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IntroductiontoCorporateGovernance公司治理简介FederalReserveSystem2OutlineofPresentation讲座纲要Definitionofcorporategovernance公司治理的概念Internationalfactorsimpactingcorporategovernance影响公司治理的国际因素“Bestpractices”forcorporategovernance公司治理的最好实践BIScorporategovernanceissues国际清算银行关于公司治理的问题Examinerperspective监管者的观点3DefinitionofCorporateGovernance公司治理的概念Asystemofchecksandbalancespromotingahealthybalanceofriskandreturn推动风险与回报保持良性平衡的制衡体系Facilitatesefficient,safe,andsoundfinancialinstitutions推进高效、安全、稳健的金融机构运作4WhatisCorporateGovernance?什么是公司治理？Setofrelationshipsamong以下各方之间的关系：–Management管理层–boardofdirectors董事会–shareholders/otherstakeholder股东/其他利益关联方–Regulators监管者–othercontrolgroups-e.g.audit其他控制机构—如审计–otherplayers-e.g.marketdiscipline其他的参与者—如市场规则5ImpactofBanks’StructureonCorporateGovernance银行结构对公司治理的影响TypeofOwnership:所有者形式–state-ownedbanks国有银行–privately-ownedbanks私有银行–listedbanks上市银行6State-OwnedBanks国有银行Leadingroleassumedbymanagement–管理层发挥领导作用shareholders-lesserrole股东作用小Externalauditorscouldovervalueimplicit/explicitStateguarantee外部审计可能高估国家的隐性或直接担保Bankingsupervision-lastlineofdefense银行监管—最后的防线7Privately-OwnedBanks私有银行Managementhasnoautonomyvs.theshareholder(s)管理层相对股东没有自主权Banksupervisionmorecritical-protectthedepositors银行监管更为重要—保护储户Marketdiscipline-mayormaynotbesignificant市场规则—重要性不明确8ListedBanks上市银行Keyelementswillworkeffectively有效的关键要素：–Shareholders股东–AuditCommittee审计委员会–Management管理层–MarketDiscipline市场规则–ExternalAuditors外部审计–BankSupervisors银行监管机构9IncreasedImportanceofCorporateGovernance公司治理的重要性加强Governanceweaknessescitedasmajorcontributortobankingproblems公司治理缺陷是导致银行出现问题的主要原因Growingcomplexityofbankactivity银行经营活动日渐复杂Consolidationacrossfinancialsectors金融领域合并不断EnhancedfocusbyOECD,BIS,SEC经合组织、国际清算银行、美国证券交易委员会提高关注10ImpactbyTypeofEconomy经济模式的影响WorldBankidentifiedfourseparatemodels:世界银行确定的四种模式：–Asia亚洲–Europe欧洲–Anglo-Saxoncountries盎格鲁-萨克逊国家–EmergingEconomies新兴国家11CharacteristicsbyTypeofEconomy经济模式的特点Asia:亚洲Largeandsmalldiversifiedshareholders多样化的大、小股东Closelinksbetweencorporations,banksandgovernments政府、企业、银行关系紧密Tightlyheldandfamilycontrol控制严格，家族管理Absenceofminorityprotection缺乏对小股东的保护Impact:影响Lackofmarketdiscipline缺乏市场约束Poorgovernance治理水平差Europe:欧洲Stronginstitutionalframework严格的制度框架Swiftenforcementandcreditorprotection执行迅速，保护债权人Weakcapitalmarketsandlimiteddisclosure资本市场薄弱，信息披露有限Strongroleforbanksandinstitutionalinvestors银行和机构投资者占强势地位Impact:影响Reasonablecontrolandgovernance合理的控制和治理12Anglo-Saxoncountries盎格鲁-萨克逊国家:Strongequitiesmarkets强劲的股票市场Generallygoodinformation普遍良好的信息披露Goodcontractualenforcement执行合同良好Effectiveboards有效的董事会Takeoverarealthreat收购才是真正的威胁Impact影响:Competitivemarkets竞争市场Goodfinancialarbitrage良好的金融套利机会Reallygoodgovernance相当良好的治理Emergingeconomies:新兴国家Poorlegalenvironment法律环境差Weakenforcement执行薄弱Littletransparency缺乏透明度Fewfinancingalternatives融资渠道很少Impact:影响Nochecksandbalances没有制衡Concentrationofpowers权利集中CharacteristicsbyTypeofEconomy经济模式的特点13ApproachestoCorporateGovernance公司治理手段Differentmodelsofcorporategovernanceexist公司治理存在不同的模式–Unitaryvs.two-tierboards单一与双重董事会–Diverseshareholderbasevs.controllingshareholders分散的股东基础与股东控制OurfocusisonU.S.model我们主要研究美国模式14CriticalElementsInCorporateGovernance公司治理的关键要素BoardofDirectors董事会SeniorManagement高级管理层ControlFunctions控制职能–InternalAudit内部审计–GeneralCounsel总法律顾问–RiskManager风险管理经理15CorporateGovernance:U.S.Model公司治理：美国模式Historicalseparationofcorporateownershipandcontrol历史上，公司所有权和管理权分离Diffusenatureofshareholderbase--makesrapiddecisionmakingdifficult股东基础分散的特点导致快速决策困难Boardestablishedtorepresentinterestsofshareholders(owners)建立董事会代表股东（所有者）的利益Managementselectedtodirectcorporationonaday-to-daybasis选举管理层指导企业的日常经营活动16BoardResponsibilities董事会的职责Decisionsbasedoncorporation’sinterests企业的利益是决策的基础Obtainrelevantinformationfordecisionmaking获得制定决策的相关信息Selectcompetentexecutiveofficersandevaluateandcompensateaccordingly选择有才干的行政人员并给予相应的评定和报酬Reviewandapprovemanagement-developedstrategy审批管理层制定的战略17BoardResponsibilities,cont.董事会的职责（续）Monitorbankfinancialperformance监督银行财务状况Monitorcontrolenvironment监督控制环境Ensurecompliancewithlegalandregulatoryrequirements确保合法合规Establishguidelinestogovernboardorganizationandprocedures制定董事会组织和议事程序规则18BoardCommitteeStructure董事会结构Audit/ExaminingCommittee审计/核查委员会NominatingCommittee提名委员会CompensationCommittee薪酬委员会LoanCommittee贷款委员会RiskCommittee风险委员会GovernanceCommittee治理委员会ExecutiveCommittee执行委员会19SoundPracticesforEffectiveBoards有效董事会的良好实践Competent,engageddirectors有才能、尽职的董事–Carefuldirectorselection慎重挑选董事–Expertiselinkedtostrategicfocus与战略重点相关的专业知识–Predominanceofindependent,outsidedirectors外部独立董事的优势–Initialandcontinuousdirectortraining初始阶段和持续的董事培训–Guidelinesforotherboardservice董事会其他服务的规则–Portionofcompensationinequity股权在报酬中的比例20SoundPracticesforEffectiveBoards,cont.有效董事会的良好实践（续）ManageableBoardsize便于管理的董事会规模Involvementinkeystrategicdecisions参与重要战略决策Meaningfulboardinformationpackages有意义的董事会信息库–Relevant,comprehensive,timely相关、全面、及时–Directorinvolvementininformationflowdecisions董事参与信息流动决策–Validatedbyindependentsources由独立渠道确认有效21So