【譯者說明】

1. 這篇文章昨天出現(xiàn)在ACCA官網(wǎng)。不象P2/P7的新準(zhǔn)則文章，本文是P1核心內(nèi)容GOVERNANCE的重新整理并提出些新概念，具有考前參考價(jià)值；

2.  原文篇幅有8頁A4紙，為有效閱讀理解，譯者進(jìn)行整理加翻譯之后是6.5頁A4紙篇幅，并采用了系列縮寫：Btwn=Between；CG=Corporate Governance；Corp=Corporate；CSR=企業(yè)社會(huì)責(zé)任；Fin=Financial; IC=Internal Control； Info=information； Mgt=Management；Org=Organization；SKH=Stakeholder利益相關(guān)者；SH=Shareholder；Std=Standard；Thru=Through；W/=With；W/O=Without；

3.  建議關(guān)注：1）Stewardship管理責(zé)任概念；2）新內(nèi)容：CG External & Internal Sources 公司治理的內(nèi)和外；3）經(jīng)典內(nèi)容：Rules vs. Principles-based codes；4）核心內(nèi)容-由內(nèi)而外的治理,最后落到（新說法）公司文化和價(jià)值觀上Implementation of CG within orgs：a broader& longer-term view of agency theory, such as applies to a wider group of SKHs can engender a better team spirit that will help promote a culture of pro-SKH behavior & positive attitudes at all levels of the org. The important links between CG & Corp culture & values are also highlighted. 5）系列概念Transparency, Skepticism, Objectivity, Integrity，Honesty, Judgment.

Effective CG has internal & external drivers. Though directors & mgrs may have little influence over external regulatory framework, they can & must play theirpart in ensuring effective internal governance & compliance from deepwithin their orgs. This should extend beyond external fin reporting & CG structures into more operational areas of biz mgt.By promoting deep-rooted CG ideals in orgs, a culture of SKH focus & individual & CSR, for the common good, can flourish. 中心思想：有效公司治理需內(nèi)外兼修；代理們（董事/經(jīng)理）對(duì)內(nèi)部治理盡責(zé)；公司不但要做到外部合規(guī)（財(cái)報(bào)和治理結(jié)構(gòu)），還要注重運(yùn)營層面；公司要培育圍繞SKH和CSR的治理文化

1

Agency Theory  重溫代理理論

Under the narrowest of perspectives the principal objective of a company has traditionally been to maximize profits & add to the wealth of SHs. However, the degree to which the pursuit of profit & wealth dominates depends upon the society's view of agency theory. The questions to ask are; who discharges responsibility? who is accountable? what particular structure of relationships& potential conflicts exist btwn principals & agents. In biz the SKH is known as the principal & the officers of the company or the directors are known as agents. The extent to which BOD acts in the interests of SHs & in the pursuit of fiduciary interests such as wealth maximization is determined by which of the 7 CSR perspectives is taken. 關(guān)注最后一句：結(jié)合CSR Positions+ Agents’ Accountability

2

Stewardship concept 管理責(zé)任概念

Generally，the rights of SHs & other SKHs connected with the company should be protected & promoted by ‘stewards’ of these SKHs& their interests. In theory, agents should be held responsible & accountable for balancing the conflicting interests of a whole range of SKHs of the company. 股東和其他SKH利益應(yīng)該被保障；代理要對(duì)此負(fù)責(zé)，并平衡多重SKH的利益沖突。

The traditional ‘pristine capitalist’ view of ‘stewardship’ implies that therights of the SHs & the pursuit of their wealth are of paramount importance. However, the banking crisis & spectacular corp failures such as Enron & World Com would indicate that even the narrower interests of owners can often be neglected or ignored, along w/ those of a much wider group of SKHs, incl. the general public. 原始資本主義觀點(diǎn)（CSR-1）要求股東利益最大化高于一切。但是，這種比較狹隘的利益保障在現(xiàn)實(shí)中還是被忽略（如安然和世界電信丑聞），更不必提公眾利益。

3

Separation of ownership & control 公司代理關(guān)系演化念

（考前一天，本部分英文不必看，一眼掃過中文翻譯即可）

The introduction of the limited company as a legal entity was a great advance from the private solely owned biz or the partnership in that it greatly increased the supply of long-term funds to industry & commerce, & contributed to the creation of far more wealth in the global economy. The concepts ofshareholdings & limited liability encouraged many more people of moderate means to invest their disposable income in bizes & at much lower risk than would hitherto have been possible within unincorporated orgs. W/ many more investors, many of whom have little or no biz acumen, came the need to divorce ownership & control for practical purposes, & to introduce a court or BOD, as the agents of this disparate group. This is the basis of what became the public limited company, a separation of ownership & control.This is a normal arrangement these days & it is hardly ever questioned.

‘The trade of a joint stock company is always managed by a court of directors. This court, indeed, is frequently subject, in many respects, to the control of a general court of proprietors. But the greater part of those proprietors seldom pretend to understand anything of the biz of a company…’Adam Smith

The separation of ownership & control, & the disparity & inexperience of SHs in biz & fin matters, would be problematic unless some system of external governance was imposed to safeguard the interests of these owners. The separation of ownership & control & the potential divergence of the interests of owners & mgrs is the main reason why there is a need for a CG system.

The directors, however, being the mgrs rather of other people’s money than their own, it cannot well be expected that they should watch over it with the same anxious vigilance w/ which the partners in a private company frequently watch over their own…. Negligence & profusion, therefore, must always prevail, more or less, in the mgt of the affairs of such a company。。。Clearly the agency model within the corp context would not naturally work to the advantage of the principals w/o some intervention.

現(xiàn)代公司出現(xiàn)，代理應(yīng)運(yùn)而生，幫助不參與經(jīng)營的投資者們管理公司。所有權(quán)和控制權(quán)分離可導(dǎo)致利益沖突，需公司治理制度來保障所有者利益；另外，因?yàn)殄X不是自己的，代理們就不上心，從而出現(xiàn)疏忽和浪費(fèi)等損害投資者利益的事，外力監(jiān)管必須介入。

4

Legal & Professional framework 法律和專業(yè)管理制度

Successive Companies Acts from 1844 in UK, laid down increasingly complex layers of legislation about the constitution, the format, the minimum disclosure requirements, about the use of reserves, the maintenance of capital & th egeneral protection of creditors. And there has been a legal requirement for an‘independent’ external audit of the fin disclosures of a company’s affairs on a periodic basis by competent & qualified professionals. 起源于英國的公司法奠定公司治理的基礎(chǔ)（立法，形式，披露，留存資金使用，資本維護(hù)，債權(quán)人保護(hù)等方面）；后又要求獨(dú)立的外審定期披露公司事務(wù)。

One of the major responsibilities of company directors is to ensure that the fin reports of companies are relevant & faithfully represent the affairs of the company & that SKHs can make rational decisions based on the qualitative characteristics of the reports that are published (a ‘true & fair’ representation).Auditing is mainly concerned w/ the faithful representation aspect of fin information. BOD（代理）要保證財(cái)報(bào)真實(shí)公允；（股東任命的）審計(jì)主要就是關(guān)注財(cái)務(wù)信息的真實(shí)披露。

Companies in most countries are by law required to have their accounts audited at the end of every fin period. A major aspect of most external CG codes is about ensuring that the role of the auditor is effective & the relationship btwn auditors & directors has integrity & is independen t& objective. The issues to consider here are who should appoint the auditors, how long should the same firm of auditors be used repeatedly, & should audit firms or even their subsidiaries or associates provide consulting services to their clients? 關(guān)于外審的角色和管理問題（主要在P7涉及）

5

CG – External & Internal Sources 公司治理的內(nèi)和外

CG has internal & external sources: External CG consists of mandatory & voluntary codes, reports & frameworks such as company law, stock listing rules & accounting & auditing stds；Internal CG is how such external governance is complied w/ & embedded in the culture& values of the org & how sound governance is implemented & works in practice. 外部治理【自己看】；內(nèi)部治理【新說法】：遵守外部監(jiān)管；把治理理念嵌入組織文化和價(jià)值觀；在運(yùn)營實(shí)踐中有效執(zhí)行健全的管理制度。

CG framework helps provide a structure for governing the behavior of companies& their officers, but external rules, regulations, & codes of practice are not effective unless a climate of compliance in orgs is promoted to support such structures & mechanisms at all levels through such mechanisms as corp & ethical codes of behavior & values. There also needs to be a deeper culture embedded in companies, recognising the responsibilities & duties of mgt with regard to the legitimate rights of their SKHs & SHs.有效的治理框架需內(nèi)外結(jié)合（單憑外部監(jiān)管不夠）；內(nèi)部主要指公司治理準(zhǔn)則，指導(dǎo)行為和價(jià)值觀的道德守則，明確管理責(zé)任的組織文化（譯者注：可參考COSO框架控制環(huán)境）

Effective CG is about promoting this climate of transparency, skepticism & objectivity; by creating systems, procedures, & internal structures, aimed at complying w/ external requirements, but also pre-empting& dissuading anti-SKH behavior from deep within the org. Internal CG (or corp culture)should therefore be instrumental in reducing the ‘expectations gap’ between the interests & motivations of the ‘agent’ & those of the ‘principal’; thereby addressing the agency problem at all levels within the org. 有效治理要：倡導(dǎo)透明/質(zhì)疑/客觀（治理核心概念）；制度保障外部合規(guī)和規(guī)避內(nèi)部違背重要SKH利益的行為；內(nèi)部治理（或公司文化）必須針對(duì)減少股東和代理的期望差距（譯者注：P7有這個(gè)概念）?？傊?，通過以上做法，在公司所有層面應(yīng)對(duì)代理問題。

6

Principles or rules-based codes of CG 原則和規(guī)則導(dǎo)向的治理

CG structures can be voluntarily complied w/ & any departures from best practice can be explained in the notes to the accounts. The main benefit of this ‘principles based’ approach is that full compliance is often difficult for companies in specific situations or in special circumstances. ‘Rules-based’compliance is a ‘one size fits all’ (box ticking) approach where full compliance is required by law & where departures can entail legal sanctions. This approach, such as SOX in US, is felt to be more effectiv ebecause it doesn't rely as heavily on the integrity of the BOD to interpret & comply or explain openly & objectively. 公司治理信息可自愿披露，如有和最佳范例的差異，則需解釋。原則導(dǎo)向和規(guī)則導(dǎo)向治理對(duì)比-傳統(tǒng)內(nèi)容，不做翻譯，考試需關(guān)注！（提醒：規(guī)則導(dǎo)向看起來更有效，因?yàn)楦嘈乓?guī)則而不是管理層。。。）

CG is based on voluntary control in many countries, like UK & is often a requirement for stock exchange listing. It is based on the adoption of specific sub-committees & structures w/ clear recommendations relating to sound internal fin & operational controls & the promotion of high quality fin info to strengthen the accountability of BOD to their SHs. 公司治理在很多國家（如英國）是自愿型機(jī)制，并作為上市要求一部分；主要包括職能委員會(huì)設(shè)置，財(cái)報(bào)和運(yùn)營控制，向股東提交高質(zhì)財(cái)務(wù)信息來加強(qiáng)BOD的受托責(zé)任。

Cadbury Code (1992) was designed to concentrate on the essential IC mechanisms to support this need for greater transparency &accountability to SHs, which at the time was felt to be deficient. This voluntary report highlighted the ways in which companies could better underpin a company’s legal & regulatory obligations to its SHs through accountability & control, viewing the role of NED as being critical from an independence perspective. 1992年Cadbury code提出用內(nèi)控機(jī)制來加強(qiáng)透明度和受托責(zé)任；獨(dú)立的NED角色至關(guān)重要。

The recommendations of Cadbury Report emphasized higher CG stds thru improvements in the quality of fin reporting. This aspect has also been supported by accounting stds bodies, striving to provide more consistency, relevance & understandability in the accounting process. Cadbury report & others were eventually enforced as listing rules on many stock exchanges. Cadbury建議得到會(huì)計(jì)協(xié)會(huì)支持，他們致力于提高會(huì)計(jì)工作的一致性，相關(guān)性和可理解性，并一道成為很多證券交易所的上市要求。

Cadbury Report recommended that external auditing should be more independent & closely monitored thru the introduction of Audit committees composed of a minimum number of NEDs. However, where CG was to have most impact was thru the introduction of robust IC mechanisms & a system of internal audit where the design & control of processes & continuous monitoring of transactions & decision-making can help safeguard assets & prevent& detect anti-SKH behavior in the org. The IC concept was to be based on promoting continuous vigilance by mgt in preventing fin loss thru fraud, error, inefficiency or incompetence. Cadbury報(bào)告建議由NED組成的審計(jì)委員會(huì)監(jiān)控外審工作保障獨(dú)立性；然而影響更大的還是引入健全的內(nèi)控和內(nèi)審體系來設(shè)計(jì)和監(jiān)控交易和決策過程，從而保護(hù)公司資產(chǎn)和預(yù)防以及檢測(cè)組織內(nèi)的不當(dāng)行為。管理層需要倡導(dǎo)持續(xù)警惕的理念來預(yù)防因舞弊/錯(cuò)誤/低效或無能導(dǎo)致的財(cái)務(wù)損失，來實(shí)施內(nèi)控（譯者注：參考COSO框架）

There are many CG codes focusing on matters incl. BOD roles & constitution. These include various recommendations on the procedures to appoint directors, the qualifications of directors, the proportion & independence & effectiveness of NEDs & diversity & on the need for additional & independent board committees (Audit, Nomination, Risk, Remuneration). Indeed many corp scandals (pre-Enron) tended to revolve around inappropriate or unjustified pay increases or bonuses for executives, seemingly regardless of performance, leading to so called ‘fat cat’ scandals. Both Greenbury Report & Hampel Report focused on directors' remuneration, rather than upon broader & more significant fin, performance or governance issues, because it was seen as being such a problem.世界上有不同公司治理版本，一般關(guān)注BOD職責(zé)和構(gòu)成，董事資質(zhì)和任命，NED比例，獨(dú)立性和有效性，董事多樣化以及四大職能委員會(huì)等。安然事件前，不少公司丑聞牽涉到與業(yè)績(jī)無關(guān)的天價(jià)高管薪酬（“肥貓”丑聞）。之后Greenbury Report和Hampel Report就是針對(duì)董事薪酬治理方面的努力。

The main recommendations of the above committees were subsequently incorporated by Turnbull Committee into the original Combined Code of the Committee on CG in 1999, but this code also emphasized the broader responsibility of companies with respect to safeguarding SHs’interests. “The board should maintain a sound system of IC to safeguard SHs’investment & the company’s assets”. Combined code has been revised since 1999 & in 2010 it included several new recommendations:  requirement for chairman to be re-elected annually & to encourage greater diversity (esp. gender diversity) of the board, more emphasis on BOD performance in the larger companies being independently reviewed on a regular basis, disclosure of the biz model & responsibilities relating to risk; such as how much risk the company can accept & how much it will need to avoid, reduce or transfer. These new requirements link well w/new proposals for a broader corp reporting framework - IR (2013). 1999年出臺(tái)以及后來修訂的英國《合并治理準(zhǔn)則》增加一些建議, 如每年選舉董事長，鼓勵(lì)董事多元化（尤其性別），增加對(duì)大公司董事會(huì)的績(jī)效評(píng)估，披露業(yè)務(wù)模式及風(fēng)險(xiǎn)管理。這些要求自然和2013年起開始倡導(dǎo)的綜合報(bào)告對(duì)接上。

The revised combined code also makes new recommendations about the need to align remuneration of directors to longer-term performance metrics & having a closer interface btwn NEDs &EDs. The changes also include the chairman's responsibility relating to identifying the training & development needs of directors & around more effective external communications with SHs, including institutional investors. 修訂的《合并治理準(zhǔn)則》還要求基于長期業(yè)績(jī)?cè)O(shè)計(jì)董事薪酬，更多ED和NED之間的協(xié)調(diào)，董事長負(fù)責(zé)培訓(xùn)和發(fā)展BOD成員，更多與外界股東有效溝通（包括投資機(jī)構(gòu)）。

More effective company law, listing rules, regulations, accounting& auditing stds & CG codes have clearly provided a better structure & basis for the governance of companies' behavior in relation to the original agency problem. Whether these governance structures are principles or rules-based, the essential agency problem still seems to remain, as highlighted by continuing evidence of director failings & further corpf ailures. 公司法+上市條例+監(jiān)管規(guī)定+會(huì)計(jì)準(zhǔn)則+審計(jì)準(zhǔn)則+公司治理準(zhǔn)則=約束不當(dāng)公司行為的努力=》解決代理問題（譯者注：方法多，說明問題難解決）。無論是原則還是規(guī)則導(dǎo)向的公司治理都沒有或者無法從根本上解決代理問題，因?yàn)橛嘘P(guān)董事失職或公司倒閉的事件一直此起彼伏。

Reliance on voluntary codes, professional stds & even legislation may not provide an adequate safeguard against governance failure unless BOD, on behalf of SKHs, set a clear ‘tone from the top’& actively create a culture of transparency, honesty & integrity in the orgs at all levels. 自愿性準(zhǔn)則，專業(yè)標(biāo)準(zhǔn)甚至立法仍不足以保全公司治理，除非BOD，基于SKH利益，設(shè)定一個(gè)高層基調(diào)并在組織各層面力推透明/誠實(shí)/誠信的組織文化。

7

CG & Cultural values 基于治理和組織文化的價(jià)值觀

For CG to be effective & to safeguard SKHs’ interests properly, a climate should be created where those working for the SKHs & on behalf of them, are conscious of the ultimate economic, social & ethical consequences of their decisions & behavior (at whatever level). 只有人們意識(shí)到他們的決策和行為（無論什么職位）會(huì)切實(shí)帶來經(jīng)濟(jì)，社會(huì)和道德層面的影響，公司治理才可能有效實(shí)施來保障SKH利益。

Directors should promulgate & inculcate in their orgs a climate of responsibility, accountability & transparency. This can be achieved by the use of formal structures such as audit & remuneration committees, by appointing effective & independent NEDs & by tightening up on auditing regulations, but it is mainly achieved by having a sustainable, longer-term & broader perspective & by encouraging all to act ethically. BOD應(yīng)在組織內(nèi)大力倡導(dǎo)和灌輸職責(zé)/義務(wù)/透明理念, 設(shè)立審計(jì)和薪酬委員會(huì)，任命稱職的獨(dú)立NED，加強(qiáng)審計(jì)，更重要的秉持一個(gè)可持續(xù)/長期/更廣泛的治理理念并鼓勵(lì)道德的行為。

Companies can encourage such behavior by designing appropriate corp codes of ethics & behavior in orgs, supported by a system of cultural values which are themselves linked to individual performance appraisal & professional development. E.g., promoting consonance between the aims of primary SKHs & those of other SKHs can create a team spirit where all perceive they are working for a common purpose or goal. This commo npurpose can also be reinforced by having a clear corp mission  & setting strategic aims & objectives which are coherent & sustainable & which can be broken down into meaningful & measurable departmental & team objectives that all within the org can buy into & relate to. 公司可設(shè)計(jì)合適的公司道德準(zhǔn)則，員工行為守則，把公司價(jià)值觀和員工業(yè)績(jī)?cè)u(píng)估以及職業(yè)發(fā)展相結(jié)合，把主要SKH和其他SKH目標(biāo)一體化。共同的目標(biāo)體現(xiàn)在公司使命/公司戰(zhàn)略/部門目標(biāo)等上。（譯者注：文末廣告-完美促銷“P1+P3”組合產(chǎn)品）

This kind of climate is promoted by such instruments as: 公司要宣揚(yáng)下述理念和具體做法：

·        Equitable productivity & bonus schemes 平等的績(jī)效和獎(jiǎng)金制度

·        Transparent recruitment & promotion policies 透明招聘和升職政策

·        Good staff welfare & reward systems 良好的員工福利和激勵(lì)制度

·        Effective environmental policies, and 有效的環(huán)保政策

·        Good customer relations. 良好的客戶關(guān)系

All of these are based on an overriding quality culture, where effectiveness & efficiency are promoted & ever yaspect of the orgs activities are considered to be important at all levels, where people of all levels are valued & respected & where the impact of all decisions on the interests of SKHs is always recognized & anticipated. 上述一切都建立在一個(gè)至高的企業(yè)文化之上，倡導(dǎo)高效工作，尊重每個(gè)人的努力，充分認(rèn)識(shí)到所有決策都影響SKH利益。

Good governance must extend beyond basic compliance w/ external reporting & auditing requirements, to areas: IC, performance measurement & mgt, budgetary control systems, quality mgt, staff recruitment, training & development & to reward & promotion systems in an org. 總之，健全的公司治理除了基本的對(duì)外合規(guī)，還包括內(nèi)部努力：內(nèi)控，業(yè)績(jī)?cè)u(píng)估和管理，預(yù)算控制，質(zhì)量管理，員工招聘培訓(xùn)和發(fā)展以及激勵(lì)制度（譯者注：P5即視感）。

Conclusion 總結(jié)

A biz that embraces the underlying principles as well as ‘being seen’ to be compliant w/ CG codes, is better placed to protect the interests of its SKHs, incl. public interest, from a more sustainable & longer-term perspective. 從持續(xù)發(fā)展角度來看，實(shí)施有關(guān)治理原則并且（至少看起來）合規(guī)的企業(yè)，更好保障SKH（包括公眾）的利益。

This wider view of agency theory is in stark contrast to the narrower‘stewardship’ perspective, but whichever perspective is taken, CG & all it entails is an essential framework in which the rights, responsibilities& rewards available to the principals & their agents is best balanced.廣義代理理論和狹義管理責(zé)任形成鮮明對(duì)照；但無論哪種角度，治理核心仍是追求股東和代理之間責(zé)任義務(wù)及回報(bào)的最佳平衡。

The development of an informal corp culture & ethical values to underpin & support formal CG structures is essential. This approach reduces the risk of negative behaviors such as, wastefulness, inefficiency, idleness, greed, fraud, deception, bribery or theft occurring or being tolerated. 培育非正式的公司文化和道德價(jià)值觀來加強(qiáng)和支持正式的公司治理很重要，幫助減少一些消極的行為，比如浪費(fèi)，低效，停工，貪婪，欺詐，欺騙，賄賂或盜竊。

Such a biz culture can sustainably meet & balance the needs of SHs, lenders, employees, suppliers, customers & the general public, recognizing their respective interests as being entirely compatible over the longer term. 這樣的組織文化可持續(xù)滿足并平衡各方需求（如股東/銀行/雇員/供應(yīng)商/客戶及公眾），他們的利益訴求長期來看是可以兼容并蓄的。

This balance can only be realistically achieved if effective acceptance of CSR, rather than compliance w/ governance structures alone, becomes part of the ‘mindset’ of all those working in biz orgs;so that accountability & responsibility to all SKHs is delivered from the inside out. 只有在真正地接受CSR而不只是做到對(duì)外合規(guī)，并把CSR變成所有雇員（包括高管和一般員工）思想一部分，上述平衡才能得以實(shí)現(xiàn)；這樣，對(duì)所有SKH的義務(wù)（對(duì)上義務(wù)）與責(zé)任（工作職責(zé)）才可以由內(nèi)而外地實(shí)現(xiàn)。