Company Law - Kaishaho

Japanese: 会社法 - かいしゃほう

The Significance of the Companies Act

Law as a rule implemented by the power of the state has a formal meaning and a substantive meaning. In the formal meaning, it means law (legal code) as the name suggests, and in the practical sense, it means a field of law that can be theoretically understood in a unified way by that name. From the standpoint of understanding commercial law in the practical sense as corporate law (corporate law theory), the field of law that aims to guarantee the existence and activities of companies and adjust the interests surrounding companies is called corporate law in the practical sense. Corporate law is positioned as an important area of corporate law, as the center of the law regarding corporate organizations. As long as companies are used with the support of the motive of pursuing private profits, it is not uncommon for antisocial or unethical behavior to occur in reality. The purpose of corporate law is to eliminate the disadvantages of using the corporate system and prevent their occurrence, and to promote the proper activities of companies. Furthermore, today, it is attracting attention that it also aims to strengthen governance in order to improve the value of companies. Corporate law is primarily composed of substantive civil law rules aimed at the rational and efficient adjustment of private interests, but it also includes procedural law rules and penalties rules in the criminal field that are functionally related to ensuring the realization of this goal.

The actual form (source of law) of the Company Law in this practical sense is the Company Law (Company Code). The Company Law in the formal sense refers to the Company Code, or "Company Law" (Act No. 86 of 2005) (enacted on June 29, 2005, effective from May 2006, with provisions on flexible compensation effective from May 1, 2007).

[Norihiko Fukuhara June 21, 2021]

Enactment and composition of the Company Code (formal corporate law)

The Companies Act is not just a modernization of the Companies Act (changing from katakana and literary style to hiragana and colloquial style), but also a reorganization of corporate laws that were previously scattered across the Commercial Code, Part 2, the Act on Special Provisions of the Commercial Code Concerning Audits, etc. of Joint Stock Companies (Special Commercial Code Act), the Limited Liability Company Act, etc., with the aim of modernizing the corporate law system in response to changes in the socio-economic situation (deregulation, improving the agility and flexibility of company management and ensuring its soundness).

At the same time as the Companies Act was enacted, the "Act on the Arrangement of Related Laws Accompanying the Enforcement of the Companies Act," known as the Companies Act Arrangement Act, was enacted, which provided for the abolition of certain laws, the partial amendment of the Commercial Code, transitional measures accompanying the abolition of the Limited Liability Company Act and the partial amendment of the Commercial Code, and the arrangement of other related laws, etc. In addition, with regard to technical and detailed matters, the Companies Act delegated approximately 20 items to government ordinances and approximately 300 items to ministerial ordinances, and the Companies Act Enforcement Order, Companies Act Enforcement Regulations, Corporate Accounting Regulations, and Electronic Public Notice Regulations were enacted (these have since been amended through the enactment of related laws, etc.).

The current Companies Act provides that "The establishment, organization, operation and management of a company shall be governed by this Act, except where otherwise provided for in other laws" (Article 1), and is made up of eight parts that regulate various matters relating to companies, as follows: Part 1 "General Provisions" (Articles 1-24. Purpose and definition of the Companies Act, basic matters relating to companies, etc.); Part 2 "Stock Companies" (Articles 25-574. Matters relating to establishment, stocks, stock acquisition rights, institutions, calculations, changes to the articles of incorporation, business transfer, dissolution, liquidation, etc., and the organization and operation of stock companies); Part 3 "Equity Companies" (Articles 575-675. Matters relating to the organization and operation of general partnerships, limited partnerships and limited liability companies); Part 4 "Corporate Bonds" (Articles 676-742. Matters relating to corporate bonds); Part 5 " Part 5 "Organisational restructuring, mergers, company splits, share exchanges, share transfers and share issuances" (Articles 743 to 816. Matters relating to the content, procedures and effects of contracts for organisational restructuring, mergers, company splits, share exchanges and share transfers, and share issuance), Part 6 "Foreign Companies" (Articles 817 to 823. Matters relating to foreign companies), Part 7 "Miscellaneous Provisions" (Articles 824 to 959. Matters relating to company dissolution orders, litigation, non-contentious matters, registration and announcement), and Part 8 "Penalties" (Articles 960 to 979. Matters relating to penalties, and penalties).

[Norihiko Fukuhara June 21, 2021]

Characteristics of the Company Law

The Companies Act enacted in 2005 was modernized as a formal revision, and revision work was carried out that can be described as the correction of terminology and notation, consolidation and reorganization of the legal code, organization, and clarification of regulations. There are several points to note in terms of "legal engineering" (legal engineering here refers to a new attempt to build a support environment for the creation and revision of laws and regulations on an engineering basis). In other words, engineering ideas and ideas are seen in the classification of company forms into joint-stock companies and equity companies, and in order to prepare legal norms that are in line with the actual situations of various joint-stock companies, including traditional limited companies, and to make it easier for each company to access the applicable norms. In line with the general legislative ideas seen since the 2000s, detailed definition provisions are included, but economical provisions (avoiding increasing the number of provisions as much as possible, and creating provisions that organize common points between systems as much as possible) are made, and the use of previous provisions that apply by mutual consent is avoided as much as possible.

In addition, in streamlining the diversifying rules for joint stock companies, the previous approach of first establishing principles for the typical joint stock company (medium standard approach) and then providing exceptions for closed companies and exceptions for large and small companies, including special laws, has been revised to adopt a stance of first establishing rules for the simplest form of company (minimum standard approach) and then gradually adding rules for increasingly complex forms of company as necessary, which is an unnecessary approach in order to cover the diversifying forms of joint stock companies.

Furthermore, a method is used in which common rules are found to be applied regardless of the phenomenal differences of the objects, and legal concepts that have these common rules as factors are prepared. If legal concepts are likened to mathematical formulas, so-called factorization helps clarify the essence of necessary rules. For example, the acquisition of treasury stock for compensation is all cross-sectionally organized under the concept of "distribution of surplus," and a financial resource restriction is imposed that the amount must not exceed the distributable amount (Article 461, Paragraph 1).

[Norihiko Fukuhara June 21, 2021]

2014 Amendment

Even after the Companies Act came into force as a new standalone law, various proposals and initiatives were made to improve and strengthen corporate governance, including the use of outside director functions. There was also a sense of crisis over the sluggish performance and declining competitiveness of Japanese companies and the decline in the international standing of the Japanese market, as well as concern that the ROA (return on assets) and ROE (return on equity) of Japanese companies were lower than those of Western companies due to ineffective management oversight. On the other hand, with the development of corporate groups centered around holding companies, there was a strong demand to review the rules on parent-subsidiary relationships (corporate combination legislation), an issue that had been present since before the Companies Act was enacted, in order to ensure that governance as a corporate group functioned effectively.

In response to these discussions, the Companies Act was amended in 2014 (Act No. 90 of 2014, effective May 1, 2015). This was the first full-scale revision of the Companies Act since its enactment, and its contents were wide-ranging, with the main pillars being (1) strengthening corporate governance (strengthening the supervisory function of the board of directors, utilizing outside directors and auditors, establishing a system for companies with audit and supervisory committees, etc.) and (2) the development of legal framework for business combinations (development of parent-subsidiary disciplines such as the multiple derivative lawsuit system, the right of special controlling shareholders to demand the sale of shares, etc., and the redevelopment of organizational restructuring disciplines). In addition, the Act on the Development of Related Laws Accompanying the Enforcement of the Act Partially Amending the Companies Act (Act No. 91 of 2014) was enacted, and necessary amendments were subsequently made to the Enforcement Regulations of the Companies Act, the Corporate Accounting Regulations, and the Electronic Public Notice Regulations.

[Norihiko Fukuhara June 21, 2021]

2019 Amendment

The Companies Act was further amended in 2019 (Reiwa 1) (Act No. 70 of 2019, effective March 1, 2021), and the Act on the Arrangement of Related Laws Accompanying the Enforcement of the Act Partially Amending the Companies Act (Act No. 71 of 2019) was also enacted. The contents of this amendment to the Companies Act include (1) a review of the rules regarding general shareholders' meetings by introducing a system for the electronic provision of materials for general shareholders' meetings and amending the shareholder proposal rights system, (2) a review of the rules regarding directors by improving the director compensation rules and making it mandatory to utilize outside directors, and (3) other changes, such as the introduction of a bond management assistant system and the establishment of a stock issuance system.

[Norihiko Fukuhara June 21, 2021]

"A Question and Answer New Company Law, edited by Aizawa Tetsu, revised edition (2009, Shojihomu)" ▽ "A Question and Answer 2014 Amendment to the Company Law, edited by Sakamoto Saburo, second edition (2015, Shojihomu)" ▽ "Outline of Corporate Law 3: Corporate Organization Law - Company Law, etc., by Fukuhara Norihiko (2017, Bunshindo)" ▽ "A Question and Answer 2019 Amendment to the Company Law, edited by Takebayashi Toshinori (2020, Shojihomu)" ▽ "Legal Studies Lecture Series: Company Law, 23rd edition, by Kanda Hideki (2021, Kobundo)"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

会社法の意義

国家の権力によって実行されるルールとしての法には、形式的意義と実質的意義とがあり、形式的意義においては、その名のとおりの法律（法典）を意味し、実質的には、その名で理論的統一的に理解できる法の分野を意味する。実質的意義における商法を企業法と理解する立場（企業法説）から、会社企業の存立と活動を保障し、企業をめぐる利害関係を調整することを目的とする法分野を、実質的意義における会社法とよぶ。会社法は、企業組織に関する法の中心として、企業法の重要な一領域に位置づけられる。会社企業が私的利益追求の動機に支えられて利用される以上、反社会的または非倫理的な行動がおこることは現実に少なくない。会社法は、そうした会社制度利用の弊害を除去し、その発生を予防して、会社企業の活動の適正化を図ることも目的としている。さらに、今日では、会社企業の価値を向上させるために、ガバナンスの強化をも図っている点が注目されている。会社法は、私的利益の合理的で効率的な調整を目的とする民事分野の実体法のルールを中心に構成されているが、その実現を確保するうえで機能的に関連する訴訟法のルールや、刑事分野の罰則のルールを含んでいる。

　この実質的意義における会社法が現実に存在する形式（法源）として、会社法という名の法律（会社法典）がある。形式的意義における会社法とは、会社法典＝「会社法」（平成17年法律第86号）のことをいう（2005年6月29日成立、2006年5月施行、対価柔軟化に関する規定は2007年5月1日施行）。

［福原紀彦　2021年6月21日］

会社法典（形式的意義の会社法）の制定・構成

「会社法」は、会社法の現代語化（片仮名・文語体から平仮名・口語体への変更）にとどまらず、社会経済情勢の変化に対応した会社法制の現代化（規制緩和、会社経営の機動性・柔軟性の向上と健全性の確保）を目的として、従来の「商法」第2編、「株式会社の監査等に関する商法の特例に関する法律」（商法特例法）および「有限会社法」等に散在していた会社に関する法規律を一つの法典に統合して再編した法律である。

　会社法の制定と同時に、「会社法の施行に伴う関係法律の整備等に関する法律」いわゆる会社法整備法が制定され、一部の法律の廃止、「商法」の一部改正、「有限会社法」等の廃止と「商法」の一部改正に伴う経過措置、その他の関係法律の整備等を定めた。また、会社法においては、技術的・細目的事項について、約20項目にわたる事項が政令に、約300項目にわたる事項が省令に委任され、会社法施行令、会社法施行規則、会社計算規則および電子公告規則が制定された（これらは、以後の関連法令の制定等により改正されている）。

　現行の会社法は、「会社の設立、組織、運営及び管理については、他の法律に特別の定めがある場合を除くほか、この法律の定めるところによる」と規定して（1条）、全8編からなり、下記のような構成のもとに会社に関するもろもろの事項を規律している。すなわち、第1編「総則」（1条～24条。会社法の目的、定義等、会社に関する基本的事項）、第2編「株式会社」（25条～574条。設立、株式、新株予約権、機関、計算、定款変更、事業譲渡、解散、清算等、株式会社の組織・運営等に関する事項）、第3編「持分(もちぶん)会社」（575条～675条。合名会社、合資会社および合同会社の組織・運営等に関する事項）、第4編「社債」（676条～742条。社債に関する事項）、第5編「組織変更、合併、会社分割、株式交換、株式移転及び株式交付」（743条～816条。組織変更、合併、会社分割、株式交換および株式移転、株式交付の契約の内容、手続および効果等に関する事項）、第6編「外国会社」（817条～823条。外国会社に関する事項）、第7編「雑則」（824条～959条。会社の解散命令等・訴訟・非訟・登記・公告に関する事項）、第8編「罰則」（960条～979条。罰則に関する事項、および罰則）である。

［福原紀彦　2021年6月21日］

会社法の特徴

2005年（平成17）制定の会社法では、形式的な改正として現代語化が行われ、用語・表記の修正、法典の整理統合、編立ての整理、規律の明確化と表現される改正作業が行われた。そこには、「法令工学」上、注目すべき諸点がある（ここに法令工学とは、法令の作成やその改定などを工学的基盤のうえで行う支援環境の構築を目ざす新しい試みをいう）。すなわち、会社形態を株式会社と持分会社とに類型化して、旧来の有限会社をも含む多様な株式会社の実態に即した法規範を整え、各会社による適用規範へのアクセスを容易にするために、工学的な発想やくふうが見受けられる。2000年代以降にみられる立法全般にわたるくふうと軌を一にして、詳細な定義規定を置くこともそうであるが、条文経済上の節約（条文数をなるべく増やさないようにすること、制度に共通項があればなるべく整理して条文を作成すること）をいとわず、従来の準用規定を極力用いないようにしている。

　また、多様化した株式会社規律の整理にあたっては、典型的な株式会社像を対象として原則規定を設けたうえで（ミディアム・スタンダード方式）、閉鎖的な会社の例外や、大規模または小規模の会社の例外を、特例法を含めて用意するという従来の立場を改め、もっとも簡潔な形態の会社を対象とした規律を定めたうえで（ミニマム・スタンダード方式）、順次、必要に応じて複雑性を増す形態の会社を対象とした規律を付加していく立場をとっている。多様化する株式会社形態の規律を網羅していくうえで必要なくふうである。

　さらに、対象の現象的な相違にかかわらず、適用すべき共通規律をみいだして、その共通規律を因数にもつ法概念を用意する手法が用いられている。法概念を数式になぞらえれば、いわゆる因数分解によって、必要な規律の本質を明らかにすることに資する。たとえば、自己株式の有償取得を、すべて横断的に「剰余金の分配」という概念のもとに整理し、分配可能額を超えてはならないとの財源規制を課している（461条1項）。

［福原紀彦　2021年6月21日］

2014年改正

新しい単行法としての会社法の施行後も、社外取締役機能の活用をはじめコーポレートガバナンス（企業統治）の改善・強化についてさまざまな提言や取組みが行われた。また、日本企業の業績低迷や競争力低下、日本市場の国際的地位の低下に対する危機感や、経営に対する監督が有効に機能しないため日本企業のROA（総資産利益率）やROE（自己資本利益率）が欧米企業より低くなっているという懸念があった。他方で、持株会社を中心とした企業集団（企業グループ）の発展に伴い、企業集団としてのガバナンスを有効に機能させるため、会社法制定前から続く課題として、親子会社関係の規律（企業結合法制）について見直しが強く求められていた。

　それらの議論を受けて、2014年に会社法が改正された（平成26年法律第90号。2015年5月1日施行）。この会社法の見直しは、会社法制定以来初の本格的改正であり、内容は、(1)コーポレートガバナンスの強化（取締役会の監督機能の強化、社外取締役・社外監査役の活用、監査等委員会設置会社制度の創設等）と、(2)企業結合法制の整備（多重代表訴訟制度等の親子会社規律の整備、特別支配株主の株式等売渡請求権等、組織再編規律の再整備）を大きな柱として、多岐にわたっている。あわせて、「会社法の一部を改正する法律の施行に伴う関係法律の整備等に関する法律」（平成26年法律第91号）が成立し、その後、会社法施行規則、会社計算規則および電子公告規則についても、必要な改正が行われた。

［福原紀彦　2021年6月21日］

2019年改正

会社法は、さらに2019年（令和1）に改正され（令和元年法律第70号。2021年3月1日施行）、あわせて「会社法の一部を改正する法律の施行に伴う関係法律の整備等に関する法律」（令和元年法律第71号）が成立した。この会社法改正の内容として、(1)株主総会資料電子提供制度の導入や株主提案権制度の修正等による株主総会に関する規律の見直し、(2)取締役報酬規律の改善や社外取締役の活用の義務づけ等による取締役に関する規律の見直しを中心に、(3)その他、社債管理補助者制度の導入や株式交付制度の新設が行われている。

［福原紀彦　2021年6月21日］

『相澤哲編著『一問一答　新・会社法』改訂版（2009・商事法務）』▽『坂本三郎編著『一問一答　平成26年改正会社法』第2版（2015・商事法務）』▽『福原紀彦著『企業法要綱3　企業組織法――会社法等』（2017・文眞堂）』▽『竹林俊憲編著『一問一答　令和元年改正会社法』（2020・商事法務）』▽『神田秀樹著『法律学講座双書　会社法』第23版（2021・弘文堂）』