OECD公司治理准则partII(中英文对照)

OECD公司治理准则确保有效的公司治理框架基础EnsurethebasisforEffectiveCorporateGovernance公司治理框架应当提升透明、有效的市场，遵循法治原则，明确规定不同的监管、管理及执行权力之间的责任划分。Thecorporategovernanceframeworkshouldpromotetransparentandefficientmarkets,beconsistentwiththeruleoflawandclearlyarticulatethedivisionofresponsibilitiesamongdifferentsupervisory,regulatoryandenforcementauthorities公司治理结构的发展应当着眼于其对经济的全面发展、市场的统一、为市场参与者所创造的动力和推动透明有效的市场的影响上。Thecorporategovernanceframeworkshouldbedevelopedwithaviewtoitsimpactonoveralleconomicperformance,marketintegrityandtheincentivesitcreatesformarketparticipantsandthepromotionoftransparentandefficientmarkets.在一法域内，影响公司治理实践的法律和规章要求应当符合法治原则，且是透明的、可执行的。Thelegalandregulatoryrequirementsthataffectcorporategovernancepracticesinajurisdictionshouldbeconsistentwiththeruleoflaw,transparentandenforceable在一法域内，不同权力之间的职责划分应当予以明确规定，且应确保服务于公共利益。Thedivisionofresponsibilitiesamongdifferentauthoritiesinajurisdictionshouldbeclearlyarticulatedandensurethatthepublicinterestisserved监管、管理及执行机关应当具有威信、正直性及智识，以专业的、客观的方式履行职责，而且他们的管控应当是及时的、透明的、且是经充分解释的。股东的权利及主要的所有者权能Therightsofshareholdersandkeyownershipfunctions公司治理框架应当能够保护并便利于股东权利的行使Thecorporategovernanceframeworkshouldprotectandfacilitatetheexerciseofshareholders’right股东的基本权利应当包括有权：（1）获得股权登记方法；（2）转让或者过户股份；（3）及时定期地获得公司相关的、实质的信息；（4）参加股东大会并投票；（5）选举或者撤换董事会成员；及（6）分享公司利润。Basicshareholderrightsshouldincludetherightto:（1）securemethodsofownershipregistration;（2）conveyortransfershares;（3）obtainrelevantandmaterialinformationonthecorporationonatimelyandregularbasis;（4）participateandvoteingeneralshareholdermeetings;（5）electandremovemembersoftheboard;（6）shareintheprofitsofthecorporation股东有权参与且应被充分通知关于公司变更的决定，诸如：（1）对设立协议、公司或类似的公司管控文件的修改；（2）追加股本的授权；（3）实质上导致了出售公司的特殊交易，包括全部的或者是基本上全部的资产转让Shareholdersshouldhavetherighttoparticipatein,andtobesufficientlyinformedon,decisionsconcerningfundamentalcorporatechangessuchas:（1）amendmentstothestatutes,orarticlesofincorporationorsimilargoverningdocumentsofthecompany;（2）theauthorizationofadditionalshares;and（3）extraordinarytransactions,includingthetransferofallorsubstantiallyallassets,thatineffectresultinthesaleofthecompany.股东应有机会有效地参与股东大会，并进行投票，且应获得包括投票程序在内的股东大会规则的通知：Shareholdersshouldhavetheopportunitytoparticipateeffectivelyandvoteingeneralshareholdermeetingsandshouldbeinformedoftherules,includingvotingproceduresthatgoverngeneralshareholdermeetings:股东应当知悉关于股东大会的日期、地点和议程的充分而适时的通知，及有关股东大会决议事项的完整而及时的信息。Shareholdersshouldbefurnishedwithsufficientandtimelyinformationconcerningthedate,locationandagendaofgeneralmeetings,aswellasfullandtimelyinformationregardingtheissuestobedecidedatthemeeting股东应有机会在合理范围内：向董事会问询包括年度外部审计在内的问、确定股东大会的议题，提议决议事项。Shareholdersshouldhavetheopportunitytoaskquestionstotheboardincludingquestionsrelatingtotheannualexternalaudit,toplaceitemsontheagendaofgeneralmeetings,andtoproposeresolutions,subjecttoreasonablelimitations应当促进股东有效地参与重要的公司治理决策，比如任命和选举董事会成员。股东应能使他们的反映在董事会成员及高管人员的薪酬政策上。对董事会成员及雇员的股权补偿计划应当经过股东批准。Effectiveshareholderparticipationinkeycorporategovernancedecisions,suchasthenominationandelectionofboardmembers,shouldbefacilitated.Shareholdersshouldbeabletomaketheirviewsknownontheremunerationpolicyforboardmembersandkeyexecutives.Theequitycomponentofcompensationschemesforboardmembersandemployeesshouldbesubjecttoshareholderapproval股东可以亲自投票，或者缺席投票。不管是亲自投票或者是缺席投票，都应给与同等效果Shareholdersshouldbeabletovoteinpersonorinabsentia,andequaleffectshouldbegiventovoteswhethercastinpersonorinabsentia应当披露使得特定股东拥有与其股权不成比例的控制力的资本结构及其安排。Capitalstructureandarrangementsthatenablecertainshareholderstoobtainadegreeofcontroldisproportionatetotheirequityownershipshouldbedisclosed应当允许公司控制权市场能够以有效的、透明的方式运行Marketsforcorporatecontrolshouldbeallowedtofunctioninanefficientandtransparentmanner.在资本市场中，控制权收购及诸如公司合并、出售公司资产实质部分的特殊交易的规则和程序应当予以明确规定和披露，使得投资者能够理解他们的权利和应对方法。应当在价格透明条件公平的情况下进行交易，以保护所有股东依其类别所应享有的权利Theruleandproceduresgoverningtheacquisitionofcorporatecontrolinthecapitalmarkets,andextraordinarytransactionssuchasmergers,andsalesofsubstantialportionsofcorporateassets,shouldbeclearlyarticulatedanddisclosedsothatinvestorunderstandtheirrightsandrecourse.Transactionsshouldoccurattransparentpricesandunderfairconditionsthatprotecttherightsofallshareholdersaccordingtotheirclass反收购机制不能用来掩盖经理层和董事会的责任Anti-take-overdevicesshouldnotbeusedtoshieldmanagementandtheboardfromaccountability应当推动包括机构投资者在内的所有股东行使其所有者权利Theexerciseofownershiprightsbyallshareholders,includinginstitutionalinvestors,shouldbefacilitated作为受托人的机构投资者应当披露关于他们的投资的全部公司治理及投票策略，包括决定行使投票权的适当程序Institutionalinvestorsactinginafiduciarycapacityshoulddisclosetheiroverallcorporategovernanceandvotingpolicieswithrespecttotheirinvestments,includingtheproceduresthattheyhaveinplacefordecidingontheuseoftheirvotingrights作为受托人的机构投资者应当披露他们是如何处理实质性的利益冲突，该利益冲突可能会影响到涉及他们的投资的所有者权利的行使Institutionalinvestorsactinginafiduciarycapacityshoulddisclosehowtheymanagematerialconflictofinterestthatmayaffecttheexerciseofkeyownershiprightsregardingtheirinvestments.应当允许包括机构投资者在内的股东们就根据本原则所定义的基本股东权利进行相互征询，遵循例外规则以防止滥权Shareholders,includinginstitutionalshareholders,shouldbeallowedtoconsultwitheachotheronissuesconcerningtheirbasicshareholderrightasdefinedintheprinciples,subjecttoexceptionstopreventabuse股东的平等待遇Theequitabletreatmentofshareholders公司治理框架应当保证所有股东的平等待遇，包括小股东和外国股东。对于侵害他们权利的行为，所有股东应有机会获得救济Thecorporategovernanceframeworkshouldensuretheequitabletreatmentofallshareholders,includingminorityandforeignshareholders.Allshareholdersshouldhavetheopportunitytoobtaineffectiveredressforviolationoftheirrights.对于同一类别的股东应当予以平等对待Allshareholdersofthesameseriesofaclassshouldbetreatedequally同一类别的所有股份享有同样的权利。在购买股份之前，所有的投资者应能获得所有类别股份上的权利的信息。投票权的任何变化应当由受到不利影响的类别股东的批准Withinanyseriesofaclass,allsharesshouldcarrythesamerights.Allinvestorsshouldbeabletoobtaininformationabouttherightsattachedtoallseriesandclassesofsharesbeforetheypurchase.Anychangesinvotingrightshouldbesubjecttoapprovalbythoseclassesofshareswhicharenegativelyaffected.小股东应当受到保护，以免受由控股股东或是为了控股股东利益而直接或间接采取的滥权行为，且应有有效的救济途径Minorityshareholdersshouldbeprotectedfromabusiveactionby,orintheinterestof,controllingshareholdersactingeitherdirectlyorindirectly,andshouldhaveeffectivemeansofredress由存管人或者名义所有人进行的投票应当获得股份的实质所有人的同意Votesshouldbecastbycustodiansornomineesinamanneragreeduponwiththebeneficialowneroftheshares应当消除对跨境投票的限制Impedimentstocrossbordervotingshouldbeeliminated股东大会的手续和程序应平等地对待所有的股东。公司的相关程序不能使得投票变得不适当地困难或者成本高昂Processesandproceduresforgeneralshareholdermeetingsshouldallowforequitabletreatmentofallshareholders.Companyproceduresshouldnotmakeitundulydifficultorexpensivetocastvotes应当禁止内幕交易以及滥用自我交易Insidertradingandabusiveself-dealingshouldbeprohibited董事会成员及高管人员应被要求向董事会披露，在直接影响到公司的任何交易或者事件中，其是否具有实质性利益，不管是直接地、间接地或者是代表第三方Membersoftheboardandkeyexecutivesshouldberequiredtodisclosetotheboardwhetherthey,directly,indirectlyoronbehalfof3edparties,haveamaterialinterestinanytransactionormatterdirectilyaffectingthecorporation股东在公司治理中的角色Theroleofstakeholdersincorporategovernance公司治理框架应当承认由法律或者共同协议中所确立的股东权利。在创造财富、就业及财务状态良好的企业的可持续发展上，鼓励公司和股东进行积极的合作Thecorporategovernanceframeworkshouldrecognizetherightofstakeholdersestablishedbylaworthroughmutualagreementsandencourageactiveco-operationbetweencorporationsandstakeholdersincreatingwealth,jobsandthesustainabilityoffinanciallysoundenterprises应当尊重由法律或者通过共同协议所确立的股东权利Therightofstakeholdersthatareestablishedbylaworthroughmutualagreementsaretoberespected只要股东的利益受到法律保护，股东就应有机会获得对侵害其权利的有效救济Wherestakeholderinterestsareprotectedbylaw,stakeholdersshouldhavetheopportunitytoobtaineffectiveredressforviolationoftheirrights应当允许发展提高员工参与程度的机制Performance-enhancingmechanismsforemployeeparticipationshouldbepermittedtodevelop只要股东参与公司治理进程，他们就应能及时地、定期地获得相关的、充分的和可靠的信息Wherestakeholdersparticipateinthecorporategovernanceprocesstheyshouldhaveaccesstorelevant,sufficientandreliableinformationonatimelyandregularbasis股东，包括个体雇员及他们的代表者，应当能够就董事会的违法的或者是不道德的行为进行自由地沟通，而且他们的权利不能因此而受有减损Stakeholders,includingindividualemployeesandtheirrepresentativebodies,shouldbeabletofreelycommunicatetheirconcernsaboutillegalorunethicalpracticestotheboardandtheirrightsshouldnotbecompromisedfordoingthis公司治理框架应以有效的破产机制和有效的债权执行机制为补充Thecorporategovernanceframeworkshouldbecomplementedbyaneffectiveefficientinsolvencyframeworkandbyeffectiveenforcementofcreditorrights信息披露及透明度DisclosureandTransparency公司治理框架应当确保及时准确的信息披露是在所有的有关公司的实质性问题的基础上作出的，这些问题包括公司的财务状况、经营状况、股权结构及公司治理Thecorporategovernanceframeworkshouldbeensurethattimelyandaccuratedisclosureismadeonallmaterialmattersregardingthecorporation,includingthefinancialsituation,performance,ownershipandgovernanceofthecompany信息披露应当包括但不限于如下事项的实质性信息:公司的财务及经营效果Thefinancialandoperatingresultsofthecompany公司目标Companyobjectives大股东及其投票权Majorshareownershipandvotingright董事会及高管人员的薪酬政策及董事会成员的相关信息，包括选任资格、选举程序、兼任其他公司董事及是否被董事会认为是独立的Remunerationpolicyformembersoftheboardandkeyexecutives,andinformationaboutboardmembers,includingtheirqualifications,theselectionprocess,othercompanydirectorshipsandwhethertheyareregardedasindependentbytheboard关联方交易Relatedpartytransactions可预见的风险因素Foreseeableriskfactors涉及雇员及其他利益相关者的事项Issuesregardingemployeesandotherstakeholders公司治理结构及政策，尤其是关于公司治理标准或政策内容及其实施程序Governancestructuresandpolicies,inparticular,thecontentofanycorporategovernancecodeorpolicyandtheprocessbywhichitisimplemented应当依照会计的、财务的及非财务的高质量的披露标准来准备并披露信息Informationshouldbepreparedanddisclosedinaccordancewithhighqualitystandardsofaccountingandfinancialandnon-financialdisclosure年度审计应当由独立的、合格、符合条件的审计人员来进行，以向董事会及股东提供一种外部的、客观的确信，确信公司财务报告准确地反映了公司在所有重要领域的财务状况和经营状况Anannualauditshouldbeconductedbyanindependent,competentandqualified,auditorinordertoprovideanexternalandobjectiveassurancetotheboardandshareholdersthatthefinancialstatementfairlyrepresentsthefinancialpositionandperformanceofthecompany外部审计人员应当向股东负责，在审计时应对公司负有审慎的、专业的注意义务Externalauditorsshouldbeaccountabletotheshareholdersandoweadutytothecompanytoexercisedueprofessionalcareintheconductoftheaudit信息发布渠道应能使得相关的信息需求者能够平等地、及时地、低成本地获得信息Channelsfordisseminatinginformationshouldprovideforequal,timelyandcost-efficientaccesstorelevantinformationbyusers.公司治理框架应当辅之以一种有效的方式，来处理并推动分析师、经纪商、评级机构及其他机构提供分析或者建议，所提供的分析或建议与投资者的决策相关，不存在着可能会减损他们分析或者建议的真实性的实质性利益冲突Thecorporategovernanceframeworkshouldbecomplementedbyaneffectiveapproachthataddressesandpromotestheprovisionofanalysisoradvicebyanalysts,broker,ratingagenciesandothers,thatisrelevanttodecisionsbyinvestors,freefrommaterialconflictsofinterestthatmightcompromisetheintegrityoftheiranalysisoradvice.董事责任Theresponsibilitiesoftheboard公司治理框架应当确保公司的战略导向、董事会对经理层的有效监督及董事对公司和股东所负有的责任Thecorporategovernanceframeworkshouldensurethestrategicguidanceofthecompany,theeffectivemonitoringofmanagementbytheboard,andtheboard’saccountabilitytothecompanyandtheshareholders董事会成员应当具备相当的智识，善意的、审慎的、注意的、以公司及股东的最大利益行动Boardmembersshouldactonafullyinformedbasis,ingoodfaith,withduediligenceandcareandinthebestinterestofthecompanyandtheshareholders当董事会的决定可能会对不同的股东群体产生不同的影响，董事会应当公平地对待所有的股东Whereboarddecisionsmayaffectdifferentshareholdergroupsdifferentlytheboardshouldtreatallshareholdersfairly董事会应当适用高尚的伦理标准，应当重视股东的利益Theboardshouldapplyhighethicalstandard.Itshouldtakeintoaccounttheinterestsofstakeholders董事会应当承担一些重要职责，包括:Theboardshouldfulfillcertainkeyfunctionsincluding:评议并引导公司战略，重大行动计划，风险政策，年度预算及商业计划；确定经营目标，监督执行及公司表现；监督资本支出，收购及资产剥离Reviewingandguidingcorporatestrategy,majorplansofaction,riskpolicyannualbudgetsandbusinessplans;settingperformanceobjectives;monitoringimplementationandcorporateperformance;andoverseeingmajorcapitalexpenditures,acquisitionanddivestitures.监督公司治理行动的有效性，在需要时作出调整Monitoringtheeffectivenessofthecompany’sgovernancepracticesandmakingchangesasneeded选任、付酬、监督及在必要时更换高管人员，监督继任Selecting,compensation,monitoringandwhennecessary,replacingkeyexecutivesandoverseeingsuccessionplanning将高管人员及董事的薪酬与公司及其股东的更为长远的利益结合起来Aligningkeyexecutiveandboardremunerationwiththelongerterminterestsofthecompanyanditsshareholder确保一个正式的、透明的董事任命及选举程序Ensuringaformalandtransparentboardnominationandelectionprocess监视并处理潜在的经理、董事及股东之间的利益冲突，包括滥用公司资产及关联方交易中的滥权Monitoringandmanagingpotentialconflictsofinterestofmanagement,boardmembersandshareholders,includingmisuseofcorporateassetsandabuseinrelatedpartytransactions确保公司会计和包括独立审计在内的财务报告系统的完整性，确保适当的控制系统能够适于风险管理、财务及经营控制，符合法律及相关标准Ensuringtheintegrityofthecorporation’saccountingandfinancialreportingsystems,includingtheindependentaudit,andthatappropriatesystemsofcontrolareinplace,inparticular,systemforriskmanagement,financialandoperationalcontrol,andcompliancewiththelawandrelevantstandards.监督信息披露和发布过程Overseeingtheprocessofdisclosureandcommunications董事会应能对公司事务作出客观的、独立的判断Theboardshouldbeabletoexerciseobjectiveindependentjudgmentoncorporateaffairs董事应当考虑任命足够数量的非执行董事，能够对有利益冲突可能性的行为作出独立判断。这一重要职责的实例有：确保公司财务及非财务报告的真实性，审议关联方交易，任命董事会成员或者高管人员，确定董事薪酬Boardshouldconsiderassigningasufficientnumberofnon-executiveboardmemberscapableofexercisingindependentjudgmenttotaskiswherethereisapotentialforconflictofinterest.Examplesofsuchkeyresponsibilitiesareensuringtheintegrityoffinancialandnon-financialreporting,thereviewofrelatedpartytransactions,nominatingofboardmembersandkeyexecutives,andboardremuneration在董事会诸委员会成立之后，它们的委任、成员及工作程序应当由董事会充分解释并予以披露Whencommitteesoftheboardareestabilished,theirmandate,compositionandworkingproceduresshouldbewelldefinedanddisclosedbytheboard董事会成员应当承担其职责Boardmembersshouldbeabletocommitthemselveseffectivelytotheirresponsibilities为了履行他们的职责，董事会成员应有权获得准确的、相关的、适时的信息Inordertofulfilltheirresponsibilities,boardmembersshouldhaveassesstoaccurate,relevantandtimelyinformation注释:OECD公司治理准则（2004年）分为三个部分：导言、OECD公司治理准则、OECD公司治理准则注释。考虑到篇幅所限，译者选译了其核心部分亦即第二部分“公司治理准则”。文本原文请参见：http://www.oecd.org/dataoecd/32/18/31557724.pdf