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1、Introduction to Corporate Governance,Federal Reserve System,1,Outline of Presentation讲座纲要,Definition of corporate governance 公司治理的概念 International factors impacting corporate governance 影响公司治理的国际因素 “Best practices” for corporate governance 公司治理的最好实践 BIS corporate governance issues 国际清算银行关于公司治理的问题 Ex
2、aminer perspective 监管者的观点,2,Definition of Corporate Governance公司治理的概念,A system of checks and balances promoting a healthy balance of risk and return 推动风险与回报保持良性平衡的制衡体系 Facilitates efficient, safe, and sound financial institutions 推进高效、安全、稳健的金融机构运作,3,What is Corporate Governance?什么是公司治理？,Set of relat
3、ionships among 以下各方之间的关系： Management 管理层 board of directors 董事会 shareholders/ other stakeholder 股东/其他利益关联方 Regulators 监管者 other control groups - e.g. audit 其他控制机构如审计 other players - e.g. market discipline 其他的参与者如市场规则,4,Impact of Banks Structure on Corporate Governance银行结构对公司治理的影响,Type of Ownership:
4、所有者形式 state-owned banks 国有银行 privately-owned banks 私有银行 listed banks 上市银行,5,State-Owned Banks国有银行,Leading role assumed by management 管理层发挥领导作用 shareholders - lesser role 股东作用小 External auditors could overvalue implicit/explicit State guarantee 外部审计可能高估国家的隐性或直接担保 Banking supervision - last line of de
5、fense 银行监管最后的防线,6,Privately-Owned Banks私有银行,Management has no autonomy vs. the shareholder(s) 管理层相对股东没有自主权 Bank supervision more critical - protect the depositors 银行监管更为重要保护储户 Market discipline - may or may not be significant 市场规则重要性不明确,7,Listed Banks上市银行,Key elements will work effectively 有效的关键要素：
6、Shareholders 股东 Audit Committee 审计委员会 Management 管理层 Market Discipline 市场规则 External Auditors 外部审计 Bank Supervisors 银行监管机构,8,Increased Importance of Corporate Governance公司治理的重要性加强,Governance weaknesses cited as major contributor to banking problems 公司治理缺陷是导致银行出现问题的主要原因 Growing complexity of bank act
7、ivity 银行经营活动日渐复杂 Consolidation across financial sectors 金融领域合并不断 Enhanced focus by OECD, 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,9,Impact by Type of Economy经济模式的影响,World Bank identified four separate models: 世界银行确定的四种模式： Asia 亚洲 Europe 欧洲 Anglo-Saxon countries 盎格鲁-萨克逊国家 Emerging Economies 新兴国家,10,Charact
8、eristics by Type of Economy经济模式的特点,Asia: 亚洲 Large and small diversified shareholders 多样化的大、小股东 Close links between corporations, banks and governments 政府、企业、银行关系紧密 Tightly held and family control 控制严格，家族管理 Absence of minority protection 缺乏对小股东的保护 Impact: 影响 Lack of market discipline 缺乏市场约束 Poor gove
9、rnance 治理水平差,Europe: 欧洲 Strong institutional framework 严格的制度框架 Swift enforcement and creditor protection 执行迅速，保护债权人 Weak capital markets and limited disclosure 资本市场薄弱，信息披露有限 Strong role for banks and institutional investors 银行和机构投资者占强势地位 Impact: 影响 Reasonable control and governance 合理的控制和治理,11,Anglo
10、-Saxon countries 盎格鲁-萨克逊国家: Strong equities markets 强劲的股票市场 Generally good information 普遍良好的信息披露 Good contractual enforcement 执行合同良好 Effective boards 有效的董事会 Takeover a real threat 收购才是真正的威胁 Impact 影响: Competitive markets 竞争市场 Good financial arbitrage 良好的金融套利机会 Really good governance 相当良好的治理,Emerging
11、 economies: 新兴国家 Poor legal environment 法律环境差 Weak enforcement 执行薄弱 Little transparency 缺乏透明度 Few financing alternatives 融资渠道很少 Impact: 影响 No checks and balances 没有制衡 Concentration of powers 权利集中,Characteristics by Type of Economy经济模式的特点,12,Approaches to Corporate Governance公司治理手段,Different models o
12、f corporate governance exist 公司治理存在不同的模式 Unitary vs. two-tier boards 单一与双重董事会 Diverse shareholder base vs. controlling shareholders 分散的股东基础与股东控制 Our focus is on U.S. model 我们主要研究美国模式,13,Critical Elements In Corporate Governance公司治理的关键要素,Board of Directors 董事会 Senior Management 高级管理层 Control Function
13、s 控制职能 Internal Audit 内部审计 General Counsel 总法律顾问 Risk Manager 风险管理经理,14,Corporate Governance: U.S. Model公司治理：美国模式,Historical separation of corporate ownership and control 历史上，公司所有权和管理权分离 Diffuse nature of shareholder base - makes rapid decision making difficult 股东基础分散的特点导致快速决策困难 Board established to
14、 represent interests of shareholders (owners) 建立董事会代表股东（所有者）的利益 Management selected to direct corporation on a day-to-day basis 选举管理层指导企业的日常经营活动,15,Board Responsibilities董事会的职责,Decisions based on corporations interests 企业的利益是决策的基础 Obtain relevant information for decision making 获得制定决策的相关信息 Select co
15、mpetent executive officers and evaluate and compensate accordingly 选择有才干的行政人员并给予相应的评定和报酬 Review and approve management-developed strategy 审批管理层制定的战略,16,Board Responsibilities, cont.董事会的职责（续）,Monitor bank financial performance 监督银行财务状况 Monitor control environment 监督控制环境 Ensure compliance with legal a
16、nd regulatory requirements 确保合法合规 Establish guidelines to govern board organization and procedures 制定董事会组织和议事程序规则,17,Board Committee Structure董事会结构,Audit/Examining Committee 审计/核查委员会 Nominating Committee 提名委员会 Compensation Committee 薪酬委员会 Loan Committee 贷款委员会 Risk Committee 风险委员会 Governance Committee 治理委员会 Executive Committee 执行委员会,18,Sound Practices for Effective Boards有效董事会的良好实践,Competent, engaged directors
