公司治理简介ppt课件

1、Introduction to Corporate Governance公司治理简介Federal Reserve System.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要素“Best practices for corporate governance 公司治理的最好实际BIS corporate governance issues 国际清算银行关于公司治理的问题 Exam

2、iner perspective 监管者的观念.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 推进风险与报答坚持良性平衡的制衡体系Facilitates efficient, safe, and sound financial institutions 推进高效、平安、稳健的金融机构运作.What is Corporate Governance?什么是公司治理？Set of relationships

3、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那么.Impact of Banks Structure on Corporate Governance银行构造对公司治理的影响Type of Ownership: 一切者方式state-owned

4、 banks 国有银行privately-owned banks 私有银行listed banks 上市银行.State-Owned Banks国有银行Leading role assumed by management 管理层发扬指点作用 shareholders - lesser role 股东作用小External auditors could overvalue implicit/explicit State guarantee 外部审计能够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.Privatel

5、y-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 银行监管更为重要维护储户Market discipline - may or may not be significant 市场规那么重要性不明确.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 市场规那么External Auditors 外部审计Bank Supervisors 银行监管机构.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缘由Growing complexity of bank activity 银行运营活动日渐复杂Consolidation across fin

7、ancial 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、美国证券买卖委员会提高关注.Impact by Type of Economy经济方式的影响World Bank identified four separate models: 世界银行确定的四种方式： Asia 亚洲Europe 欧洲 Anglo-Saxon countries 盎格鲁-萨克逊国家Emerging Economies 新兴国家.Characteristics by Type of Economy经济方式的特点Asia: 亚洲Large a

8、nd small diversified shareholders 多样化的大、小股东Close links between corporations, banks and governments 政府、企业、银行关系严密Tightly held and family control 控制严厉，家族管理Absence of minority protection 缺乏对小股东的维护Impact: 影响Lack of market discipline 缺乏市场约束Poor governance 治理程度差Europe: 欧洲Strong institutional framework 严厉的制

9、度框架 Swift enforcement and creditor protection 执行迅速，维护债务人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位置Impact: 影响Reasonable control and governance 合理的控制和治理.Anglo-Saxon countries 盎格鲁-萨克逊国家:Strong equities markets 强劲的股票市场Generall

10、y 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 收买才是真正的要挟Impact 影响: Competitive markets 竞争市场Good financial arbitrage 良好的金融套利时机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 tra

11、nsparency 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 权益集中Characteristics by Type of Economy经济方式的特点.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 单一与双重董事会Diverse sha

12、reholder base vs. controlling shareholders 分散的股东根底与股东控制Our focus is on U.S. model 我们主要研讨美国方式.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.Corporate Governance: U.S. Mod

13、el公司治理：美国方式Historical separation of corporate ownership and control 历史上，公司一切权和管理权分别Diffuse nature of shareholder base - makes rapid decision making difficult 股东根底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一切者的利益Management selected to direct corporation on

14、 a day-to-day basis 选举管理层指点企业的日常运营活动.Board Responsibilities董事会的职责Decisions based on corporations interests 企业的利益是决策的根底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 approve managem

15、ent-developed strategy 审批管理层制定的战略.Board Responsibilities, cont.董事会的职责续Monitor bank financial performance 监视银行财务情况Monitor control environment 监视控制环境Ensure compliance with legal and regulatory requirements 确保合法合规Establish guidelines to govern board organization and procedures 制定董事会组织和议事程序规那么.Board Com

16、mittee Structure董事会构造Audit/Examining Committee 审计/核对委员会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.Sound Practices for Effective Boards有效董事会的良好实际Competent, engaged directors 有才干、尽职的董事Careful directo

17、r 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 初始阶段和继续的董事培训Guidelines for other board service 董事会其他效力的规那么Portion of compensation in equity 股权在报酬中的比例.Sound Practices for Effective Board

18、s, cont.有效董事会的良好实际续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 sources 由独立渠道确认有效.Sound Prac

19、tices for Effective Boards, cont.有效董事会的良好实际续Complete and accurate recordkeeping of board actions 完好和准确的董事会活动记录Public corporate governance principles 公开公司治理的原那么Active self-assessment process 积极的自我评价程序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.B

20、IS - Sound Corporate Governance Practices国际清算银行良好的公司治理实际Appropriate strategic objectives and corporate values - communicated throughout the organization 适宜的战略目的和企业价值机构内部全面传达Clear lines of responsibility and accountability 职责和义务的明晰界定Qualified Board members 合格的董事会成员Appropriate oversight by senior mana

21、gement 高管人员的适度监控.BIS - Sound Corporate Governance Practices, cont.国际清算银行良好的公司治理实际续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 薪酬与银行的品德价值、目的、战略和控制环境相一致Conducting governance

22、 in a transparent manner 在透明的气氛下实施公司治理.Issues Relating to Transparency与透明度相关的问题Regulatory discipline 监管规那么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条中心原那么The International Monetary Fund, Art. IV 国际货币基金组织，第四款Market discipline (complements ban

23、king supervision and reduces excessive risk) 市场规那么补充银行监管及减少额外风险Direct 直接Indirect 间接.Details on Market Discipline市场规那么细那么Emphasizes sound corporate policies and practices 强调良好的治理政策和实际Requires adequate transparency and incentives to evaluate risk 要求充足的透明度和积极的风险评价Accurate description of the loan portfo

24、lios 对贷款组合的描画准确Adequate loan loss provisions 适当的贷款损失拨备Adequate review of credit risk 适度的信誉风险评价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展风险预测.Market Discipline市场规那么Direct: 直接Institution - riskier profile - increase cost of deposits 机构风险添加的预测提高存款本钱 A

25、nticipation of higher costs - incentive to reduce risk 本钱添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 二级市场的价钱提示风险程度、流动性问题或破产的能够性Higher risks - force increase in interest rates; lack of investors - force higher financing costs 风险添

26、加迫使利率升高；短少投资者迫使融资本钱提高supervisors could limit a banks activities 监管者可以限制银行的活动.Market Discipline市场规那么Reinforce work of supervisors 加强监管者的任务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添加Insurance premiums 保费Permits long term stability for

27、financial systems and banks 确保金融体系和银行的长期稳定.Other Governance Factors公司治理的其他要素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构造Liquidity management an

28、d foreign exchange risk 流动性管理和外汇风险.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 遵守并执行既定的战略方针Audit Committe

29、e: 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.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价Sup

30、ervisors: 监管人员Design of regulatory framework 制定监管框架Dissemination of best practices 公布良好治理实际Review of all the above 对上述一切内容进展检查.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 贷款超越资本的25%to any one debtor in the private sector

31、 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 集中度不超越总额的10%.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誉扩张的根底适度Verify bank - appropr

32、iate 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 .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 假设监管才干缺乏，阻止离岸机构的设置 Control groups with parallel banks where there is no consolidated supervision or transparency 控制没有一致监管和透明度的银行Review the market strategy 评价市场战略Review all loans over t