Paper代寫：Corporate Governance in Different Countries
paper代寫-不同國家的公司治理。本文是一篇留學生paper寫作范例，主要內容是講述公司治理的發展是一個全球性事件。不同的國家有不同的相關理論，也取決于國家所處的經濟狀況、國家的公司結構和存在的所有權集團。同樣重要的是要了解，不僅股東，而且其他利益相關者也與公司有關，因此應重視其他利益群體，如員工、供應商、客戶和當地社區。下面就是這篇留學生paper寫作范文的全部內容，供參考。
Corporate Governance and theories 公司治理與理論
Development of Corporate Government is a global occurrence. Different countries have different Theories in relevance and also depend on the stage of economic condition the country is in, the corporate structure of the country and the ownership groups present. It is also important to understand that not only shareholders but other stake holders are also involved wit a company and therefore emphasis should be given to other interest groups as well like employees, suppliers, customers and local communities (Christine A Mallin 2007).
Theories associated with development of corporate governance 與公司治理發展相關的理論
Agency theory 代理理論
In the theory, there are two parties – principals and agents. Owners are considered Principal and director – agents. According to the theory due to self interest agents may not be working towards principal’s interest. In such cases the result may not be as expected by the principals or owners. A good corporate control is thus required to reduce agency problems and to keep control over director’s actions.
在理論上，有兩個當事人——委托人和代理人。業主被視為委托人和董事-代理人。根據自利理論，代理人可能不會為委托人的利益而工作。在這種情況下，結果可能與委托人或業主的預期不符。因此，需要良好的公司控制，以減少代理問題，并保持對董事行為的控制。
Transaction cost economies 交易成本經濟
As firms desire to grow overtime, they need capital to expand. Often a firm raises a capital by going public or including other shareholders into the firms. As the owners in the company increase it is possible that the separation of ownership and control (which mostly remains in the hands of directors) may create problems.
由于公司希望加班加點，他們需要資本來擴張。通常，公司通過上市或將其他股東納入公司來籌集資金。隨著公司所有者的增加，所有權和控制權的分離（大部分仍在董事手中）可能會產生問題。
Stakeholder theory 利益相關者理論
As discussed earlier, a firm has a member of stakeholders and is not just accountable to shareholders. If there are other stakeholders that need to be given emphasis then the governance system is developed accordingly. Corporate governance has only recently gained more importance and although agency theory was the main theory that led to its development, stakeholder theory is gaining more importance as it evolves further. It has been observed that good corporate governance have helped business perform better and provided better access to finances.
如前所述，公司有利益相關者成員，不僅對股東負責。如果有其他利益相關者需要得到重視，則相應地制定治理體系。公司治理最近才變得更加重要，盡管代理理論是導致其發展的主要理論，但隨著利益相關者理論的進一步發展，其重要性也越來越大。據觀察，良好的公司治理有助于企業表現更好，并提供更好的融資渠道。
Corporate Governance in UK 英國的公司治理
Cadbury and Greenbury reports had a major contribution in UK’s Corporate Governance.
吉百利和格林伯里的報告對英國的公司治理做出了重大貢獻。
Cadbury Report (1992)吉百利報告
“The Report of the committee on the financial aspects of corporate governance”, also known the Cadbury report, was published in December 1992. After 1980s financial scandals, a committee was formed in may 1991 by the financial reporting councils the London stock exchange and the accountancy profession. The committee worked in the financial aspects of corporate Governance and produced a code of Best Practice, which all UK listed companies related to director remuneration, responsibilities and tenure.
“公司治理財務方面委員會的報告”，也稱為吉百利報告，于1992年12月出版。在20世紀80年代的財務丑聞之后，1991年5月由財務報告委員會、倫敦證券交易所和會計專業人士組成了一個委員會。該委員會致力于公司治理的財務方面，并制定了一套最佳實踐準則，所有英國上市公司都將其與董事薪酬、責任和任期相關。
Some of the recommendations were as follows. 一些建議如下。
The majority of non-executive directors should be independent of management and free from business or other relationship.
大多數非執行董事應獨立于管理層，不存在業務或其他關系。
Non-executive directors should be appointed for the specified terms.
非執行董事應按規定任期任命。
Executive remuneration should be subject to the recommendation of a remuneration committee made up entirely or mainly of non – executive directors.
高管薪酬應服從完全或主要由非執行董事組成的薪酬委員會的建議。
Greenbury Report (1995)格林伯里報告
The rise of remuneration of directors and absence of necessary incentives for directors to perform better works a rising concern for investors and the public at large especially for listed firms. The Greenbury committee was thus established to address the above-mentioned issue.
董事薪酬的上漲以及缺乏必要的激勵措施來提高董事的績效，這使得投資者和公眾尤其是上市公司越來越擔心。因此成立了格林伯里委員會來處理上述問題。
The committee submitted its report in 1995 and much of its findings were incorporated into the code of Best Practice on Director’s Remuneration.
該委員會于1995年提交了報告，其大部分調查結果被納入《董事薪酬最佳實踐守則》。
The report addressed for major issues “The role addressed for major issues in setting the remuneration package for the CEO and other director.
該報告針對重大問
Service contracts —————————- performance”. 服務合同----------性能
Hampel Report (1998)漢佩爾報告
After the Greenbury report in 1995, a committee was established in 1996 to review and revise the earlier recommendations of the Cadbury and Greenbury committees. The committee recognized that it was important to understand the situation of each company and the principle of corporate government should be more flexible to be applicable to all companies.
1995年格林伯里報告之后，1996年成立了一個委員會，審查和修訂吉百利和格林伯里委員會早期的建議。委員會認識到，了解每家公司的情況很重要，公司治理原則應更加靈活，適用于所有公司。
While Cadbury and Greenbury reports addressed the abuse of the discretionary authority entrusted to management, Hampel viewed the same to maximize the shareholder value.
雖然吉百利和格林伯里的報告涉及濫用委托給管理層的自由裁量權，但漢佩爾認為這是為了最大限度地提高股東價值。
Combined Code (1998)聯合守則
The combined code was formed from recommendations of Cadbury, Greenbury and Hampel reports put together. It outlined the best practices, which were not mandatory for companies to provide sufficient information to the shareholders about its practices.
這一組合代碼是根據吉百利、格林伯里和漢佩爾報告的建議組合而成的。它概述了最佳做法，但公司沒有義務向股東提供有關其做法的充分信息。
Higg’s Report 西格斯報告
The report was dedicated towards determining the role, independence and recruitment of non-executive directors. Higgs identified non-executive directors role contributing to corporate strategy, setting remuneration of executive directors, monitoring the performance of executive management et. And recommended that one third board should comprise of non-executive directors.
該報告致力于確定非執行董事的作用、獨立性和招聘。西格斯確定了非執行董事在公司戰略、制定執行董事薪酬、監督執行管理層業績等方面的作用，并建議第三屆董事會應由非執行董事組成。
Corporate Governance in Germany 德國的公司治理
In Germany, most of the firms are either public or private limited that have shareholders who control the firm and its policies. Like many other European countries, in Germany there are a number of shareholders in a firm. Both financial and non financial investors hold considerable shares in a firm and are the most influential people. It is therefore important to take into consideration these cross-holdings that investors have when analysing the corporate governance in Germany. According to Charkham (1994), banks have considerable investment in large firms and therefore play a central role in determining the corporate policies of the firm. Banks provide long term loans to the firms and develop long term relationship with the firms in the course of time. Due to these facts the corporate governance in Germany can also be called an ‘insider system’ (Charkahm, 1994).
在德國，大多數公司要么是公共有限公司，要么是私人有限公司，由股東控制公司及其政策。像許多其他歐洲國家一樣，在德國，一家公司有許多股東。金融投資者和非金融投資者都持有公司相當大的股份，是最有影響力的人。因此，在分析德國的公司治理時，必須考慮投資者的交叉持股。銀行對大型公司有大量投資，因此在決定公司的公司政策方面發揮著核心作用。銀行向企業提供長期貸款，并在一段時間內與企業發展長期關系。由于這些事實，德國的公司治理也可以稱為“內部人制度”。
The German corporate governance has a dual board system comprising of a management board and a supervisory board. The management board handles the day to day activities of the firm and is responsible for management of the whole firm. The supervisory board on the other hand is responsible for appointing the directors in the management board, supervising them and deciding their remuneration. The supervisory board also advices the management board on various aspects of business.
德國公司治理有一個由管理委員會和監事會組成的雙董事會制度。管理委員會處理公司的日常活動，并負責整個公司的管理。另一方面，監事會負責任命管理委員會中的董事，監督他們并決定他們的薪酬。監事會還就業務的各個方面向管理委員會提供咨詢意見。
“ if there were a spectrum with ‘confrontation’ at one end and ‘co-operation’ at the other, we would definitely place German attitudes and behaviour far closer to the co-operation end than, say, those of British or Americans.” (Charkham, 1994)
What Charkham (1994) indicated was how close the shareholders in German firms are to its operations and the interests of different stakeholders are given equal emphasis.
“如果有一個一端是‘對抗’，另一端是‘合作’的頻譜，我們肯定會把德國的態度和行為放在比英國人或美國人更接近合作的一端。”
Charkham指出，德國公司的股東與公司的運營關系密切，不同利益相關者的利益也得到同等重視。
This is supported by the Works Constitution Act 1972, according to which work council has the right to deal with employee matters and conditions of work. This is done to improve trust of the employees in the organisation by keeping them informed about company’s activities and allowing them to participate in the decisions of the company that may have effects on the workers. However the first corporate governance code, Cromme code, was first published in 2002 as discussed in the next section.
這得到了1972年《勞動憲法法》的支持，根據該法，工作委員會有權處理員工事務和工作條件。這樣做是為了提高員工對組織的信任，讓他們了解公司的活動，并允許他們參與公司可能對員工產生影響的決策。然而，正如下一節所討論的那樣，第一部公司治理法典，即克羅姆法典，于2002年首次發布。
A committee chaired by Dr Gerhard Cromme was assigned the task to submit a report on corporate governance. The committee submitted the Cromme Report, also know as the Cromme Code, which was published in 2002 and has a number of sections that provide guidelines about different aspects of corporate governance. Later in 2005 there some amendments made to the code.
由格哈德·克羅姆博士主持的一個委員會被指派提交一份關于公司治理的報告。委員會提交了《克羅姆報告》，也稱為《克羅姆法典》，該報告于2002年出版，其中有許多章節提供了關于公司治理不同方面的指南。2005年晚些時候，對準則進行了一些修訂。
Some of the sections that Cromme Code covered are: Cromme Code涵蓋的部分章節包括：
General Meetings and shareholders 股東大會和股東
According to this section of the code, it is required by the companies to submit annual reports and other financial statements in the general meeting. The meeting decides how the net income has to be disclosed and whether the decision made by the management and the supervisory boards are appropriate and approved. The code also requires the firms to publish these on their website, with any other agenda for public transparency.
根據該準則的這一節，公司需要在股東大會上提交年度報告和其他財務報表。會議決定了凈收入的披露方式，以及管理層和監事會做出的決定是否適當并獲得批準。該準則還要求公司在其網站上公布這些信息，以及任何其他公共透明度議程。
Co-operation between the Management Board and the Supervisory Board 管理委員會和監事會之間的合作
The management board being the set of directors who actually run the company operations, and the supervisory board being the one that advises and sets goals for the management board, it is important that the two boards co-operate with each other. The code therefore suggests that the management board should report its activities to the supervisory board so that the company’s strategic approach is rightly followed. The management board can seek guidance of the supervisory board in case of any issue and should look to report these immediately. The supervisory board on the other hand should monitor the progress of the management board and check if the duties assigned to management board are being performed effectively and if there are any changes to be made into them. If there is any deviation from the Cromme Code then it is the duty of the management board and the supervisory board to mention them in the annual report explaining why such deviations had occurred. The company has to keep these details available for public viewing for atleast five years.
管理委員會是實際管理公司運營的一組董事，監事會是為管理委員會提供建議和設定目標的董事，重要的是兩個董事會相互合作。因此，該準則建議，管理委員會應向監事會報告其活動，以便正確遵循公司的戰略方針。如果出現任何問題，管理委員會可以尋求監事會的指導，并應立即報告這些問題。另一方面，監事會應監督管理委員會的進展，并檢查分配給管理委員會的職責是否得到有效履行，以及是否需要對其進行任何更改。如果有任何偏離《克羅姆守則》的情況，管理委員會和監事會有責任在年度報告中提及這些情況，解釋為什么會發生此類偏離。該公司必須將這些細節公開至少五年。
Management Board 管理委員會
The management board is set up by the supervisory board, and it is required as per the code to report these notes in the accounts. In case of any difference in the interest of the management board and the supervisory board, it should be immediately conveyed to the supervisory board. This is important so that management board can work independently and in the best interests of the company.
The code also mentions that the remuneration of the management board should consist of both fixed salary and variable salary, as in many companies where variable salary is based on performance of the firm.
管理委員會由監事會設立，并根據準則要求在賬目中報告這些票據。如果管理委員會和監事會的利益有任何分歧，應立即通知監事會。這一點很重要，以便管理委員會能夠獨立工作，并符合公司的最佳利益。
該守則還提到，管理委員會的薪酬應包括固定薪酬和可變薪酬，正如許多公司的可變薪酬是基于公司業績的。
Supervisory Board 監事會
The supervisory board has the responsibility to determine the composition of the management board and monitoring of the management board. It is therefore important that the supervisory board has suitable knowledge, experience and ability to make good management board and set good targets. Not only this a good supervisory board can provide good guidance to the management board. The code suggests that the supervisory should be independent and not related to the management board so as to avoid any conflict of interests. The code also forbids the chairman of the management board to become the chairman of the supervisory board. The code also states that the management board directors cannot be in the supervisory board of more than 5 non group listed companies.
監事會有責任確定管理委員會的組成和對管理委員會的監督。因此，重要的是，監事會應具備適當的知識、經驗和能力，以組建良好的管理委員會并設定良好的目標。不僅如此，一個好的監事會可以為管理委員會提供良好的指導。該準則建議，監管機構應獨立，與管理委員會無關，以避免任何利益沖突。該準則還禁止管理委員會主席擔任監事會主席。該準則還規定，管理委員會董事不得在5家以上非集團上市公司的監事會任職。
The remuneration of the directors in the supervisory board can contain both fixed and performance related pay and needs to be disclosed n the annual report as well. The remuneration can be determined in the general meeting or in the articles of association. The Cromme Code has an important requirement that if supervisory board take part in less than half of the meetings in a fiscal year then it has to be mentioned in the supervisory board report.
監事會董事的薪酬可以包括固定薪酬和績效薪酬，也需要在年度報告中披露。薪酬可在股東大會或公司章程中確定。《克羅姆法典》有一項重要要求，即如果監事會在一個財政年度內參加的會議少于半數，則必須在監事會報告中提及。
Transparency 透明度
The code requires the management board to disclose any information or fact that might affect the company operations and not known to the public. This is so as to keep all shareholders equally informed about the company’s facts. Disclosure should be made through media which is accessible in time to the public.
該準則要求管理委員會披露可能影響公司運營且不為公眾所知的任何信息或事實。這是為了讓所有股東平等地了解公司的事實。應通過及時向公眾開放的媒體進行披露。
Reporting and Audit of the Financial Resources 財務資源報告和審計
In order to avoid any fabrication of the reports the code requires the supervisory board or the audit committee to obtain a statement from the auditor clarifying that there is no financial or any other relation between the firm and the auditor that can affect auditors independence.
According to the amendments, from 2006 onwards, it is important for the companies to disclose all elements of the directors’ remuneration. However, if 75 percent of the shareholders feel that further disclosure is not required then the firm can chose to do so.
It can be said that the corporate governance code in Germany has provided great emphasis on serving the interests of various stakeholders.
為了避免偽造報告，該準則要求監事會或審計委員會從審計師處獲得一份聲明，澄清公司與審計師之間不存在可能影響審計師獨立性的財務或任何其他關系。
根據修正案，從2006年起，公司必須披露董事薪酬的所有要素。然而，如果75%的股東認為不需要進一步披露，那么公司可以選擇這樣做。
可以說，德國的公司治理法非常重視為各利益相關者的利益服務。
Corporate Governance in India 印度的公司治理
Government had set new reforms introduced in India after the economic downturn in 1990-91 to open up the economy to depend on market mechanisms instead of the government. With the new reforms the committee Securities and Exchange Board of India (SEBI), which became the regulator of the securities market aimed at transforming the public sector and the banking sector in line with international norms. As the disclosure requirements were introduced to safeguard the interests of shareholders these markets were altered.
1990-91年經濟衰退后，印度政府制定了新的改革措施，以開放經濟，使其依賴市場機制而不是政府。隨著新的改革，印度證券交易委員會（SEBI）成為了證券市場的監管機構，旨在按照國際規范改造公共部門和銀行部門。隨著披露要求的引入，以保護股東利益，這些市場發生了變化。
After the economic downturn in India during 1990 – 91, Indian government introduced new reforms to open the economy to rely more on the market mechanisms instead of the government. The new reforms were mainly aimed at making the public sector more efficient. There were also reforms in the banking sector to bring India in line with international norms, and in the securities market, with the new committee Securities and Exchange Board of India (SEBI) becoming the regulator of the securities market. The securities market was altered as disclosure requirements were introduced to safeguard shareholder’s interests.
在1990-91年印度經濟衰退之后，印度政府引入了新的改革，以開放經濟，更多地依賴市場機制，而不是政府。新的改革主要旨在提高公共部門的效率。銀行業也進行了改革，以使印度與國際規范保持一致，證券市場也進行了變革，新的委員會印度證券交易委員會（SEBI）成為證券市場的監管機構。隨著披露要求的引入，證券市場發生了變化，以保護股東利益。
Kar (2001) mentions how “ foreign portfolio investment was permitted in India since 1992 and foreign institutional investors also began to play an important role in the institutionalization of the market”.
Kar提到“自1992年以來，印度允許外國證券投資，外國機構投資者也開始在市場制度化方面發揮重要作用”。
India has a range of business, including the public limited companies listed in the stock exchange, private companies and foreign companies. Main ownership of the companies is difficult to determine as there are very few studies in this area but we can say that after the economy opened up after 1990-91, institutional investors are gaining more shares of the market.
印度擁有一系列業務，包括在證券交易所上市的公共有限公司、私人公司和外國公司。這些公司的主要所有權很難確定，因為這方面的研究很少，但我們可以說，1990-91年經濟開放后，機構投資者獲得了更多的市場份額。
The Confederation of Indian Industries published a ‘Desirable Code of Corporate Governance’ in 1998 and many companies took the recommendation of the committee on board. Still there are many companies that have poor governance practices which has led to the concerns about financial reporting practices, their accountability to losses being suffered by investors and the resultant loss of confidence that this caused. A recent example of Satyam Computers proves this that still there are companies, which are not following the Code of Corporate Governance.
1998年，印度工業聯合會發布了《理想的公司治理準則》，許多公司采納了委員會的建議。盡管如此，仍有許多公司治理不善，導致人們對財務報告做法、投資者遭受損失的責任以及由此導致的信心喪失感到擔憂。Satyam Computers最近的一個例子證明了這一點，仍然有一些公司沒有遵守《公司治理準則》。
SEBI formally established the Committee on Corporate Governance in May 1999, chaired by Shri Kumar Mangalam Birla. The report of the Kumar Mangalam Birla Committee on Corporate Governance was published in 2000. The report emphasizes the importance of corporate governance for future growth of the economy and the capital market. Three key aspects underlying corporate governance are defined as accountability, transparency, and equality of treatment for all stakeholders in terms of information. The recommendations of the SEBI are split into mandatory requirements, which are essential for effective corporate governance, and non-mandatory requirements.
SEBI于1999年5月正式成立了公司治理委員會，由Shri Kumar Mangalam Birla擔任主席。Kumar Mangalam Birla公司治理委員會的報告于2000年發布。該報告強調了公司治理對未來經濟增長和資本市場的重要性。公司治理的三個關鍵方面被定義為問責制、透明度和所有利益相關者在信息方面的平等待遇。SEBI的建議分為對有效公司治理至關重要的強制性要求和非強制性要求。
Board of Directors 董事會
Board in Indian companies should comprise of the Executive Directors and Non-Executive Directors and Independent Directors. The code recommends not less than 50 percent of the board should be comprised of the Non-Executive Directors, where there is a non-executive chairman, and at least one-third of the board should comprise independent directors, where there is an executive chairman, and finally at least half the board should be independent, the latter being mandatory.
印度公司的董事會應由執行董事、非執行董事和獨立董事組成。該準則建議，如果有非執行董事長，則不少于50%的董事會成員應由非執行董事組成，如果有執行董事長，至少三分之一的董事會應由獨立董事組成，最后，至少一半的董事會應該是獨立的，后者是強制性的。
Nominee Directors 提名董事
The Indian system allows nominee directors appointed by the financial or investment institutions to protect their investment in the company. Such directors should have the same responsibility as other directors and be accountable to the shareholders.
印度的制度允許金融或投資機構任命的提名董事保護其對公司的投資。此類董事應與其他董事承擔相同的責任，并對股東負責。
Chairman of the Board 董事會主席
The roles of the chairman and the chief executive are different, the code identifies the roles as related and may be combined and performed by one person.
董事長和首席執行官的角色是不同的，代碼將這些角色確定為相關的，可以由一個人組合和執行。
Audit Committee 審計委員會
The audit committee has many mandatory recommendations, like the committee should comprise at least three members, all of them being the non-executive directors. The audit committee is empowered to seek external advice as appropriate and to seek information from any employee.
審計委員會有許多強制性建議，如委員會應至少由三名成員組成，所有成員均為非執行董事。審計委員會有權酌情尋求外部建議，并向任何員工尋求信息。
Remuneration Committee 薪酬委員會
Remuneration committee is set up to decide on the remuneration of the executive directors. Committee should be comprised of at least three non-executive, chaired by an independent director. All the remuneration package of the directors must be disclosed in the annual report with details on all the elements including the fixed salary and performance based incentives. Another mandatory requirement is that the board of directors must decide on the remuneration package of the non-executive directors.
設立薪酬委員會，決定執行董事的薪酬。委員會應由至少三名非執行董事組成，由獨立董事擔任主席。董事的所有薪酬方案必須在年度報告中披露，并詳細說明所有要素，包括固定薪酬和基于績效的激勵措施。另一項強制性要求是，董事會必須決定非執行董事的薪酬方案。
Board Procedures 董事會程序
Board Meetings should be held a minimum of 4 times in a year with a maximum of 4 months between two meetings and that a director must not be involved in more than 10 committees or act as a chairman in more than 5 committees.
董事會會議每年至少召開4次，兩次會議之間最多間隔4個月，董事不得參與10個以上的委員會，或擔任5個以上委員會的主席。
Management 經營管理
Management should ensure smooth day – to – day activities of the company. There should be disclosure of the company’s performance, position and other things of interest to shareholders in the annual report.
管理層應確保公司日常活動的順利進行。年度報告中應披露公司的業績、地位和其他股東感興趣的事項。
Shareholders 股東
Shareholders are allowed to be able to participate in the annual general meeting, therefore whenever there is a new appointment of a director it must be in the knowledge of the shareholders about the same.
股東可以參加年度股東大會，因此，無論何時有新的董事任命，股東都必須了解。
Manner of Implementation 實施方式
Companies must have a separate section on Corporate Governance in its annual report. Non-compliance of any recommendations should be highlighted and explained.
公司必須在年度報告中單獨列出公司治理部分。應強調并解釋不遵守任何建議的情況。
The Indian code is rather complex as compared to UK and Germany as it has a number of mandatory and non-mandatory recommendations in its code. Although India has good recommendations on corporate governance code but still the acceptance of code in many companies is still lagging.
與英國和德國相比，印度準則相當復雜，因為其準則中有許多強制性和非強制性建議。盡管印度對公司治理準則有很好的建議，但許多公司對準則的接受程度仍然很低。
Roles, Duties, Responsibilities and Liabilities of Directors 董事的角色、職責、責任和責任
Functions of Directors 董事的職能
In 1844 an Act in Parliament described directors as ‘ the persons having direction, conduct, management or superintendence’ of a company’s affairs. (Alfred Read) described director as a special kind of agent, whose function is to control the company’s affairs. The directors in a company have certain responsibilities at law, which they must perform efficiently and effectively. In large organisations the major role of the board is to set the context of the strategy and not to formulate the strategy. To accomplish this, the board must keep on reviewing the corporate definition ‘what business are we in’. This can be done by assessing and reviewing strategic proposals and changing them by giving comment and advice on the same, by encouraging managers to work on their strategic aims. The results of these sets the standards of the organisation as well as the standards others have to attain. Another challenge for the directors in an organisation is to balance the powers of managers with accountability to the shareholders. The board of directors act as the internal mechanism for control to overcome the principal agent problem. Directors also help in acquiring critical resources and responding to environmental forces and their impact on the organisation. These were however how the roles were perceived in the 1970s and after a number of highly publicised cases of corporate fraud and failure there has been a strong focus on policy issues. According to the Companies Act 2006, the duties of the directors have been identified seven-folds. These have been formulated to keep the acts of the directors in the interest of the company they serve and their shareholders. It is quite interesting how the roles and duties are slowly being more specifically defined and the need of the directors to comply with these by enforcing these into the Company Act.
844年，議會的一項法案將董事描述為“對公司事務有指導、行為、管理或監督權的人”。將董事描述為一種特殊的代理人，其職能是控制公司事務。公司董事在法律上負有一定的責任，他們必須高效地履行這些責任。在大型組織中，董事會的主要作用是制定戰略背景，而不是制定戰略。為了實現這一目標，董事會必須不斷審查公司定義“我們從事什么業務”。要做到這一點，可以評估和審查戰略提案，并對其進行修改，對其提出意見和建議，鼓勵管理者努力實現其戰略目標。這些結果制定了組織的標準以及其他人必須達到的標準。組織董事面臨的另一個挑戰是平衡管理者的權力與對股東的責任。董事會是克服委托代理問題的內部控制機制。董事還幫助獲得關鍵資源，應對環境力量及其對組織的影響。然而，在20世紀70年代，人們是如何看待這些角色的，在一系列高度公開的公司欺詐和失敗案例之后，人們更加關注政策問題。根據《2006年公司法》，董事的職責已經確定了七倍。制定這些規定是為了使董事的行為符合其所服務的公司及其股東的利益。很有意思的是，角色和職責是如何慢慢地被更具體地定義的，以及董事們需要通過將其納入《公司法》來遵守這些規定的。
Safeguarding the Shareholders 保護股東
An important function of the board is to ensure that the interests of the members are properly safeguarded. If saving and investment are to play their proper part in the future, the investor must be assured of fair treatment and an adequate return, and it is for the directors to ensure that, so far as is consistent with the circumstances, he is not disappointed.
董事會的一個重要職能是確保成員的利益得到適當保護。如果儲蓄和投資要在未來發揮其應有的作用，投資者必須得到公平對待和充分回報的保證，董事會應確保，只要符合情況，投資者不會失望。
Take Over Bids 接管投標
The function of the board in safeguarding the interests of shareholders is of particular importance in take-over situations. The general rule regarding the exercise of directors’ powers applies that the interests of their company must be their paramount consideration. It follows that the directors of a company, when advising their shareholders whether to accept or reject an offer for their shares, must disregard the effect he take-over will have on their own personal positions.
在接管情況下，董事會在維護股東利益方面的作用尤為重要。關于行使董事權力的一般規則適用于其公司利益必須是其首要考慮因素。因此，公司董事在建議股東接受或拒絕其股份要約時，必須忽略其接管對其個人立場的影響。
Ensuring Progress 確保進度
Another function is that of ensuring that the operations of the company are kept under constant review so that changes which are necessary are made without delay when changes take place in public taste or in political and economic conditions.
另一個職能是確保公司的運營不斷受到審查，以便在公眾口味或政治和經濟條件發生變化時，及時做出必要的改變。
Checking Up on Progress 檢查進度
A board must check up on results in order to ensure that the policy that has been laid down is being carried out and that the results expected from it have been obtained. Proper statements should be presented to the directors at regular intervals to keep them informed of what is happening.
董事會必須檢查結果，以確保已制定的政策得到執行，并獲得預期結果。應定期向董事會提交適當的聲明，使其了解正在發生的情況。
Powers of Directors 董事的權利
The duty of the board is to see that the business is carried in accordance with the memorandum and articles of association. While some powers may be reserved for shareholders, some powers can only be exercised by the board of directors.
Often the directors are given power to declare and pay interim dividends during the year if in their opinion the profits of the company justify them. It is also usual for the fixed dividends on preference shares to be authorized by the board. Other powers usually vested in the board are the allotment of shares, the making of calls, the forfeiture of shares for non-payment o calls, the appointment of the chairman and of agents, officers and servants of the company and all matters of policy and management which are of special importance. Also the directors may delegate any of their powers to committees consisting of such members of their body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the directors.
董事會的職責是確保業務按照公司章程大綱進行。雖然有些權力可能保留給股東，但有些權力只能由董事會行使。
通常情況下，如果董事認為公司利潤合理，他們有權宣布并支付年度中期股息。優先股的固定股息通常由董事會授權。通常賦予董事會的其他權力包括分配股份、催繳股款、因未繳股款而沒收股份、任命公司主席和代理人、高級職員和雇員以及所有具有特殊重要性的政策和管理事項。此外，董事會可將其任何權力委托給由其認為合適的董事組成的委員會；如此組成的任何委員會在行使如此授予的權力時，應遵守董事會可能對其施加的任何規定。
Remuneration of Directors 董事薪酬
Salary has traditionally been described as a word that represents as monthly income of an individual. Directors Remuneration has been a major concern for investors for long. It is observed that director’s remuneration has some or most elements of the following:
工資傳統上被描述為代表個人月收入的一個詞。長期以來，董事薪酬一直是投資者關注的主要問題。據觀察，董事薪酬包含以下部分或大部分要素：
Basic Salary 基本工資
Benefits in Kind 實物利益
Annual Bonus 年度獎金
Share Options 股票期權
Pension Rights 養老金權利
Basic Salary 基本工資
Basic Salary is a fixed part of the salary that directors get. The basic is generally in the range that similar jobs are offered. Individual experience, skills, and commitment also form an important factor of determining the basic salary. It is also important for the company to analyze skills, and job security related to the individual while setting the basic pay.
基本工資是董事工資的固定部分。基本工作通常在提供類似工作的范圍內。個人經驗、技能和承諾也是決定基本工資的重要因素。對于公司來說，在設定基本工資時，分析與個人相關的技能和工作保障也很重要。
Benefits in Kind 實物利益
Certain companies provide the directors with some benefits in kind. For example provision of goods, travel and luxury items are some kinds of benefits given to the directors of the company. It is however important that the remuneration committee keeps a close check on such benefits and reviews them periodically, annually provided to improve executive performance.
某些公司向董事會提供一些實物福利。例如，提供商品、旅行和奢侈品是給予公司董事的一些福利。然而，薪酬委員會必須密切檢查這些福利，并定期、每年對其進行審查，以提高高管績效。
Annual Bonuses 年度獎金
Annual bonuses are given based on the performance of company or division. It is mostly a variable form of remuneration and is generally a percentage of basic pay. Annual bonuses can act as motivation for directors’ to improve their performance. It is therefore important that the remuneration committee sets the good performance targets for the directors.
年度獎金根據公司或部門的業績發放。它主要是一種可變的薪酬形式，通常是基本薪酬的百分比。年度獎金可以作為董事提高績效的動機。因此，薪酬委員會必須為董事設定良好的績效目標。
Long Term Incentive Schemes (Share Options) 長期激勵計劃（股票期權）
Executive share option is a long-term incentive scheme that has been used by companies for long. Share Options are provided at a lower price than that in the market or at some future date at current prices. This is a factor used to align directors and shareholders interests. The directors thus would want the share prices to go up so as to benefit from the returns from their holdings.
However, the directors may sell off their shares and loose interest in share prices thereafter. In UK a provision in the code C6, limits directors to exercise their share options, for at least three years. This is done to keep directors interest in the share prices high for at least that period. A benefit for share options is that it is not taxed until the shares are sold and thus provide the directors a non-taxed form of investment for a specified period.
高管股票期權是一種長期激勵計劃，長期以來一直為公司所采用。股票期權以低于市場價格的價格提供，或在未來某個日期以當前價格提供。這是一個用于協調董事和股東利益的因素。因此，董事會希望股價上漲，以便從持股收益中獲益。 然而，董事會可能會出售其股份，并在此后放松對股價的興趣。在英國，代碼C6中的一項規定限制董事行使其股票期權至少三年。這樣做是為了至少在這段時間內保持董事們對股價高企的興趣。股票期權的一個好處是，在股票出售之前不征稅，從而為董事提供了一種特定時期內的免稅投資形式。
Pension Rights 養老金權利
“Pension Entitlements are a key element in the total Remuneration, with important longer term implications for the individual and the company” (Greenbury, 1995). The pension provision is carefully considered by the remuneration committees, and is measured in terms of the value of pension entitlements earned during the year.
“養老金權利是總薪酬中的一個關鍵因素，對個人和公司具有重要的長期影響”。養老金規定由薪酬委員會仔細考慮，并根據當年獲得的養老金權益價值進行衡量。
Remuneration can be defined as the aim to reward people fairly, consistently and equitably in accordance to their value to the organization. The impact of executive remuneration on the efficiency of the company can be explained with many different theories. Other policies and theories on effective remuneration, like theory of Human Motivation, are based on the need for stability and sustained staff commitment. Also there are surveyed and comparable pay market for different grades and specialists. Remuneration also depends on the pay structure practice in comparable organizations. Members of board of directors who are not the employees or major shareholders are paid for their services as directors of the company. In the past directors compensation was relatively dependent on the number of hours they devoted to the company but according to the new federal law a new sense of public outrage has appeared and a new fear of shareholder litigation has caused directors to work even harder as before and hence many of the determinants have changed since then.
paper范文總結：薪酬可以定義為根據員工對組織的價值，公平、一致和公平地獎勵員工的目標。高管薪酬對公司效率的影響可以用許多不同的理論來解釋。其他關于有效薪酬的政策和理論，如人力激勵理論，都是基于穩定和持續員工承諾的需要。此外，還有針對不同職級和專家的調查和可比薪酬市場。薪酬還取決于類似組織的薪酬結構實踐。非員工或大股東的董事會成員因其作為公司董事的服務而獲得報酬。過去，董事的薪酬相對取決于他們在公司工作的小時數，但根據新的聯邦法律，出現了一種新的公眾憤慨感，對股東訴訟的新恐懼使董事們像以前一樣更加努力工作，因此許多決定因素自那以后發生了變化。本站提供各國各專業留學生paper代寫或指導服務，如有需要可咨詢本平臺。
