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?。ㄌ嵝眩阂?guī)則導(dǎo)向看起來(lái)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(guó)家（如英國(guó)）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(yíng)控制，向股東提交高質(zhì)財(cái)務(wù)信息來(lái)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(lái)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(lái)設(shè)計(jì)和監(jiān)控交易和決策過(guò)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(lái)預(yù)防因舞弊/錯(cuò)誤/低效或無(wú)能導(dǎo)致的財(cái)務(wù)損失，來(lái)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(wú)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(lái)修訂的英國(guó)《合并治理準(zhǔn)則》增加一些建議, 如每年選舉董事長(zhǎng)，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(kāi)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(zhǎng)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(zhǎng)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(wèn)題（譯者注：方法多，說(shuō)明問(wèn)題難解決）。無(wú)論是原則還是規(guī)則導(dǎo)向的公司治理都沒(méi)有或者無(wú)法從根本上解決代理問(wèn)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(zhuān)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(chéng)實(shí)/誠(chéng)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(wú)論什么職位）會(huì)切實(shí)帶來(lái)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(lái)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(zhǎng)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(mén)目標(biāo)等上。（譯者注：文末廣告-完美促銷(xiāo)“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(lái)看，實(shí)施有關(guān)治理原則并且（至少看起來(lái)）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(wú)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(lái)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(zhǎng)期來(lái)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)。

文章來(lái)源：澤稷網(wǎng)校ACCA

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