A Study On The Collective Fund Trust Beneficiary Conference Of China

The Collective Fund Trust Beneficiary Conference System was officially first appeared in the 2007“Management Measures for Trust Companies' Collective Fund Trust Schemes”and has a special chapter for regulation.According to the reply of the relevant person in charge of the China Banking Regulatory Commission in the same year,the beneficiary conference was set up to “strengthen the beneficiary's supervision of the trust business and urge the trust company to perform the fiduciary duties according to law.” However,since its establishment,the beneficiary conference system is in practice.It has repeatedly hit the wall,no matter whether it is applicable frequency or efficiency.Therefore,it is necessary to start from the basic principles of the system,analyze the theoretical basis of its construction,and find out the related problems in order to find the corresponding solutions,so that the beneficiary conference system can play its due function.This article is divided into five parts:The first part is the basic principle of the system of collective meeting of the beneficiary of the collective fund trust.Firstly,the urgent situation of the protection of beneficiaries of collective fund trusts is introduced.At present,the rights of the collective fund trust beneficiaries have been violated.At the same time,there is a failure to protect the beneficiaries and the lack of relief afterwards.Therefore,it is necessary to adjust the past ideas of beneficiary protection and strengthen pre-protection — that is,Strengthen the beneficiary conference system.Secondly,it is clear that the beneficiary conference is a community of interests composed of all beneficiaries.As an internal organization for collective fund trust governance,it is established with the concept of balance of interests and decision-making democracy.The second part is the essence of the congregation of money trust beneficiaries.The essence of the matter is analyzed by means of the form and the inside,that is,the representation of the function of the beneficiary conference is revealed first,and the essence of the beneficiary conference is explored on this basis.First of all,the beneficiary conference shoulders the heavy responsibility of realizing the beneficial rights of the beneficiary trust,and should have the function of reconciling differences of opinion,supervising the trustee and transmitting information.Secondly,from the analysis of the operational mechanism,the beneficiary conference is a democratic voting mechanism for all members who have the rightto vote to vote directly on the relevant issues by voting.On the premise that the collective fund trust is proposed as the commercial subject,from the functional orientation analysis of the beneficiary conference,the beneficiary conference should be the internal authority.The third part is a review of the experience of the system of extraterritorial beneficiaries.It mainly introduces the beneficiary conference system in Japan's "Trust Law" and the US Common Law Commercial Trust has relevant provisions on beneficiary participation in trust affairs management.Since the entire trust legal system is an imported product in China,there is always a “ consistency ” when it is introduced,so it is necessary to learn from the experience of other countries.The fourth part is the evaluation of the status quo of the collective system of the beneficiary of the collective fund trust.Firstly,it reveals that the problems in the current practice are mainly in the convening session,which shows that the trustee rarely exercises the convening power and the beneficiaries basically do not exercise the convening power.Secondly,there are situations in the current system design that are contrary to the basic principles of functional positioning.It is divided into two parts: the meeting procedure and the unclear validity of the resolution.As far as the procedure is concerned,it is mainly the question of the unreasonable setting of the "statutory number" and the unreasonable voting rules.The fifth part is the improvement of the beneficiary conference system in China.Taking the value orientation of “efficiency first and fairness” and the reasonable control of the beneficiary's trust management participation rights,the premise of clarifying the beneficiary's own convening power,increasing the trustee's information disclosure obligation,adding the beneficiary's proposal right,and reducing the meeting Hold a threshold,clarify the specific plan for the trustee to attend the meeting,clarify the validity of the resolution,and adjust the voting rules of the meeting.