Bir anonim \u015firketin i\u015f faaliyetlerinden elde etti\u011fi k\u00e2r\u0131, sahipleri olan hissedarlara geri kazand\u0131rmas\u0131, kurumsal y\u00f6netimin temel faaliyetlerinden biridir. Hissedarlara yap\u0131lan bu k\u00e2r da\u011f\u0131t\u0131m\u0131, genellikle “temett\u00fc” olarak bilinir, ancak Japonya’n\u0131n \u015firket hukuku, hissedarlara mal varl\u0131\u011f\u0131 da\u011f\u0131t\u0131m\u0131 konusunda kat\u0131 bir yasal \u00e7er\u00e7eve sunar. Bu \u00e7er\u00e7evenin amac\u0131, hissedarlar\u0131n \u00e7\u0131karlar\u0131n\u0131 g\u00fcvence alt\u0131na al\u0131rken, ayn\u0131 zamanda \u015firketin alacakl\u0131lar\u0131n\u0131 koruma gibi bir di\u011fer \u00f6nemli gereklilik aras\u0131nda denge sa\u011flamakt\u0131r.<\/p>\n\n\n\n
Japonya’n\u0131n \u015firket hukuku taraf\u0131ndan belirlenen hissedarlara y\u00f6nelik ana da\u011f\u0131t\u0131m y\u00f6ntemleri, iki b\u00fcy\u00fck kategoriye ayr\u0131l\u0131r. Birincisi “k\u00e2r pay\u0131 da\u011f\u0131t\u0131m\u0131” olup, bu genellikle temett\u00fc \u00f6demesi (dividends) olarak anla\u015f\u0131l\u0131r. \u0130kincisi ise “kendi hisselerinin bedelli geri al\u0131m\u0131” olup, \u015firketin kendi hisselerini hissedarlardan geri sat\u0131n almas\u0131, yani kendi hisse geri al\u0131mlar\u0131 (share buybacks) olarak bilinir. Bu iki y\u00f6ntem, bi\u00e7im olarak farkl\u0131l\u0131k g\u00f6sterse de, \u015firketin mal varl\u0131\u011f\u0131n\u0131 hissedarlara aktarma a\u00e7\u0131s\u0131ndan ekonomik olarak ortak bir temele sahiptir. Bu nedenle, Japonya’n\u0131n \u015firket hukuku, her iki y\u00f6ntemi de birle\u015fik bir d\u00fczenleme alt\u0131nda tutar.<\/p>\n\n\n\n
Bu d\u00fczenlemenin merkezinde, “da\u011f\u0131t\u0131labilir miktar” kavram\u0131 yer al\u0131r. Bu kavram, \u015firketin hissedarlara da\u011f\u0131tabilece\u011fi mal varl\u0131\u011f\u0131n\u0131n toplam\u0131na bir \u00fcst s\u0131n\u0131r koyarak, \u015firketin mal varl\u0131\u011f\u0131n\u0131n a\u015f\u0131r\u0131 \u015fekilde d\u0131\u015far\u0131 \u00e7\u0131kmas\u0131n\u0131 \u00f6nleyen bir “dalga k\u0131ran” i\u015flevi g\u00f6r\u00fcr. Bu d\u00fczenlemeye ayk\u0131r\u0131 yap\u0131lan da\u011f\u0131t\u0131mlar “yasad\u0131\u015f\u0131 temett\u00fc” olarak kabul edilir ve da\u011f\u0131t\u0131ma kat\u0131lan y\u00f6netim kurulu \u00fcyeleri ile da\u011f\u0131t\u0131m\u0131 alan hissedarlar, ciddi yasal sorumluluklar \u00fcstlenir.<\/p>\n\n\n\n
Bu makalede, \u00f6ncelikle Japonya’n\u0131n \u015firket hukuku taraf\u0131ndan belirlenen “k\u00e2r pay\u0131 da\u011f\u0131t\u0131m\u0131” ve “kendi hisselerinin bedelli geri al\u0131m\u0131” i\u015flemlerinin somut prosed\u00fcrlerini a\u00e7\u0131klayaca\u011f\u0131z. Ard\u0131ndan, bu da\u011f\u0131t\u0131m faaliyetlerini d\u00fczenleyen “da\u011f\u0131t\u0131labilir miktar” d\u00fczenlemesinin amac\u0131n\u0131 ve temel d\u00fc\u015f\u00fcncesini ortaya koyaca\u011f\u0131z. Son olarak, bu d\u00fczenlemeye ayk\u0131r\u0131 davran\u0131ld\u0131\u011f\u0131nda ortaya \u00e7\u0131kan yasal sorumluluklar\u0131, son y\u0131llardaki mahkeme kararlar\u0131yla birlikte detayl\u0131 bir \u015fekilde analiz edece\u011fiz.<\/p>\n\n\n\n