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Foreign Investment law and Corporate Governance
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This post would like to take a joint venture enterprise as an example to explore how to undertake such adjustments.本文谨以中外合资企业为例，来试做探讨。
As discussed before, the <JV law> and the <Implementing Regulations of the JV Law> provide for the Board of Directors of a JV to be the highest authority of the joint venture and to decide all major issues of the joint venture. The parties to the joint venture shall, through consultation, determine the number of directors appointed by each party. So, by appointing their respective directors to participate in the resolutions of the board of directors, the shareholders of the joint venture indirectly exercise the decision-making and management rights of the company. 如前所述，原《 合资企业法》及其《 实施条例》规定董事会为合营企业的最高权力机构，决定合营企业的一切重大问题。合营各方应协商确定各自委派的董事名额。合营企业的股东通过各自委派董事参与董事会决议，进而间接对公司行使决策权和经营权。
此外，虽然股东可以通过股东协议、公司章程等方式约定其所享有的权利及救济途径，但《合资企业法》并未就股东权利及救济方式进行明文规定。中外合营双方在达成最初的章程后，章程的后续修改、更新等事宜将交由董事会决定，股东的意志将无法直接表达。
On the other hand, the <Company Law> clearly stipulates that shareholders may exercise direct control, decision-making and management rights over the company through the shareholders' meeting. The shareholders' meeting is the authority of the company, the main functions and powers of which include determining the company's operational strategies and investment plans, electing and replacing directors and supervisors who are not employees of the company, deciding on remuneration of the directors and supervisors, making resolutions to increase or decrease of the company’s registered capital, making resolutions on the company's merger, division, dissolution or change of the company's form, and amending the company's articles of association etc. According to the <Company Law>, any resolutions made by the shareholders' meeting on major issues of the company must be approved by shareholders representing more than two-thirds of the voting rights. It can be said that compared to the <JV Law>, current <Company Law> provides a better protection for shareholders' rights and interests.而《 公司法》明确规定股东可通过股东会直接对公司行使控制权、决策权和经营权。股东会作为公司的权力机构，其主要的职权包括决定公司的经营方针和投资计划；选举和更换非由职工代表担任的董事、监事，决定有关董事、监事的报酬事项；对公司增加或者减少注册资本做出决议；对公司合并、分立、解散或者变更公司形式做出决议；修改公司章程等。根据《 公司法》，股东会会议对公司重大事项做出的决议，必须经由代表三分之二以上表决权的股东通过。可以说，相比于《合资企业法》，《公司法》对股东权益的保护得到了加强。
However, it is worth noting that, in general, the voting rights of the shareholders' meeting depend on the proportion of shares held by shareholders, while the voting rights of the board of directors depend on the number of directors. According to the JV law, the decision of the board on important issues requires the unanimous consent of all directors present at the meeting. The minority shareholders of a joint venture may appoint directors to participate in the resolutions of the board of directors and veto the resolutions on major issues through the directors they appointed, in this perspective, you may say that the rights of the minority shareholders are better protected under the JV Law.但值得注意的一点是，一般来说，股东会的表决权取决于股东所占股份比例；而董事会的表决权取决于董事的人数，根据原《 合资企业法》，董事会对重大事项决议的做出需要取得出席会议的全体董事的一致同意。合营企业的小股东可指派董事参与董事会决议，通过一票否决权对重大事项的决议进行决策，从这个角度来说，小股东的权利相比来说更有保障。
Article 43 of the <Company Law> stipulates: "The meeting of the shareholders of a limited liability company shall exercise their right to vote in proportion to the capital contribution, unless otherwise provided in the articles of association of the company." Thus, minority shareholders may claim a veto on certain major issues at the shareholders' meeting or the board of directors of the company and specify the veto accordingly in the articles of association.不过《公司法》第43条规定：“有限责任公司的股东会会议由股东按照出资比例行使表决权，公司章程另有规定的除外”。小股东可要求在公司股东会或董事会对特定决议事项享有一票否决权。
Obviously, the adjustment and transformation of corporate governance structures is going to be a long and cumbersome process. Our suggestions are therefore as follows: 公司治理结构的调整和转变将会是一个较为漫长且繁琐的过程，我们的建议是：
I. Amending articles of association. To be undertaken in accordance with the provisions of the <Company Law>, the authorities of the shareholders’ meeting shall be separated from the powers of the board of directors and attributed to the shareholders' meeting. At the same time, re-specify the scope of authority and resolution procedures of the shareholders' meeting and the board of directors.1、章程修改。参照《 公司法》的规定，将属于股东会的权力从原来的董事会职权中剥离，并将该部分权力归于股东会。同时对于股东会、董事会的决议范围和决议规程重新约定。
II. Reset the structure. Set up the shareholders' meeting of the company, then re-elect the board members to form a new board of directors. 2、重设架构。在公司组成股东会后，对董事会成员重新进行选举，组成新的董事会
III. Complete the registration. Carry out the registration of the relevant changes in accordance with the specific provisions of the supervisory authority.3、变更登记。最后，根据监督机构的具体规定办理相关变更登记
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