A Study On Relevant Legislation And Practice Of Cumulative Voting System

It has been over one hundred years since cumulative voting system's occurrence. As a voting system which protects the interests of minority shareholders, the legislative mode and function of cumulative voting system, with the effect of socio-economic development as well as legislative and technological progress, continue to evolve and improve. In the course of evolution, on the one hand, cumulative voting system experienced from mandatory legal norm to arbitrary legal norm, on the other hand, the discussion of the cumulative voting system has not stopped-how to balance the contradiction between efficiency and fairness, as well as the company operating and minority shareholders' interests. Objectively speaking, the cumulative voting system is of great significance in making up the inadequate of majority rule, balancing corporate governance structure, maintaining the principle of justice, and protecting the interests of minority shareholders. It has been a short period of time since the introduction of cumulative voting system in our country, and we just amended the provisions of the Company Law on the cumulative voting system in 2005. So, comparing the legislation and practice of some countries and areas, can help to improve our cumulative voting system. Meanwhile, our cumulative voting system inevitably has some inadequacies in legislation and practice, therefore we need to set up relevant system to make up and improve our cumulative voting system.The thesis consists of three chapters, besides the introduction and conclusion.The first chapter elaborates the theoretical basis of cumulative voting system, including the concept, legislative mode, development, mathematical formula, evaluation and meaning for protecting minority shareholders of cumulative voting system.The second chapter introduces relevant legislation and practice of cumulative voting system, including the legislation and practice of cumulative voting system in the America, Canada, Japan, Chinese Taiwan as well as the inspiration for our cumulative voting system.The third chapter plays a key role in the thesis, which discusses our cumulative voting system's further perfection on the aspects of the system itself and the practice.