1、Introduction to Corporate Governance公司治理简介,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
2、Examiner 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 relati
3、onships 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:所有者形式state-own
4、ed 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 defense 银行监管最后的防线,6,Priva
5、tely-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：Shareholders 股东Audit Committee 审
6、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 activity 银行经营活动日渐复杂Consolidation across f
7、inancial 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,Characteristics by Type of Economy经济模式的特点,Asia:亚洲Lar
8、ge 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 governance 治理水平差,Europe:欧洲Strong institutional framework 严格
9、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-Saxon countries 盎格鲁-萨克逊国家:Strong equities markets 强劲的股票市场Gene
10、rally 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:新兴国家Poor legal environment 法律环境差Weak enforcement 执行薄弱Little
11、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 of 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Diver
12、se 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 Functions 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 Governanc
13、e: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 interests of shareholders(owners)建立董事会代表股东（所有者）的利益Management selected to direct corpor
14、ation 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 competent 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 app
15、rove 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 and regulatory requirements 确保合法合规Establish guidelines to govern board organization and procedures 制定董事会组织和
16、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 有
17、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Guidelines 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,19,Sound Pract
18、ices 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,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 sour
19、ces 由独立渠道确认有效,20,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Active 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
20、Charters/Expertise 章程/专业知识,21,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Appropri
21、ate oversight by senior management 高管人员的适度监控,22,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Compensation 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
22、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,23,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 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Marke
23、t 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,24,Details on Market Discipline市场规则细则,Emphasizes sound corporate 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
24、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 activities of a financial institution 准许分析师对金融机构的活动进行风险预测,25,Market Discipline市场规则,Direct:直接Institution-riskier profile-increase cost o
25、f 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 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
26、 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,26,Market Discipline市场规则,Reinforce work of supervisors 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
27、 term stability for financial systems and banks 确保金融体系和银行的长期稳定,27,Other Governance Factors公司治理的其他因素,Corporate governance and lending 公司治理和贷款Related 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
28、构Liquidity management and foreign exchange risk 流动性管理和外汇风险,28,Corporate Governance and Lending Activities公司治理和贷款活动,Board of Directors:董事会Sets 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
29、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 regulations 合法合规,29,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
30、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 all the above 对上述所有内容进行检查,30,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 debto
31、r 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 the aggregate 集中度不超过总额的10%,31,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
32、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,32,Supervision 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 consol
33、idated 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 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,33,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 inclu
