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What is governance
什么治理

Any agency relationship involves two parties:
任何代理关系都涉及方:

The agent is accountable to the principal.
代理委托人负责.

The relationship arises from the separation of management and ownership.
这种关系产生经营和所有权的分离

An agency relationship is one of trust between an agent and a principal which obliges the agent to meet the objectives placed upon it by the principal.
代理关系代理人委托人之间的信任关系,委托人要求代理人实现委托人赋予的目标。

The primary purpose of agency is to discharge its
代理主要目的履行

to the principal. Fiduciary duty is a duty of care and trust which one person or entity owes to another. It can be a legal or ethical obligation.
给校长信托义务是一个人或实体对另一个人或实体负有的注意和信任义务。它可以是一种法律的或道德的义务。

ntentional action, omission, neglect or
故意行为、不作为、疏忽

incompetence.
无能

This breach may arise because the directors are pursuing their own interests rather than the shareholders' or because they have different attitudes to risk-taking to the shareholders.
这种违反可能是因为董事追求的是他们自己的利益不是股东的利益,或者是因为他们对股东承担风险的态度不同

The agency problem - solution
代理问题-解决方案

One power that shareholders possess is the right to
股东拥有一项权力

remove the directors from office.
罢免董事职务

Introducethe activities of the agent.
介绍代理商活动

2 What is corporate governance?
2、什么公司治理?

Corporate governance is a
between a company's directors, its shareholders and other stakeholders. It also provides thethrough which the objectives of the company are set, and the means of achieving those objectives and monitoring performance, are determined.
公司治理是公司董事、股东和其他利益相关者之间的一种关系.它还提供了公司目标的设定,以及实现这些目标和监控绩效的方法

Transparency
透明度

open and clear disclosure / not concealing information asymmetry
公开和明确的披露/不隐瞒信息不对称

Accountability
问责

board

the shareholders be called upon to explain
要求股东解释

Responsibility
责任

There must be a system in place that allows for corrective action. Responsible management should do, when necessary, whatever it takes to set the company on the right path.
必须有一个允许采取纠正行动的系统负责任的管理层应该在必要时一切努力使公司走上正确的道路。

Reputation
声誉

how others view
别人如何看待

full access to resource and product markets
充分进入资源产品市场

Independence
独立

unduly influenced by vested interests
既得利益的影响

Fairness
公平

taking into account everyone who has a legitimate interest
考虑每个人合法利益

minority shareholders.
少数股东

Scepticism
怀疑

non-executive directors (NEDs) to adopt an air of scepticism so that they can effectively challenge management decisions in their role of scrutiny.
非执行董事采取怀疑态度以便他们能够有效地挑战管理层的决定,发挥监督作用。

4 Rules-based or Principles-based approach - definition
4基于规则或基于原则的方法-定义

In a rules-based approach to corporate governance, provisions are made in law and a breach of any applicable provision is therefore a legal offence. This means that companies become legally accountable for compliance and are
在以规则为基础的公司治理办法中,法律作出规定,因此违反任何适用的规定都是法律的罪行这意味着公司在法律上对合规负责

for failing to comply with the detail of a corporate governance code
没有遵守公司治理准则的细节

or other provision. Examples USA– Sarbanes-Oxley Act 2002(SOx)
其他规定。例如美国-2002年萨班斯-奥克斯利法案(SOX)

When, for whatever reason, a company isin detail with every provision of a code, the listing rules state that the company must, usually in its annual report, exactly where it fails to comply and the reason why it is unable to comply. The shareholders, and not the law, then judge for themselves the seriousness of the breach. Examples UK-combined code 2006 (CC06)
无论出于何种原因,当一家公司详细遵守守则的一项规定时上市规则规定公司必须(通常在其年度报告中)确切说明其未能遵守的地方以及未能遵守的原因股东,而不是法律,自己判断违约严重性示例英国组合代码2006(CC06)

Against

Principles
原则

rules
规则

Less costly
成本更低

cheaper
便宜

Flexible
柔性

the demands of their own industry or shareholder preferences.
他们自己行业的需求股东的偏好

Transitional
过渡

unexpected change
意外变化

such as a death in service
例如因公死亡

Consistency and full compliance
一致性完全合规

A ‘box ticking’ approach offers the advantage of gaining full compliance at all times
“框勾选”方法的优势在于始终获得完全合规

greater overall confidence
更大的总体信心

Stakeholder Theory
利益相关者理论

Stakeholder & Stakeholder claims
利益攸关方索赔

Stakeholders are any entity (person, group or possibly non-human entity) that can affect or be affected by the achievements of an organisation's objectives. It is a
利益相关者是指能够影响组织目标实现或受其影响的任何实体(个人、团体或可能的非人类实体)。这是一个

bi-directional relationship. Each stakeholder group has
双向关系每个利益相关者群体都有

different expectations about
不同期望

upon the organisation.
组织上。

Stakeholder claims mean the demands that stakeholder interests make upon organisations. Management has to decide on theand relativeof different stakeholder claims.
利益相关者主张是指利益相关者的利益组织提出的要求。管理层必须对不同利益相关者的主张做出决定.

Employees
员工

Pay, working conditions and career path
薪酬、工作条件职业道路

Employees also have information requirements - immediate work environment and which is future orientated.
员工信息需求-即时的工作环境和未来导向。

Trade unions
T拉德工会

Trade unions exist to protect employee interests
工会存在是为了保护雇员的利益

- lax control and risk environment: jeopardise health and safety
-管制松懈风险环境:危害健康安全

-discrimination
-歧视

Their influence will depend on the percentage of employees that are members.
他们的影响力取决成员员工比例

Suppliers
供应商

Major suppliers will often be key stakeholders, particularly in businesses where material costs and quality are significant.
主要供应商通常关键利益相关者,特别是材料成本和质量很重要的企业中。

poor supplier relationship: withdraw credit /switch to supplying competitors
供应商关系不佳撤回信贷/转向供应竞争对手

Customers
客户

low costs, quality and service support deeper moral needs
成本、高质量高服务支持着更深层次的道德需求

Regulators
监管机构

Actively promoting competition
积极促进竞争

shareholder-stakeholder confidence in the information
利益相关者信息信心

Classifications of stakeholders
利益攸关方分类

Narrow & wide
&宽

most affected by the organisation’s policies - employees, suppliers
组织政策影响最大的群体--员工、供应商

less affected - wider community (as opposed to local communities)
受影响较小-更广泛的社区相对当地社区)

Voluntary& Involuntary
V自愿&

Voluntary stakeholders are those that engage with an organisation of their own choice and free will. They are ultimately able to detach and discontinue their stakeholding if they choose.
自愿的利益相关者那些参与他们自己选择和自由意志的组织的人。如果他们愿意,他们最终能够脱离和停止他们的控制。

Involuntary stakeholders have their stakeholding imposed and are unable to detach of their own volition.
非自愿的利益攸关方被强加了他们的非自愿持有并且无法自行脱离。

Active& passive
主&被动

Those who seek to participate in the organisation's activities -managers, employees and regulators or pressure groups
那些寻求参与组织活动-经理、员工和监管者或压力集团

Those who do not seek to participate - institutional shareholders
那些寻求参与-机构股东

Importance of recognition of all of stakeholder claims
承认所有利益相关者主张重要性

Stakeholder recognition is necessary to gain an understanding of the sources of potential risk
利益相关者的认可对于了解潜在风险的来源必要

Stakeholder recognition is important in terms of assessing the sources of influence. Stakeholder influence is assessed in terms of each stakeholder’s, with higher power and higher interest combining to generate the highest influence.
利益攸关方的认可对于评估影响来源十分重要利益相关者的影响力是根据每个利益相关者的影响力来评估的的权力和更高的利益相结合,产生最大的影响力。

Stakeholder recognition is necessary in order to identify potential areas of conflict between stakeholders.
利益攸关方的承认必要的,确定利益攸关方之间的潜在冲突领域

Instrumental view
仪器视图

mainly economic responsibilities / no moral standpoint of its own.
主要是经济责任/没有自己的道德立场

It merely reflects whatever the concerns are of the stakeholders it cannot afford to upset, such as customers looking for green companies or talented employees looking for pleasant working environments.
只不过反映它无法承担利益相关者的担忧,例如寻找绿色公司的客户或寻找舒适工作环境的有才华的员工。

Normative view
规范

moral duties towards stakeholders
利益相关者的道德义务

ethical and philanthropic responsibilities as well as economic and legal
道德慈善责任以及经济法律的责任

Not to do so will result in breakdown of social cohesion leading to everyone being morally worse off, and possibly economically worse off as well.
不这样做将导致社会凝聚力的崩溃导致每个人道德状况更糟,经济状况也可能

Assessing the relative importance of stakeholder interests
评估利益相关者利益的相对重要

Theis a way of mapping
映射

stakeholders with regard to the two variables of interest and power. The combination of these is a measure of any given stakeholder’s likely
利益相关者的利益和权力这两个变量。这些因素的结合是衡量任何特定利益相关者可能

over an entity.
一个实体。

The framework is dynamic in that stakeholders move around the map as their power and interest rise and fall with events.
框架动态的,因为利益攸关方的权力和利益随着事件的发生而起伏。

Key players. The organisation's strategy must be acceptable to them, eg major customer
关键人物组织战略必须为他们所接受,如大客户

Kept satisfied must be treated with care. They are capable of moving to segment D. eg Large institutional shareholders
保持满意必须小心对待。它们能够移动到D大型机构股东

Kept informed do not have great ability to influence strategy, but their views can be important in influencing more powerful stakeholders, perhaps by lobbying. eg pressure group
知情者并没有很大的能力来影响战略,他们的观点影响更强大的利益相关者方面可能很重要也许是通过游说。例如压力集团

Minimal effort
最小的努力

Structure of Board of director
董事结构

BOD Structure
BOD结构

BOD

Chairman
主席

CEO

Audit
审计

committee
委员会

Remuneration committee
薪酬委员会

Nomination committee
提名委员会

Finance Director
财务总监

Sale Director
销售总监

HR

Director
主任

Those Charged with Governance
治理

Non-executive directors
非执行董事

Board membership and roles
董事会成员作用

Key issues for consideration for board membership are:
董事会成员需要考虑关键问题是:

Size the balance needs to be struck between the benefits of having varied views and opinions, alongside the need for coherence of decision-making.
规模-需要不同观点和意见的好处决策的一致性之间取得平衡。

Inside/outside mix the split between executive decision-making directors and non-executive directors. Independent non-executive directors have a key role in governance. Their number and status should mean that their views carry significant weight.
内部/外部混合-执行决策董事和非执行董事之间的分裂。独立非执行董事在治理方面发挥着关键作用。他们的人数地位应该意味着他们的观点具有重要的影响力。

Diversity mix in terms of gender, ethnicity, backgrounds, experience, etc.
性别、种族、背景经验等方面的多元化组合。

Nominations committees have five general roles, all of which are concerned with the recommendation of appointments to the board of directors.
提名委员会有五个一般作用,所有这些涉及向董事会推荐任命

The first role is to establish the appropriate
第一作用建立适当

between executive and non-executive directors (NEDs). In some countries, this is influenced by regulation. In the UK, the UK corporate governance code specifies that a half of the whole board should be NEDs.
执行董事和非执行董事(NED)之间的关系一些国家,这受到监管的影响。在英国,英国的公司治理守则规定,整个董事会的一半应该是非执行董事。

The second role is to ensure that the board contains the requisite
第二个作用是确保董事会包含必要

to effectively
有效

lead the company and provide leadership. Any identified gaps
领导公司发挥领导作用。任何已确定的差距

in these requirements should be filled by new appointments.
这些需求中,应该通过的任命来填补。

Third, the nominations committee is concerned with the continuity of required skills, the retention of directors and succession planning.
第三,提名委员会关注所需技能连续性、董事留任继任规划。

Fourth, it is responsible for determining the most desirable board size given the skill needs, cost constraints and strategies of the company.
第四,负责根据公司的技能需求、成本限制战略,确定最理想的董事会规模。

Finally, the committee is likely to be concerned with issues of
最后,委员会可能关注以下问题

and to ensure that the company’s board is adequately representative of the society in which it operates.
并确保公司的董事会充分代表公司经营所在社会

2 How to approach the task at HWL
2如何和黄完成任务

industries, there is a network of people with similar interests and who are known to each other.
在这些行业中,一个具有相似兴趣的人组成的网络他们彼此认识。

It could use search companies and consultancies to find people likely to be willing to serve on the board. These may have databases of people serving on other charity boards or people
可以利用搜索公司咨询公司寻找可能愿意在董事会任职的人。这些可能有数据库的服务于其他慈善委员会或人民

for a period of time in seeking to serve the wider
时间以来为了广泛服务

public interest
公共利益

Third, the nominations committee could
三,提名委员会可以

. This is likely to be the most
. 可能

common way of recruiting executives who may be required to have specific technical skills such as accounting or marketing.
招聘高管的常见方式,这些高管可能需要具备特定的技术技能,如会计或营销。

often recruited in this way.
经常这种方式招聘。

Diversity policy aims to achieve a board which is demographically representative of the community in which it operates, such that no single demographic segment is over or under-represented.
多元化政策旨在实现董事会人口统计上代表其经营所在社区,因此没有单一人口统计部分的代表性过高过低。

First, it would make the board more representative of the community it is serving, including its donors and supporters. In doing so, HWL would increase its social legitimacy and enjoy a stronger social contract with its community and also with the service users.
首先,它将使董事会更能代表它所服务的社区,包括其捐助者和支持者这样和黄将增加社会认受性,并与社区服务使用者建立更稳固的社会契约。

Second, diversity on the board will enable HWL to meet the local government requirements for diversity and thus to continue receiving that portion of its funding from the local government.
第二,董事局成员多元化使和黄能够符合当地政府对成员多元化的要求,从而继续从当地政府获得该部分资金

With a large proportion of HWL’s funding coming from the local government (40%), HWL is effectively required to comply with the diversity requirements as it would be difficult to replace such funding in the short term.
由于和黄的大部分资金(40%)来自当地政府,和黄实际上遵守多元化规定,因为短期难以取代该等资金。

Third, diversity on a board allows the organisation to benefit from a wider pool of talent than would be the case with a less diverse board. Having a wide range of demographic segments represented should mean that a wider range of skills, abilities and competences are available.
第三,董事会的多元化使组织能够广泛人才库中受益,而不是董事会多元化程度较低的情况下。代表广泛人口阶层应意味着可以获得广泛的技能、能力和才干

A demographically narrow board would exclude the talents possessed by those outside of the narrow representation and this would be against the board’s best interests in seeking to be effective in its duties.
一个人口结构狭窄的委员会排除那些在狭窄代表之外的人所拥有的才能这将违背委员会在寻求有效履行职责方面的最佳利益

Fourth, a more diverse board would enable a wider range of views and opinions to be expressed. The dominant opinion of the majority and the phenomenon of ‘group think’ can lead to the adoption of positions and policies which can often be shown to be inappropriate in the longer term.
第四,一个更加多样化的董事会将使更广泛观点和意见得以表达。多数人的主导意见“群体思维”现象可能导致采取从长远来看往往证明是不适当的立场和政策。

So some contrary and challenging voices, especially from those speaking from the perspective of a demographic minority, can be important contributions in policy discussions.
因此,一些相反具有挑战性的声音,特别是那些从人口少数群体的角度发言的声音,可以在政策讨论中做出重要贡献

Director’s induction programme
主任上岗培训方案

The overall purpose of induction is to minimise the amount of time taken for the new director to become effective in his or her new job. There are four major aspects of a director’s induction.
职培训的总体目的是最大限度地减少董事在新工作中发挥作用所需的时间。董事入职培训有四个主要方面

To convey to the new starter, the organisation’s norms, values and culture. This is especially important when the new employee is from a different type of culture. Because Sam moved from a different country to join Ding Company, he had to adjust to a new national culture as well as a new corporate culture.
向新员工传达公司的规范、价值观文化员工来自不同类型的文化时,这一点尤其重要由于Sam从不同国家加入了Ding公司,他必须适应新的国家文化以及新的企业文化。

There is evidence from the case that he misunderstood some of the cultural norms in that it was alleged that he made what he considered normal but what was perceived as an inappropriate remark to a young female employee. An induction programme including content on culture and norms may have prevented this situation from occurring.
案件中证据表明,误解了一些文化规范,因为据称他对一名年轻女雇员说认为正常但被认为是不恰当的话。包括文化和规范内容的入门课程可能可以防止这种情况的发生。

To communicate practical procedural duties to the new director including company policies relevant to a new employee. In Sam’s case this would involve his orientation with his place in the structure, his reporting lines (up and down), the way in which work is organised in the department and practical matters.
向新董事传达实际的程序职责,包括与新员工相关的公司政策萨姆的情况下,涉及他的方向他在结构中的位置,他的报告线(向上和向下),在该部门的工作是如何组织和实际问题

In the case scenario, Sam made a simple error in the positioning of his office furniture. Again, this is an entirely avoidable situation had the induction programme provided him with appropriate content on company policy in this area.
在这个案例中,Sam在放置办公家具时犯了一个简单的错误同样,如果入职培训方案向他提供了有关这方面公司政策的适当内容,这种情况是完全可以避免的。

To convey an understanding of the nature of the company, its operations, strategy, key stakeholders and external relationships. For a new director, an early understanding of strategy is essential and a sound knowledge of how the company ‘works’ will also ensure that he or she adapts more quickly to the new role.
传达对公司性质、运营、战略、主要利益相关者和外部关系的理解。对于一个新的董事来说,尽早了解战略必不可少的对公司如何“运作”的充分了解也将确保他或她更快地适应新的角色。

In the case of a financial controller such as Sam, key external relationships will be with the company’s auditors and banks. If Sam is involved in reporting, the auditor relationship will be important and if he is involved in financing, the banks and other capital providers will be more important.
对于像Sam这样的财务总监来说,关键的外部关系将是与公司的审计师和银行的关系如果山姆参与报告,审计师的关系将重要的如果参与融资,银行其他资本提供者将更加重要。

To establish and develop the new director’s relationships with colleagues, especially those with whom he or she will interact on a regular basis. The importance of building good relationships early on in a director’s job is very important as early misunderstandings can be costly in terms of the time needed to repair the relationship.
建立和发展新总监与同事的关系,特别是与他或她将经常互动的同事董事工作的早期建立良好关系的重要性非常重要,因为早期的误解可能会花费修复关系所需的时间

It is likely that Sam and Annette will need to work together to repair an unfortunate start to their working relationship as it seems that one of her first dealings with him was to point out his early misunderstandings (which were arguably due to her failure to provide him with an appropriate induction programme).
山姆安妮特很可能需要共同努力修复他们工作关系的不幸开端,因为她与他的第一次交往似乎是指出他早期的误解(这可以说是由于未能为他提供适当的入门课程)。

Continuing professional development (CPD)
持续专业发展(CPD)

I.

of the company will largely
by the
set by our board, which permeates throughout the organisation. By investing in board development, we can
公司的经营将在很大程度上取决董事会的决策,董事会的决策贯穿整个公司。通过投资董事会发展,我们可以

.

III.Continuing professional development should help to
三. 持续专业发展有助于

Leaving office - Retirement by rotation
离任-轮流退休

Definition
定义

Retirement by rotation is an arrangement in a director's contract that specifies his or her contract to be limited to a specific period (typically three years) after which he or she must retire from the board or offer himself (being eligible) for re-election. The director must be actively re-elected back onto the board to serve another term. The default is that the director retires unless re-elected.
轮值退任是董事合同中的一项安排规定合同限于特定期限(通常为三年),之后他或她必须从董事会退休或(有资格)重选连任。董事必须积极地重新选举回到董事会,以担任下一个任期。默认情况是董事退休,除非重新当选。

Importance of Retirement by rotation
轮换退休重要性

Retirement by rotationof contract termination for underperforming directors.
表现欠佳的董事轮流退休或终止合约。

It

Resignation with or without notice.
不管没有通知。

Death in service
在职死亡

Failure of the company.
公司的失败

Being removed e.g. by being dismissed for disciplinary offences.
移除,例如因为违反纪律而被开除

Prolonged absence. Directors unable to perform their duties owing to protracted absence, for any reason, may be removed. The length of qualifying absence period varies by jurisdiction.
长期缺席因任何原因长期缺席而无法履行职责的董事免职。资格缺勤的长短因司法管辖区而异。

Being disqualified from being a company director by a court. Directors can be banned from holding directorships by a court for a number of reasons including personal bankruptcy and other legal issues.
法院取消担任公司董事的资格。法院可以出于多种原因禁止董事担任董事职务包括个人破产和其他法律的问题。

An ‘agreed departure’ such as by providing compensation to a director to leave.
协议离职”例如离职董事提供补偿

Chairman and CEO
董事长CEO

Lead theand to protect shareholder interests above all others
领导保护股东利益高于一切

Develop and implementcapable of delivering superior shareholder value
培养并实现为股东创造上级价值的

Manage the financial and physicalof the company, monitor results, and ensure that effective operational and risk controls are in place
管理公司的财务和实物监控结果,并确保有效的运营和风险控制到位

Oversee the, co-ordinate the interface between the board and the other employees in the company
监督、协调董事会公司其他员工之间沟通

The chairman is the leader of the board of directors.
董事是董事会领导者

In this role, he or she is responsible for ensuring the
在这个角色中,他或她负责确保

as a unit, in the service of the shareholders. This means agreeing and, if necessary, setting the board’s agenda and ensuring that board meetings take place on a regular basis.
作为一个整体,为股东服务。意味着同意并在必要时制定董事会议程,并确保董事会会议定期举行。

The chairman represents the company to investors and other outside stakeholders. He or she is often theof the organisation, especially if the organisationin a public manner.
董事长在投资者其他外部利益相关者面前代表公司。他或她通常是组织的负责人,特别是如果组织公开的方式进行。

Linked to this, the chairman’s roles include communication with shareholders. This occurs in a statutory sense in the annual report and at annual and extraordinary general meetings.
此相关,董事长的职责包括股东沟通。这在法定意义上发生年度报告以及年度和特别股东大会上

Importance of the chairman’s statement
主席声明重要性

In general terms, it is intended to convey important messages to shareholders in general, strategic terms.
一般而言,它旨在向股东传达重要的信息一般而言,战略术语。

As a separate section from other narrative reporting sections of an annual report, it offers the chairman the opportunity to inform shareholders about issues that he or she feels it would be beneficial for them to be aware of.
作为独立于年度报告其他叙述性报告章节的一个章节主席提供了一个机会,让股东了解他或她认为对他们有好处的问题。

This independent communication is an important part of the
这种独立的沟通重要组成部分

The separation of roles offers the benefit that it frees up the chief executive to fully concentrate on the management of the organization without the necessity to report to shareholders or otherwise become distracted from his or her executive responsibilities.
角色分离好处是使首席执行官能够完全专注于组织的管理,而不必向股东报告以其他方式分散他或她的行政责任。

Having the two roles separated reduces the risk of a conflict of interest in a single person being responsible for company performance whilst also reporting on that performance to markets.
将这两个角色分开,可以降低由一个人负责公司业绩同时向市场报告业绩的利益冲突风险

Having two people rather than one at the head of a large organisation removes the risks ofbeing concentrated in a single individual and this is an important safeguard for investors concerned with excessive secrecy or
由两个人而不是一个人来领导一个大型机构,消除集中在一个人身上的风险,这对担心过度保密或

Non-executive directors
非执行董事

Non-executive directors have no executive (managerial) responsibilities.
非执行董事并无执行(管理责任

Non-executive directors should provide a balancing influence, and play a key role in reducing
between (including executive directors) and
非执行董事发挥平衡影响力,在减少(包括执行董事)和

.

They should provide
他们应该提供
,

particularly institutional shareholders, that management is acting in the interests of the organisation.
特别是机构股东管理层是在为组织的利益行事。

Role of non-executive directors
非执行董事角色

The

of NEDs are: the strategy role, scrutinising role, risk role and the people role.
执行董事的角色是:战略角色、审查角色、风险角色人员角色。

In the, NEDs may challenge any aspect of strategy they see fit and offer advice or input to help to develop successful strategy.
在中非执行董事可以质疑他们认为合适的战略的任何方面,并提供建议意见,以帮助制定成功的战略。

The

or performance role is where the NEDs’
is perhaps the most important. NEDs are required to hold executive colleagues to account for decisions taken and company performance. In this respect, they are required to represent the shareholders’ interests against any vested interests or executive pressures.
或者说是绩效角色是非执行董事重要的。非执行董事必须高管同事对所做的决定公司业绩负责。在这方面,他们必须代表股东的利益,反对任何既得利益或行政压力。

The

role involves NEDs ensuring the company has an adequate system of internal controls and systems of risk management in place.
执行董事的职责是确保公司拥有适当内部控制系统风险管理系统

Finally, in the
最后

role, NEDs oversee a range of responsibilities with regard to the management of the executive members of the board. This typically involves issues concerning appointments and remuneration, but might also involve contractual or disciplinary issues, and succession planning.
非执行董事的角色,非执行董事监督有关董事会执行成员的管理的一系列责任。这通常涉及任用薪酬问题,但也可能涉及合同或纪律问题以及继任规划。

Number of non–executive directors
非执行董事人数

New York Stock Exchange rules now require listed companies to have a
纽约证券交易所的规定现在要求上市公司一个

of non-executive directors (ie more than half the board).
执行董事(即董事会的一半以上)。

Independence is a quality possessed by individuals and refers to the avoidance of being unduly influenced by a vested interest. This freedom enables a more objective position to be taken on issues compared to those who consider vested interests or other loyalties.
独立性是个人拥有的一种品质指的避免受到既得利益的不当影响。与那些考虑既得利益或其他忠诚的人相比,这种自由使人们能够在问题上采取更客观的立场

Independence can be threatened by over-familiarity with the executive board, which is why many corporate governance codes have measures in place to prevent this. These include restrictions on share option schemes for NEDs and bans on cross-directorships.
对执行董事会过于熟悉可能会威胁到独立性,这就是为什么许多公司治理守则都有防止这种情况的措施。这些措施包括限制非执行董事的购股权计划禁止相互担任董事

Cross-directorships
交叉董事职位

This is where an executive director of Company A is a non-executive director of Company B, and an executive director of Company B is a non-executive director of Company A.
这是指A公司的执行董事是B公司的非执行董事而B公司的执行董事是A公司的非执行董事。

outside the industry?
行业外

those with no previous contact with the other members
那些以前没有其他成员接触

more independent than those who may have some form of vested interest.
那些可能有某种形式既得利益的人更独立。

from other companies within the same sector
来自同一行业其他公司

still provide industry knowledge
仍然提供行业知识

succession to a NED role from an executive position in the same company
同一公司行政职位继任NED职位

bring their experience of that industry and company to bear on committee discussions
把他们在这个行业公司经验带到委员会讨论中来

Benefits of greater independence
更大独立性好处

less likely to have prior vested interests (friendships or past professional relationships)
不太可能先前的既得利益(友谊过去专业关系)

fewer prejudices for or against certain policies or individuals as working relationships will not have been built up over a number of years.
支持反对某些政策个人的偏见减少,因为工作关系不会在数年内建立起来

more likely tothe established beliefs & a more effective way ofthe work of board committees
更有可能以既定的信念有效的方式开展董事会委员会工作&

Disadvantages of greater independence
更大独立性缺点

A key non-executive role, including in board committees, is providing strategic advice. This can often arise from a thorough knowledge of the strategic issues in a company or industry.
一个关键的非执行角色,包括董事会委员会中,提供战略建议。这通常可以从一个公司或行业的战略问题的透彻了解产生

sometimes serve as NEDs in the same company and are thus able to bring their experience of that industry and company to bear on committee discussions
有时同一公司担任非执行董事,因此能够将他们该行业和公司的经验带到与会讨论中

Directors' remuneration
董事酬金

9.1 Different components of directors’ rewards
9.1董事报酬不同组成部分

basic salary
基本工资

not linked to performance
业绩无关

A number of benefits in kind
若干实物福利

company cars, health insurance, use of health or leisure facilities, subsidised or free use of company products
公司汽车、健康保险、使用健康休闲设施、补贴或免费使用公司产品

Pension contributions
养恤金缴款

separate directors’ schemes may be made available at higher contribution rates than other employees.
独立董事计划供款率可能高于其他雇员。

Performance-related annual bonuses
与绩效相关的年度奖金

to medium term incentives
中期激励措施

Share options
股权

incentives
激励

remuneration
薪酬

Clearly adequate remuneration has to be paid to directors in order to attract and
必须董事支付足够薪酬吸引

individuals of sufficient calibre.
有足够能力的人。

Remuneration packages should be structured to ensure that individuals are
薪酬待遇的结构应确保个人

to achieve performance levels that are in the company and shareholders' best interests as well as their own personal interests.
以达到符合公司和股东最佳利益以及他们个人利益的业绩水平

basic salary
基本工资

attract and
吸引

Retention can be helped by the payment of one or more loyalty bonuses for staying more than an agreed time period. Again, these would be regardless of performance and intended solely to reward loyalty. These may not necessarily be monetary rewards. It may be, for example, that a director receives a car upgrade or additional days paid holiday after the agreed time period.
如果停留超过约定的时间,可以通过支付一个或多个忠诚度奖金来帮助留住员工。同样,这些考虑性能和目的只是为了奖励忠诚。这些一定金钱奖励例如董事可能在约定的时间段之后获得汽车升级额外带薪假期

A number of benefits in kind
若干实物福利

Pension contributions
养恤金缴款

Performance-related annual bonuses
与绩效相关的年度奖金

Share options
股权

The Greenbury committee in the UK set out principles which are a good summary of what remuneration policy should involve.
英国的Greenbury委员会制定了一些原则,这些原则很好地概括了薪酬政策应该涉及的内容。

Directors' remuneration should be set by
董事的薪酬

members of the board
董事会成员

Any form of bonus should be related to measurable
任何形式奖金都应该衡量的

performance or enhanced shareholder value
业绩提升股东价值

There should be fullof directors' remuneration, including pension rights, in the annual accounts
年度账目应充分列明董事薪酬,包括养老金权利

Issues connected with
相关问题

may include the following:
包括以下内容

The pay scales applied to each director's package
适用每位董事薪酬级表

The proportion of the different types of reward within each package
种奖励不同类型奖励比例

The period within which performance related elements become payable
与业绩有关要素成为应付款项期间

Balancing of different elements
不同元素平衡

Fixed and variable elements
固定可变要素

Immediate and deferred elements
即期递延要素

Cash and non-cash elements
现金非现金部分

9.4 Roles of a remunerations committee
9.4薪酬委员会作用

Firstly, the committee is charged with determining remunerations policy on behalf of the board and the shareholders.
第一委员会负责代表董事会和股东决定再融资政策。

scales/proportions/periods
规模/比例/时期

ensure each director is fairly but responsibly rewarded
确保每位董事都得到公平而负责任的报酬

market conditions, retention needs, long-term strategy and market rates for a given job
市场条件留用需求长期战略特定工作的市场费率

Secondly, the remunerations committee reports to the shareholders on the outcomes of their decisions, usually in the corporate governance section of the annual report (usually called Report of the Remunerations Committee). This report, which is auditor reviewed, contains a breakdown of each director’s remuneration and a commentary on policies applied to executive and non executive remuneration.
其次薪酬委员会股东报告其决策结果,通常在年度报告的公司治理部分(通常称为薪酬委员会报告)。报告核数师审阅,载有每名董事的薪酬明细对适用于行政及非行政人员薪酬的政策的评论。

Unitary & Two-tier boards
单层双层

10.1 Unitary & Two-tier boards
10.1单一双层

In a unitary board, all directors, including all executive and non-executive directors, are members. All directors are of
单一制董事会中,所有董事,包括所有执行董事和非执行董事,均为成员。所有董事均为

‘rank’ in terms of their ability to influence strategy and they also all share the collective responsibility in terms of legal and regulatory liability.
根据他们影响战略的能力来“排名”,他们也都在法律的和监管责任方面分担集体责任。

There is no distinction in constitution or law between strategic oversight and operational management.
宪法法律战略监督和业务管理没有区别。

Unitary & Two-tier boards
单层双层

Supervisory board: A supervisory board has workers' representatives and stakeholders' management representatives including banks' representatives. The board has no executive function, although it does review the company's direction and strategy and is responsible for safeguarding stakeholders' interests.
监事会:监事会由工人代表利益攸关方管理层代表组成,包括银行代表。董事会没有执行职能,但它确实审查公司的方向和战略,并负责维护利益相关者的利益

Management board: A management or executive board, composed entirely of managers, will be responsible for the day-to-day running of the business.
管理委员会:完全由经理组成的管理委员会或执行委员会负责企业日常运作

The supervisory board
the management board. Membership of the two boards is