从公司治理结构上看，在中国设立的外商投资企业将面临一系列调整，包括其董事会权力将被很大程度上削弱[i]，总经理法定默示权限增加[ii]且应当列席董事会，必须设立监事（会）[iii]，股东对公司的控制和员工参与决策的机制[iv]被加强，董事会的人选、任期、职权及议事规则也将受到影响。该等改变同时给予了外商投资企业股东和管理层通过修改合资/合作经营合同或者公司章程调整管理层结构的机会。自《外商投资法》生效之日2020年1月1日起到2025年1月1日，中国的外商投资企业包括董事会在内的管理结构应在五年内和中国内资企业保持一致。

On March 15, 2019, the Second Session of the 13th National People’s Congress approved the Foreign Investment Law of the People’s Republic of China. With it, China’s foreign investment policy, which has been implemented for four decades, will undergo an overall and fundamental change.  Regarding the corporate governance structure, foreign-invested enterprises established in China will face a series of adjustments.  Their boards’ power will be largely weakenedi while the general manager’s implied power will be strengthenedii. The general manager shall have a presence at the board of directors. The supervisor or a board of supervisors must be establishediii.  The shareholders’ control over the company and the mechanism of employees’ participationiv in decision-making will be strengthened in contrast.  In addition, the director’s selection, term, and authority, as well as the rules of procedure of the board will also be influenced.  Such changes will also give the shareholders of foreign-invested companies an opportunity to adjust the management structure through revising the equity joint venture agreement and cooperative joint venture agreement, and the Articles of Association.  From January 1, 2020, the effective date of Foreign Investment Law, to January 1, 2025, the management structure of foreign investment enterprises in China should be adjusted to become consistent with those of domestic-funded enterprises.

现阶段，外国投资者在中国主要采用有限责任公司的形式进行投资，极少数为股份有限公司。此外，外国投资者在中国还可以选择合伙企业形式或者通过建立合同关系进行投资。可选投资方式和中国内资企业是一致的。但是，中国将外商投资企业进一步划分为中外合资经营企业、中外合作经营企业以及外商独资企业，其董事会的组成及职权和内资企业的有限责任公司和股份有限公司并不相同。

Currently, foreign investors in China mainly invest in the form of the limited liability company (LLC) and few joint-stock company.  In addition, these investors can also choose the form of partnership or contractual relationship for investment. The investment mode for these investors to choose is just the same as China’s domestic-funded enterprises. The foreign-invested companies, however, are further divided in Sino-foreign equity joint venture (EJV), Sino-foreign cooperative joint venture (CJV) and wholly foreign-owned enterprise (WFOE), whose boards’ organization and power are not the same as those domestic-funded LLCs and joint-stock companies.

根据中国《公司法》，中国的有限责任公司和股份有限公司的最高权力机构为股东会，由全体股东组成。股东会决定公司的一切重大事项，包括董事报酬、公司战略、董事任免、财务方案及利润分配。公司可以设立董事会，人数为3至19人（有限责任公司为3至13人，股份有限公司为5至19人），也可以设立仅1人作为执行董事（而无需设立董事会）。董事任期每届不超过3年，可连选连任，章程可以做出少于3年的规定。董事会的职权主要为辅助和执行股东会的决议。公司法定代表人可以由董事长、执行董事或者经理担任。公司必须设立监事会或者监事，监督董事会的工作。董事会成员中可以有职工代表。如果投资者和中国国有企业合资经营或者上市，还有特殊规定要遵守。这些规定均不同于目前适用于外商投资企业的规定。《外商投资法》施行后，这些规定将普遍适用于所有外商投资企业。

According to China’s Company Law, the highest authority of China’s LLCs and joint-stock companies is shareholders’ meeting comprising all shareholders. It decides all significant matters of the company, including directors’ remuneration, company strategy, appointment and removal of directors, financial plan and profits distribution. A company may have a board with 3 to 19 directors (3 to 13 for LLCs, and 5 to 19 for joint-stock companies), or an executive director (with no need for a board of directors).  Each term of office for directors shall not exceed three years, and they can be re-elected to serve consecutive terms. The articles of association may provide for less than three years. For a board, its major function is assisting and executing the resolution of the shareholders’ meeting.  Company’s legal representative may be the chairman, executive director or manager.  A company must have a board of supervisor or a supervisor to supervise the work of board of directors. Employee representatives can be included in the board of directors.  If such company conducts joint venture with a state-owned enterprise (SOE) or is listed as a public company, it shall comply with other special regulations. All the above-mentioned regulations are different from those currently applied to the foreign-invested companies. After the implementation of the foreign investment law, these regulations will be applied to all foreign-invested companies at large.

当然，《外商投资法》对于不同形式的外商投资企业的影响还是有差别的，受到影响最大的是总量超过90万家[v]的、占到中国外商投资企业36.9%的中外合资经营企业。根据现有法律法规，中外合资经营企业的董事会是最高权力机构，决定公司的一切重大事项。董事的人数上限没有限制，任期为4年，成员不少于3人。中外股东双方一方委派董事长的，他方委派副董事长，实践中通常双方轮换委派董事长。董事长任法定代表人。法律法规对于中外合资经营企业没有关于设立监事的规定。此外，对于占中国外商投资6.8%的中外合作经营企业，一般以董事会或者联合管理委员会进行管理，根据《外商投资法》，在2025年1月1日之前，采用有限责任公司形式设立的中外合作经营企业都必须设立董事会。

Surely, different types of foreign-invested companies will be influenced by the Foreign Investment Law to varying degrees. Those being influenced most are EJVs with more than 900, 000 companiesv, accounting for 36.9% of all foreign-invested companies in China.  According to the currently valid laws and regulations, the highest authority of an EJV is the board of directors which decides all major matters of the company.  There is no limit of the maximum number of directors.  The term of office for each director is four years and the number of directors in each term shall not be less than three.  Among shareholders, if the party of Chinese investor appoints the chairman, another party of foreign investor should appoint the vice chairman, and vice versa. The role often rotates in practice.  The chairman is the legal representative.  There is no regulation of establishing a supervisor for an EJV.  For the CJVs which account for 6.8% of China’s foreign-invested companies, they are generally managed by its board of directors or joint administrative committee.  Before January 1, 2015, the CJVs in the form of LLC must establish a board of directors. 

对于占中国外商投资企业56.2%的外商独资企业，中国法律对其关于包括董事会在内的管理机构要求并无太多专门规定，而是要求其适用《公司法》的规定。因此，过渡期安排理论上相对简单。例如，按照现在的法律规定，外商独资企业必须设立监事会，因此就监事会设立事宜并不需要特别做出过渡安排。再例如，如果外商独资企业仅有一个外国投资者为其股东，实践中本就不存在股东会，该股东以书面确认方式对公司重大决策做出确认，就股东对公司的管理和控制来讲，与现状区别不大；如果为两个和/或两个以上外国投资者在中国设立的外商独资企业，则需要完全参照和内资企业一样的规定成立股东会，并按照股东会的议事规则对重大事项做出决策，这是需要在2025年1月1日之前做出的过渡安排。

As for WFOEs which account for 56.2% of China’s foreign-invested companies, there are not many specific regulations on the management including the board of directors under the PRC laws.  Instead, it requires them to be applicable to China’s Company Law.  Therefore, their transitional arrangements are much easier in theory.  For example, according to the currently effective laws, the WFOE must have a board of supervisors and need no transitional arrangements on the matter of establishing a board of supervisors. If it is a WFOE established in China by only one foreign investor, there is no shareholders’ meeting in practice, while the shareholders will confirm the company’s major decision in written form.  Regarding the shareholders’ control over the company, it is not much different from the current situation.  However, if it is a WFOE set up in China by two or more foreign investors, it is necessary to establish a shareholders’ meeting in accordance with the regulations which are also binding to the domestic-funded companies, as well as to comply with the rules of procedure of shareholders’ meeting for decision-making. Such transitional arrangements need to be made before January 1, 2025.

综上，在中国投资的外国投资者需要在2025年1月1日前，对其所投资的外商投资企业的股东会、董事会、监事会以及经理的组成及权限安排做出调整，以符合中国法律的规定。中国法律关于股东会、董事会、监事会以及经理的规定将统一适用于外国投资者和中国投资者。这和中国对内外资“一视同仁”的立法大趋势是一致的，是继市场准入和税制改革后的又一重大制度性举措。

In conclusion, China’s foreign-invested companies need to make adjustments in the formation of their shareholders’ meeting, board of directors, board of supervisors and manager, as well as the arrangements of their powers and authority for the purpose of complying with the PRC laws.  The PRC laws concerning shareholders’ meeting, board of directors, board of supervisors and manager will be equally applicable to both foreign and domestic investors.  Such change is consistent with the legislative trend of equal treatment to both foreign and domestic investors, which constitutes a major institutional measure following the market access and tax reform.

我们建议外国投资者和外商投资企业可以采取以下应对措施：

We recommend foreign investors and foreign-invested companies to take the measures as follows:

* 向股东或者境内管理层就《外商投资法》带来的变化进行及时全面的汇报，以评估对企业具体的影响和应对措施。

to make a timely and comprehensive report to your overseas shareholders and/or domestic management regarding the influence by the Foreign Investment Law, for the purpose of evaluating the specific consequence and proposing solutions;

* 密切关注国务院后续将颁布的实施办法对《外商投资法》的细化规定。

to pay close attention to the detailed provisions of the Foreign Investment Law in the implementation measures to be promulgated by the State Council.

* 对于不方便做出调整的事项，通过各种途径进行立法建议，建议立法者做出例外规定或者延长过渡期。例如，是否可以保留董事会为最高权力机构。

to provide legislative suggestions by any possible way for exceptional regulations or longer transition period as for those matters which are not easy to adjust, for example, whether the board of directors can be retained as the highest authority;

* 重视章程的作用，对于可以由章程规定的事项，尽量在章程中写清楚。例如，总经理的权限包括哪些。

to stress on the importance of the articles of association; for the matters that can be prescribed in the articles of association, try to make it clear in the articles of association, such as the authority of general manager;

* 在2025年1月1日前调整组织机构，以符合法律规定。例如，必须设置至少1名监事或者设立监事会。

to adjust your company structure before January 1, 2025 to comply with the PRC laws, for example, you must have one supervisor or a board of supervisors;

* 由股东会授权董事会对公司重大事项做出决策，以维持“董事会为最高权力机构”的现状。[vi]

to make the shareholders’ meeting authorize the board to decide on company’s major matters, for the purpose of maintaining stable authority of the board as if it is still the highest authority;vi

* 重新修改合资合同和股东会议事规则等文件，减少不确定性。

to proactively review and amend, among others, the joint venture agreement and the rules of procedure of the shareholders’ meeting, for the purpose of reducing uncertainties.

[i]《外商投资法》生效后，外商投资企业将统一适用《公司法》。《公司法》第36条规定，股东会是公司的权力机构。而对于中外合资经营企业、设立董事会的中外合作经营企业、和设立董事会的外商独资企业，董事会是公司的最高权力机构，决定企业的一切重大问题。企业应当密切关注后续立法，看看是否会对该事项做保留性规定，仍然沿用“董事会决定一切重大问题”这一规定。After the Foreign Investment Law takes effect, the Company Law will be uniformly applied to enterprises invested by foreign investors. Article 36 of the Company Law stipulates that the shareholders' meeting is the company's authority. For Sino-foreign EJVs, Sino-foreign CJVs with boards of directors, and WFOEs with board of directors, the board of directors is the highest authority of the company and decides all major issues of the enterprise. Enterprises should pay close attention to the follow-up legislation to see if there will be any reservations on such matter, and still follow the rule that the board of directors decides all major issues.

[ii] 例如，《公司法》第49条列举了8项经理的默示职权，同时规定，公司章程可以对经理的职权另行规定。而《外商投资法》生效前的中外合资经营企业、中外合作经营企业和外商独资企业经理的权限均由章程规定，并没有默示的权限。For example, Article 49 of the Company Law sets out eight implied powers of the manager, and stipulates that the company's articles of association may otherwise stipulate the powers of the manager. However, the powers of managers of Sino-foreign EJVs, Sino-foreign CJVs and WFOEs prior to the effectiveness of Foreign Investment Law are stipulated in the articles of association, and there is no implied power.

[iii]《外商投资法》生效前，没有关于中外合资经营企业和中外合作经营企业设立监事（会）的规定；《国家工商行政管理总局关于实施<关于外商投资的公司审批登记管理法律适用若干问题的执行意见>的通知》（2006）也再次重申“中外合资、中外合作的有限责任公司需按照有关规定设立董事会作为权力机构，公司的其他组织机构按照公司自治原则由公司章程依法规定”，这里“其他组织机构”则包括监事（会）。但《公司法》统一要求设立至少一名监事。Before the Foreign Investment Law coming into effect, there is no provision on the establishment of supervisor (board of supervisors) in Sino-foreign EJVs and Sino-foreign CJVs. The Circular of the State Administration for Industry and Commerce on Implementing the Execution Opinions on Several Issues Relevant to the Application of Law to the Administration of the Examination and Approval, and Registration of Foreign-invested Companies (2006) also reiterates this provision that “Sino-foreign equity joint venture and Sino-foreign contractual limited companies shall establish the board of directors as the power organ according to the relevant provisions, and other organizations of the company shall be prescribed in the articles of association of the company in light of the corporate autonomy principle”. The “other organizations” includes the supervisor or the board of supervisors. However, the Company Law uniformly requires the establishment of at least one supervisor.

[iv] 例如，《公司法》第51条规定，监事会应当包括适当比例的公司职工代表，其中职工代表的比例不得低于三分之一，具体比例由公司章程规定。For example, Article 51 of the Company Law provides that the board of supervisors shall include an appropriate number of employees' representatives; the ratio of employees' representative therein shall not be less than one-third and the actual ratio shall be stipulated by the articles of association of the company.

[v]《中国外资统计公报》（2018），中国商务部。Statistical Bulletin of China's Foreign Direct Investment (2018), Ministry of Commerce.

[vi] 股东会是否可以授权董事会行使其权力、及可以授权哪些权力涉及复杂的法律分析，授权不当可能导致授权无效。Whether the shareholders’ meeting can authorize the board of directors to exercise its powers and which powers can be authorized involve complicated legal analysis, and improper authorization may lead to invalid authorization.