Corporate racketeer - Soukaiya

A person who abuses the rights of shareholders at a general meeting of shareholders to obtain unjust financial gain. There are two types of corporate racketeers: those who attend a general meeting of shareholders with only a small number of shares and make unjust remarks that are detrimental to the company, disrupting the normal running of the meeting (opposition corporate racketeers/general meeting disruptors), and those who are willingly paid by the company and contribute to the smooth running of the general meeting by intimidating other shareholders to suppress their remarks (ruling corporate racketeers). In either case, it harms the soundness of company management and is a waste of company assets. Therefore, as a preventative measure, the Companies Act includes a provision prohibiting the provision of financial benefits in relation to the exercise of shareholder rights (limited to those made on the account of the company or its subsidiaries) (Article 120 of the Companies Act). Those who receive benefits must return them to the company (Article 120, Paragraph 3 of the Companies Act). Directors and executive officers involved in the provision of benefits are jointly obligated to make payments (Article 120, Paragraph 4 of the Companies Act). However, while the directors and executive officers who provided benefits are liable without fault, other directors and executive officers are exempt from liability if they can prove that they were not negligent (Article 120, Paragraph 4, of the same law). There are also penalties based on this (Article 970 of the same law).

[Shuzo Toda and Norihiko Fukuhara]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

株主総会における株主の権利を濫用して、不当な財産上の利益を得ようとする者。総会屋には2種類あり、わずかの株式をもって株主総会に出席し、不当に会社にとって不利益な発言をして総会の正常な運営に支障をきたす者（野党的総会屋・総会荒らし）と、会社が進んで報酬を支払い、他の株主を威迫してその発言を抑制するなどして、株主総会の円滑な進行に加担する者（与党的総会屋）である。いずれにしても、会社経営の健全性が害され、かつ、会社財産の濫費である。そこで、会社法はその防止策として、株主権の行使に関する財産上の利益供与（当該株式会社またはその子会社の計算においてするものに限る）の禁止規定を置いている（会社法120条）。利益供与を受けた者は会社に返還しなければならない（同法120条3項）。利益供与に関与した取締役・執行役には連帯して支払いを行う義務がある（同法120条4項本文）。ただし、利益供与をした取締役・執行役は無過失責任であるが、それ以外の取締役・執行役は、自らの無過失を立証したときには責任を免れる（同法120条4項但書）。これを受けた罰則（同法970条）も存在する。

［戸田修三・福原紀彦］

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