新《公司法》控制股东信义义务规则的解释与适用
The Interpretation and Application of the Fiduciary Duty Rules for Controlling Shareholders under the New “Company Law”

新《公司法》第180条将执行公司事务的控制股东拟制为事实董事，需要承担信义义务。这既基于控制股东拥有事实董事的身份，也源自对公司和中小股东利益保护的需要。双重身份带来控制股东信义义务与董监高信义义务在义务对象与义务内容上的不同。适用第180条应先基于主体标准识别控制股东的地位，再基于行为标准断定事实董事的身份。由于信义义务缺乏一般性规定，在识别控制股东违信行为时，需围绕其行为是否损害、转移公司与中小股东的利益展开。但控制股东作为公司投资者，应当允许其利用控制权追求正当的投资回报，获取与公司利益、中小股东利益不相冲突的个人私益。
The new Article 180 of the “Company Law” treats the controlling shareholders who manage the company’s affairs as de facto directors, requiring them to bear fiduciary duties. This is based not only on the fact that controlling shareholders have the status of de facto directors but also stems from the need to protect the interests of the company and minority shareholders. The dual identity leads to differences in the objects and content of fiduciary duties between controlling shareholders and directors and supervisors. The application of Article 180 should first identify the status of controlling shareholders based on the subject standard, and then determine the identity of de facto directors based on the behavior standard. Due to the lack of general provisions on fiduciary duties, when identifying the breach of trust by controlling shareholders, it is necessary to focus on whether their actions damage or transfer the interests of the company and minority shareholders. However, as investors of the company, controlling shareholders should be allowed to use their control to pursue legitimate investment returns and obtain personal benefits that do not conflict with the interests of the company and minority shareholders.