Voting Trust Legal System

Companies play a very important role in the society and economy. In the development of company, the ownership and controlling right of company grow separation. So it is an eternal topic for economic and law society, particular company law experts and scholars to study how to solve the issues, such as agents lazy, internal controlling, large shareholders abusing the holding position against interests of small shareholders legitimate.The system of voting trust originated from the United States which has a developed company system. In the operation of American companies, the system of voting trust plays a unique role, such as ensuring stability and continuity of company governance, safeguarding the interests of creditors and assisting the restructuring of the company, preventing the companies competing from being controlled by other competing companies, protecting the legitimate rights and interests of the vast medium and small shareholders.The system of voting trust provides a good support system for the issues of settling the welfare of the diverging shareholders (parts of shareholders) and ensuring the normal operation of the company in the development of company system. The subject report "Researching on the shortcoming about the listed company shareholders congress" in the Shanghai Stock Exchange in 2005 raised the introduction of the system of voting trust gradually.This article studies the evolution of the system of voting trust in the United States case law and statutory law, and clears a series of fundamental issues and the different attitudes to the system of voting trust in different historical periods in the United States. At the same time, through the comparative study between the system of voting and the Company Law and other related fields, this article clears the links and the distinction between the system of voting trust and the legal system related. In the second part of this article, the author studies the functions of the system of voting trust and the feasibility of introduction. Through summing up the unique role played...