1、Introduction to Corporate Governance 公司治理简介,Federal Reserve System,2,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
2、问题 Examiner perspective 监管者的观点,3,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,4,What is Corporate Governance? 什么是公司治理？,Set of r
3、elationships 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,5,Impact of Banks Structure on Corporate Governance 银行结构对公司治理的影响,Type of Owners
4、hip: 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,6,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
5、of defense银行监管最后的防线,7,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,8,Listed Banks 上市银行,Key elements will work effectively 有效的关键要
6、素： 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,9,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
7、activity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,10,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,11,Charac
8、teristics 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 governa
9、nce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,12,Anglo-Saxon co
10、untries 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 economies:
11、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,13,Approaches to Corporate Governance 公司治理手段,Different models of corporate g
12、overnance 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,14,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 Functions 控制职能 Internal
13、 Audit 内部审计 General Counsel 总法律顾问 Risk Manager 风险管理经理,15,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 represent inter
14、ests 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,16,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 competent executive o
15、fficers 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,17,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 and regulatory require
16、ments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,18,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 Comm
17、ittee 执行委员会,19,Sound Practices for Effective Boards 有效董事会的良好实践,Competent, engaged directors 有才能、尽职的董事 Careful director selection 慎重挑选董事 Expertise linked to strategic focus 与战略重点相关的专业知识 Predominance of independent, outside directors外部独立董事的优势 Initial and continuous director training初始阶段和持续的董事培训 Guidel
18、ines for other board service 董事会其他服务的规则 Portion of compensation in equity 股权在报酬中的比例,20,Sound Practices for Effective Boards, cont. 有效董事会的良好实践（续）,Manageable Board size 便于管理的董事会规模 Involvement in key strategic decisions 参与重要战略决策 Meaningful board information packages 有意义的董事会信息库 Relevant, comprehensive,
19、timely 相关、全面、及时 Director involvement in information flow decisions董事参与信息流动决策 Validated by independent sources 由独立渠道确认有效,21,Sound Practices for Effective Boards, cont. 有效董事会的良好实践（续）,Complete and accurate recordkeeping of board actions完整和准确的董事会活动记录 Public corporate governance principles公开公司治理的原则 Activ
20、e self-assessment process 积极的自我评估程序 Board-level 董事会层面 Individual director-level 单个董事层面 Focused committees 重要委员会 Charters/Expertise 章程/专业知识,22,BIS - Sound Corporate Governance Practices 国际清算银行良好的公司治理实践,Appropriate strategic objectives and corporate values - communicated throughout the organization合适的
21、战略目标和企业价值机构内部全面传达 Clear lines of responsibility and accountability职责和义务的清晰界定 Qualified Board members 合格的董事会成员 Appropriate oversight by senior management高管人员的适度监控,23,BIS - Sound Corporate Governance Practices, cont. 国际清算银行良好的公司治理实践（续）,Effective utilization of internal and external audit有效利用内外部审计 Comp
22、ensation approaches consistent with the banks ethical values, objectives, strategy and control environment薪酬与银行的道德价值、目标、战略和控制环境相一致 Conducting governance in a transparent manner在透明的氛围下实施公司治理,24,Issues Relating to Transparency 与透明度相关的问题,Regulatory discipline 监管规则 The Basle Committee has produced “The
23、25 Core Principles of Effective Supervision”巴塞尔委员会制定的“有效银行监管的25条核心原则” The International Monetary Fund, Art. IV国际货币基金组织，第四款 Market discipline (complements banking supervision and reduces excessive risk)市场规则（补充银行监管及减少额外风险） Direct 直接 Indirect 间接,25,Details on Market Discipline 市场规则细则,Emphasizes sound c
24、orporate policies and practices强调良好的治理政策和实践 Requires adequate transparency and incentives to evaluate risk要求充足的透明度和积极的风险评估 Accurate description of the loan portfolios对贷款组合的描述准确 Adequate loan loss provisions 适当的贷款损失拨备 Adequate review of credit risk 适度的信用风险评估 Permits analysts to perceive risk in the a
25、ctivities of a financial institution准许分析师对金融机构的活动进行风险预测,26,Market Discipline 市场规则,Direct: 直接 Institution - riskier profile - increase cost of deposits机构风险增加的预测提高存款成本 Anticipation of higher costs - incentive to reduce risk成本增加的预期降低风险的动机 Indirect: 间接 Secondary market prices indicate level of risk and
26、probability of illiquidity or bankruptcy二级市场的价格揭示风险水平、流动性问题或破产的可能性 Higher risks - force increase in interest rates; lack of investors - force higher financing costs风险增加迫使利率升高；缺少投资者迫使融资成本提高 supervisors could limit a banks activities监管者能够限制银行的活动,27,Market Discipline 市场规则,Reinforce work of supervisors
27、加强监管者的工作 Reward banks effectively managing risks奖励有效管理风险的银行 Punishes banks that dont - e.g. increased惩罚不有效管理风险的银行如风险增加 Insurance premiums 保费 Permits long term stability for financial systems and banks确保金融体系和银行的长期稳定,28,Other Governance Factors 公司治理的其他因素,Corporate governance and lending 公司治理和贷款 Relate
28、d party lending restrictions 关联贷款的限制 Governance of offshore locations 离岸机构的公司治理 Appropriate structures for internal controls and risk management内控和风险管理的合理结构 Liquidity management and foreign exchange risk流动性管理和外汇风险,29,Corporate Governance and Lending Activities 公司治理和贷款活动,Board of Directors: 董事会 Sets
29、strategies and policies; 制定战略方针 Direct involvement in large exposures 直接参与大额业务 Management: 管理层 Compliance with and implementation of agreed strategy and policies遵守并执行既定的战略方针 Audit Committee: 审计委员会 Monitors internal control environment for entire Board为董事会监控内控环境 Compliance with applicable laws and re
30、gulations合法合规,30,Corporate Governance and Lending Activities 公司治理和贷款活动,Auditors: 审计人员 External - financial statement audits; 外部财务报表审计 Internal and external - loan portfolio reviews 内部和外部贷款组合评估 Supervisors: 监管人员 Design of regulatory framework 制订监管框架 Dissemination of best practices 公布良好治理实践 Review of
31、all the above 对上述所有内容进行检查,31,Limits on Loans to Related Parties 对关联贷款的限制,Prior supervisory approval required for:监管者预先核准要求： Loans exceeding 25% of capital贷款超过资本的25% to any one debtor in the private sector 对单一私有企业债务人 to any group of related debtors 对与债务人有关联的集团 Concentrations - not to exceed 10% in th
32、e aggregate集中度不超过总额的10%,32,Risks in Related Party Lending 关联贷款的风险,Role of supervisors: 监管者的作用 Monitor related party lending - ensure adequate basis for extensions of credit 监控关联贷款保证信用扩张的基础适度 Verify bank - appropriate monitoring system检查银行适当的监控系统 Verify control system is effective 确保控制系统有效,33,Supervi
33、sion of Offshore Operations 离岸业务的监管,Supervisors should: 监管者应该 Impede offshore structures if supervision is inadequate如果监管能力不足，阻止离岸机构的设置 Control groups with parallel banks where there is no consolidated supervision or transparency控制没有统一监管和透明度的银行 Review the market strategy 评估市场战略 Review all loans over
34、 the lending limit 评估所有超过贷款额度的贷款 Ensure consolidated corporate governance 确保统一的公司治理,34,Key Examination Objectives 检查的主要目标,Assess organizational structure 评估组织结构 Perform corporate governance reviews of larger organizations对大银行实行公司治理评估 Review Board of Directors Oversight and committee structure includ
35、ing lines of responsibility 检查董事会的监管和委员会的结构，包括职责安排 Review segregation of duties specifically特别要检查职责划分 Front/back office and approval of limit excessions前台/后台和超额度授权的批准,35,Key Examination Objectives 检查的主要目标,Review adequacy of risk management systems - monitoring, limits, MIS评估风险管理系统监督、额度、管理信息系统 Ensure
36、 appropriateness of audit, credit review and compliance - independence, competence, effectiveness确保独立、有效的审计、信用评估及合规性 Review new product approval process评估新产品的批准程序 Determine accuracy of financial accounting and reporting确定财务会计及其报告的准确性 Encourage self-assessment process 推动自我评估程序,36,Other Observations 其他监测,Personnel 人事 Background Checks 背景检查 Character/Integrity 性格/品行 “Follow the Money” “跟钱走” Two Questions 两个问题 Is This Reasonable? 合理吗？ Does it Make Sense? 有意义吗？ Make “Hard Business Decisions” 制定“严格的业务决策”,
