The Study On Legal Problems Concerning The Resignation Of Independent Directors In Listed Companies

It is a right of independent directors to resign from the listed company,this right can be used by independent director before the finish of his term of office.The resignation is deemed as the last line of defense in the system of independent director,it also seemed as a important part of withdrawal mechanism.Although the Company Law of PRC and other relevant laws and regulations, although the independent directors have the right to resign, but not make the appropriate specifications detailed, related to the resignation of independent directors mostly SFC regulations and other relevant provisions, the level of effectiveness is so low, and mandatory can not be guaranteed.So the problems of inefficient in practice is very serious. More and more independent directors choose resignation. The phenomena is becoming more common, but still not get fully attention. This paper, starting from the current situation about the independent directors of resignation, studied the causes and effects of this phenomena.We have a intensive research to the legal system of independent director’s resignation in our country, and put forward some effective suggestions on the basis.This article is divided into the following sections:The first part introduces the development of the resignation. Starting from the status of the resignation of independent directors, there is a brief analysis on the situation in different periods of independent directors and the environment of independent directors of resignation.The second chapter describes the theoretical basis of independent directors of resignation. By analyzing the principal-agent theory, stakeholder theory,human capital theory,and signaling theory,this paper briefly discuss and analyze these theories and the relationship between the resigned independent directors,then give a summary to provide theoretical support for the in-depth study following. The third chapter discusses the causes and effect of the resignation of independent directors. Summarize the causes of the resignation of independent directors and other factors According to the announcement of the resignation,it analyzes the effect of independent directors,then give some resignation to listed companies and investment strategies.The fourth part talks about the defects of the legal system in independent director’s resignation in Our country. There is many imperfection in the procedural provisions of the resignation of independent directors, the rights of independent director’s resignation is also restrained in a certain degree.There is so many limits of the obligations after the of the resignation of independent directors. These problems generate more troubles in practice of the resignation of independent directors.The fifth chapter discuss the consummation board of directors of the listed company’s resignation. Under the guidance of relevant legal adjustment principle, make the resignation system of independent directors in listed companies perfect.These steps mainly refer to legislation, procedure, obligations, and other aspects.Perfect process is useful to the perfection of corporate governance structure in China and the protection of the interests of the minority shareholders.