1、Introduction to Corporate Governance公司治理簡介,Federal Reserve System,2,Outline of Presentation講座綱要,Definition of corporate governance 公司治理的概念 International factors impacting corporate governance 影響公司治理的國際因素 “Best practices” for corporate governance 公司治理的最好實踐 BIS corporate governance issues 國際清算銀行關于公司治理

2、的問題 Examiner perspective 監(jiān)管者的觀點,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 推動風險與回報保持良性平衡的制衡體系 Facilitates efficient, safe, and sound financial institutions 推進高效、安全、穩(wěn)健的金融機構運作,4,What is Corporate Governance?什么是公司治理？,Set of

3、 relationships among 以下各方之間的關系： Management 管理層 board of directors 董事會 shareholders/ other stakeholder 股東/其他利益關聯(lián)方 Regulators 監(jiān)管者 other control groups - e.g. audit 其他控制機構如審計 other players - e.g. market discipline 其他的參與者如市場規(guī)則,5,Impact of Banks Structure on Corporate Governance銀行結構對公司治理的影響,Type of Owner

4、ship: 所有者形式 state-owned banks 國有銀行 privately-owned banks 私有銀行 listed banks 上市銀行,6,State-Owned Banks國有銀行,Leading role assumed by management 管理層發(fā)揮領導作用 shareholders - lesser role 股東作用小 External auditors could overvalue implicit/explicit State guarantee 外部審計可能高估國家的隱性或直接擔保 Banking supervision - last line

5、 of defense 銀行監(jiān)管最后的防線,7,Privately-Owned Banks私有銀行,Management has no autonomy vs. the shareholder(s) 管理層相對股東沒有自主權 Bank supervision more critical - protect the depositors 銀行監(jiān)管更為重要保護儲戶 Market discipline - may or may not be significant 市場規(guī)則重要性不明確,8,Listed Banks上市銀行,Key elements will work effectively 有效的

6、關鍵要素： Shareholders 股東 Audit Committee 審計委員會 Management 管理層 Market Discipline 市場規(guī)則 External Auditors 外部審計 Bank Supervisors 銀行監(jiān)管機構,9,Increased Importance of Corporate Governance公司治理的重要性加強,Governance weaknesses cited as major contributor to banking problems 公司治理缺陷是導致銀行出現(xiàn)問題的主要原因 Growing complexity of ba

7、nk activity 銀行經(jīng)營活動日漸復雜 Consolidation across financial sectors 金融領域合并不斷 Enhanced focus by OECD, BIS, SEC 經(jīng)合組織、國際清算銀行、美國證券交易委員會提高關注,10,Impact by Type of Economy經(jīng)濟模式的影響,World Bank identified four separate models: 世界銀行確定的四種模式： Asia 亞洲 Europe 歐洲 Anglo-Saxon countries 盎格魯-薩克遜國家 Emerging Economies 新興國家,11,

8、Characteristics by Type of Economy經(jīng)濟模式的特點,Asia: 亞洲 Large and small diversified shareholders 多樣化的大、小股東 Close links between corporations, banks and governments 政府、企業(yè)、銀行關系緊密 Tightly held and family control 控制嚴格，家族管理 Absence of minority protection 缺乏對小股東的保護 Impact: 影響 Lack of market discipline 缺乏市場約束 Po

9、or governance 治理水平差,Europe: 歐洲 Strong institutional framework 嚴格的制度框架 Swift enforcement and creditor protection 執(zhí)行迅速，保護債權人 Weak capital markets and limited disclosure 資本市場薄弱，信息披露有限 Strong role for banks and institutional investors 銀行和機構投資者占強勢地位 Impact: 影響 Reasonable control and governance 合理的控制和治理,1

10、2,Anglo-Saxon countries 盎格魯-薩克遜國家: Strong equities markets 強勁的股票市場 Generally good information 普遍良好的信息披露 Good contractual enforcement 執(zhí)行合同良好 Effective boards 有效的董事會 Takeover a real threat 收購才是真正的威脅 Impact 影響: Competitive markets 競爭市場 Good financial arbitrage 良好的金融套利機會 Really good governance 相當良好的治理,E

11、merging economies: 新興國家 Poor legal environment 法律環(huán)境差 Weak enforcement 執(zhí)行薄弱 Little transparency 缺乏透明度 Few financing alternatives 融資渠道很少 Impact: 影響 No checks and balances 沒有制衡 Concentration of powers 權利集中,Characteristics by Type of Economy經(jīng)濟模式的特點,13,Approaches to Corporate Governance公司治理手段,Different m

12、odels of corporate governance exist 公司治理存在不同的模式 Unitary vs. two-tier boards 單一與雙重董事會 Diverse shareholder base vs. controlling shareholders 分散的股東基礎與股東控制 Our focus is on U.S. model 我們主要研究美國模式,14,Critical Elements In Corporate Governance公司治理的關鍵要素,Board of Directors 董事會 Senior Management 高級管理層 Control F

13、unctions 控制職能 Internal Audit 內(nèi)部審計 General Counsel 總法律顧問 Risk Manager 風險管理經(jīng)理,15,Corporate Governance: U.S. Model公司治理：美國模式,Historical separation of corporate ownership and control 歷史上，公司所有權和管理權分離 Diffuse nature of shareholder base - makes rapid decision making difficult 股東基礎分散的特點導致快速決策困難 Board establi

14、shed to represent interests of shareholders (owners) 建立董事會代表股東（所有者）的利益 Management selected to direct corporation on a day-to-day basis 選舉管理層指導企業(yè)的日常經(jīng)營活動,16,Board Responsibilities董事會的職責,Decisions based on corporations interests 企業(yè)的利益是決策的基礎 Obtain relevant information for decision making 獲得制定決策的相關信息 Se

15、lect competent executive officers and evaluate and compensate accordingly 選擇有才干的行政人員并給予相應的評定和報酬 Review and approve management-developed strategy 審批管理層制定的戰(zhàn)略,17,Board Responsibilities, cont.董事會的職責（續(xù)）,Monitor bank financial performance 監(jiān)督銀行財務狀況 Monitor control environment 監(jiān)督控制環(huán)境 Ensure compliance with

16、legal and regulatory requirements 確保合法合規(guī) Establish guidelines to govern board organization and procedures 制定董事會組織和議事程序規(guī)則,18,Board Committee Structure董事會結構,Audit/Examining Committee 審計/核查委員會 Nominating Committee 提名委員會 Compensation Committee 薪酬委員會 Loan Committee 貸款委員會 Risk Committee 風險委員會 Governance C

17、ommittee 治理委員會 Executive Committee 執(zhí)行委員會,19,Sound Practices for Effective Boards有效董事會的良好實踐,Competent, engaged directors 有才能、盡職的董事 Careful director selection 慎重挑選董事 Expertise linked to strategic focus 與戰(zhàn)略重點相關的專業(yè)知識 Predominance of independent, outside directors 外部獨立董事的優(yōu)勢 Initial and continuous directo

18、r training 初始階段和持續(xù)的董事培訓 Guidelines for other board service 董事會其他服務的規(guī)則 Portion of compensation in equity 股權在報酬中的比例,20,Sound Practices for Effective Boards, cont.有效董事會的良好實踐（續(xù)）,Manageable Board size 便于管理的董事會規(guī)模 Involvement in key strategic decisions 參與重要戰(zhàn)略決策 Meaningful board information packages 有意義的董事會

19、信息庫 Relevant, comprehensive, timely 相關、全面、及時 Director involvement in information flow decisions 董事參與信息流動決策 Validated by independent sources 由獨立渠道確認有效,21,Sound Practices for Effective Boards, cont.有效董事會的良好實踐（續(xù)）,Complete and accurate recordkeeping of board actions 完整和準確的董事會活動記錄 Public corporate govern

20、ance principles 公開公司治理的原則 Active self-assessment process 積極的自我評估程序 Board-level 董事會層面 Individual director-level 單個董事層面 Focused committees 重要委員會 Charters/Expertise 章程/專業(yè)知識,22,BIS - Sound Corporate Governance Practices國際清算銀行良好的公司治理實踐,Appropriate strategic objectives and corporate values - communicated

21、throughout the organization 合適的戰(zhàn)略目標和企業(yè)價值機構內(nèi)部全面?zhèn)鬟_ Clear lines of responsibility and accountability 職責和義務的清晰界定 Qualified Board members 合格的董事會成員 Appropriate oversight by senior management 高管人員的適度監(jiān)控,23,BIS - Sound Corporate Governance Practices, cont.國際清算銀行良好的公司治理實踐（續(xù)）,Effective utilization of internal

22、and external audit 有效利用內(nèi)外部審計 Compensation approaches consistent with the banks ethical values, objectives, strategy and control environment 薪酬與銀行的道德價值、目標、戰(zhàn)略和控制環(huán)境相一致 Conducting governance in a transparent manner 在透明的氛圍下實施公司治理,24,Issues Relating to Transparency與透明度相關的問題,Regulatory discipline 監(jiān)管規(guī)則 The

23、Basle Committee has produced “The 25 Core Principles of Effective Supervision” 巴塞爾委員會制定的“有效銀行監(jiān)管的25條核心原則” The International Monetary Fund, Art. IV 國際貨幣基金組織，第四款 Market discipline (complements banking supervision and reduces excessive risk) 市場規(guī)則（補充銀行監(jiān)管及減少額外風險） Direct 直接 Indirect 間接,25,Details on Market

24、 Discipline市場規(guī)則細則,Emphasizes sound corporate policies and practices 強調(diào)良好的治理政策和實踐 Requires adequate transparency and incentives to evaluate risk 要求充足的透明度和積極的風險評估 Accurate description of the loan portfolios 對貸款組合的描述準確 Adequate loan loss provisions 適當?shù)馁J款損失撥備 Adequate review of credit risk 適度的信用風險評估 Per

25、mits analysts to perceive risk in the activities of a financial institution 準許分析師對金融機構的活動進行風險預測,26,Market Discipline市場規(guī)則,Direct: 直接 Institution - riskier profile - increase cost of deposits 機構風險增加的預測提高存款成本 Anticipation of higher costs - incentive to reduce risk 成本增加的預期降低風險的動機 Indirect: 間接 Secondary

26、market prices indicate level of risk and probability of illiquidity or bankruptcy 二級市場的價格揭示風險水平、流動性問題或破產(chǎn)的可能性 Higher risks - force increase in interest rates; lack of investors - force higher financing costs 風險增加迫使利率升高；缺少投資者迫使融資成本提高 supervisors could limit a banks activities 監(jiān)管者能夠限制銀行的活動,27,Market Di

27、scipline市場規(guī)則,Reinforce work of supervisors 加強監(jiān)管者的工作 Reward banks effectively managing risks 獎勵有效管理風險的銀行 Punishes banks that dont - e.g. increased 懲罰不有效管理風險的銀行如風險增加 Insurance premiums 保費 Permits long term stability for financial systems and banks 確保金融體系和銀行的長期穩(wěn)定,28,Other Governance Factors公司治理的其他因素,Co

28、rporate governance and lending 公司治理和貸款 Related party lending restrictions 關聯(lián)貸款的限制 Governance of offshore locations 離岸機構的公司治理 Appropriate structures for internal controls and risk management 內(nèi)控和風險管理的合理結構 Liquidity management and foreign exchange risk 流動性管理和外匯風險,29,Corporate Governance and Lending Act

29、ivities公司治理和貸款活動,Board of Directors: 董事會 Sets strategies and policies; 制定戰(zhàn)略方針 Direct involvement in large exposures 直接參與大額業(yè)務 Management: 管理層 Compliance with and implementation of agreed strategy and policies 遵守并執(zhí)行既定的戰(zhàn)略方針 Audit Committee: 審計委員會 Monitors internal control environment for entire Board 為

30、董事會監(jiān)控內(nèi)控環(huán)境 Compliance with applicable laws and regulations 合法合規(guī),30,Corporate Governance and Lending Activities公司治理和貸款活動,Auditors: 審計人員 External - financial statement audits; 外部財務報表審計 Internal and external - loan portfolio reviews 內(nèi)部和外部貸款組合評估 Supervisors: 監(jiān)管人員 Design of regulatory framework 制訂監(jiān)管框架 Dis

31、semination of best practices 公布良好治理實踐 Review of all the above 對上述所有內(nèi)容進行檢查,31,Limits on Loans to Related Parties對關聯(lián)貸款的限制,Prior supervisory approval required for: 監(jiān)管者預先核準要求： Loans exceeding 25% of capital 貸款超過資本的25% to any one debtor in the private sector 對單一私有企業(yè)債務人 to any group of related debtors 對與債

32、務人有關聯(lián)的集團 Concentrations - not to exceed 10% in the aggregate 集中度不超過總額的10%,32,Risks in Related Party Lending關聯(lián)貸款的風險,Role of supervisors: 監(jiān)管者的作用 Monitor related party lending - ensure adequate basis for extensions of credit 監(jiān)控關聯(lián)貸款保證信用擴張的基礎適度 Verify bank - appropriate monitoring system 檢查銀行適當?shù)谋O(jiān)控系統(tǒng) Veri

33、fy control system is effective 確保控制系統(tǒng)有效,33,Supervision of Offshore Operations離岸業(yè)務的監(jiān)管,Supervisors should: 監(jiān)管者應該 Impede offshore structures if supervision is inadequate 如果監(jiān)管能力不足，阻止離岸機構的設置 Control groups with parallel banks where there is no consolidated supervision or transparency 控制沒有統(tǒng)一監(jiān)管和透明度的銀行 Review the market strategy 評估市場戰(zhàn)略 Review all loans over th