经合组织公司治理准则翻译模板(中英文第1部分)

日期:2018-01-13 / 人气: / 来源:http://www.rzfanyi.com/ 作者:译声翻译公司

经合组织公司治理准则翻译模板(中英文第1部分)

  Foreword前言

  The OECD Principles of Corporate Governance were endorsed by OECD Ministers in 1999 and have since become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and provided specific guidance for legislative and regulatory initiatives in both OECD not OECE countries. The Financial Stability Forum has designed the Principles as one of the 12 key standards for sound financial systems. The Principles also provide the basis for an extensive programme of corporation between OECE and non-OECD countries and underpin the corporate governance component of World Bank/IMF Reports on the Observance of Standards and Codes (ROSC).

  OECD《公司治理准则》在1999年发布以来,已经成为全球政策制定者、投资者、企业和其他利益相关者的一个国际性的基准。在OECD和非OECD国家,都在为改善公司治理纪录,主动对法律和规章制定指导细节。“金融稳定论坛”已经将本准则作为衡量“健全的金融系统的十二个基本标准”之一。本准则也为OECD和非OECD国家企业的各种应对方案提供了一个基础,并构成了世界银行(World Bank)和国际货币基金组织(IMF)的《关于标准和规范遵守情况的报告》(ROSC)中有关公司治理的一部分。

  The Principles have now been thoroughly reviewed to take account of recent developments and experiences in OECD member and non-member countries. Policy makers are now more aware of the contribution good corporate governance makes to financial market stability, investment and economic growth. Companies better understand how good corporate governance contributes to their competitiveness. Investors – especially collective investment institutions and pension funds acting in a fiduciary capacity – realize they have a role to play in ensuring good corporate governance practices, thereby underpinning the value of their investments. In today’s economies, interest in corporate governance goes beyond that of shareholders in the performance of individual companies. As companies play a pivotal role in our economies and savings and secure retirement incomes, good corporate governance is important to broad and growing segments of population.

  本准则完整地重审并考虑到了近来的发展和OECD成员及非成员国家的经验。政策制定者现在已经更深刻地认识到良好的公司治理对金融市场稳定、对投资和经济成长的贡献。企业更好地理解了良好的公司治理对他们竞争能力提升的帮助。投资者、特别是机构投资者和养老金的信托代理机构,明白了他们在达到良好的公司治理实践中扮演着怎样的一个角色,而这将支撑他们的投资价值。在今日的经济社会中,公司治理的重要性要超过股东在个别公司中的作用。企业在我们的经济社会中扮演了一个关键角色、同时我们也日益依赖私人部门的机构管理个人储蓄和保护退休金,正因为这样,面对人口的日益增加,良好的公司治理就显得非常重要了。

  The review of the Principles was undertaken by the OECD Steering Group on Corporate Governance under a mandate from OECD Ministers in 2002. The review was supported by a comprehensive survey of how member countries addressed the different corporate governance challenges they faced. It also drew on experiences in economies outside the OECD area where the OECD, in co-operation with the World Bank and other sponsors, organizes Regional Corporate Governance Roundtables to support regional reform efforts.

  在2002年由OECD部长委托下的OECD指导团队开始着手重新审核本准则。重审得到了OECD成员国为应对公司治理挑战而进行的广泛的研究进展所支撑。它也汲取了OECD以外经济体的经验,以及OECD、世界银行和其他赞助人、组织、地区性的公司治理圆桌会议的改革成就的支持。

  The review process benefited from contributions from many parties. Key international institutional institutions participated and extensive consultations were held with the private sector, labour, civil society and representatives from non-OECD countries. The process also benefited greatly from the insights of internationally recognized experts who participated in two high level informal gatherings I convened. Finally, many constructive suggestions were received when a draft of the Principles was made available for public comment on the internet.

  重审的过程得益于许多团体的贡献。关键的国际性机构、同时也包括了私人部门、劳工、市民和非OECD国家的代表广泛地参与并提供了咨询意见。在这过程中也得益于许多国际知名专家的洞察力,他们参与了我所召集的两个高层次的非正式会议。最后,在本准则的草稿在网络上引起公开讨论时,许多建设性的意见也被吸收进来。

  The Principles are a living instrument offering non-binding standards and good practices as well as guidance on implementation, which can be adapted to the specific circumstances of individual countries and regions. The OECD offers a forum for ongoing dialogue and exchange of experiences among member and non-member countries. To stay abreast of constantly changing circumstances, the OECD will closely follow developments in corporate governance, identifying trends and seeking remedies to new challenges.

  These Revised Principles will further reinforce OECD’s contribution and commitment to collective efforts to strengthen the fabric of corporate governance around the world in the years ahead. This work will not eradicate criminal activity, but such activity will be made more difficult as rules and regulations are adopted in accordance with the Principles.

  Importantly, out efforts will also help develop a culture of values for professional and ethical behaviour on which well functioning markets depend. Trust and integrity play an essential role in economic life and for the sake of business and future prosperity we have to make sure that they are properly rewarded.

  本准则是一个活生生的工具,它提供了一个可以不断修正的标准,在执行过程中很好地指导实践,它能够适应各个国家、地区的各种不同和特殊的环境。OECD为成员国家和非成员国提供了一个论坛,以便他们进行对话和交换各自的经验。与不断变化的环境同步,OECD将紧密地跟上公司治理的发展、把握它的方向、为迎接挑战而寻找解决的药方。

  这一切将促进和加强近年来OECD在世界各地巩固公司治理结构上的集体努力所承担的义务和贡献。当然,这项工作不能根除犯罪行为,但是这些行为却会因为合乎本准则的规则和制度的采用而变得越来越困难。

  更重要的是,我们的努力将有助于推广一种专业化的、符合道德伦理行为的价值文化,形成市场所依赖的健康机能。如果能够为了商业上的好处和将来的繁荣,在经济生活中扮演一个诚实和正直的角色,那我们可以确信,他们一定能够得到自己应得的回报。

  Donald J. Johnston OECD Secretary-General秘书长

  Table of Contents目 录

  Preamble导言

  Part One The OECD Principles of Corporate Governance第一部分 OECD公司治理准则

  I. Ensuring the Basis for an Effective Corporate Governance Framework

  有效的公司治理结构所要确保的基础

  II. The Rights of Shareholders and Key Ownership Functions

  股东的权力和所有权作用的关键

  III. The Equitable Treatment of Shareholders股东的公平待遇

  IV. The Role of Stakeholders in Corporate Governance在公司治理中利益相关者的角色

  V. Disclosure and Transparency信息披露和透明度

  VI. The Responsibilities of the Board董事会的责任

  Part Two Annotations to the OECD Principles of Corporate Governance

  第二部分 OECD公司治理准则注解

  Part One The OECD Principles of Corporate Governance第一部分 OECD公司治理准则

  I. Ensuring the Basis for an Effective Corporate Governance Framework

  有效的公司治理结构所要确保的基础

  II. The Rights of Shareholders and Key Ownership Functions

  股东的权力和所有权作用的关键

  III. The Equitable Treatment of Shareholders股东的公平待遇

  IV. The Role of Stakeholders in Corporate Governance在公司治理中利益相关者的角色

  V. Disclosure and Transparency信息披露和透明度

  VI. The Responsibilities of the Board董事会的责任

  OECD Principles of Corporate Governance OECD公司治理准则简介

  The OECD Principles of Corporate Governance were originally developed in response to a call by the OECD Council Meeting at Ministerial level on 27-28 April to 1998, to develop, in conjunction with national governments, other relevant international organizations and the private sector, a set of corporate governance standards and guidelines. Since the Principles were agreed in 1999, they have formed the basis for corporate governance initiatives in both OECD and non-OECD countries alike. Moreover, they have been adopted as one of the Twelve Key Standards for Sound Financial Systems by the Financial Stability Forum. Accordingly, they form the basis of the corporate governance component of the World Bank/IMF Reports on the Observance of Standards and Codes (ROSC).

  《OECD公司治理准则》最初起源于对1998年4月27-28日的部长级理事会所作呼吁的反应,并在融合了各国政府、其他有关的国际组织和私人部门相关进展后,发展并制定了公司治理的标准和指导方针。自从1999年本准则被议定以后,它们已经成为OECD国家和非OECD国家进行公司治理的共同标准。而且它们已经成为“金融稳定论坛”认定“健全的金融系统的十二个基本标准”之一。因此,它们也构成了世界银行和国际货币基金组织《关于标准和规范遵守情况的报告》(ROSC)中有关的公司治理结构的基础。

  The OECD Council Meeting at Ministerial Level in 2002 agreed to survey developments in OECD countries and to assess the Principles in light of developments in corporate governance. This task was entrusted to the OECD Steering Group on Corporate Governance, which comprises representatives from OECD countries. In addition, the World Bank, the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) were observers to the Group. For the assessment, the Steering Group also invited the Financial Stability Forum, the Basel Committee, and the International Organization of Securities Commissions (IOSCO) as ad hoc observers.

  OECD部长级理事会在2002年同意调查OECD国家的进展,同时评估本准则在公司治理进展中得到的新理念。这项任务委托给了OECD的公司治理指导团队,其中包括来自OECD国家的代表。另外,世界银行(World Bank)、国际结算银行(BIS)、世界货币基金组织(IMF)都是这个团队的观察员。为了全面评估,指导团队也邀请了金融稳定论坛(Financial Stability Forum)、巴塞尔委员会(Basel Committee)、国际证监会组织(IOSCO)作为特别观察员。

  In its review of the Principles, the Steering Group has undertaken comprehensive consultations and has prepared with the assistance of members the Survey of Developments in OECD Countries. The consultations have included experts from a large number of countries which have participated in the Regional Corporate Governance Roundtables that the OECD organizes in Russia, Asia, South East Europe, Latin America and Eurasia with the support of the Global Corporate Governance Forum and others, and in co-operation with the World Bank and other non-OECD countries as well. Moreover, the Steering Group has consulted a wide range of interested parties such as the business sector, investors, professional groups at national and international levels, trade unions, civil society organisations and international standard setting bodies. A draft version of the Principles was put on the OECD website for public comment and resulted in a large number of responses. These have been made public on the OECD web site.

  在重审本准则的过程中,指导团队承诺广泛咨询和准备协助参与“OECD国家发展调查”(Survey of Developments in OECD Countries)的成员。参加咨询的包括许许多多来自各国的专家,他们有OECD组织在俄国、亚洲、南部东欧、拉丁美洲的已经参与“公司治理地区圆桌会议”(Regional Corporate Governance Roundtables)的专家,以及欧亚大陆支撑“全球公司治理论坛”(Global Corporate Governance Forum)的其他专家,有世界银行的合作者,也有非OECD国家的专家。而且,指导团队也与广泛的利益团体进行了协商,比如:商业部门、投资者、专业团体、在国家和国际层面上的贸易联合体、市民社会组织和国际标准制定机关等等。本准则的草案被放到OECD的网站上已引起公开的讨论,结果导致了大量的反馈。这些已经在OECD的网站上公开发布。

  On the basis of the discussions in the Steering Group, the Survey and the comments received during the wide ranging consultations, it was concluded that the 1999 Principles should be revised to take into account new developments and concerns. It was agreed that the revision should be pursued with a view to maintaining a non-binding principles-based approach, which recognizes the need to adapt implementation to varying legal economical and cultural circumstances. The revised Principles contained in this document thus build upon a wide range of experience not only in the OECD area but also in non-OECD countries.

  在指导团队讨论的基础上,各方面的调查和注解结果在广泛的协商中被吸收。这决定了1999年的准则将被修改,以适应新的发展和利益关系。这些修订应该在开放状态中不断完善以接近准则基本点,承认多样化的经济法律和文化环境的不同需要以便采取适合的执行方法,以上的观念已被认可。本准则的这些修改包含在这些文档中,因而,它们不仅建立在OECD地区的丰富经验上,也包含在非OECD国家的广泛经验中。

  Preamble导 言

  The Principles are intended to assist OECD and non-OECE governments in their efforts to evaluate and improve the legal, institutional and regulatory framework for corporate governance in their countries, and to provide guidance and suggestions for stock exchanges, investors, corporations, and other parties that have a role in the process of developing good corporate governance. The Principles focus on publicly traded companies, both financial and non-financial. However, to the extent they are deemed applicable, they might also be a useful tool to improve corporate governance in non-traded companies, for example, privately held and state-owned enterprises. The Principles represent a common basis that OECD member countries consider essential for the development of good governance practices. They are intended to be concise, understandable and accessible to the international community. They are not intended to substitute for government, semi-government or private sector initiatives to develop more detailed “best practice” in corporate governance.

  本准则的目的在于对OECD和非OECD国家政府在努力评估和改善他们国家公司治理的相关法律、规章制度框架等方面提供帮助,并为证券交易所、投资者、企业和其他在推进公司治理过程中扮演一定角色的团体提供指导和建议。本准则集中于公众公司、包括金融和非金融企业。当然,从更宽广的角度上讲,它们被认为是适用于、也可以成为譬如像私人和国家独资的企业等非公众公司改进公司治理的一个有用工具。本准则可以成为OECD成员国家改进治理中确定基本原则的一个公共平台。本准则尽力做到简明、易懂并为国际社会所接受。但它并不想成为政府、准政府和私人部门的替代物,在公司治理上这些部门应该主动发展出更多更详尽的“最佳做法”。

  Increasingly, the OECD and its member governments have recognized the synergy between macroeconomic and structural policies in achieving fundamental policy goals. Corporate governance is one key element in improving economic efficiency and growth as well as enhancing investor confidence. Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined. Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring. The presence of an effective corporate governance system, within an individual company and across an economy as a whole, helps to provide a degree of confidence that is necessary for the proper functioning of a market economy. As a result, the cost of capital is lower and firms are encouraged to use resources more efficiently, thereby underpinning growth.

  OECD及其成员政府越来越认识到在完成基本政策目标中协同整个经济和政策制度的重要。公司治理是改善经济效率和促进投资者信心增长的一个关键性因素。公司治理涉及了整个的有关公司经营管理层、董事会、股东、和其他利益相关者之间关系。公司治理也提供了一个框架而有助于确定公司发展目标、实现目标的手段、对执行过程的监控。对董事会和经营管理层推动公司和股东利益目标的实现,良好的公司治理将提供适当的激励并采用有效的监控。现已存在的有效公司治理系统,无论对于个别公司还是整个经济,都能够帮助提高信用程度,而这是市场经济正常运行所必需的。这样做的结果是,资金成本降低、企业被鼓励更有效地使用资源,因而基础更扎实了。

  Corporate governance is only part of the larger economic context in which firms operate that includes, for example, macroeconomic policies and the degree of competition in product and factor markets. The corporate governance framework also depends on the legal, regulatory, and institutional environment. In addition, factors such as business ethics and corporate awareness of the environmental and societal interests of the communities in which a company operates can also have an impact on its reputation and its long-term success.

  公司治理只是诸如企业运转、宏观经济政策以及产品和要素市场的竞争水平……等等诸多经济范畴的一部分。公司治理结构也依赖于法律、规章和制度环境。此外还有、也能够在公司运作中影响其信誉和长远成功的诸多因素,诸如商业道德伦理、环境协调意识、社会公众利益等等。

  While a multiplicity of factors affect the governance and decision-making processes of firms, and are important to their long-term success, the Principles focus on governance problems that result from the separation of ownership and control. However, this is not simply an issue of the relationship between shareholders and management, although that is indeed the central element. In some jurisdictions, governance issues also arise from the power of certain controlling shareholders over minority shareholders. In other countries, employees have important legal rights irrespective of their ownership rights. The Principles therefore have to be complementary to a broader approach to the operation of checks and balances. Some of the other issues relevant to a company’s decision-making processes, such as environmental, anti-corruption or ethical concerns, are taken into account but are treated more explicitly in a number of other OECD instruments (including the Guidelines for Multinational Enterprises and the Convention on Combating Bribery of Foreign Public Officials in International Transactions) and the instruments of other international organisations.

  当然有多种因素影响企业的治理和决策过程、而且这对于公司的长远成功也至关重要,本准则集中于关注因所有权和控制权分离而引起的治理问题。尽管这是一个核心要素,但公司治理却不仅仅是一个股东和管理层关系的问题那样简单。在一定的范围内,治理问题也源于一些控股股东所有的权力超过了小股东。而在另外一些国家,员工却具有重要且合法的非所有者权力。因此本准则必须补充修改以便在操作检查和平衡关系上留有充分的余地。另外,诸如环境、反腐败、公司伦理等有关公司决策过程的一些问题,将被充分重视;但是在其他OECD提供的工具(包括《跨国企业指引》、《国际事务中的外国公务人员反贿赂公约》)和其他国际组织提供的工具中,对此会表述得更加明确。

  Corporate governance is affected by the relationships among participants in the governance system. Controlling shareholders, which may be individuals, family holdings, bloc alliances, or other corporations acting through a holding company or cross shareholdings, can significantly influence corporate behaviour. As owners of equity, institutional investors are increasingly demanding a voice in corporate governance in some markets. Individual shareholders usually do not seek to exercise governance rights but may be highly concerned about obtaining fair treatment from controlling shareholders and management. Creditors play an important role in a number of governance systems and can serve as external monitors over corporate performance. Employees and other stakeholders play an important role in contributing to the long-term success and performance of the corporation, while governments establish the overall institutional and legal framework for corporate governance. The role of each of these participants and their interactions vary widely among OECD countries and among non-OECD countries as well. These relationships are subject, in part, to law and regulation and, in part, to voluntary adaptation and, most importantly, to market forces.

  公司治理受到治理系统中其他参与者之间关系的影响。控股股东——可能是个体、家族股东、集团联盟、或者其他通过持股公司或交叉持股的代理人企业——能够显著地影响企业的行为。和权益所有者相似,在一些市场上机构投资者对于公司治理发出了日益苛刻的声音。个体股东通常并不寻求行使治理的权利,却对从控股股东和管理层那里获得公平待遇高度关注。在一个治理系统中,债权人扮演了一个重要角色,它能够超越企业的绩效而提供一个外部的监控功能。虽然政府为公司治理制定整体的制度和法律框架,然而员工和其他利益相关者在企业的长远利益和业绩上扮演着重要角色。每一个参与者的角色和他们的作用,在OECD和非OECD国家中差异同样非常大。这些角色之间的关系,部分取决于法律和规章、部分取决于自律、更重要的是取决于市场力量而起的作用。

  The degree to which corporations observe basic principles of good corporate governance is an increasingly important factor for investment decisions. Of particular relevance is the relation between corporate governance practices and the increasingly international character of investment. International flows of capital enable companies to access financing from a much larger pool of investors. If countries are to reap the full benefits of the global capital market, and if they are to attract long-term “patient” capital, corporate governance arrangements must be credible, well understood across borders and adhere to internationally accepted principles. Even if corporations do not rely primarily on foreign sources of capital, adherence to good corporate governance practices will help improve the confidence of domestic investors, reduce the cost of capital, underpin the good functioning of financial markets, and ultimately induce more stable sources of financing.

  对于投资决策来说,企业遵守公司治理准则的水准高低将成为日益重要的参考因素。公司治理的实践和投资信誉的日益国际化之间有一种特殊的关联。资本流动的国际化使得企业能够通过更广泛的渠道筹措资金。如果国家要获得全球资本市场的所有好处、如果他们想要吸引长期的“宽限”资本,公司治理安排必须是让人可信的、边界必须是清楚的、国际公认的原则必须被遵守。即使企业并不主要依靠国外资本来源,但坚持好的公司治理行为也将对提高国内投资者的信心有所帮助,并将降低资金成本,健全金融市场的机能,最终吸引更稳定的金融源流。

  There is no single model of good corporate governance. However, work carried out in both OECD and non-OECD countries and within the Organisation has identified some common elements that underlie good corporate governance. The Principles build on these common elements and are formulated to embrace the different models that exist. For example, they do not advocate any particular board structure and the term “board” as used in this document is meant to embrace the different national models of board structures found in OECD and non-OECD countries. In the typical two tier system, found in some countries, “board” as used in the Principles refers to the “supervisory board” which “key executives” refers to the “management board”. In systems where the unitary board is overseen by an internal auditor’s body, the principles applicable to the board are also, mutatis mutandis, applicable. The terms “corporation” and “company” are used interchangeably in the text.

  The Principles are non-binding and do not aim at detailed prescriptions for national legislation. Rather, they seek to identify objectives and suggest various means for achieving them. Their purpose is to serve as a reference point. They can be used by policy makers as they examine and develop the legal and regulatory frameworks for corporate governance that reflect their own economic, social, legal and cultural circumstances, and by market participants as they develop their own practices.

  好的公司治理没有一个单一的模式。然而,在OECD和非OECD国家和OECD组织机构内部的工作,已经确定了一些构建良好的公司治理的通用性的原则。本准则就是建立在这些通用性的原则基础上,并且对于已经存在的不同模式也作了明确的描述。例如,本准则并不倡导任何特殊的董事会结构和术语上的“董事会”,这种术语上的“董事会”在这些文件中被引用意味着涵盖了建立在OECD和非OECD国家的不同国家模式的董事会结构。在某些国家建立的典型的双层系统中,当“关键的经营层”被专指为“管理的董事会”时,在本准则中使用的“董事会”一词就可以解释为“监督的董事会”。在董事会由内部的审计人员监管的单一系统中,本准则使用的“董事会”一词已包括两者的含义。“企业”和“公司”两个词在文本中也可以替换使用。

  The Principles are evolutionary in nature and should be reviewed in light of significant changes in circumstances. To remain competitive in a changing world, corporations must innovate and adapt their corporate governance practices so that they can meet new demands and grasp new opportunities. Similarly, governments have an important responsibility for shaping an effective regulatory framework that provides for sufficient flexibility to allow markets to function effectively and to respond to expectations of shareholders and other stakeholders. It is up to governments and market participants to decide how to apply these Principles in developing their own frameworks for corporate governance, taking into account the costs and benefits of regulation.

  本准则对国家立法没有约束、也不开详细的处方。它更愿意寻求并确定目标并建议用多种手段去实现它们。本准则的意图是提供一种参考性的服务。它们能够用于政策制定,为了适合自己经济、社会、法律和文化环境的公司治理而检查和改进法律、规章制度;同时也可以被市场参与者用于推动他们的实践。

  The following document is divided into two parts. The Principles presented in the first part of the document cover the following areas: I) Ensuring the basis for an effective corporate governance framework; II) The rights of shareholders and key ownership functions; III) The equitable treatment of shareholders; IV) The role of stakeholders; V) Disclosure and transparency; and VI) The responsibilities of the board. Each of the sections is headed by a single Principle that appears in bold italics and is followed by a number of supporting sub-principles. In the second part of the document, the Principles are supplemented by annotations that contain commentary on the Principles and are intended to help readers understand their rationale. The annotations may also contain descriptions of dominant trends and offer alternative implementation methods and examples that may be useful in making the Principles operational.

  本准则在自然地演进,同时在不同环境的变迁中被检验。要在一个千变万化的世界中保持竞争力,企业必须变革创新他们的公司治理行为,以便面对新的需求及时抓住新的机会。同样,政府在形成一个有效的规章制度中负有重要的责任,在准许市场有效作用、响应股东和其他利益相关者的预期上,这个规章制度将提供充分的弹性。在推动公司治理结构发展、考虑规章制度的成本和效益上,决定如何实施这些准则要依靠政府和市场参与者的共同努力。

  以下的文件被分为两个部分。第一部分介绍的本准则涵盖了以下几个方面:1.有效的公司治理结构所要确保的基础;2.股东的权利和所有权作用的关键;3.股东的公平待遇;4.利益相关者的角色;5.信息披露和透明度;6.董事会的责任。每一部分都在标题下用斜体字标识出简要的原则作为副标题。在第二部分,主要是对本准则所作的补充说明。它包含了对本准则的注释以便帮助读者理解其中的原理,这也包括了主流趋势的描述、对可供选择的运作方法的建议,以及在具体执行准则过程中的有用的例子。

  Part One The OECD Principles of Corporate Governance第一部分 OECD公司治理准则

  I.Ensuring the Basis for an Effective Corporate Governance Framework

  有效的公司治理结构所要确保的基础

  The corporate governance framework should promote transparent and efficient markets, be consistent with the rule of law and clearly articulate the division of responsibilities among different supervisory, regulatory and enforcement authorities.

  公司治理结构将促进市场的透明化和高效率,并对法律的规范,以及监管权、制定规则权和执行权各自责任的明确界定之间进行协调。

  A. The corporate governance framework should be developed with a view to its impact on overall economic performance, market integrity and the incentives it creates for market participants and the promotion of transparent and efficient markets.

  B. The legal and regulatory requirements that affect corporate governance practices in a jurisdiction should be consistent with the rule of law, transparent and enforceable.

  C. The division of responsibilities among different authorities in a jurisdiction should be clearly articulated and ensure that the public interest is served.

  D. Supervisory, regulatory and enforcement authorities should have the authority, integrity and resources to fulfill their duties in a professional and objective manner. Moreover, their ruling should be timely, transparent and fully explained.

  (1)公司治理结构随着这样一个观念而发展:它的影响波及整个经济的成效和市场的完善,促进市场参与者提高市场的透明度和效率。

  (2)在一定的范围内影响到公司治理结构实践的法律和规章要求,应当在法律规定、透明度、可操作性上协调一致。

  (3)在一定范围内划分不同职权的责任,应该是明确无误的、并确保公众利益的实现。

  (4)监管的、制定规则的、实施操作的职权,应当具有各自的权威、完整性和资源,以便用专业化和客观的方式来完成他们各自的职责。而且它们之间的划分应该是及时的、透明的和有充分说明的。

  II. The Rights of Shareholders and Key Ownership Functions股东的权利和所有权作用的关键

  The corporate governance framework should protect and facilitate the exercise of shareholders’ rights.

  公司治理结构应当保护和促进股东权利的行使

  A. Basic shareholder rights should include the right to: 1) secure methods of ownership registration; 2) convey or transfer shares; 3) obtain relevant and material information on the corporation on the corporation on a timely and regular basis; 4) participate and vote in general shareholder meetings; 5) elect and remove members of the board; and 6) share in the profits of the corporation.

  B. Shareholders should have the right to participate in, and to be sufficiently informed on, decisions concerning fundamental corporate changes such as: 1) amendments to the statutes, or articles of incorporation or similar governing documents of the company; 2) the authorization of additional shares; and 3) extraordinary transactions, including the transfer of all or substantially all assets, that in effect result in the sale of the company.

  C. Shareholders should have the opportunity to participate effectively and vote in general shareholder meeting and should be informed of the rules, including voting procedures, that govern general shareholder meetings:

  (5)基本的股东权利应该包括以下几个方面:①所有权注册的安全方法;②转让和交易股票;③及时、定期地从企业得到相关和真实的信息资料;④参加股东大会和参与投票表决;⑤选举和撤换董事会成员;⑥分享企业利润。

  (6) 股东应该具有参与权、充分告知权、有关企业重大改变的决策权。这些重大改变包括:①修改法规、公司章程、其他类似的公司管理文件;②授权增发股份;③特别交易,包括转让全部或大部分资产、而这将造成公司被出售的结果。

  (7)股东应具备有效的参与机会、能够在股东大会上投票、应当被告知投票规则包括投票程序,这将决定股东大会的正常举行。

  1. Shareholders should be furnished with sufficient and timely information concerning the date, location and agenda of general meetings, as well as full and timely information regarding the issues to be decided at the meeting.

  2. Shareholders should have the opportunity to ask question to the board, including questions relating to the annual external audit, to place items on the agenda of general meetings, and to propose resolutions, subject to reasonable limitations.

  3. Effective shareholder participation in key corporate governance decisions, such as the nomination and election of board members, should be facilitated. Shareholders should be able to make their views known on the remuneration policy for board members and key executives. The equity component of compensation schemes for board members and employees should be subject to shareholder approval.

  4. Shareholders should be able to vote in person or in absentia, and equal effect should be given to votes whether cast in person or in absentia.

  i. 股东应当及时收到关于股东大会举行的日期、地点、议程等充分的信息,也包括关于会议决定的事项的充分及时的信息。

  ii. 股东应当有机会对董事会提出问题,包括对于年度审计报告、在股东大会议程中增加项目、对提议的决议案、对于适当的限制条件等问题。

  iii. 在公司治理决策的关键点上,例如选举和任命董事会成员,有效的股东参与应该被推进。在董事会成员和关键经理人员的薪酬政策上,股东应该能够使得他们的观点被大家知道。对董事会成员和员工的报酬安排的公正程度应当是股东核准的前提。

  iv. 股东可以亲自投票、也可以缺席投票,两者都赋予投票结果以同等效力。

  D. Capital structures and arrangements that enable certain shareholders to obtain a degree of control disproportionate to their equity ownership should be disclosed.

  E. Markets for corporate control should be allowed to function in an efficient and transparent manner.

  1. The rules and procedures governing the acquisition of corporate control in the capital markets, and extraordinary transactions such as mergers, and sales of substantial portions of corporate assets, should be clearly articulated and disclosed so that investors understand their rights and recourse. Transactions should occur at transparent prices and under fair conditions that protect the rights of all shareholders according to their class.

  2. Anti-take-over devices should not be used to shield management and the board from accountability.

  F. The exercise of ownership rights by all shareholders, including institutional investors, should be facilitated.

  1. Institutional investors acting in a fiduciary capacity should disclose their overall corporate governance and voting policies with respect to their investments, including the procedures that they have in place for deciding on the use of their voting rights.

  2. Institutional investors acting in a fiduciary capacity should disclose how they manage material conflicts of interest that may affect the exercise of key ownership rights regarding their investments.

  G. Shareholders, including institutional shareholders, should be allowed to consult with each other on issues concerning their basic shareholder rights as defined in the Principles, subject to exceptions to prevent abuse.

  (8)使某些股东获得与他们所有权不成比例的控制地位的资本结构和安排,应当被披露。

  (9)公司控制权市场应被允许以有效率和高透明的方式运作。

  i. 用来规范在资本市场上获得公司控制权和非常规交易,如购并、公司主要资产的出售等的规则和程序,应该明确制定和披露,以便投资者理解他们的权利和追索权。交易应该在透明的价格和公平的条件下进行,以便所有股东依照他们的类别保护他们的权利。

  ii. 反购并机制不应用于使经营层和董事会免受监督。

  (10)所有股东、包括机构投资者,行使自己的所有权应当变得更容易。

  i. 机构投资者在受托人的地位上的行为,应该公开他们涉及投资的全部公司治理和投票的策略,包括决定使用他们投票权的适当程序。

  ii.机构投资者在受托人的地位上的行为,应该披露他们如何应对那些具体的利益冲突,而这些冲突可能影响到他们投资的关键所有权的行使。

  (11)股东、包括机构股东,除了防止滥用之外,应当准许对有关股东的基本权利在诸如本准则中的定义等方面进行相互协商。

  III. The Equitable Treatment of Shareholders股东的公平待遇

  The corporate governance framework should ensure the equitable treatment of all shareholders, including minority and foreign shareholders. All shareholders should have the opportunity to obtain effective redress for violation of their rights.

  公司治理结构应当保证所有股东的公平待遇,包括少数股东和国外的股东。所有的股东都应该在他们的权利受损时获得有效的补偿的机会。

  A. All shareholders of the same series of a class should be treated equally.

  1. Within any series of a class, all shares should carry the same rights. All investors should be able to obtain information about the rights attached to all series and classes of shares before they purchase. Any changes in voting rights should be subject to approval by those classes of shares which are negatively affected.

  2. Minority shareholders should be protected from abusive actions by, or in the interest of, controlling shareholders acting either directly or indirectly, and should have effective means of redress.

  3. Votes should be cast by custodians or nominees in a manner agreed upon with the beneficial owner of the shares.

  4. Impediments to cross border voting should be eliminated.

  5. Processes and procedures for general shareholder meetings should allow for equitable treatment of all shareholders. Company procedures should not make it unduly difficult or expensive to cast vote.

  B. Insider trading and abusive self-dealing should be prohibited.

  C. Members of the board and key executives should be required to disclose to the board whether they, directly, indirectly or on behalf of third parties, have a material interest in any transaction or matter directly affecting the corporation.

  (1)同一类别、同一系列的股东应当得到同样的公平待遇。

  i. 在同一类别任何系列内,所有的股份都应该具有同样的权利。所有的投资者在他们购买之前都应该获得有关全部类别和系列股份所赋有的权利的信息。在投票权上的任何改变都应该由受到负面影响的股份类别核准。

  ii. 对于控股股东滥用行为造成的利益上的直接或间接伤害,小股东应当受到保护,并且应该有有效的补偿方法。

  iii 选举应该在有表决权的股权所有者协商同意的方式上由托管人和代理人投票。

  iv. 对远程投票的妨碍应当被去除。

  v. 普通股东大会的过程和程序应该对所有股东都公平对待。公司程序不应使得投票过分复杂困难和花费昂贵。

  (2)内部交易和滥用的私利交易应该被禁止。

  (3)在直接影响到企业的任何交易或事件中,无论董事会成员和关键经营人员直接、间接或在第三方利益上对于董事会具有实质性利益的,都应当被要求公开。

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