為解決以往我國公司法對董事之認定採取形式主義所生之弊端，我國 於2012年1月公司法修正時，增訂第8條第3項引進實質董事概念， 使非董事而實際上行使董事職權或對名義上董事下達指令者，均負公司董 事之責任，以保障公司及投資人之權益。雖然此次修法將董事責任之歸屬 擴及於事實上董事及影子董事，但由於我國對實質董事之規範尚處於發展 階段，相關規定仍存有進一步待釐清之處。 相較於我國，英國公司法制對於事實上董事及影子董事之規範已行之 有年，且實務上亦累積相當數量之判決。在我國引進實質董事制度之初， 且實務上對於相關規定應如何操作尚有待進一步觀察之際。透過對英國相 關法制之探討，將可做為我國之借鏡，並有助於釐清相關問題。職是之故， 本文針對英國公司法制中有關事實上董事與影子董事之規範與實務案例進 行深入且完整的探討，並比較我國與英國相關法制設計之差異與利弊，進 而檢討我國現行法制之缺失並提出建議，以提供我國未來制度改進之參考。

In order to resolve regulatory deficiencies regarding the formalism to identify a director under the Taiwan’s Company Act, the Taiwan’s government amended its Company Act in January，2012 adding Paragraph 3 of Article 8 to regulate de facto directors and shadow directors. According to Paragraph 3 of Article 8 of the Company Act, a non-director who de facto conducts business of a director or de facto controls over the management of the personnel, financial or business operation of the company and de facto instructs a director to conduct business shall be liable for the civil, criminal and administrative liabilities as a director. Although this amendment extends the directors’ liabilities to de facto directors and shadow directors, this new provision still exists some problems. In contrast to Taiwan, the British company law has regulated de facto directors and shadow directors for decades. Since Taiwan introduces the regulation of de facto directors and shadow directors in 2012, a comparative study of the British law may help Taiwan resolve relevant problems regarding the regulation of de facto directors and shadow directors. Accordingly, this article will explore the regulation of de facto directors and shadow directors in the U.K. and its practice. Then, it will compare the difference of regulatory frameworks between the U.K. and Taiwan. Further, this article will analyze the current regulation of de facto directors and shadow directors in Taiwan and will offer suggestions for improving Taiwanese de facto director and shadow director regulations. This article aims at drawing lesson from the U.K. experience that might be adopted to the Taiwanese context.