What is governance？
什么是治理？
Any agency relationship involves two parties:
任何代理关系都涉及两方：
The agent is accountable to the principal.
代理人对委托人负责.
The relationship arises from the separation of management and ownership.
这种关系产生于经营权和所有权的分离。
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.
代理关系是代理人和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
代理的主要目的是履行其
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。
故意行为、不作为、疏忽或
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而不是股东的利益，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
股东拥有的一项权力是
remove the directors from office.
罢免董事职务。
Introduce the activities of the agent.
介绍代理商的活动。
2 What is corporate governance?
2、什么是公司治理？
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 | board 要求股东解释 |
Responsibility | 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. |
Reputation | how others view full access to resource and product markets |
Independence | unduly influenced by vested interests |
Fairness | taking into account everyone who has a legitimate interest minority shareholders. |
Scepticism | non-executive directors (NEDs) to adopt an air of scepticism so that they can effectively challenge management decisions in their role of scrutiny. |
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，
没有遵守公司治理准则的细节
or other provision. Examples： USA– Sarbanes-Oxley Act 2002(SOx)
或其他规定。例如：美国-2002年萨班斯-奥克斯利法案（SOX）
无论出于何种原因，当一家公司详细遵守守则的每一项规定时，上市规则规定，该公司必须（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，自己判断违约的严重性。示例：英国组合代码2006（CC06）
Against
对
Principles | rules | |
Less costly | cheaper | |
Flexible | the demands of their own industry or shareholder preferences. | |
Transitional | unexpected change such as a death in service | |
Consistency and full compliance | A ‘box ticking’ approach offers the advantage of gaining full compliance at all times greater overall confidence |
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
不同的期望
在组织上。
利益相关者主张是指利益相关者的利益对组织提出的要求。管理层必须对不同利益相关者的主张做出决定.
Employees | Pay, working conditions and career path 薪酬、工作条件和职业道路 Employees also have information requirements - immediate work environment and which is future orientated. |
Trade unions | Trade unions exist to protect employee interests - lax control and risk environment: jeopardise health and safety -discrimination Their influence will depend on the percentage of employees that are members. |
Suppliers | Major suppliers will often be key stakeholders, particularly in businesses where material costs and quality are significant. poor supplier relationship: withdraw credit /switch to supplying competitors |
Customers | low costs, quality and service support deeper moral needs |
Regulators | Actively promoting competition shareholder-stakeholder confidence in the information |
Classifications of stakeholders
利益攸关方的分类
Narrow & wide | most affected by the organisation’s policies - employees, suppliers less affected - wider community (as opposed to local communities) |
Voluntary& Involuntary | 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. Involuntary stakeholders have their stakeholding imposed and are unable to detach of their own volition. |
Active& passive | Those who seek to participate in the organisation's activities -managers, employees and regulators or pressure groups Those who do not seek to participate - institutional shareholders |
Importance of recognition of all of stakeholder claims
承认所有利益相关者主张的重要性
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是必要的
利益攸关方的认可对于评估影响力来源十分重要。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，更高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.
利益攸关方的承认是必要的，以确定利益攸关方之间的潜在冲突领域。
Instrumental view | mainly economic responsibilities / no moral standpoint of its own. 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. |
Normative view | moral duties towards stakeholders ethical and philanthropic responsibilities as well as economic and legal 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. |
评估利益相关者利益的相对重要性
这是一种映射
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
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.
该框架是动态的，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。组织的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段。如大型机构股东
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，但他们的观点在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
董事会结构
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
治理层
Non-executive directors
非执行董事
Board membership and roles
董事会成员和作用
Key issues for consideration for board membership are:
董事会成员需要考虑的关键问题是：
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-需要在不同观点和意见的好处与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。他们的人数和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.
在性别、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，所有这些都涉及向董事会推荐任命。
The first role is to establish the appropriate
第一个作用是建立适当的
执行董事和非执行董事（NED）之间的关系。在一些国家，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的
有效
lead the company and provide leadership. Any identified gaps
领导公司并发挥领导作用。任何已确定的差距
in these requirements should be filled by new appointments.
在这些需求中，应该通过新的任命来填补。
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的连续性、董事的留任和继任规划。
Fourth, it is responsible for determining the most desirable board size given the skill needs, cost constraints and strategies of the company.
第四，它负责根据公司的技能需求、成本限制和战略，确定最理想的董事会规模。
Finally, the committee is likely to be concerned with issues of
最后，委员会可能会关注以下问题：
并确保公司的董事会能充分代表公司经营所在的社会。
2 How to approach the task at HWL
2如何在和黄完成任务
industries, there is a network of people with similar interests and who are known to each other.
在这些行业中，有一个由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
它可以利用搜索公司和咨询公司来寻找可能愿意在董事会任职的人。这些可能有数据库的人服务于其他慈善委员会或人民
for a period of time in seeking to serve the wider
一段时间以来，为了更广泛地服务
public interest
公共利益
Third, the nominations committee could
第三，提名委员会可以
. 这很可能是
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.
经常以这种方式招聘。
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在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或过低。
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，和黄将可增加其社会认受性，并与社区及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，董事局成员多元化将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，和黄实际上须遵守多元化规定，因为短期内难以取代该等资金。
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从更广泛的人才库中受益，而不是在董事会多元化程度较低的情况下。代表广泛的人口阶层应意味着可以获得更广泛的技能、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将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的观点和意见得以表达。多数人的主导意见和“群体思维”现象可能导致采取从长远来看往往被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，一些相反和具有挑战性的声音，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.
入职培训的总体目的是最大限度地减少新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、价值观和文化。当新员工来自不同类型的文化时，这一点尤其重要。由于Sam从不同的国家加入了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.
案件中有证据表明，他误解了一些文化规范，因为据称他对一名年轻女雇员说了他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。在萨姆的情况下，这将涉及他的方向与他在结构中的位置，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，尽早了解战略是必不可少的，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，审计师的关系将是重要的，如果他参与融资，银行和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。在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).
山姆和安妮特很可能需要共同努力来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（这可以说是由于她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.
公司的经营将在很大程度上取决于董事会的决策，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. 持续专业发展应有助于
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，规定其合同限于特定期限（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
轮换退休的重要性
表现欠佳的董事轮流退休或终止合约。
It
它
Resignation with or without notice.
不管有没有通知。
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.
被移除，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可被免职。合资格缺勤期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.
被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”，例如向离职董事提供补偿。
Chairman and CEO
董事长兼CEO
领导和保护股东利益高于一切
培养并实现为股东创造上级价值的
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
监督、协调董事会与公司其他员工之间的沟通
The chairman is the leader of the board of directors.
董事长是董事会的领导者。
In this role, he or she is responsible for ensuring the
在这个角色中，他或她负责确保
作为一个整体，为股东服务。这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 the of the organisation, especially if the organisation in a public manner.
董事长在投资者和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，特别是如果组织以公开的方式进行。
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.
与此相关，董事长的职责包括与股东沟通。这在法定意义上发生在年度报告以及年度和特别股东大会上。
Importance of the chairman’s statement
主席声明的重要性
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，它为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。
这种独立的沟通是一个重要组成部分，
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.
角色分离的好处是，它使首席执行官能够完全专注于组织的管理，而不必向股东报告或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。
由两个人而不是一个人来领导一个大型机构，消除子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
非执行董事应发挥平衡影响力，在减少（包括执行董事）和
.
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
非执行董事的角色
The
的
非执行董事的角色是：战略角色、审查角色、风险角色和人员角色。
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，并提供建议或意见，以帮助制定成功的战略。
The
的
或者说是绩效角色是非执行董事最重要的。非执行董事必须让高管同事对所做的决定和公司业绩负责。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
的
非执行董事的职责是确保公司拥有适当的内部控制系统和风险管理系统。
Finally, in the
最后在
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。这通常涉及任用和薪酬问题，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有一个
非执行董事（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，指的是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及禁止相互担任董事。
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? | those with no previous contact with the other members more independent than those who may have some form of vested interest. |
from other companies within the same sector | still provide industry knowledge |
succession to a NED role from an executive position in the same company | bring their experience of that industry and company to bear on committee discussions |
Benefits of greater independence
更大独立性的好处
less likely to have prior vested interests (friendships or past professional relationships)
不太可能有先前的既得利益（友谊或过去的专业关系）
fewer prejudices for or against certain policies or individuals as working relationships will not have been built up over a number of years.
支持或反对某些政策或个人的偏见减少，因为工作关系不会在数年内建立起来。
more likely to the established beliefs & a more effective way of the work of board committees
更有可能以既定的信念更有效的方式开展董事会委员会的工作&
Disadvantages of greater independence
更大独立性的缺点
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，包括在董事会委员会中，是提供战略建议。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。
有时在同一家公司担任非执行董事，因此能够将他们在该行业和公司的经验带到与会者讨论中
Directors' remuneration
董事酬金
9.1 Different components of directors’ rewards
9.1董事报酬的不同组成部分
basic salary | not linked to performance |
A number of benefits in kind | company cars, health insurance, use of health or leisure facilities, subsidised or free use of company products |
Pension contributions | separate directors’ schemes may be made available at higher contribution rates than other employees. |
Performance-related annual bonuses | 中期激励措施 |
Share options | 激励 |
remuneration
薪酬
Clearly adequate remuneration has to be paid to directors in order to attract and
必须向董事支付足够的薪酬，以吸引和
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
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 | attract and 吸引和 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. |
A number of benefits in kind | |
Pension contributions | |
Performance-related annual bonuses | |
Share options |
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
董事的薪酬应按
董事会成员
Any form of bonus should be related to measurable
任何形式的奖金都应该与可衡量的
performance or enhanced shareholder value
业绩或提升股东价值
年度账目中应充分列明董事薪酬，包括养老金权利
Issues connected with
相关问题
可包括以下内容：
The pay scales applied to each director's package
适用于每位董事薪酬的薪级表
The proportion of the different types of reward within each package
每种奖励中不同类型奖励的比例
The period within which performance related elements become payable
与业绩有关的要素成为应付款项的期间
Balancing of different elements
不同元素的平衡
Fixed and variable elements
固定和可变要素
Immediate and deferred elements
即期和递延要素
Cash and non-cash elements
现金和非现金部分
9.4 Roles of a remunerations committee
9.4薪酬委员会的作用
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、长期战略和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，薪酬委员会向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）。本报告经核数师审阅，载有每名董事的薪酬明细及对适用于行政及非行政人员薪酬的政策的评论。
Unitary & Two-tier boards
单层双层板
10.1 Unitary & Two-tier boards
10.1单一双层板
In a unitary board, all directors, including all executive and non-executive directors, are members. All directors are of
在单一制董事会中，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
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.
宪法或法律对战略监督和业务管理没有区别。
Unitary & Two-tier boards
单层双层板
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：监事会由工人代表和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，负责企业的日常运作。
监事会管理委员会。两个委员会的成员包括
Insider and outsider systems
内部和外部系统
全世界不同制度的公司治理制度之间的一个关键区别是内部人所有权模式和外部人所有权模式，尽管在实践
Insider systems are where most companies listed on the local stock exchange are owned and controlled by a
内幕交易制度是指大多数在当地证券交易所上市的公司都由一个
股东股东可能是
members of the company’s founding families, banks, other companies or the government.
公司创始家族成员、银行、其他公司或政府。
外部系统是那些股权是
，还有经理-所有权
separation.
分居
Insider systems (family companies)
内部人制度（家族企业）
Family companies are perhaps the best example of insider structures. Agency is not really an issue with families because of their direct involvement in management.
家族企业也许是内部结构的最好例子。代理对家庭来说并不是一个真正的问题，因为他们直接参与管理。
Individual behaviour may be influenced not only by corporate ethical codes, but also by the family's ethical beliefs. Family companies may wish to invest for the longterm.
个人行为可能不仅受到公司道德守则的影响，而且还受到家庭道德信念的影响。家族企业可能希望进行长期投资。
However their longevity depends on the willingness of family members to continue to be actively involved. Family companies also depend on the maintenance of family unity.
然而，这些机构的寿命取决于家庭成员是否愿意继续积极参与。家族企业也依赖于家族团结的维系。
If this breaks down, governance may become very difficult.
如果这一点被打破，治理可能会变得非常困难。
Insider | Outsider | |
Agency problem | ||
Robust governance | ||
Minority | ||
Long-term? | ||
Hostile takeovers |
Public sector & Charities
公共部门
Private sector | making a profit shareholders who provide the capital |
Public sector | Provides services for the population either 收费或为成本。 health service, libraries. funded from local taxation, from central government grants |
Charities | not for profit purposes, funded from donations. |
main differences are in the aims and purposes of the public sector, its sources of funding and accountability. | |
Characteristics of public sector governance
公共部门治理的特点
Public sector organisations must have arrangements in place to demonstrate that
公共部门组织必须做出安排，以证明
在提供公共服务时得到适当利用和满足。
One way of measuring this is to evaluate performance against the three 'Es':
衡量这一点的一种方法是根据三个“E”来评估绩效
-以最低价格获得适当质量的投入
available
可用
-至少提供符合适当标准的服务
cost, time and effort
成本、时间和精力
-实现实体业绩计划中规定的预期目标
Required:
必需的：
Prepare a briefing note for the CFO which:
为首席财务官准备一份简报，其中：
Explains:
解释：
The specific nature of the
的具体性质
作为一个组织的BCO;
（a）拥有一个;
How the BCO’s mission and strategic objectives meet its
BCO的使命和战略目标如何实现
（12分）
Professional skills marks are available for demonstrating commercial acumen skills in demonstrating understanding of organisational issues relevant to the BCO. (2 marks)
专业技能标志可用于展示商业敏锐性技能，以展示对与BCO相关的组织问题的理解。（2分）
Answer - (ii) The advantages of a two-tier board structure
答案-（二）董事会双层结构的优点
One advantage of this governance arrangement is that there is a
这种治理安排的一个优点是，
between the
董事会的职能与
those (the management board).Additionally, the supervisory role of
这些（管理委员会）。此外，
the board of trustees acts as an effective
董事会作为有效的
针对管理效率低下和欺诈或不正常的活动。
，特别是那些向BCO捐款的人，他们将寻求保证他们的资金被BCO适当使用。
另一个好处是，董事会在其监督作用，将考虑的需要，包括工作人员和更广泛的社会。
The two-tier system also encourages
双层系统还鼓励
在慈善机构内部，在两个董事会级别之间，以及在董事会和他们所代表的利益攸关方之间。这种透明度在慈善部门尤其重要，因为慈善机构必须为它收到的各种资金提供资金。
The advantages of a two-tier board structure
双层董事会结构的优点
Board of trustees – monitor activities of the management board
董事会-监督管理委员会的活动
Clear separation of duties
明确职责分工
Maintain trust of stakeholders
保持利益相关者的信任
Encourages transparency
鼓励透明度
Risk management system
风险管理体系
Internal control system
内部控制制度
Internal control is a process effected by an entity's board of directors, management and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
内部控制是一个实体的董事会、管理层和其他人员实施的程序，旨在为实现下列类别的目标提供合理的保证
Effectiveness and efficiency of operations
营运有效性及效率
Reliability of reporting
报告的可靠性
Compliance with laws and regulations'
遵守法律法规
Purposes of control systems
控制系统的目的
Facilitate its effective and efficient operation by enabling it to respond appropriately to significant business, operational, financial, compliance and other risks to achieving the company's objectives.
通过使其能够适当地应对重大业务、运营、财务、合规和其他风险，以实现公司目标，从而促进其有效和高效的运营。
This includes the safeguarding of assets from inappropriate use or from loss and fraud and ensuring that liabilities are identified and managed.
这包括保护资产不被不当使用或损失和欺诈，并确保负债得到确定和管理。
Help ensure the quality of internal and external reporting. This requires the maintenance of proper records and processes that generate a flow of timely, relevant and reliable information from within and without the organisation.
帮助确保内部和外部报告的质量。这就要求保持适当的记录和程序，以便从组织内外产生及时、相关和可靠的信息流。
Help ensure compliance with applicable laws and regulations, and also with internal policies with respect to the conduct of businesses.
帮助确保遵守适用的法律和法规，以及与业务行为有关的内部政策。
internal control systems
内部监控系统
Be embedded in the operations of the company and form part of its culture
融入公司运营并成为公司文化
Be capable of responding quickly to evolving risks
能够快速应对不断变化的风险
within the business
业务内
Include procedures for reporting immediately to management significant control failings and weaknesses together with control action being taken(whistleblower provision)
包括立即向管理层报告重大控制失误和弱点以及正在采取的控制行动的程序（举报人规定）
4 Typical reasons - Ineffective internal controls
4典型原因-内部控制不力
Costs outweighing benefits.
成本大于收益。
Failures in human judgement when assessing a control, or fraud in measuring or reporting a control.
在评估控制时，人的判断失误，或在衡量或报告控制时存在欺诈。
Collusion between employees, perhaps with a vested interest in misapplying or circumventing a control.
员工之间的勾结，也许与滥用或规避控制的既得利益有关。
Non-routine or unforeseen events can render controls ineffective if they are intended to monitor a specific process only.
非常规或不可预见的事件可能会使控制无效，如果它们的目的只是监测一个特定的过程。
以前的或现有的控制可能会过时，因为它们没有更新以满足变化的条件。例如，如果要继续保持有效，
There should ideally be a pyramid of controls in place, ranging from
理想情况下应该有一个金字塔的控制到位，从
corporate controls at the top of an organisation (for example ethical codes),
组织最高层的公司控制（例如道德守则），
management controls (budgets),
管理控制（预算），
process and transaction controls (authorisation limits / completeness controls).
流程和交易控制（授权限制/完整性控制）。
Risk concept
风险理念
Risk is a condition in which there exists a quantifiable dispersion in the possible results of any activity.
风险是一种状态，在这种状态下，任何活动的可能结果都存在可量化的离散。
危险是指风险是否成为现实。
Uncertainty means that you do not know the possible outcomes and the chances of each outcome occurring.
不确定性意味着你不知道可能的结果和每个结果发生的机会。
是指由于存在另一种风险而变化的风险，或者两种风险同时存在。这意味着当一种风险增加时，它会对另一种风险产生影响，这两者是相关的。
是相关风险的一个特殊例子。如果两种风险正相关，即一种风险随着另一种风险的减少而减少，而另一种风险随着另一种风险的增加而增加，则风险正相关。如果一个上升，另一个下降，它们将呈负相关。
Risk appetite describes the willingness of an entity to become exposed to an unrealised loss (risk). It is usually understood to mean the position taken with regard to two notional preferences: risk aversion and risk seeking.
风险偏好描述了一个实体对未实现损失（风险）的意愿。它通常被理解为对两种名义偏好所采取的立场：风险厌恶和风险寻求。
Both preferences are associated with different levels of returns: those that are risk-seeking favour higher risks and higher returns with the converse being true for the risk averse.
这两种偏好都与不同的回报水平有关风险偏好者倾向于高风险和高回报，而风险厌恶者则相反。
Risk-averse entities will tend to be cautious about accepting risk, preferring to avoid risk, to share it or to reduce it. In exchange, they are willing to accept a lower level of return. Those with an appetite for risk will tend to accept and seek out risk, recognising risk to be associated with higher net returns.
规避风险的实体往往对接受风险持谨慎态度，宁愿避免风险、分担风险或减少风险。作为交换，他们愿意接受较低的回报水平。那些有风险偏好的人倾向于接受和寻求风险，认识到风险与更高的净回报有关。
Impact of risk on stakeholders
风险对利益攸关方的影响
Shareholders
股东
Debt providers and creditors
债务提供者和债权人
Employees
员工
Customers and suppliers
客户及供应商
The wider community
更广泛的社区
Internal/control environment
内部/控制环境
The internal or control environment is influenced by
内部或控制环境受到以下因素的影响：
towards control (tone at the top), the organisational structure and the
走向控制（语气在顶部），组织结构和
Culture is 'the pattern of basic assumptions that a given group has invented, discovered, or developed, in learning to cope with its problems of external adaptation and internal integration, and that have worked well enough to be considered valid and, therefore, to be taught to new members as the correct way to perceive, think and feel in relation to these problems.'
文化是“一个特定群体在学习科普外部适应和内部整合问题时发明、发现或发展的基本假设的模式，这些模式已经足够有效，因此可以被认为是有效的，因此可以被教导给新成员，作为感知、思考和感受这些问题的正确方式。'
风险意识是一个组织的能力，能够从任何
source they may come.
来源可能会来。
风险意识文化表明，这种能力（或能力）存在于组织中，并融入正常的日常工作、思维方式，并嵌入公司的内部，
The methods by which risk awareness and management can be embedded in organisations are as follows:
风险意识和风险管理可以嵌入组织的方法如下：
向工作人员宣传风险意识和风险管理信息，并公布成功事例。是确保风险嵌入整个组织的关键。
承认必须承担风险（因此，
Establishing performance indicators that
制定业绩指标，
到管理层这将确保风险委员会和/或董事会始终获得准确的信息。“意见箱”是向管理层提供反馈的一种方式。
Aligning individual goals with those of the organisation and building these in as part of the culture.
使个人目标与组织目标保持一致，并将其作为文化的一部分。
Including risk responsibilities with job descriptions. This means that employees at all levels have their risk responsibilities clearly and unambiguously defined.
包括风险责任和工作描述。这意味着所有级别的员工都有明确的风险责任。
Event identification
事件识别
【Ex - 2019/03 SmartWear】
[Ex-2019/03SmartWear]
Assesses the
评估了
并建议采取适当的缓解措施
Ex - 2020/03 Techthere4U Co】
Ex-2020/03Techthere4UCo]
分析新合同和保留现有合同的情况.
Strategic and operational risks
战略和业务风险
arise from the overall strategic positioning of the
从总体战略定位上看，
company in its . Some strategic positions give rise to greater risk exposures than others.
公司在其。有些战略头寸比其他头寸面临更大的风险。
由于战略问题通常会影响一个组织的整体，而不仅仅是一个或多个部分，因此战略风险可能涉及非常高的风险-它们可能具有非常高的风险和高回报。
指正常经营活动可能造成的损失。因此，它们会影响运营和业务系统的日常运行。例子包括影响组织的一部分而非整体的风险，例如机器故障、某些类型的数据丢失、工伤
The company currently pursues a cost leadership strategy which enables it to competitively price its products in its target markets; which has proved successful to date. However, cost leadership means that SmartWear must be the lowest cost supplier to the market, which is only possible if it can maintain high volume activities to absorb its cost base. However,
该公司目前奉行成本领先战略，使其能够在目标市场上以具有竞争力的价格为其产品定价;迄今为止，这已被证明是成功的。然而，成本领先意味着SmartWear必须是市场上成本最低的供应商，只有在能够保持高产量活动以吸收其成本基础的情况下才有可能。然而，在这方面，
他们不需要雇用销售人员或经营昂贵的零售店，
threatens the fundamental
威胁到基本的
目前的SmartWear商业模式。
There is a high dependency on overseas suppliers to continually provide SmartWear with the necessary clothing items to sell in its European retail outlets. These manufacturers are based a considerable distance from the core sales markets, which can make the supply lead time very long and reduces the company’s ability to respond to changing customer demands. This could lead to the added risk that if goods are over-ordered from the manufacturers then any surplus over demand may need to be sold at a discount, thereby reducing profitability.
SmartWear高度依赖海外供应商，以持续向其提供必要的服装产品，供其在欧洲零售店销售。这些制造商的基地距离核心销售市场相当远，这可能会使供应提前期非常长，并降低公司应对不断变化的客户需求的能力。这可能会导致额外的风险，即如果从制造商那里订购了过多的货物，那么任何超出需求的剩余货物都可能需要打折出售，从而降低盈利能力。
Co
The fundamental strategic risk is , resulting ultimately in loss of contracts and decline in revenues. Aspects of this risk include lack of awareness of what clients want. There may also be a lack of resources to respond to client demands for new services or better provision of existing services. There is possibly a lack of high-level awareness of recent developments, as there have been no recent appointees from the IT industry to the board.
根本的战略风险是，最终导致合同损失和收入下降。这种风险的方面包括缺乏对客户需求的认识。还可能缺乏资源来满足客户对新服务或更好地提供现有服务的需求。可能是高层对最近的事态发展缺乏认识，因为最近没有从信息技术行业任命董事会成员。
这种风险还涉及竞争者首先提供新服务，或其商业模式更好地了解客户需求和客户服务标准。TT4U传统上不会通过首先提供新服务来区分自己与竞争对手，但早期开发新服务可能是赢得新工作的关键因素。调查结果表明，一些客户认为缺乏对创新的承诺。
Co
In the client survey, responsiveness to clients, internal knowledge, communication and flexibility are all criticised. Methods of communication with clients seem old-fashioned and the website is criticised for being poorly designed. If operations are poor, these may be hygiene factors which influence clients’ contract renewal decisions.
在客户调查中，对客户的反应、内部知识、沟通和灵活性都受到批评。与客户沟通的方法似乎过时了，网站被批评设计糟糕。如果业务不佳，这些可能是影响客户续约决定的卫生因素。
An important selling point of cloud-based services which TT4U plans to offer is flexibility and ease of use. If the cloud is difficult to access in many places or there are frequent interruptions of service, TT4U will not be providing perhaps the most important deliverable.
TT4U计划提供的基于云的服务的一个重要卖点是灵活性和易用性。如果云在许多地方难以访问，或者服务经常中断，TT4U将无法提供最重要的交付成果。
These are the risks which arise from the way a business is financially structured, its management of working capital and its management of short and long-term debt financing.
这些风险来自企业的财务结构、营运资本管理以及短期和长期债务融资管理。
Cash flow can be strongly influenced by how much debt to equity a business has, its need to service that debt and the rate at which it is borrowed.
现金流可能受到企业的债务与股本之比、偿债需求以及借款利率的强烈影响。
Liquidity risk refers to the difficulties that can arise from an inability of the company to meet its short-term financing needs, i.e. its ratio of short-term assets to short-term liabilities.
流动资金风险是指公司无法满足其短期融资需求所产生的困难，即：其短期资产与短期负债的比率。
Credit risk is the risk to a company from the failure of its debtors to meet their obligations on time.
信贷风险是指公司因债务人未能按时履行其义务而面临的风险。
The most common type of credit risk is when customers fail to pay for goods that they have been supplied on credit.
最常见的信贷风险类型是客户未能支付以信贷形式提供的货物。
Currency risk/ Exchange rate risk
货币风险/汇率风险
Currency risk is the possibility of loss or gain due to future changes in exchange rates.
货币风险是指因未来汇率变动而产生损失或收益的可能性。
When a firm trades with an overseas supplier or customer, and the invoice is in the overseas currency, it will expose itself to exchange rate or currency risk.
当一家公司与海外供应商或客户进行贸易，并且发票是以海外货币开具时，它将使自己面临汇率或货币风险。
SmartWear currently operates in Noria and two other European countries, with their own currency. Also, the manufacturers of all SmartWear products are based in Asia and will expect payment in their functional currencies. Therefore, the current business model exposes the company to volatility in the relative movement of exchange rates which could potentially result in higher costs, consume excess cash and reduce corporate profitability.
SmartWear目前在Noria和其他两个欧洲国家运营，使用自己的货币。此外，所有SmartWear产品的制造商都位于亚洲，并将期望以其功能货币付款。因此，目前的业务模式使公司面临汇率相对波动的风险，这可能导致成本上升，消耗多余的现金并降低公司盈利能力。
As
作为
与它获得供应的国家相比
As a listed company in Noria, SmartWear will have to prepare its financial statements in the Norian currency. This requires the value of assets and liabilities held in each operating country to be
作为Noria的上市公司，SmartWear将不得不以Norian货币编制财务报表。这要求在每个经营国家持有的资产和负债的价值，
诺利亚货币，再次可能对申报利润产生负面影响。
As with foreign exchange rates, future interest rates cannot be easily predicted. If a firm has a significant amount of variable (floating) rate debt, interest rate movements will give rise to uncertainty about the cost of servicing this debt. Conversely, if a company uses a lot of fixed rate debt, it will lose out if interest rates begin to fall.
与外汇汇率一样，未来的利率也不容易预测。如果一家公司有大量的可变（浮动）利率债务，利率变动将引起对偿还债务成本的不确定性。相反，如果一家公司使用了大量的固定利率债务，如果利率开始下降，它将遭受损失。
2020/03 Techthere4U Co
TT4U may be less visible than other firms. Competitors may be attracting more business by better use of online tools such as search optimisation or better generation of publicity about the services which they are offering. The comments in the survey suggest that clients find TT4U’s website poor and believe the company is not making enough use of other media.
TT 4U可能比其他公司更不显眼。竞争对手可能会通过更好地使用在线工具（如搜索优化）或更好地宣传他们所提供的服务来吸引更多的业务。调查中的评论表明，客户认为TT 4U的网站很差，并认为该公司没有充分利用其他媒体。
2019/03 SmartWear
2019/03智能穿戴
The SmartWear business model has successfully positioned itself at the low end of its target market, where it has become the market leader. However, during the economic recession in Noria, it is likely that many established competitors will also seek to gain more of the lucrative budget-conscious end of the clothing market. This is directly targeting SmartWear’s dominant position, which has already resulted in an erosion in its market share.
SmartWear的商业模式成功地将自己定位在目标市场的低端，并成为市场领导者。然而，在诺里亚的经济衰退期间，许多老牌竞争对手可能也会寻求在服装市场利润丰厚的非营利组织中获得更多利润。这直接针对SmartWear的主导地位，这已经导致其市场份额受到侵蚀。
产品风险将包括因生产一种产品而造成财务损失的风险。这些包括需要补偿不满意的客户，如果产品必须从市场上撤回或由于声誉损失而可能造成的销售损失
However product risks also include the risks involved in
然而，产品风险还包括以下风险：
2019/03 SmartWear
2019/03智能穿戴
This relates to the risk of changing conditions in the marketplace, such as the increasing tendency of consumers to shop online. This particular aspect of market risk presents significant challenges to traditional retail businesses like SmartWear, where failure to successfully adapt could make the current business model obsolete over a relatively short period of time.
这与市场条件变化的风险有关，例如消费者越来越倾向于网上购物。市场风险的这一特殊方面给SmartWear等传统零售企业带来了重大挑战，如果未能成功适应，可能会使当前的商业模式在相对较短的时间内过时。
Health and safety risk, and particularly the
健康和安全风险，尤其是
特定健康和安全风险的发生通常会因多种因素而增加。
The first is a lack of a health and safety policy.
首先是缺乏健康和安全政策。
The second is a lack of emergency procedures or a failure to deal with hazards that arise.
第二种是缺乏应急程序或未能处理出现的危险。
Third, a poor health and safety culture can undermine an otherwise good policy if management and staff are lax towards health and safety, or believe it to be unimportant.
第三，如果管理层和员工对健康和安全松懈，或者认为健康和安全不重要，那么糟糕的健康和安全文化可能会破坏原本良好的政策。
Ex - 2020/03 Techthere4U Co
Key person risk
关键人物风险
Key person risk particularly applies to the founder executive directors, given their central place in TT4U throughout its history and the contacts they have built up. The departure of any of them could be seen as indicating that TT4U is undergoing a period of instability.
关键人物风险尤其适用于创始人执行董事，因为他们在TT4U的历史中处于中心地位，并且他们已经建立了联系。他们中任何一个人的离开都可以被视为表明TT4U正在经历一段不稳定时期。
Other staff may have particular close relations with some clients or expertise which may adversely impact TT4U if it was lost, particularly if they joined competitors.
其他工作人员可能与某些客户或专门知识有着特别密切的关系，如果失去这些关系或专门知识，特别是如果他们加入竞争对手，可能会对TT4U产生不利影响。
Reputation risk is a loss of reputation caused as a result of the adverse consequences of another risk. Of all the major risks, reputation risk is the risk that is most strongly
声誉风险是由于另一种风险造成的声誉损失的不利后果。在所有主要风险中，声誉风险是最强烈的风险
因为它的水平部分取决于其他风险实现的可能性。
The other main determinant of the level of reputation risk is
声誉风险水平的另一个主要决定因素是
Co
Data risk
数据风险
All the data management services provided by TT4U, not just those on the cloud, generate risks of loss to their clients. These include the risks of loss or corruption of data, whether due to accident or deliberate action by hackers.
TT4U提供的所有数据管理服务，而不仅仅是云上的服务，都会给客户带来损失风险。这些风险包括数据丢失或损坏的风险，无论是由于事故还是黑客的故意行为。
There is also the risk of confidential data being accessed by unauthorised users, and publicised or used for illicit advantage.
此外，保密数据亦有可能被未经授权的使用者取用，并被公布或用于非法目的。
Reputation risk
声誉风险
It may be particularly serious if TT4U is associated with a major problem, for example, a leakage of confidential data.
如果TT4U与重大问题有关，例如机密数据泄漏，则可能特别严重。
Reputation risk can also relate to criticisms that TT4U is generally not providing a good service. The article highlights important features of service and the client survey indicates TT4U has problems in some of these areas. If these problems are publicised online by users, this can erode confidence in what TT4U offers.
声誉风险也可能与TT4U通常没有提供良好服务的批评有关。文章强调了服务的重要特征，客户调查表明TT4U在其中一些领域存在问题。如果这些问题被用户在网上公布，这可能会削弱人们对TT4U产品的信心。
Legal risks
法律的风险
Political risk
政治风险
Technological risks
技术风险
Environmental risk
环境风险
Ex - 2014/06 Q2 (b) Explain ‘business risk’ and ‘financial risk’ and discuss why risks might vary by sector as the website indicated. (8 marks)
Ex -2014/06 Q2（B）解释“业务风险”和“财务风险”，并讨论为什么风险可能因行业而异，如网站所示。（8分）
Sectors exist in This means that the external factors which affect businesses and give rise to risks are different.
这意味着影响企业和产生风险的外部因素是不同的。
Some industries, for example, are mainly located within a certain geographical area whilst others are international, thereby giving rise to such risks as exchange rate risk, etc.
例如，有些行业主要位于某个地理区域内，而另一些行业则是国际性的，因此会产生汇率风险等风险。
Some exist in relatively simple and stable environments whilst others are in more turbulent and changeable environments. Thus, in more unstable and complex environments, perhaps with greater levels of regulation, changing consumer patterns and higher technology, companies will be subject to greater risks than those in more stable and simple environments.
有些存在于相对简单和稳定的环境中，而另一些则处于更动荡和多变的环境中。因此，在更不稳定和复杂的环境中，也许随着监管水平的提高，不断变化的消费者模式和更高科技公司将比在更稳定和简单的环境中面临更大的风险。
Companies in different sectors adopt
不同行业的公司采用
. 这意味着增值的方式将
differ substantially among companies in different sectors.
不同行业的公司之间存在很大差异。
In a service industry, for example, value is added by the provision of intangible products, often with the direct intervention of a person. In a manufacturing company, there will be risks associated with inventory management which a service industry will not be exposed to.
例如，在服务业中，价值是通过提供无形产品而增加的，往往是在人的直接干预下。在制造企业中，会有与库存管理相关的风险，而服务行业不会面临这些风险。
Conversely, a company in a service industry such as insurance or banking is more likely to be exposed to certain technical skill shortages and fraud risks.
相反，保险或银行等服务行业的公司更有可能面临某些技术技能短缺和欺诈风险。
Different sectors have
不同部门有
So whereas a traditional manufacturing company might have very little debt, a civil engineering business undertaking individual large projects might take on large amounts of medium-term debt to finance the project.
因此，传统制造企业的债务可能很少，而承担单个大型项目的土木工程企业可能会承担大量中期债务来为项目融资。
This means that risks are greater in such a business because of the financial gearing which is lower in the traditional company funded mainly by shareholders’ equity or retained surpluses.
这意味着这种业务的风险更大，因为传统公司的财务杠杆率较低，主要由股东权益或留存盈余提供资金。
Some companies have different cost structures which make them more risky in different economic circumstances. Companies with high operational gearing, such as those having very high fixed costs compared to variable costs, have more volatile returns simply because of the structure of their cost base.
有些公司有不同的成本结构，这使它们在不同的经济环境下风险更大。运营杠杆率高的公司，例如固定成本与可变成本相比非常高的公司，由于其成本基础的结构，其回报更不稳定。
Risk assessment and response
风险评估和应对
风险评估是通过估计两个风险来评估风险
variables: the of the risk event being
变量：风险事件的
realised and the that the risk would have if it were realised.
如果风险已经实现，它将被实现。
Probability refers to the
概率是指风险实现的可能性，并以百分比或比例表示（例如：0.5的风险被认为是50%的可能性）。影响是指
The estimated values of these two variables can be plotted on a risk assessment ‘map’, where the two axes are impact and probability. Then, different risk management strategies can be assigned depending upon the area of the map the risk is plotted in.
这两个变量的估计值可以绘制在风险评估“地图”上，其中两个轴是影响和概率。然后，可以根据绘制风险的地图区域分配不同的风险管理策略。
The audit and risk committee is also aware of discussions from a senior leadership team meeting regarding the use of child-labour on cocoa farms supplying the chocolate manufacturing industry. At this meeting, which you also attended, there was a discussion regarding Dulce’s response to the findings of a recent news article.
审计和风险委员会还了解高级领导小组会议关于供应巧克力制造业的可可农场使用童工问题的讨论。在这次会议上，你也参加了，有一个讨论关于杜尔塞的反应，最近的一篇新闻文章的调查结果。
The
的
该组织指出，不需要答复，因为大多数客户不知道这一问题，而且使用童工在大多数可可农中很常见，是一种公认的做法。
However, the
但
因此，该组织坚持认为，必须不惜一切代价消除这种风险，杜尔塞必须立即停止使用所有使用童工的可可农民，并寻找新的可可农民。
The
的
建议杜尔塞继续使用可可种植者，但必须更有效地控制和监督他们，以保持道德标准。
Required:
必需的：
You have been asked by the chairman of the audit and risk committee to prepare three presentation slides, with accompanying notes, for presentation at the next board meeting, which:
审计和风险委员会主席要求您准备三张演示幻灯片，并附有注释，以便在下次董事会会议上演示，其中：
Identify how each risk response suggested by the three directors would be
确定三位董事建议的每项风险应对措施将如何
categorised using an appropriate risk management framework; (4 marks)
使用适当的风险管理框架进行分类;（4分）
Evaluate the appropriateness of the risk responses of the operations director and the human resource director; and (6 marks)
评估运营总监和人力资源总监风险应对的适当性
Consider the suggestions of the finance director, including recommendations for TWO control activities which should be implemented to assist in managing this risk. (6 marks)
考虑财务总监的建议，包括应实施的两项控制活动的建议，以帮助管理此风险。（6分）
Use of the TARA approach.
使用塔拉方法。
HR director response fits with the
人力资源总监的反应符合
Impact is high, particularly on reputation and lives of those being exploited.
影响很大，特别是对被剥削者的声誉和生活的影响。
Likelihood is high. Widespread practice in the industry.
可能性很高。在行业内广泛实践。
OD的建议符合方法。
He believes impact is low as most customers are unaware of child-labour practices.
他认为，影响很小，因为大多数客户不知道童工的做法。
Therefore – take no action.
因此-不要采取任何行动。
FD的方法符合方法。
Low impact in the context of the industry-wide use of child-labour by cocoa farmers and the lack of awareness of its customers.
在可可种植者普遍使用童工和消费者缺乏认识的情况下，影响很小。
Likelihood high, given high number of cocoa farmers used in Geeland and Rodia.
可能很高，因为吉兰和罗迪亚的可可种植者人数很多。
Risk assessment is a dynamic management activity because of
风险评估是一项动态管理活动，
and because of
而且由于
of the organisation which interact with that
与之互动的组织
environment.
环境
Changes in the environment might include changes in any of the
环境的变化可能包括任何（政治、经济、社会、技术）或任何
change such as a change in the of suppliers, buyers or competitors.
变化，如供应商、买家或竞争对手的变化。
And thus there needs to be a
因此，需要有一个
不是一个活动。
4 Objective and subjective risk perception
4客观和主观风险认知
In some instances the assessment can be made with a high degree of certainty, maybe even scientific accuracy. An example of a risk, the likelihood of which can be objectively measured, is the next outcome of tossing a coin.
在某些情况下，评估可以有高度的确定性，甚至科学的准确性。抛硬币的下一个结果就是风险的一个例子，它的可能性可以客观地衡量。
然而，在其他情况下，不可能做到定量准确，必须评估风险。
5 Importance of accurate risk assessment
5准确风险评估的重要性
If the assessment process underestimates the importance of the risks, risk management procedures may be inadequate. The risks may then materialise and the company may not only have to bear the losses arising from the risks crystallising, but also suffer opportunity cost for expenditure on risk management that turns out to be ineffective.
如果评估过程低估了风险的重要性，则风险管理程序可能不充分。这些风险可能会变成现实，而公司可能不单要承担因风险出现而引致的损失，更要承担因风险管理开支而最终未能发挥效用的机会成本。
If the importance of risks is exaggerated by the risk assessment process, then excessive measures may be taken to manage these risks. These may involve unnecessary costs and inefficient resource allocation, and mean that the business is unable to take advantage of profitable opportunities.
如果风险评估过程夸大了风险的重要性，则可能会采取过度措施来管理这些风险。这可能涉及不必要的成本和低效的资源分配，并意味着企业无法利用有利可图的机会。
Many businesses undertake hazardous activities where there is a risk of injury or loss of life (for example on an oil rig, factory or farm). These risks cannot be avoided completely. However they have to be reduced to an acceptable level by incurring the costs of risk mitigation – installing protective shielding, issuing safety equipment like hats or protective glasses.
许多企业在有伤害或生命损失风险的地方开展危险活动（例如在石油钻井平台、工厂或农场）。这些风险是无法完全避免的。然而，必须通过降低风险的成本将其降低到可接受的水平-安装防护屏蔽，发放安全设备，如帽子或防护眼镜。
The level of risk mitigation is a trade off between cost and the assessment derived from the risk’s likelihood and impact. Judgement will though be involved in deciding what level of risk is as low as reasonably practicable (ALARP).
风险缓解的程度是成本与根据风险的可能性和影响得出的评估之间的权衡。然而，在决定什么样的风险水平是合理可行的最低水平（ALARP）时，将涉及判断。
Control Activity
控制活动
Segregation of duties | eg the chairman/CEO roles should be split |
Physical | custody of assets |
Authorisation | non-executive directors to decide directors’ pay |
Management | eg tasking internal audit |
Supervision | budget monitoring through exception or variance reports |
Organisation | reporting lines |
Arithmetical | |
Personnel | recruitment, training |
The executive summary of an internal audit report on SmartWear's supply chain management has been given to you by the chair of the audit committee. The report identified a number of significant issues in areas such as an appraisal of existing suppliers' performance and internal reporting provisions.
关于SmartWear供应链管理的内部审计报告的执行摘要已由审计委员会主席提交给您。该报告指出了一些重要问题，如现有供应商业绩评估和内部报告规定。
On behalf of the board of directors, the chair of the audit committee has asked you to provide the buying and merchandising director with an objective appraisal of the supply chain management arrangements at SmartWear to effectively address the various issues raised in the report.
审计委员会主席代表董事会要求您向采购和销售总监提供对SmartWear供应链管理安排的客观评估，以有效解决报告中提出的各种问题。
Required:
必需的：
起草一份备忘录给采购和销售总监，评估公司内部控制系统，特别是采购方面的内部控制系统，并改进控制措施，以纠正确定的关注领域。(12标记）
Cost controls
成本控制
The internal audit report claims that a ‘culture of carelessness’ has developed among SmartWear buyers who do not engage closely with the clothing suppliers. The result is that the cost of individual supply contracts is not periodically reviewed or compared against industry averages, and only renegotiated when they come up for renewal after several years. This means that SmartWear could be incurring avoidable increases in its cost base, and a resultant erosion of gross margins.
内部审计报告称，SmartWear买家中已经形成了一种“粗心文化”，他们与服装供应商没有密切联系。其结果是，没有定期审查个别供应合同的费用，也没有将其与行业平均数进行比较，而只是在几年后需要续签合同时才重新谈判。 这意味着SmartWear可能会导致其成本基础的不可避免的增加，从而导致毛利率的下降。
Corporate social responsibility issues
企业社会责任问题
Supply contract terms and conditions stipulate minimum standards for the treatment of a supplier’s workforce. However, recent reports have clearly indicated that some SmartWear suppliers have been in breach of this contract term, but the buying team has not challenged these manufacturers’ practices.
供应合同条款和条件规定了供应商员工待遇的最低标准。然而，最近的报道明确指出，一些SmartWear供应商违反了这一合同条款，但购买团队并没有对这些制造商的做法提出质疑。
This could be because the buying department is under pressure to maintain low costs, so they do not wish to impose additional costs on the suppliers who may attempt to pass these on to SmartWear.
这可能是因为采购部门面临着维持低成本的压力，因此他们不希望将额外成本强加给可能试图将这些成本转嫁给SmartWear的供应商。
A stated strategic goal of the company in its mission statement is to function at the highest standards of social responsibility, and to expect the same from its suppliers. It is therefore wholly unacceptable to knowingly permit such unethical practices to continue for financial expediency.
该公司在其使命声明中明确的战略目标是以最高标准的社会责任运作，并期望其供应商也能做到这一点。因此，为了经济上的权宜之计而故意允许这种不道德的做法继续下去，是完全不能接受的。
Poor reporting around supplier relationships
关于供应商关系的报告不足
Key to any control system is regular and accurate
任何控制系统的关键是定期和准确
以便识别和纠正任何问题或严重问题，而不会出现不必要的延误。
At SmartWear only those issues which are considered to be of a serious nature are brought to the attention of the board and senior management. However, the basis upon which the term ‘serious’ is defined is open to wide interpretation. The result is that low level staff are deciding which matters need to be escalated, and this in turn could lead to cover ups or business failures going unaddressed.
在SmartWear，只有那些被认为性质严重的问题才会提请董事会和高级管理层注意。不过，界定“严重”一词的根据，可作广泛的解释。其结果是，低级别的工作人员决定哪些事项需要升级，这反过来又可能导致掩盖或业务失败得不到解决。
Recommended control improvements
建议的控制改进
Cost controls
成本控制
The buyers need to be tasked to be
买家需要承担的任务是
在他们的供应合同的管理，以确保该公司是获得最佳价值的金钱。
Contract periods could be shortened to allow for any potential cost savings to be realised more frequently.
合同期可以缩短，以便更频繁地实现任何潜在的成本节约。
The careful monitoring of the quality of the products manufactured and the efficient delivery of orders placed should ensure that the suppliers aim to continuously meet the terms of their contracts with SmartWear.
对所生产产品的质量进行仔细监控以及有效交付订单应确保供应商能够持续满足与SmartWear签订的合同条款。
The buyers require carefully drafted job descriptions, setting out the expectations and competences needed to fulfil this important role at SmartWear.
买家需要精心起草的职位描述，列出在SmartWear履行这一重要角色所需的期望和能力。
Management should then set individual objectives and targets, with performance based rewards, to motivate the buying team to deliver results which will ultimately improve corporate performance.
然后，管理层应设定个人目标和指标，并根据业绩奖励，以激励采购团队交付最终将提高公司业绩的成果。
Corporate social responsibility issues
企业社会责任问题
Those suppliers who are in clear breach of their supply contract need to be formally advised that they must immediately bring the working conditions at their factories , or the
必须正式通知那些明显违反供应合同的供应商，他们必须立即改善工厂的工作条件，
.
However, their remedial actions will need to be independently validated and that this might best be achieved through SmartWear auditors making periodic unannounced spot checks at supplier factories.
然而，他们的补救措施需要独立验证，最好通过SmartWear审计员对供应商工厂进行定期突击抽查来实现。
需要做出协调一致的公关努力，让购买公众和投资者放心，SmartWear已经采取必要行动来处理这个问题。这将需要起草一份措辞明确的声明，以最适当的方式传达。
It is also important to stress to the buying department that although prudent financial management of the supply chain is key to business success, any unethical behaviour presents a major risk to the company.
同样重要的是要向采购部门强调，尽管谨慎的供应链财务管理是业务成功的关键，但任何不道德的行为都会给公司带来重大风险。
Poor reporting around supplier relationships
关于供应商关系的报告不足
Standardised procurement reports should be produced and submitted to senior management on a frequent basis. These reports must provide an update on all current supply contracts, and remove any subjectivity by defining the reporting parameters.
应经常编制标准化的采购报告并提交给高级管理层。这些报告必须提供所有当前供应合同的最新情况，并通过定义报告参数消除任何主观性。
This control will ensure that the procurement team do not become complacent and manage the supply chain effectively and in the best interests of the company.
这种控制将确保采购团队不会自满，并有效地管理供应链，以实现公司的最佳利益。
通过这些报告，我们可以了解SmartWear业务模式的这一重要方面，从而采取适当的行动来优化运营和财务绩效。
3 The chairperson has asked to meet with the chief executive officer (CEO) to discuss the BCO’s current risk management approach. The
3主席已要求与首席执行官会面，以讨论建筑事务处目前的风险管理方法。目前的风险登记册没有充分评估已识别风险的严重性，一些相关风险根本没有被涵盖。他还感到关切的是，鉴于最近外部环境的变化和事件，减少风险的活动不够。
审计委员会认为，风险登记册及其风险缓解活动是，主席是反应过度的最新财务业绩和行业研究报告。她请求你在这件事上给予帮助。
Required:
必需的：
准备一份机密报告，评估BCO当前的风险和每一种风险的风险，明确强调主席的担忧是否合理。（15分）
Fund-raising
集资
The risk register identifies that we may not be able to raise the required level of funding to cover our costs. From an analysis of our latest annual report it is clear that the BCO’s income is just managing to cover its expenditure and in fact, had we not sold a property in the year, then the BCO would have been in deficit. Therefore, this is a
风险登记册识别我们可能无法筹集所需资金水平以支付我们的成本。从我们最新的年度报告的分析可以清楚地看出，BCO的收入只是设法支付其支出，事实上，如果我们没有在这一年出售一处房产，那么BCO将出现赤字。因此，这是一个
在未来的几年里。
As the charity sector has clearly come under scrutiny and much criticism recently, we will face significant challenges in the coming years to increase our income, without undertaking more promotion and awareness programmes, which inevitably will cost money. We will have to balance this drive for increased income with ensuring our activities remain ethical and do not harm our reputation.
由于慈善部门最近显然受到审查和许多批评，我们将在未来几年面临增加收入的重大挑战，而不进行更多的宣传和提高认识方案，这不可避免地会花费资金。我们必须在增加收入的动力与确保我们的活动保持道德和不损害我们的声誉之间取得平衡。
Implementing appropriate cost budgeting procedures is clearly an important aspect of managing our expenditure, but it
实施适当的成本预算程序显然是管理我们支出的一个重要方面，但它
如何增加收入流。因此，该风险管理活动对改善我们的集资风险的作用有限。它所做的只是管理我们所承担的成本。
Similarly, benchmarking our financial returns is a relatively reactive approach to mitigating our risks and
同样，对我们的财务回报进行基准测试是一种相对被动的方法，可以减轻我们的风险，
增加收入来源。
Stewardship reporting for stakeholders in our annual report is a key aspect of transparency and communication with our stakeholders, but again, it will
在我们的年度报告中向利益相关者提供管理报告是透明度和与利益相关者沟通的一个关键方面，但同样，
克服我们筹集足够资金能力的风险。
Overall, I consider that the chairperson has a valid point in regard to whether our risk mitigating activities relating to fund raising are adequate and that he is not overreacting. Our current risk mitigating activities are only likely to give us increased information on potential reasons of our fund-raising levels and costs and not how to address/ improve them.
总的来说，我认为主席关于我们与筹资有关的风险缓解活动是否充分的问题有一个正确的观点，他没有反应过度。我们目前的风险缓解活动只可能为我们提供更多关于我们筹资水平和费用的潜在原因的信息，而不是如何解决/改善这些问题的信息。
Loss of key staff and employment issues
关键工作人员的流失和就业问题
This is a significant risk to the BCO, as our staff are a key asset in the delivery of our animal protection activities. We invest significant sums in training staff and it could be a huge financial and potentially reputational loss when staff leave.
这对BCO来说是一个重大风险，因为我们的员工是我们开展动物保护活动的关键资产。我们在培训员工方面投入了大量资金，当员工离开时，这可能是一个巨大的财务和潜在的声誉损失。
如果我们失去了这方面的专业知识，我们必须然后要么购买或重新培训，我们运行的风险，不能达到高标准的运作，我们为自己设定的。因此，这是一个合理的风险，
作为一个组织。
Adequacy of risk mitigating activities
风险缓解活动的准确性
目前，我们的风险管理活动包括继任规划、通知期协议以及审查招聘流程和政策。这些风险管理活动似乎有助于减少和消除与员工流失相关的一些风险。
Succession planning is a critical aspect of ensuring staff continuity and successful handover of responsibilities when staff leave the organisation. This should ensure that we have a definite plan in place to ensure that remaining staff are ready and prepared to take on new roles and responsibilities when required. Also, this should assist in motivating remaining staff.
继任规划是确保工作人员连续性和在工作人员离开本组织时成功移交职责的一个重要方面。这应确保我们有一个明确的计划，以确保重新安置的工作人员随时准备在需要时承担新的角色和职责。此外，这应有助于激励剩余的工作人员。
Review of recruitment policies and processes is also a critical aspect in ensuring that we employ staff with the correct skills and attitudes, therefore hopefully resulting in lower staff turnover.
检讨招聘政策及程序，亦是确保我们聘用具备正确技能及态度的员工的重要一环，从而可望减少员工流失。
However, a key aspect of mitigation which is not considered is
然而，没有考虑到的减缓的一个关键方面是
方案，这将是激励工作人员继续致力于本组织的有效方式，从而降低工作人员更替率。这可能是主席认为我们的风险缓解活动不足的原因。因此，建议我们的风险登记册还应包括改进留存的活动。
Overall, our risks management activities relating to this risk are reasonably sufficient and the chairperson may be over critical of our risk management activities for this risk category.
整体而言，我们与该风险有关的风险管理活动合理充足，主席可能对我们就该风险类别的风险管理活动过于挑剔。
However, we must also include the implementation of appropriate and regular training programmes and skills updates for staff to enhance motivation and therefore improve retention.
然而，我们还必须包括为工作人员执行适当和定期的培训方案和技能更新，以提高积极性，从而更好地留住工作人员。
Competition
竞争
Competition in the charity sector is a key risk for the BCO, as evidenced in the recent sector research report, as a result of several external environmental factors. This competition inevitably means that we face a significant risk of reduced income and subsequently, a potential loss of public awareness and profile, should potential donors and supporters choose to support alternative causes. Therefore, the Risk committee is correct to include this within our risk register.
正如最近的部门研究报告所证明的那样，由于一些外部环境因素，慈善部门的竞争是巴西慈善组织面临的一个主要风险。这种竞争不可避免地意味着，如果潜在的捐助者和支持者选择支持其他事业，我们将面临收入减少的重大风险，随后可能会失去公众意识和形象。 因此，风险委员会将其纳入我们的风险登记册是正确的。
Adequacy of risk mitigating activities
风险缓解活动的准确性
我们目前的风险登记册表明，我们应使用监测服务提供情况和监测公众意识和形象等方法来管理这一风险。我认为，主席对竞争风险管理的关切可能是正确的，因为这些活动是为了有效管理对我们地位的严重威胁。
Monitoring of public profile and service delivery are useful starting points to assess our situation in the competitive environment and they may indeed assist us in identifying areas for improvement.
监察市民的形象和所提供的服务，是评估我们在竞争环境中的情况的有用出发点，并可协助我们找出可予改善的地方。
However, they are
但他们
以确保我们确实领先于竞争对手，因此主席对我们为减轻这种风险而采取的活动的担忧是正确的。我们应该考虑的活动，如确保和管理关键利益相关者的意识和客户/捐助者的生成/保留战略。
Therefore, I believe that the chairperson is not over reacting to the consequences of this risk and is correct in his assessment in the adequacy of our risk management activity.
因此，我认为主席对这一风险的后果并没有反应过度，他对我们风险管理活动是否充分的评估是正确的。
Operating in dangerous locations around the world
在世界各地的危险地点开展业务
Because we operate our animal protection activities across the world it is inevitable that some activities will take place in dangerous locations and therefore this is a
由于我们在世界各地开展动物保护活动，因此不可避免地会在危险地点进行一些活动，因此这是一个
并且必须被视为我们风险登记册的一部分。
One issue that is not considered however, which I believe should be, is the potential litigation which may occur as a result of injury or death to any of our staff or volunteers.
然而，有一个问题没有考虑到，我认为应该考虑到，那就是由于我们的任何工作人员或志愿者受伤或死亡而可能发生的潜在诉讼。
Therefore, the chairperson is correct in his assessment of the adequacy of our assessment of this risk and is not over reacting to the recent challenges in the sector.
因此，主席对我们对这一风险的评估是否充分的评估是正确的，并没有对该部门最近的挑战作出过度反应。
Adequacy of risk mitigating activities
风险缓解活动的准确性
在公认的危险地点进行的监测和审查活动以及在短时间内撤离工作人员和志愿者的程序等活动都是风险管理活动，但我们还必须确保定期进行这些活动并定期进行测试。
与安保和安全部门的密切关系也是一项重要的风险管理活动，是风险管理办法的证明。
Therefore, I would in fact agree with the chief executive in this case and conclude that the BCO appears to have adequate risk management activities in this particular risk category.
因此，我实际上同意首席执行官在这种情况下的看法，并得出结论，在这一特定风险类别中，BCO似乎有足够的风险管理活动。
Other issues to consider and concluding comments
需要审议的其他问题和结论意见
一个更普遍的看法是，英联邦审计办公室有一个运作良好的风险委员会，由主席和另外两名受托管理委员会成员担任主席，该委员会举行会议。在过去，这可能已经足够了，当时慈善部门比目前的环境更稳定和可预测。 然而，近年来，环境发生了重大变化，可以说，鉴于目前迅速变化的外部环境及其造成的日益严重的威胁，风险委员会实际上应该
This would reassure key stakeholders of our commitment to managing risks effectively. Therefore, in this respect, the chairperson may have a relevant cause for concern in the overall functioning of the Risk committee.
这将使主要利益相关者确信我们致力于有效管理风险。因此，在这方面，主席可能对风险委员会的整体运作有相关的关切。
Although the risk register contains four key areas of risk facing the BCO, the chairperson is also correct in challenging the adequacy of this register, in terms of whether it covers all of the risks currently facing the BCO.
虽然风险登记册载有边境管制处面临的四个主要风险领域，但主席质疑该登记册是否足以涵盖边境管制处目前面临的所有风险也是正确的。
The recent sector research report makes it quite clear that there are a wide range of threats and challenges currently occurring in the charity sector and many are not addressed in our current risks register.
最近的行业研究报告非常清楚地表明，慈善部门目前面临着各种各样的威胁和挑战，其中许多威胁和挑战在我们目前的风险登记册中没有得到解决。
例如，有一个重大的风险，
and how we reach these in order to stay relevant as a charity. Additionally, our lack of use of technology and the potential threats this brings must be considered as a key risk. Risks such as rising operating costs, possible litigation and continued recession should also be considered.
以及我们如何达到这些目标，以保持作为慈善机构的相关性。此外，我们缺乏对技术的使用以及由此带来的潜在威胁必须被视为一个关键风险。还应考虑运营成本上升、可能的诉讼和持续衰退等风险。
Therefore, although our risk register has several positive attributes, the risk mitigating activities need to be reviewed and we must also update our risk register to include the current external challenges faced.
因此，尽管我们的风险登记册有几个积极的属性，但需要审查风险缓解活动，我们还必须更新我们的风险登记册，以包括当前面临的外部挑战。
因此，我认为，在若干情况下，我们的风险分析和风险缓解活动是充分的，主席对我们的风险管理活动是否充分的关切是有道理的。
Information &communication
信息&通信
Information requirements of directors
董事的信息要求
Directors need information
董事需要信息
Staff should also have channels available
工作人员也应该有可用的渠道
问题
【Ex - 2019/03 SmartWear】
[Ex-2019/03SmartWear]
Procurement is a core function of the SmartWear business, since it accounts for a significant proportion of direct cost and so influences the company’s profitability.
采购是SmartWear业务的核心职能，因为它占直接成本的很大比例，因此影响公司的盈利能力。
The board, being accountable to the shareholders, must ensure that it safeguards corporate assets and maximises shareholder returns.
董事会对股东负责，必须确保保护公司资产，并使股东回报最大化。
However, in the absence of reliable and complete information the board is currently unable to discharge its duties effectively; this leaves the company’s investors exposed to avoidable lower returns.
然而，由于缺乏可靠和完整的信息，董事会目前无法有效履行其职责;这使公司的投资者面临本可避免的较低回报。
Communication with employees
与员工沟通
Communication of control and risk management issues and strong human resource procedures reinforce the control systems
控制和风险管理问题的沟通以及强有力的人力资源程序加强了控制系统
【Ex - 2021/06 NCCP】
[Ex-2021/06NCCP]
The board should also
董事会亦应
到
explain the ongoing nature of risk management and encourage dialogue which will allow risks to be identified and managed.
解释风险管理的持续性质，并鼓励进行对话，以便识别和管理风险。
Given the tension between the CEO and some staff and volunteers, this may be a challenge to implement.
鉴于首席执行官与一些工作人员和志愿者之间的紧张关系，这可能是一个实施的挑战。
Monitoring
监测
Monitoring should help
监测应该有所帮助
and that systems
而这些系统
It involves the assessment of the design and operation of controls, and involves both ongoing monitoring and . If deficiencies are found, they should be , and their
它涉及对控制措施的设计和操作的评估，并涉及持续的监测和监督。如果发现不足之处，应予以纠正.
该等不足之处须与风险、监控未能察觉或防止风险发生的可能性及风险潜在影响的重要性相同。
Report - Communication structure for monitoring
报告-监测的沟通结构
The results of monitoring need to be reported to the
监测结果需向
right people and corrective action taken.
正确的人和采取的纠正措施。
Deficiencies in internal controls should be reported to the person responsible for the control's operation and to at least one level higher.
内部控制的缺陷应向负责控制运作的人员和至少一个更高级别的人员报告。
Correction of root causes may address why staff have made errors. In this case correction processes may include
纠正根本原因可能会解决员工出现错误的原因。在这种情况下，校正过程可以包括
It may involve implementing better controls when controls have been found to be inadequate.
它可能涉及在发现控制不足时实施更好的控制。
Ongoing monitoring & Separate evaluation
单独评价
持续监测包括对对账和系统行动申请进行例行审查。它可能是特别有效的在较小的公司，因为他们将有高层次的第一手资料，该公司的活动。
Separate evaluation is generally carried out by the
单独评价一般由
, and also includes annual reviews
，并包括s年度检讨
of control procedures.
控制程序。
Audit committees are now
审计委员会现在
the audit committee should consist
审计委员会应包括
独立非执行董事，并应包括具有重大及近期财务
experience.
体验.
这将根据组织的目标而有所不同，但可能包括风险管理、法律的合规性和物有所值。
Factor - The need for internal audit
因素-内部审计的必要性
The scale, diversity and complexity of the company's activities. The number of employees.
公司活动的规模、多样性和复杂性。员工人数。
Cost-benefit considerations.
成本效益考虑。
Changes in the organisational structures, reporting processes
组织结构和报告程序的变化
Changes in key risks could be internal or
关键风险的变化可能是内部的，
在自然界中。
现有的内部控制系统。
An increased number of unexpected events.
意想不到的事件越来越多。
compulsory? | not compulsory for all organisations in some regulated industries (banking and financial services) is compulsory. |
The stages | The first stage in a risk audit is risk identification. Once identified, each risk must then be assessed. The review of controls is the third stage of the audit. The final stage is to 向管理层 |
Internal and external？ | Internal risk audit is one undertaken by employees - internal audit function. |
Externally, consultants provide this service to clients. avoid familiarity threats neutral and independent |
Responsibility
责任
Board’s responsibilities for internal control
董事会对内部控制的责任
The responsibilities include establishing a control environment capable of supporting the internal control arrangements necessary. This includes a suitable and a high level commitment to effective controls.
其职责包括建立一个能够支持必要的内部控制安排的控制环境。这包括对有效控制的适当和高水平的承诺。
It also involves conducting risk assessments to establish which risks need to be controlled by the internal control processes (health risks, perhaps?).
它还涉及进行风险评估，以确定哪些风险需要通过内部控制程序加以控制（也许是健康风险？）。
The introduction of relevant control activities is especially important when a hazardous material like X32 is being considered. This, of course, applies to all of the company’s employees and not just those based in Emmland.
当考虑到像X32这样的危险材料时，引入相关的控制活动尤为重要。当然，这适用于公司的所有员工，而不仅仅是埃姆兰的员工。
It is also the board’s responsibility to provide information and maintain relevant communications with those affected by the control measures, and to ensure that important measures are fully implemented and understood.
董事会亦有责任向受控制措施影响的人士提供资料及保持相关沟通，并确保重要措施得到全面实施及了解。
Finally, the COSO guidelines specify that all controls should be
最后，COSO指南规定，所有控制措施都应
这应该是一个持续不断的过程，能够立即突出所实施控制中的任何弱点或违规行为。
The roles and responsibility of the
在内部控制中的作用和责任
It is the chief executive of any organisation who must
任何组织的首席执行官都必须
所有内部控制。首席执行官必须承担系统的“所有权”，这种所有权必须是你领导公司的方式的一部分。
CEO must in both establishing and enforcing the control environment. The control environment is enforced through having internal control compliance embedded within the culture of the company.
首席执行官必须在建立和实施控制环境。通过将内部控制合规嵌入公司文化中来加强控制环境。
This setting of the tone should express itself in terms of
这种基调的设定应该表达在以下方面
CEO should pay particular attention to those areas most vulnerable to damaging breaches.
首席执行官应特别注意那些最容易受到破坏性违规行为影响的领域。
董事会还需要考虑是否应该设立一个董事会委员会，
monitoring and supervising risk identification and management.
监控和监督风险识别和管理。
If the board doesn't have a separate committee, under the UK Corporate Governance Code the audit committee will be responsible for risk management.
如果董事会没有单独的委员会，根据英国公司治理守则，审计委员会将负责风险管理。
committee
委员会
Approving the organisation's risk management strategy and risk management policy
批准本组织的风险管理战略和风险管理政策
Reviewing reports on key risks prepared by business operating units, management and the board
审阅由业务营运单位、管理层及董事会编制的主要风险报告
Monitoring overall exposure to risk and ensuring it remains within limits set by the board
监控整体风险敞口，并确保其保持在董事会设定的限度
Assessing the effectiveness of the organisation's risk management systems
评估组织风险管理系统的有效性
Providing early warning to the board on
向董事会提供预警，
公司面临的风险问题和重大变化
In conjunction with the audit committee, reviewing the company's statement on internal control with reference to risk management, prior to endorsement by the board.
在董事会批准之前，与审计委员会一起审查公司关于风险管理的内部控制声明。
Disadvantages of non-executive membership
非执行成员的缺点
如果直接与正在讨论的产品、系统和程序打交道的高管是委员会成员，
Non-executives are less likely to have
非执行董事不太可能
因此，不太可能在会议期间明智地发表评论。四个人的成员，没有一个人
direct experience of Chen’s industry or products’ could produce decisions taken without relevant information that an executive member could provide
陈的行业或产品的直接经验可以产生决策，而无需执行成员可以提供的相关信息
非执行董事必须
. 这个报告阶段会减慢流程，因此需要更多时间才能实施行动，并可能导致一些误解
Providing the overall leadership, vision and direction for enterprise risk management.
为企业风险管理提供全面领导、愿景和方向。
Establishing an integrated risk management framework for all aspects of risk across the organisation,
为全组织风险的所有方面建立综合风险管理框架，
Promoting an enterprise risk management competence throughout the entity
在整个实体促进企业风险管理能力
Developing RM policies, including the quantification of management's risk appetite through specific risk limits
制定风险管理政策，包括通过具体的风险限额量化管理层的风险偏好
Implementing a set of risk indicators and reports
实施一套风险指标和报告
Dealing with insurance companies:
与保险公司打交道：
Allocating economic capital to business activities
为商业活动分配经济资本
Reporting to the chief executive on progress and recommending action as needed.
向首席执行官报告进展情况，并在必要时提出行动建议。
2021/06
(a) Evaluation of current risk management process
（a）对当前风险管理进程的评价
It is encouraging that the executive board undertook a thorough risk identification exercise which lasted for a full day and involved relevant operational staff.
令人鼓舞的是，执行理事会进行了一整天的彻底的风险识别工作，有关业务工作人员也参加了这项工作。
However, the thoroughness of this exercise is undermined by the fact that it has been treated as a one-off project which is now completed. Instead, risk identification should be a permanent and on-going activity. The suggestion that the exercise will be repeated 'at some point in the future' is too vague.
然而，这项工作的彻底性受到损害，因为它被视为一个一次性项目，现已完成。相反，风险识别应该是一项永久性和持续性的活动。关于“在未来某个时候”将重复这一做法的建议过于模糊。
有大量的风险，没有人尝试过。这使得很难对最重要的风险进行优先排序，特别是考虑到清单上有150个需要调查的项目。评估每种风险的可能性和影响，并将其记录在风险登记册上，是适当的。 这些因素（必要时可给予数字排序）将使执行理事会能够首先处理最严重的风险。
Without effective risk assessment, the risk planning becomes much harder. The challenge of sharing 150 risks between the four members of the executive board is compounded by the
没有有效的风险评估，风险规划就变得更加困难。在执行董事会的四名成员之间分担150项风险的挑战，
确定并实施适当的行动。存在的一种风险是，为了达到最后期限，董事们没有考虑全面的风险管理战略，或者他们没有尽可能有效地执行这些战略。
Finally, even if the controls were sufficient (see above), NCCP’s risks can
最后，即使控制充分（见上文），NCCP的风险也可能
而且毫无预兆从历史上看，Ceeville理事会的标准每年都会发生变化，预计这一趋势将持续下去。如果不进一步干预，理事会在现有登记册上确定的行动极不可能足以应对这一风险。
Actions to improve the risk management process
改进风险管理过程的行动
Risk assessment should be added to the register in the form of ‘likelihood’ and ‘impact’ columns. A further column should be added to the register to identify when the risk should be reviewed.
应在登记册中以“可能性”和“影响”栏的形式增加风险评估。应在登记册中增加一栏，以确定应在何时审查风险。
根据健康和安全条例，可以不定期审查火灾等经常性风险。然而，诸如此类的波动性风险需要
In order to ensure that the executive board is meeting its corporate responsibilities, it would be appropriate to review the risk register monthly, with priority given to those risks which are due for review or which have the highest likelihood and impact.
为确保执行理事会履行其机构责任，应每月审查风险登记册，优先审查应审查的风险或最有可能和影响最大的风险。
The board should also
董事会亦应
解释风险管理的持续性质，并鼓励进行对话，以便识别和管理风险。
Given the tension between the CEO and some staff and volunteers, this may be a challenge to implement.
鉴于首席执行官与一些工作人员和志愿者之间的紧张关系，这可能是一个实施的挑战。
Up to 2 marks for each relevant point evaluating the board's approach to risk management. Points could include, but are not restricted to:
评估董事会风险管理方法的每个相关点最多2分。要点可能包括但不限于：
One-off project rather than an ongoing process
一次性项目，而不是持续过程
Process formally asked for by trustees – indicates executive board had not been doing it proactively
受托人正式要求的程序-表明执行局没有积极主动地这样做
Gap between reviews is too long (last year to 'some point in the future')
评论之间的差距太长（去年到“未来的某个时候”）
Good – involvement of
良好-整个组织的参与
Weak
弱
-没有尝试确定主要风险的优先次序
Risk planning made more difficult due to lack of prioritisation
由于缺乏优先级，风险规划变得更加困难
The two-week deadline for action may result in unnecessary haste
两周的行动期限可能会导致不必要的匆忙
Concern over delegation of key risks (e.g. loss of council funding)
对关键风险（例如：理事会经费的损失）
No risk monitoring – crucial because risks are not static (Up to a maximum of 8 marks)
无风险监控-至关重要，因为风险不是静态的（最高8分）
Up to 2 marks for each relevant point recommending how the approach to risk management could be improved.
建议如何改进风险管理方法的每个相关点最多2分。
Points could include, but are not restricted to:
要点可能包括但不限于：
Add columns to risk register which record
向风险登记册中添加记录
Add column to risk register to identify
在风险登记册中增加列，以确定
Include review of risk register at executive board meetings
在执行理事会会议上审查风险登记册
员工及义工的风险管理政策（最高6分）
虽然NCCP的执行委员会负责查明风险和制定适当的内部控制措施，但其他利益攸关方对这些控制措施也有兴趣，因此经常有必要（有时是强制性的）向他们通报情况。
Some of NCCP’s internal controls address fundamental aspects of safety and privacy, and NCCP may have a legal obligation to share information about this with the relevant . For example, government bodies may demand evidence of appropriate controls in the fields of health and safety or data protection. Failure to comply with these demands could have serious legal repercussions.
NCCP的一些内部控制涉及安全和隐私的基本方面，NCCP可能有法律的义务与相关人员分享有关信息。例如，政府机构可能要求提供在健康和安全或数据保护领域进行适当控制的证据。不遵守这些要求可能会产生严重的法律的后果。
Ceeville Council
Ceeville理事会
NCCP依靠Ceeville理事会获得大约30%的年收入。因此，执行局最好满足理事会提出的关于提供内部控制信息的要求，这可能是其遵守条件的一部分。虽然NCCP没有法律的义务分享这些信息，但如果不这样做，
Donors
捐助者
Corporate and personal donations form another 30% of NCCP’s income. Due to some high profile cases of charities misappropriating funds, there is an increased interest in the way donations are being managed.
公司和个人捐款占NCCP收入的30%。由于一些引人注目的慈善机构挪用资金的案件，人们对管理捐款的方式越来越感兴趣。
While such donors are unlikely to demand the level of detail which the Council is seeking, it would be appropriate for NCCP to share general information about how it makes effective use of the assets which it has been entrusted with.
虽然这些捐助者不太可能要求提供理事会所要求的详细情况，但国家清洁生产委员会最好分享关于它如何有效利用受托资产的一般资料。
Participants who attend NCCP’s courses benefit from subsidised education. However, they will also be interested in the controls surrounding the courses. For example, they may be concerned about how their personal information is used – whether it is kept confidential and whether it is used for other marketing purposes.
参加NCCP课程的学员可享受教育补贴。然而，他们也会对课程周围的控制感兴趣。例如，他们可能会担心他们的个人信息是如何使用的-是否保密以及是否用于其他营销目的。
Local community
当地社区
NCCP is clearly well-established in the local community. It has a reputation to maintain, even among those who are not current participants or donors. It would therefore be appropriate to reinforce this reputation (brand) by demonstrating good stewardship on the part of the executive board.
显然，NCCP在当地社区中已经建立了良好的基础。它有一个声誉，即使在那些目前不是参与者或捐助者的人中也是如此。因此，应当通过执行局表现出良好的管理能力来加强这一声誉（品牌）。
In the modern business environment, shareholders would expect to receive an annual risk report from the board of directors as part of corporate governance. Although NCCP does not have shareholders, it would be appropriate for the board to publish an annual risk report as good practice.
在现代商业环境中，作为公司治理的一部分，股东希望收到董事会的年度风险报告。虽然NCCP没有股东，但作为良好做法，董事会公布年度风险报告是适当的。
Up to 2 marks for each relevant point identifying relevant external stakeholders and justifying
每个相关点最多2分，识别相关外部利益相关者并证明
why information on internal controls should be shared with them. Points could include, but are not restricted to:
为什么要与他们分享内部控制信息。要点可能包括但不限于：
Government departments: legal requirement (e.g. health & safety, GDPR)
政府部门：法律的要求（例如健康安全，GDPR）
Donor assurance: visibility of how donations are used
捐助方保证：捐款使用情况的可见性
Course participants: protection of personal information
课程参与者：保护个人信息
Ceeville Council: funding compliance
Ceeville理事会：供资遵守情况
Local community: CSR benefits
当地社区：CSR益处
Consistent with wider corporate governance (accountability) (Up to a maximum of 12 marks in total)
与更广泛的企业管治一致（问责）（总分最高12分）
Reporting to stakeholders
向利益攸关方报告
Annual general meetings (AGMs) are a part of the normal financial calendar for all limited companies and take place on the occasion of the year-end results presentation and the publication of the annual report.
年度股东大会（AGM）是所有有限公司正常财务日历的一部分，在年终业绩报告和年度报告发布之际举行。
Extraordinary general meetings are called to discuss strategic and other issues with shareholders outside the normal financial calendar.
召开股东特别大会是为了在正常财务日程之外与股东讨论战略和其他问题。
Both types of meetings are formal meetings between company directors and the shareholders of the company. They typically involve presentations by the board (typically the chairman and/or CEO) and a chance for shareholders to question the board.
这两种会议都是公司董事和公司股东之间的正式会议。它们通常包括董事会（通常是董事长和/或首席执行官）的陈述，以及股东向董事会提问的机会。
Its purpose is to allow the board to
其目的是让董事会
, present
本
the formal, audited accounts and to have the final dividend and directors’emoluments approved by shareholders.
正式经审核账目，并经股东批准末期股息及董事酬金。
Shareholder approval is signalled by the passing of
股东批准的信号是通过
股东根据他们的持股比例投票。通常情况下，董事会提出建议，然后寻求股东批准该建议。
Extraordinary meetings are called when issues need to be discussed and approved that
当需要讨论和批准的问题时，
. 一整年可能是很长的时间。在某些业务环境中，当事件需要进行重大变更或重大威胁时，有时会召开EGM。
可能需要股东授权进行特定的战略行动，如合并或收购。
Other major issues that might threaten shareholder value may also lead to an EGM such as a
其他可能威胁股东价值的重大问题也可能导致召开临时股东大会，例如
disclosing information that might undermine shareholders’ confidence in the board of directors.
披露可能损害股东对董事会信心的信息。
Mandatory disclosures are those statements that are compulsory under relevant company laws or stock market listing rules.
强制性披露是指相关公司法或股票市场上市规则规定的强制性声明。
In most jurisdictions, mandatory items are the main financial statements such as income statement, statement of financial position and statement of cash flows.
在大多数司法管辖区，强制性项目是主要的财务报表，如损益表、财务状况表和现金流量表。
Listing rules in many jurisdictions, such as in the UK, also mandate some corporate governance disclosures such as
许多司法管辖区（如英国）的上市规则也要求披露一些公司治理信息，如
及董事的详细资料。
Voluntary disclosures are not required by any mandate but are provided, usually in narrative rather than quantitative form.
自愿披露不是任何授权所要求的，而是通常以叙述而不是数量的形式提供的。
There is a belief that some information of interest or relevance to shareholders or other stakeholders cannot be conveyed numerically and so additional information is needed.
有一种观点认为，一些与股东或其他利益相关者有关的信息无法用数字表达，因此需要额外的信息。
The chairman’s statement, chief executive’s review,
主席的声明，首席执行官的评论，
, intellectual capital
智力资本
reporting and are all examples of voluntary disclosure in most jurisdictions.
报告，在大多数司法管辖区都是自愿披露的例子。
Voluntary disclosures - Accountability to equity investors
自愿披露-对股权投资者的责任
Voluntary disclosures are an effective way of redressing the information asymmetry that exists between management and investors.
自愿披露是纠正管理层和投资者之间存在的信息不对称的有效途径。
More information helps investors decide whether the company matches their risk, strategic and ethical criteria, and expectations.
更多的信息有助于投资者决定公司是否符合他们的风险，战略和道德标准以及期望。
Makes the annual report more
使年度报告更加
（预测）而大多数数字内容是向后面对的。
Helps
有助于
更充分地沟通，从而更好地履行机构对投资者，特别是股东的责任。
Compulsory external reporting on internal controls
关于内部控制的强制性外部报告
There are a number of
有许多
报告：
改进的。股东希望确信董事会正在负责任地管理风险，并且风险水平不会过高。强制性报告还有助于加强对信息质量的信心。
刺激。董事们将知道，如果控制不力，他们无法避免被追究责任，因为投资者将能够阅读报告，并寻求有关控制薄弱领域的更多信息。
Compulsory reporting can provide valuable information for
强制性报告可以提供有价值的信息，
有权追究董事的责任，特别是市场监管机构和机构投资者。
The major institutional investors in the UK are:
英国的主要机构投资者有：
Pension funds
养老基金
Insurance companies
保险公司
Venture capital organisations (investors particularly interested in companies that are seeking to expand)
风险投资机构（对寻求扩张的公司特别感兴趣的投资者）
This activism can be in the form of:
这种行动主义可以采取以下形式：
making positive use of voting rights
积极利用投票权
engagement and dialogue with the directors of investee companies
与被投资公司董事的接触和对话
paying attention to board composition/governance of investee companies
关注被投资公司的董事会组成/治理
presenting resolutions for voting on at the AGM (rarely used in UK)
在年度股东大会上提出决议进行表决（在英国很少使用
requesting an EGM and presenting resolutions
要求召开股东特别大会并提出决议
Intervention by institutional shareholders
机构股东的干预
Fundamental concerns about the
对《公约》的基本关切
在产品、市场和投资方面，
Poor operational performance, particularly if one or more key segments has persistently underperformed
运营业绩不佳，尤其是一个或多个关键部门持续表现不佳
Management being dominated by a small group of executive directors, with the non-executive directors failing to hold management to account
管理层由一小群执行董事主导，非执行董事未能让管理层承担责任
Major failures in internal controls, particularly in sensitive areas such as health and safety, pollution or quality
内部控制的重大失误，特别是在健康和安全、污染或质量等敏感领域
Failure to comply with laws and regulations or governance codes
未能遵守法律法规或治理准则
Excessive levels of
含量超标
Poor attitudes towards corporate social responsibility
对企业社会责任的态度不佳
In relation to the development of the world's resources, sustainability has been defined as ensuring that development meets the needs of the present without compromising the ability of future generations to meet their own needs.
关于世界资源的开发，可持续性被定义为确保发展满足当代人的需要，而不损害后代满足其自身需要的能力。
Key issues include whether sustainability just implies natural sustainability, or whether social and economic sustainability are important as well.
关键问题包括可持续性是否仅仅意味着自然的可持续性，或者社会和经济的可持续性是否也很重要。
One approach to sustainability is known as the
可持续性的一种方法被称为
（或'TBL'，'3BL'或'人，地球，利润'）方法。
人意味着平衡股东的利益，而不是自动优先考虑股东的需求
Planet means ensuring that the business's activities are
行星意味着确保企业的活动是
可持续
Profit is the accounting measure of the returns of the business
利润是对企业收益的会计计量
Environmental footprint is the impact that a business's activities have upon the environment including its resource environment and pollution emissions. It concerns the environmental consequences of a business’s inputs and outputs.
环境足迹是企业活动对环境的影响，包括资源环境和污染排放。它涉及企业投入和产出的环境后果。
Ways of assessing the
评估方法
包括计量所使用的关键环境资源，如能源、水、库存或土地。
Measurement of the
测量
包括产品可回收性的比例、公司活动产生的碳或其他气体的吨数、废物或污染。
Direct and indirect impacts
直接和间接影响
Measures of impact can apply directly and narrowly to the organisation, or they can be applied more broadly to the indirect, associated impacts that it has.
影响的度量可以直接和狭义地应用于组织，也可以更广泛地应用于组织所具有的间接的、相关的影响。
For a manufacturer, indirect measures could report on the forward and backward supply chains which it uses from sourcing its raw materials to bringing its products to market. A bank could include the environmental consequences of the activities it finances through its business loans.
对于制造商来说，间接措施可以报告从采购原材料到将产品推向市场的前向和后向供应链。银行可以将其通过商业贷款融资的活动的环境后果包括在内。
A ‘social footprint’ is the impact on people, society and the wellbeing of communities. Impacts can be (such as the provision of jobs and community benefits) or , such as when a plant closure increases unemployment or when people become sick from emissions from a plant or the use of a product.
“社会足迹”是对人、社会和社区福祉的影响。影响可以是（如提供就业机会和社区福利）或（如工厂关闭增加失业率或人们因工厂排放或使用产品而生病）。
Required: Describe, from the case, potential social implications of Professor Kroll’s discovery about the health risks of X32.
要求：从案例中描述克罗尔教授关于X32健康风险的发现的潜在社会影响。
The discovery by Professor Kroll will lead, whether by a tightening of controls or by a reduction in P&J’s activities - less X32-related disease. There will, in consequence, be fewer people suffering, and, accordingly, less misery for the affected families and friends of sufferers. A lower mortality
克罗尔教授的发现将导致，无论是通过加强控制还是减少PJ&的活动-减少X32相关疾病。因此，受苦的人会减少，受影响的家庭和患者的朋友的痛苦也会相应减少。死亡率降低
Loss of jobs in the various stages of the P&J supply chain - loss of the 45,000 P&J jobs plus many more among suppliers and in the communities supported by the P&J plants
P J供应链各个阶段的工作岗位流失--PJ45，000个工作岗位的流失，加上供应商和P J工厂支持的社区的更多工作岗位的流失
Loss of, or serious damage to, communities in which the operations are located - towns are highly dependent on a single employer. It is likely that Aytown, effectively a ‘company town’ with 45% of the jobs at P&J, will be very badly affected and the good causes in Betown, such as the nursery and adult education classes, will no longer be able to be supported. The loss of a major employer from a town can lead to a loss of community cohesion, net outward migration and a loss of, or deterioration in, community facilities.
作业所在社区的损失或严重损害-城镇高度依赖单一雇主。艾镇实际上是一个拥有P J45%工作岗位&的“公司之城”，它很可能会受到非常严重的影响，贝敦的良好事业，如托儿所和成人教育班，将不再能够得到支持。 一个城镇失去一个主要雇主，可能导致社区凝聚力的丧失、净向外移徙以及社区设施的丧失或恶化。