公司治理簡(jiǎn)介ppt課件

1、Introduction to Corporate Governance公司治理簡(jiǎn)介Federal Reserve System.Outline of Presentation講座綱要Definition of corporate governance 公司治理的概念I(lǐng)nternational factors impacting corporate governance 影響公司治理的國際要素“Best practices for corporate governance 公司治理的最好實(shí)際BIS corporate governance issues 國際清算銀行關(guān)于公司治理的問題 Exam

2、iner perspective 監(jiān)管者的觀念.Definition of Corporate Governance公司治理的概念A(yù) system of checks and balances promoting a healthy balance of risk and return 推進(jìn)風(fēng)險(xiǎn)與報(bào)答堅(jiān)持良性平衡的制衡體系Facilitates efficient, safe, and sound financial institutions 推進(jìn)高效、平安、穩(wěn)健的金融機(jī)構(gòu)運(yùn)作.What is Corporate Governance?什么是公司治理？Set of relationships

3、among 以下各方之間的關(guān)系：Management 管理層board of directors 董事會(huì)shareholders/ other stakeholder 股東/其他利益關(guān)聯(lián)方 Regulators 監(jiān)管者other control groups - e.g. audit 其他控制機(jī)構(gòu)如審計(jì)other players - e.g. market discipline 其他的參與者如市場(chǎng)規(guī)那么.Impact of Banks Structure on Corporate Governance銀行構(gòu)造對(duì)公司治理的影響Type of Ownership: 一切者方式state-owned

4、 banks 國有銀行privately-owned banks 私有銀行l(wèi)isted banks 上市銀行.State-Owned Banks國有銀行Leading role assumed by management 管理層發(fā)揚(yáng)指點(diǎn)作用 shareholders - lesser role 股東作用小External auditors could overvalue implicit/explicit State guarantee 外部審計(jì)能夠高估國家的隱性或直接擔(dān)保Banking supervision - last line of defense 銀行監(jiān)管最后的防線.Privatel

5、y-Owned Banks私有銀行Management has no autonomy vs. the shareholder(s) 管理層相對(duì)股東沒有自主權(quán)Bank supervision more critical - protect the depositors 銀行監(jiān)管更為重要維護(hù)儲(chǔ)戶Market discipline - may or may not be significant 市場(chǎng)規(guī)那么重要性不明確.Listed Banks上市銀行Key elements will work effectively 有效的關(guān)鍵要素：Shareholders 股東Audit Committee 審

6、計(jì)委員會(huì)Management 管理層Market Discipline 市場(chǎng)規(guī)那么External Auditors 外部審計(jì)Bank Supervisors 銀行監(jiān)管機(jī)構(gòu).Increased Importance of Corporate Governance公司治理的重要性加強(qiáng)Governance weaknesses cited as major contributor to banking problems 公司治理缺陷是導(dǎo)致銀行出現(xiàn)問題的主要緣由Growing complexity of bank activity 銀行運(yùn)營(yíng)活動(dòng)日漸復(fù)雜Consolidation across fin

7、ancial sectors 金融領(lǐng)域合并不斷 Enhanced focus by OECD, BIS, SEC 經(jīng)合組織、國際清算銀行、美國證券買賣委員會(huì)提高關(guān)注.Impact by Type of Economy經(jīng)濟(jì)方式的影響World Bank identified four separate models: 世界銀行確定的四種方式： Asia 亞洲Europe 歐洲 Anglo-Saxon countries 盎格魯-薩克遜國家Emerging Economies 新興國家.Characteristics by Type of Economy經(jīng)濟(jì)方式的特點(diǎn)Asia: 亞洲Large a

8、nd 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(guān)系嚴(yán)密Tightly held and family control 控制嚴(yán)厲，家族管理Absence of minority protection 缺乏對(duì)小股東的維護(hù)Impact: 影響Lack of market discipline 缺乏市場(chǎng)約束Poor governance 治理程度差Europe: 歐洲Strong institutional framework 嚴(yán)厲的制

9、度框架 Swift enforcement and creditor protection 執(zhí)行迅速，維護(hù)債務(wù)人Weak capital markets and limited disclosure 資本市場(chǎng)薄弱，信息披露有限Strong role for banks and institutional investors 銀行和機(jī)構(gòu)投資者占強(qiáng)勢(shì)位置Impact: 影響Reasonable control and governance 合理的控制和治理.Anglo-Saxon countries 盎格魯-薩克遜國家:Strong equities markets 強(qiáng)勁的股票市場(chǎng)Generall

10、y 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(huì)Takeover a real threat 收買才是真正的要挾Impact 影響: Competitive markets 競(jìng)爭(zhēng)市場(chǎng)Good financial arbitrage 良好的金融套利時(shí)機(jī)Really good governance 相當(dāng)良好的治理Emerging economies: 新興國家Poor legal environment 法律環(huán)境差Weak enforcement 執(zhí)行薄弱Little tra

11、nsparency 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(quán)益集中Characteristics by Type of Economy經(jīng)濟(jì)方式的特點(diǎn).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方式Unitary vs. two-tier boards 單一與雙重董事會(huì)Diverse sha

12、reholder base vs. controlling shareholders 分散的股東根底與股東控制Our focus is on U.S. model 我們主要研討美國方式.Critical Elements In Corporate Governance公司治理的關(guān)鍵要素Board of Directors 董事會(huì)Senior Management 高級(jí)管理層Control Functions 控制職能Internal Audit 內(nèi)部審計(jì)General Counsel 總法律顧問Risk Manager 風(fēng)險(xiǎn)管理經(jīng)理.Corporate Governance: U.S. Mod

13、el公司治理：美國方式Historical separation of corporate ownership and control 歷史上，公司一切權(quán)和管理權(quán)分別Diffuse nature of shareholder base - makes rapid decision making difficult 股東根底分散的特點(diǎn)導(dǎo)致快速?zèng)Q策困難Board established to represent interests of shareholders (owners) 建立董事會(huì)代表股東一切者的利益Management selected to direct corporation on

14、 a day-to-day basis 選舉管理層指點(diǎn)企業(yè)的日常運(yùn)營(yíng)活動(dòng).Board Responsibilities董事會(huì)的職責(zé)Decisions based on corporations interests 企業(yè)的利益是決策的根底Obtain relevant information for decision making 獲得制定決策的相關(guān)信息Select competent executive officers and evaluate and compensate accordingly 選擇有才干的行政人員并給予相應(yīng)的評(píng)定和報(bào)酬Review and approve managem

15、ent-developed strategy 審批管理層制定的戰(zhàn)略.Board Responsibilities, cont.董事會(huì)的職責(zé)續(xù)Monitor bank financial performance 監(jiān)視銀行財(cái)務(wù)情況Monitor control environment 監(jiān)視控制環(huán)境Ensure compliance with legal and regulatory requirements 確保合法合規(guī)Establish guidelines to govern board organization and procedures 制定董事會(huì)組織和議事程序規(guī)那么.Board Com

16、mittee Structure董事會(huì)構(gòu)造Audit/Examining Committee 審計(jì)/核對(duì)委員會(huì)Nominating Committee 提名委員會(huì)Compensation Committee 薪酬委員會(huì)Loan Committee 貸款委員會(huì)Risk Committee 風(fēng)險(xiǎn)委員會(huì)Governance Committee 治理委員會(huì)Executive Committee 執(zhí)行委員會(huì).Sound Practices for Effective Boards有效董事會(huì)的良好實(shí)際Competent, engaged directors 有才干、盡職的董事Careful directo

17、r selection 慎重挑選董事Expertise linked to strategic focus 與戰(zhàn)略重點(diǎn)相關(guān)的專業(yè)知識(shí)Predominance of independent, outside directors 外部獨(dú)立董事的優(yōu)勢(shì)Initial and continuous director training 初始階段和繼續(xù)的董事培訓(xùn)Guidelines for other board service 董事會(huì)其他效力的規(guī)那么Portion of compensation in equity 股權(quán)在報(bào)酬中的比例.Sound Practices for Effective Board

18、s, cont.有效董事會(huì)的良好實(shí)際續(xù)Manageable Board size 便于管理的董事會(huì)規(guī)模Involvement in key strategic decisions 參與重要戰(zhàn)略決策M(jìn)eaningful board information packages 有意義的董事會(huì)信息庫Relevant, comprehensive, timely 相關(guān)、全面、及時(shí)Director involvement in information flow decisions 董事參與信息流動(dòng)決策Validated by independent sources 由獨(dú)立渠道確認(rèn)有效.Sound Prac

19、tices for Effective Boards, cont.有效董事會(huì)的良好實(shí)際續(xù)Complete and accurate recordkeeping of board actions 完好和準(zhǔn)確的董事會(huì)活動(dòng)記錄Public corporate governance principles 公開公司治理的原那么Active self-assessment process 積極的自我評(píng)價(jià)程序Board-level 董事會(huì)層面Individual director-level 單個(gè)董事層面Focused committees 重要委員會(huì)Charters/Expertise 章程/專業(yè)知識(shí).B

20、IS - Sound Corporate Governance Practices國際清算銀行良好的公司治理實(shí)際Appropriate strategic objectives and corporate values - communicated throughout the organization 適宜的戰(zhàn)略目的和企業(yè)價(jià)值機(jī)構(gòu)內(nèi)部全面?zhèn)鬟_(dá)Clear lines of responsibility and accountability 職責(zé)和義務(wù)的明晰界定Qualified Board members 合格的董事會(huì)成員Appropriate oversight by senior mana

21、gement 高管人員的適度監(jiān)控.BIS - Sound Corporate Governance Practices, cont.國際清算銀行良好的公司治理實(shí)際續(xù)Effective utilization of internal and external audit 有效利用內(nèi)外部審計(jì)Compensation approaches consistent with the banks ethical values, objectives, strategy and control environment 薪酬與銀行的品德價(jià)值、目的、戰(zhàn)略和控制環(huán)境相一致Conducting governance

22、 in a transparent manner 在透明的氣氛下實(shí)施公司治理.Issues Relating to Transparency與透明度相關(guān)的問題Regulatory discipline 監(jiān)管規(guī)那么The Basle Committee has produced “The 25 Core Principles of Effective Supervision 巴塞爾委員會(huì)制定的“有效銀行監(jiān)管的25條中心原那么The International Monetary Fund, Art. IV 國際貨幣基金組織，第四款Market discipline (complements ban

23、king supervision and reduces excessive risk) 市場(chǎng)規(guī)那么補(bǔ)充銀行監(jiān)管及減少額外風(fēng)險(xiǎn)Direct 直接Indirect 間接.Details on Market Discipline市場(chǎng)規(guī)那么細(xì)那么Emphasizes sound corporate policies and practices 強(qiáng)調(diào)良好的治理政策和實(shí)際Requires adequate transparency and incentives to evaluate risk 要求充足的透明度和積極的風(fēng)險(xiǎn)評(píng)價(jià)Accurate description of the loan portfo

24、lios 對(duì)貸款組合的描畫準(zhǔn)確Adequate loan loss provisions 適當(dāng)?shù)馁J款損失撥備Adequate review of credit risk 適度的信譽(yù)風(fēng)險(xiǎn)評(píng)價(jià)Permits analysts to perceive risk in the activities of a financial institution 準(zhǔn)許分析師對(duì)金融機(jī)構(gòu)的活動(dòng)進(jìn)展風(fēng)險(xiǎn)預(yù)測(cè).Market Discipline市場(chǎng)規(guī)那么Direct: 直接Institution - riskier profile - increase cost of deposits 機(jī)構(gòu)風(fēng)險(xiǎn)添加的預(yù)測(cè)提高存款本錢 A

25、nticipation of higher costs - incentive to reduce risk 本錢添加的預(yù)期降低風(fēng)險(xiǎn)的動(dòng)機(jī)Indirect: 間接Secondary market prices indicate level of risk and probability of illiquidity or bankruptcy 二級(jí)市場(chǎng)的價(jià)錢提示風(fēng)險(xiǎn)程度、流動(dòng)性問題或破產(chǎn)的能夠性Higher risks - force increase in interest rates; lack of investors - force higher financing costs 風(fēng)險(xiǎn)添

26、加迫使利率升高；短少投資者迫使融資本錢提高supervisors could limit a banks activities 監(jiān)管者可以限制銀行的活動(dòng).Market Discipline市場(chǎng)規(guī)那么Reinforce work of supervisors 加強(qiáng)監(jiān)管者的任務(wù)Reward banks effectively managing risks 獎(jiǎng)勵(lì)有效管理風(fēng)險(xiǎn)的銀行Punishes banks that dont - e.g. increased 懲罰不有效管理風(fēng)險(xiǎn)的銀行如風(fēng)險(xiǎn)添加Insurance premiums 保費(fèi)Permits long term stability for

27、financial systems and banks 確保金融體系和銀行的長(zhǎng)期穩(wěn)定.Other Governance Factors公司治理的其他要素Corporate governance and lending 公司治理和貸款Related party lending restrictions 關(guān)聯(lián)貸款的限制Governance of offshore locations 離岸機(jī)構(gòu)的公司治理Appropriate structures for internal controls and risk management 內(nèi)控和風(fēng)險(xiǎn)管理的合理構(gòu)造Liquidity management an

28、d foreign exchange risk 流動(dòng)性管理和外匯風(fēng)險(xiǎn).Corporate Governance and Lending Activities公司治理和貸款活動(dòng)Board of Directors: 董事會(huì)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(wù)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 Committe

29、e: 審計(jì)委員會(huì)Monitors internal control environment for entire Board 為董事會(huì)監(jiān)控內(nèi)控環(huán)境Compliance with applicable laws and regulations 合法合規(guī).Corporate Governance and Lending Activities公司治理和貸款活動(dòng)Auditors: 審計(jì)人員External - financial statement audits; 外部財(cái)務(wù)報(bào)表審計(jì)Internal and external - loan portfolio reviews 內(nèi)部和外部貸款組合評(píng)價(jià)Sup

30、ervisors: 監(jiān)管人員Design of regulatory framework 制定監(jiān)管框架Dissemination of best practices 公布良好治理實(shí)際Review of all the above 對(duì)上述一切內(nèi)容進(jìn)展檢查.Limits on Loans to Related Parties對(duì)關(guān)聯(lián)貸款的限制Prior supervisory approval required for: 監(jiān)管者預(yù)先核準(zhǔn)要求：Loans exceeding 25% of capital 貸款超越資本的25%to any one debtor in the private sector

31、 對(duì)單一私有企業(yè)債務(wù)人to any group of related debtors 對(duì)與債務(wù)人有關(guān)聯(lián)的集團(tuán)Concentrations - not to exceed 10% in the aggregate 集中度不超越總額的10%.Risks in Related Party Lending關(guān)聯(lián)貸款的風(fēng)險(xiǎn)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(guān)聯(lián)貸款保證信譽(yù)擴(kuò)張的根底適度Verify bank - appropr

32、iate monitoring system 檢查銀行適當(dāng)?shù)谋O(jiān)控系統(tǒng)Verify control system is effective 確?？刂葡到y(tǒng)有效 .Supervision of Offshore Operations離岸業(yè)務(wù)的監(jiān)管Supervisors should: 監(jiān)管者應(yīng)該Impede offshore structures if supervision is inadequate 假設(shè)監(jiān)管才干缺乏，阻止離岸機(jī)構(gòu)的設(shè)置 Control groups with parallel banks where there is no consolidated supervision or transparency 控制沒有一致監(jiān)管和透明度的銀行Review the market strategy 評(píng)價(jià)市場(chǎng)戰(zhàn)略Review all loans over t