Foreword前言

　　The OECD Principles of Corporate Governance were endorsed by OECD Ministers in 1999 and have since become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and provided specific guidance for legislative and regulatory initiatives in both OECD not OECE countries. The Financial Stability Forum has designed the Principles as one of the 12 key standards for sound financial systems. The Principles also provide the basis for an extensive programme of corporation between OECE and non-OECD countries and underpin the corporate governance component of World Bank/IMF Reports on the Observance of Standards and Codes (ROSC).

　　OECD《公司治理準則》在1999年發(fā)布以來，已經(jīng)成為全球政策制定者、投資者、企業(yè)和其他利益相關(guān)者的一個國際性的基準。在OECD和非OECD國家，都在為改善公司治理紀錄，主動對法律和規(guī)章制定指導細節(jié)。金融穩(wěn)定論壇已經(jīng)將本準則作為衡量健全的金融系統(tǒng)的十二個基本標準之一。本準則也為OECD和非OECD國家企業(yè)的各種應對方案提供了一個基礎(chǔ)，并構(gòu)成了世界銀行(World Bank)和國際貨幣基金組織(IMF)的《關(guān)于標準和規(guī)范遵守情況的報告》(ROSC)中有關(guān)公司治理的一部分。

　　The Principles have now been thoroughly reviewed to take account of recent developments and experiences in OECD member and non-member countries. Policy makers are now more aware of the contribution good corporate governance makes to financial market stability, investment and economic growth. Companies better understand how good corporate governance contributes to their competitiveness. Investors – especially collective investment institutions and pension funds acting in a fiduciary capacity – realize they have a role to play in ensuring good corporate governance practices, thereby underpinning the value of their investments. In today’s economies, interest in corporate governance goes beyond that of shareholders in the performance of individual companies. As companies play a pivotal role in our economies and savings and secure retirement incomes, good corporate governance is important to broad and growing segments of population.

　　本準則完整地重審并考慮到了近來的發(fā)展和OECD成員及非成員國家的經(jīng)驗。政策制定者現(xiàn)在已經(jīng)更深刻地認識到良好的公司治理對金融市場穩(wěn)定、對投資和經(jīng)濟成長的貢獻。企業(yè)更好地理解了良好的公司治理對他們競爭能力提升的幫助。投資者、特別是機構(gòu)投資者和養(yǎng)老金的信托代理機構(gòu)，明白了他們在達到良好的公司治理實踐中扮演著怎樣的一個角色，而這將支撐他們的投資價值。在今日的經(jīng)濟社會中，公司治理的重要性要超過股東在個別公司中的作用。企業(yè)在我們的經(jīng)濟社會中扮演了一個關(guān)鍵角色、同時我們也日益依賴私人部門的機構(gòu)管理個人儲蓄和保護退休金，正因為這樣，面對人口的日益增加，良好的公司治理就顯得非常重要了。

　　The review of the Principles was undertaken by the OECD Steering Group on Corporate Governance under a mandate from OECD Ministers in 2002. The review was supported by a comprehensive survey of how member countries addressed the different corporate governance challenges they faced. It also drew on experiences in economies outside the OECD area where the OECD, in co-operation with the World Bank and other sponsors, organizes Regional Corporate Governance Roundtables to support regional reform efforts.

　　在2002年由OECD部長委托下的OECD指導團隊開始著手重新審核本準則。重審得到了OECD成員國為應對公司治理挑戰(zhàn)而進行的廣泛的研究進展所支撐。它也汲取了OECD以外經(jīng)濟體的經(jīng)驗，以及OECD、世界銀行和其他贊助人、組織、地區(qū)性的公司治理圓桌會議的改革成就的支持。

　　The review process benefited from contributions from many parties. Key international institutional institutions participated and extensive consultations were held with the private sector, labour, civil society and representatives from non-OECD countries. The process also benefited greatly from the insights of internationally recognized experts who participated in two high level informal gatherings I convened. Finally, many constructive suggestions were received when a draft of the Principles was made available for public comment on the internet.

　　重審的過程得益于許多團體的貢獻。關(guān)鍵的國際性機構(gòu)、同時也包括了私人部門、勞工、市民和非OECD國家的代表廣泛地參與并提供了咨詢意見。在這過程中也得益于許多國際知名專家的洞察力，他們參與了我所召集的兩個高層次的非正式會議。最后，在本準則的草稿在網(wǎng)絡(luò)上引起公開討論時，許多建設(shè)性的意見也被吸收進來。

　　The Principles are a living instrument offering non-binding standards and good practices as well as guidance on implementation, which can be adapted to the specific circumstances of individual countries and regions. The OECD offers a forum for ongoing dialogue and exchange of experiences among member and non-member countries. To stay abreast of constantly changing circumstances, the OECD will closely follow developments in corporate governance, identifying trends and seeking remedies to new challenges.

　　These Revised Principles will further reinforce OECD’s contribution and commitment to collective efforts to strengthen the fabric of corporate governance around the world in the years ahead. This work will not eradicate criminal activity, but such activity will be made more difficult as rules and regulations are adopted in accordance with the Principles.

　　Importantly, out efforts will also help develop a culture of values for professional and ethical behaviour on which well functioning markets depend. Trust and integrity play an essential role in economic life and for the sake of business and future prosperity we have to make sure that they are properly rewarded.

　　本準則是一個活生生的工具，它提供了一個可以不斷修正的標準，在執(zhí)行過程中很好地指導實踐，它能夠適應各個國家、地區(qū)的各種不同和特殊的環(huán)境。OECD為成員國家和非成員國提供了一個論壇，以便他們進行對話和交換各自的經(jīng)驗。與不斷變化的環(huán)境同步，OECD將緊密地跟上公司治理的發(fā)展、把握它的方向、為迎接挑戰(zhàn)而尋找解決的藥方。

　　這一切將促進和加強近年來OECD在世界各地鞏固公司治理結(jié)構(gòu)上的集體努力所承擔的義務(wù)和貢獻。當然，這項工作不能根除犯罪行為，但是這些行為卻會因為合乎本準則的規(guī)則和制度的采用而變得越來越困難。

　　更重要的是，我們的努力將有助于推廣一種專業(yè)化的、符合道德倫理行為的價值文化，形成市場所依賴的健康機能。如果能夠為了商業(yè)上的好處和將來的繁榮，在經(jīng)濟生活中扮演一個誠實和正直的角色，那我們可以確信，他們一定能夠得到自己應得的回報。

　　Donald J. Johnston OECD Secretary-General秘書長

　　Table of Contents目 錄

　　Preamble導言

　　Part One The OECD Principles of Corporate Governance第一部分 OECD公司治理準則

　　I. Ensuring the Basis for an Effective Corporate Governance Framework

　　有效的公司治理結(jié)構(gòu)所要確保的基礎(chǔ)

　　II. The Rights of Shareholders and Key Ownership Functions

　　股東的權(quán)力和所有權(quán)作用的關(guān)鍵

　　III. The Equitable Treatment of Shareholders股東的公平待遇

　　IV. The Role of Stakeholders in Corporate Governance在公司治理中利益相關(guān)者的角色

　　V. Disclosure and Transparency信息披露和透明度

　　VI. The Responsibilities of the Board董事會的責任

　　Part Two Annotations to the OECD Principles of Corporate Governance

　　第二部分 OECD公司治理準則注解

　　Part One The OECD Principles of Corporate Governance第一部分 OECD公司治理準則

　　I. Ensuring the Basis for an Effective Corporate Governance Framework

　　有效的公司治理結(jié)構(gòu)所要確保的基礎(chǔ)

　　II. The Rights of Shareholders and Key Ownership Functions

　　股東的權(quán)力和所有權(quán)作用的關(guān)鍵

　　III. The Equitable Treatment of Shareholders股東的公平待遇

　　IV. The Role of Stakeholders in Corporate Governance在公司治理中利益相關(guān)者的角色

　　V. Disclosure and Transparency信息披露和透明度

　　VI. The Responsibilities of the Board董事會的責任

　　OECD Principles of Corporate Governance OECD公司治理準則簡介

　　The OECD Principles of Corporate Governance were originally developed in response to a call by the OECD Council Meeting at Ministerial level on 27-28 April to 1998, to develop, in conjunction with national governments, other relevant international organizations and the private sector, a set of corporate governance standards and guidelines. Since the Principles were agreed in 1999, they have formed the basis for corporate governance initiatives in both OECD and non-OECD countries alike. Moreover, they have been adopted as one of the Twelve Key Standards for Sound Financial Systems by the Financial Stability Forum. Accordingly, they form the basis of the corporate governance component of the World Bank/IMF Reports on the Observance of Standards and Codes (ROSC).

　　《OECD公司治理準則》最初起源于對1998年4月27-28日的部長級理事會所作呼吁的反應，并在融合了各國政府、其他有關(guān)的國際組織和私人部門相關(guān)進展后，發(fā)展并制定了公司治理的標準和指導方針。自從1999年本準則被議定以后，它們已經(jīng)成為OECD國家和非OECD國家進行公司治理的共同標準。而且它們已經(jīng)成為金融穩(wěn)定論壇認定健全的金融系統(tǒng)的十二個基本標準之一。因此，它們也構(gòu)成了世界銀行和國際貨幣基金組織《關(guān)于標準和規(guī)范遵守情況的報告》(ROSC)中有關(guān)的公司治理結(jié)構(gòu)的基礎(chǔ)。

　　The OECD Council Meeting at Ministerial Level in 2002 agreed to survey developments in OECD countries and to assess the Principles in light of developments in corporate governance. This task was entrusted to the OECD Steering Group on Corporate Governance, which comprises representatives from OECD countries. In addition, the World Bank, the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) were observers to the Group. For the assessment, the Steering Group also invited the Financial Stability Forum, the Basel Committee, and the International Organization of Securities Commissions (IOSCO) as ad hoc observers.

　　OECD部長級理事會在2002年同意調(diào)查OECD國家的進展，同時評估本準則在公司治理進展中得到的新理念。這項任務(wù)委托給了OECD的公司治理指導團隊，其中包括來自O(shè)ECD國家的代表。另外，世界銀行(World Bank)、國際結(jié)算銀行(BIS)、世界貨幣基金組織(IMF)都是這個團隊的觀察員。為了全面評估，指導團隊也邀請了金融穩(wěn)定論壇(Financial Stability Forum)、巴塞爾委員會(Basel Committee)、國際證監(jiān)會組織(IOSCO)作為特別觀察員。

　　In its review of the Principles, the Steering Group has undertaken comprehensive consultations and has prepared with the assistance of members the Survey of Developments in OECD Countries. The consultations have included experts from a large number of countries which have participated in the Regional Corporate Governance Roundtables that the OECD organizes in Russia, Asia, South East Europe, Latin America and Eurasia with the support of the Global Corporate Governance Forum and others, and in co-operation with the World Bank and other non-OECD countries as well. Moreover, the Steering Group has consulted a wide range of interested parties such as the business sector, investors, professional groups at national and international levels, trade unions, civil society organisations and international standard setting bodies. A draft version of the Principles was put on the OECD website for public comment and resulted in a large number of responses. These have been made public on the OECD web site.

　　在重審本準則的過程中，指導團隊承諾廣泛咨詢和準備協(xié)助參與OECD國家發(fā)展調(diào)查(Survey of Developments in OECD Countries)的成員。參加咨詢的包括許許多多來自各國的專家，他們有OECD組織在俄國、亞洲、南部東歐、拉丁美洲的已經(jīng)參與公司治理地區(qū)圓桌會議(Regional Corporate Governance Roundtables)的專家，以及歐亞大陸支撐全球公司治理論壇(Global Corporate Governance Forum)的其他專家，有世界銀行的合作者，也有非OECD國家的專家。而且，指導團隊也與廣泛的利益團體進行了協(xié)商，比如：商業(yè)部門、投資者、專業(yè)團體、在國家和國際層面上的貿(mào)易聯(lián)合體、市民社會組織和國際標準制定機關(guān)等等。本準則的草案被放到OECD的網(wǎng)站上已引起公開的討論，結(jié)果導致了大量的反饋。這些已經(jīng)在OECD的網(wǎng)站上公開發(fā)布。

　　On the basis of the discussions in the Steering Group, the Survey and the comments received during the wide ranging consultations, it was concluded that the 1999 Principles should be revised to take into account new developments and concerns. It was agreed that the revision should be pursued with a view to maintaining a non-binding principles-based approach, which recognizes the need to adapt implementation to varying legal economical and cultural circumstances. The revised Principles contained in this document thus build upon a wide range of experience not only in the OECD area but also in non-OECD countries.

　　在指導團隊討論的基礎(chǔ)上，各方面的調(diào)查和注解結(jié)果在廣泛的協(xié)商中被吸收。這決定了1999年的準則將被修改，以適應新的發(fā)展和利益關(guān)系。這些修訂應該在開放狀態(tài)中不斷完善以接近準則基本點，承認多樣化的經(jīng)濟法律和文化環(huán)境的不同需要以便采取適合的執(zhí)行方法，以上的觀念已被認可。本準則的這些修改包含在這些文檔中，因而，它們不僅建立在OECD地區(qū)的豐富經(jīng)驗上，也包含在非OECD國家的廣泛經(jīng)驗中。

　　Preamble導 言

　　The Principles are intended to assist OECD and non-OECE governments in their efforts to evaluate and improve the legal, institutional and regulatory framework for corporate governance in their countries, and to provide guidance and suggestions for stock exchanges, investors, corporations, and other parties that have a role in the process of developing good corporate governance. The Principles focus on publicly traded companies, both financial and non-financial. However, to the extent they are deemed applicable, they might also be a useful tool to improve corporate governance in non-traded companies, for example, privately held and state-owned enterprises. The Principles represent a common basis that OECD member countries consider essential for the development of good governance practices. They are intended to be concise, understandable and accessible to the international community. They are not intended to substitute for government, semi-government or private sector initiatives to develop more detailed best practice in corporate governance.

　　本準則的目的在于對OECD和非OECD國家政府在努力評估和改善他們國家公司治理的相關(guān)法律、規(guī)章制度框架等方面提供幫助，并為證券交易所、投資者、企業(yè)和其他在推進公司治理過程中扮演一定角色的團體提供指導和建議。本準則集中于公眾公司、包括金融和非金融企業(yè)。當然，從更寬廣的角度上講，它們被認為是適用于、也可以成為譬如像私人和國家獨資的企業(yè)等非公眾公司改進公司治理的一個有用工具。本準則可以成為OECD成員國家改進治理中確定基本原則的一個公共平臺。本準則盡力做到簡明、易懂并為國際社會所接受。但它并不想成為政府、準政府和私人部門的替代物，在公司治理上這些部門應該主動發(fā)展出更多更詳盡的最佳做法。

　　Increasingly, the OECD and its member governments have recognized the synergy between macroeconomic and structural policies in achieving fundamental policy goals. Corporate governance is one key element in improving economic efficiency and growth as well as enhancing investor confidence. Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined. Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring. The presence of an effective corporate governance system, within an individual company and across an economy as a whole, helps to provide a degree of confidence that is necessary for the proper functioning of a market economy. As a result, the cost of capital is lower and firms are encouraged to use resources more efficiently, thereby underpinning growth.

　　OECD及其成員政府越來越認識到在完成基本政策目標中協(xié)同整個經(jīng)濟和政策制度的重要。公司治理是改善經(jīng)濟效率和促進投資者信心增長的一個關(guān)鍵性因素。公司治理涉及了整個的有關(guān)公司經(jīng)營管理層、董事會、股東、和其他利益相關(guān)者之間關(guān)系。公司治理也提供了一個框架而有助于確定公司發(fā)展目標、實現(xiàn)目標的手段、對執(zhí)行過程的監(jiān)控。對董事會和經(jīng)營管理層推動公司和股東利益目標的實現(xiàn)，良好的公司治理將提供適當?shù)募畈⒉捎糜行У谋O(jiān)控?，F(xiàn)已存在的有效公司治理系統(tǒng)，無論對于個別公司還是整個經(jīng)濟，都能夠幫助提高信用程度，而這是市場經(jīng)濟正常運行所必需的。這樣做的結(jié)果是，資金成本降低、企業(yè)被鼓勵更有效地使用資源，因而基礎(chǔ)更扎實了。

　　Corporate governance is only part of the larger economic context in which firms operate that includes, for example, macroeconomic policies and the degree of competition in product and factor markets. The corporate governance framework also depends on the legal, regulatory, and institutional environment. In addition, factors such as business ethics and corporate awareness of the environmental and societal interests of the communities in which a company operates can also have an impact on its reputation and its long-term success.

　　公司治理只是諸如企業(yè)運轉(zhuǎn)、宏觀經(jīng)濟政策以及產(chǎn)品和要素市場的競爭水平等等諸多經(jīng)濟范疇的一部分。公司治理結(jié)構(gòu)也依賴于法律、規(guī)章和制度環(huán)境。此外還有、也能夠在公司運作中影響其信譽和長遠成功的諸多因素，諸如商業(yè)道德倫理、環(huán)境協(xié)調(diào)意識、社會公眾利益等等。

　　While a multiplicity of factors affect the governance and decision-making processes of firms, and are important to their long-term success, the Principles focus on governance problems that result from the separation of ownership and control. However, this is not simply an issue of the relationship between shareholders and management, although that is indeed the central element. In some jurisdictions, governance issues also arise from the power of certain controlling shareholders over minority shareholders. In other countries, employees have important legal rights irrespective of their ownership rights. The Principles therefore have to be complementary to a broader approach to the operation of checks and balances. Some of the other issues relevant to a company’s decision-making processes, such as environmental, anti-corruption or ethical concerns, are taken into account but are treated more explicitly in a number of other OECD instruments (including the Guidelines for Multinational Enterprises and the Convention on Combating Bribery of Foreign Public Officials in International Transactions) and the instruments of other international organisations.

　　當然有多種因素影響企業(yè)的治理和決策過程、而且這對于公司的長遠成功也至關(guān)重要，本準則集中于關(guān)注因所有權(quán)和控制權(quán)分離而引起的治理問題。盡管這是一個核心要素，但公司治理卻不僅僅是一個股東和管理層關(guān)系的問題那樣簡單。在一定的范圍內(nèi)，治理問題也源于一些控股股東所有的權(quán)力超過了小股東。而在另外一些國家，員工卻具有重要且合法的非所有者權(quán)力。因此本準則必須補充修改以便在操作檢查和平衡關(guān)系上留有充分的余地。另外，諸如環(huán)境、反腐敗、公司倫理等有關(guān)公司決策過程的一些問題，將被充分重視;但是在其他OECD提供的工具(包括《跨國企業(yè)指引》、《國際事務(wù)中的外國公務(wù)人員反賄賂公約》)和其他國際組織提供的工具中，對此會表述得更加明確。

　　Corporate governance is affected by the relationships among participants in the governance system. Controlling shareholders, which may be individuals, family holdings, bloc alliances, or other corporations acting through a holding company or cross shareholdings, can significantly influence corporate behaviour. As owners of equity, institutional investors are increasingly demanding a voice in corporate governance in some markets. Individual shareholders usually do not seek to exercise governance rights but may be highly concerned about obtaining fair treatment from controlling shareholders and management. Creditors play an important role in a number of governance systems and can serve as external monitors over corporate performance. Employees and other stakeholders play an important role in contributing to the long-term success and performance of the corporation, while governments establish the overall institutional and legal framework for corporate governance. The role of each of these participants and their interactions vary widely among OECD countries and among non-OECD countries as well. These relationships are subject, in part, to law and regulation and, in part, to voluntary adaptation and, most importantly, to market forces.

　　公司治理受到治理系統(tǒng)中其他參與者之間關(guān)系的影響?？毓晒蓶|可能是個體、家族股東、集團聯(lián)盟、或者其他通過持股公司或交叉持股的代理人企業(yè)能夠顯著地影響企業(yè)的行為。和權(quán)益所有者相似，在一些市場上機構(gòu)投資者對于公司治理發(fā)出了日益苛刻的聲音。個體股東通常并不尋求行使治理的權(quán)利，卻對從控股股東和管理層那里獲得公平待遇高度關(guān)注。在一個治理系統(tǒng)中，債權(quán)人扮演了一個重要角色，它能夠超越企業(yè)的績效而提供一個外部的監(jiān)控功能。雖然政府為公司治理制定整體的制度和法律框架，然而員工和其他利益相關(guān)者在企業(yè)的長遠利益和業(yè)績上扮演著重要角色。每一個參與者的角色和他們的作用，在OECD和非OECD國家中差異同樣非常大。這些角色之間的關(guān)系，部分取決于法律和規(guī)章、部分取決于自律、更重要的是取決于市場力量而起的作用。

　　The degree to which corporations observe basic principles of good corporate governance is an increasingly important factor for investment decisions. Of particular relevance is the relation between corporate governance practices and the increasingly international character of investment. International flows of capital enable companies to access financing from a much larger pool of investors. If countries are to reap the full benefits of the global capital market, and if they are to attract long-term patient capital, corporate governance arrangements must be credible, well understood across borders and adhere to internationally accepted principles. Even if corporations do not rely primarily on foreign sources of capital, adherence to good corporate governance practices will help improve the confidence of domestic investors, reduce the cost of capital, underpin the good functioning of financial markets, and ultimately induce more stable sources of financing.

　　對于投資決策來說，企業(yè)遵守公司治理準則的水準高低將成為日益重要的參考因素。公司治理的實踐和投資信譽的日益國際化之間有一種特殊的關(guān)聯(lián)。資本流動的國際化使得企業(yè)能夠通過更廣泛的渠道籌措資金。如果國家要獲得全球資本市場的所有好處、如果他們想要吸引長期的寬限資本，公司治理安排必須是讓人可信的、邊界必須是清楚的、國際公認的原則必須被遵守。即使企業(yè)并不主要依靠國外資本來源，但堅持好的公司治理行為也將對提高國內(nèi)投資者的信心有所幫助，并將降低資金成本，健全金融市場的機能，最終吸引更穩(wěn)定的金融源流。

　　There is no single model of good corporate governance. However, work carried out in both OECD and non-OECD countries and within the Organisation has identified some common elements that underlie good corporate governance. The Principles build on these common elements and are formulated to embrace the different models that exist. For example, they do not advocate any particular board structure and the term board as used in this document is meant to embrace the different national models of board structures found in OECD and non-OECD countries. In the typical two tier system, found in some countries, board as used in the Principles refers to the supervisory board which key executives refers to the management board. In systems where the unitary board is overseen by an internal auditor’s body, the principles applicable to the board are also, mutatis mutandis, applicable. The terms corporation and company are used interchangeably in the text.

　　The Principles are non-binding and do not aim at detailed prescriptions for national legislation. Rather, they seek to identify objectives and suggest various means for achieving them. Their purpose is to serve as a reference point. They can be used by policy makers as they examine and develop the legal and regulatory frameworks for corporate governance that reflect their own economic, social, legal and cultural circumstances, and by market participants as they develop their own practices.

　　好的公司治理沒有一個單一的模式。然而，在OECD和非OECD國家和OECD組織機構(gòu)內(nèi)部的工作，已經(jīng)確定了一些構(gòu)建良好的公司治理的通用性的原則。本準則就是建立在這些通用性的原則基礎(chǔ)上，并且對于已經(jīng)存在的不同模式也作了明確的描述。例如，本準則并不倡導任何特殊的董事會結(jié)構(gòu)和術(shù)語上的董事會，這種術(shù)語上的董事會在這些文件中被引用意味著涵蓋了建立在OECD和非OECD國家的不同國家模式的董事會結(jié)構(gòu)。在某些國家建立的典型的雙層系統(tǒng)中，當關(guān)鍵的經(jīng)營層被專指為管理的董事會時，在本準則中使用的董事會一詞就可以解釋為監(jiān)督的董事會。在董事會由內(nèi)部的審計人員監(jiān)管的單一系統(tǒng)中，本準則使用的董事會一詞已包括兩者的含義。企業(yè)和公司兩個詞在文本中也可以替換使用。

　　The Principles are evolutionary in nature and should be reviewed in light of significant changes in circumstances. To remain competitive in a changing world, corporations must innovate and adapt their corporate governance practices so that they can meet new demands and grasp new opportunities. Similarly, governments have an important responsibility for shaping an effective regulatory framework that provides for sufficient flexibility to allow markets to function effectively and to respond to expectations of shareholders and other stakeholders. It is up to governments and market participants to decide how to apply these Principles in developing their own frameworks for corporate governance, taking into account the costs and benefits of regulation.

　　本準則對國家立法沒有約束、也不開詳細的處方。它更愿意尋求并確定目標并建議用多種手段去實現(xiàn)它們。本準則的意圖是提供一種參考性的服務(wù)。它們能夠用于政策制定，為了適合自己經(jīng)濟、社會、法律和文化環(huán)境的公司治理而檢查和改進法律、規(guī)章制度;同時也可以被市場參與者用于推動他們的實踐。

　　The following document is divided into two parts. The Principles presented in the first part of the document cover the following areas: I) Ensuring the basis for an effective corporate governance framework; II) The rights of shareholders and key ownership functions; III) The equitable treatment of shareholders; IV) The role of stakeholders; V) Disclosure and transparency; and VI) The responsibilities of the board. Each of the sections is headed by a single Principle that appears in bold italics and is followed by a number of supporting sub-principles. In the second part of the document, the Principles are supplemented by annotations that contain commentary on the Principles and are intended to help readers understand their rationale. The annotations may also contain descriptions of dominant trends and offer alternative implementation methods and examples that may be useful in making the Principles operational.

　　本準則在自然地演進，同時在不同環(huán)境的變遷中被檢驗。要在一個千變?nèi)f化的世界中保持競爭力，企業(yè)必須變革創(chuàng)新他們的公司治理行為，以便面對新的需求及時抓住新的機會。同樣，政府在形成一個有效的規(guī)章制度中負有重要的責任，在準許市場有效作用、響應股東和其他利益相關(guān)者的預期上，這個規(guī)章制度將提供充分的彈性。在推動公司治理結(jié)構(gòu)發(fā)展、考慮規(guī)章制度的成本和效益上，決定如何實施這些準則要依靠政府和市場參與者的共同努力。

　　以下的文件被分為兩個部分。第一部分介紹的本準則涵蓋了以下幾個方面：1.有效的公司治理結(jié)構(gòu)所要確保的基礎(chǔ);2.股東的權(quán)利和所有權(quán)作用的關(guān)鍵;3.股東的公平待遇;4.利益相關(guān)者的角色;5.信息披露和透明度;6.董事會的責任。每一部分都在標題下用斜體字標識出簡要的原則作為副標題。在第二部分，主要是對本準則所作的補充說明。它包含了對本準則的注釋以便幫助讀者理解其中的原理，這也包括了主流趨勢的描述、對可供選擇的運作方法的建議，以及在具體執(zhí)行準則過程中的有用的例子。

　　Part One The OECD Principles of Corporate Governance第一部分 OECD公司治理準則

　　I.Ensuring the Basis for an Effective Corporate Governance Framework

　　有效的公司治理結(jié)構(gòu)所要確保的基礎(chǔ)

　　The corporate governance framework should promote transparent and efficient markets, be consistent with the rule of law and clearly articulate the division of responsibilities among different supervisory, regulatory and enforcement authorities.

　　公司治理結(jié)構(gòu)將促進市場的透明化和高效率，并對法律的規(guī)范，以及監(jiān)管權(quán)、制定規(guī)則權(quán)和執(zhí)行權(quán)各自責任的明確界定之間進行協(xié)調(diào)。

　　A. The corporate governance framework should be developed with a view to its impact on overall economic performance, market integrity and the incentives it creates for market participants and the promotion of transparent and efficient markets.

　　B. The legal and regulatory requirements that affect corporate governance practices in a jurisdiction should be consistent with the rule of law, transparent and enforceable.

　　C. The division of responsibilities among different authorities in a jurisdiction should be clearly articulated and ensure that the public interest is served.

　　D. Supervisory, regulatory and enforcement authorities should have the authority, integrity and resources to fulfill their duties in a professional and objective manner. Moreover, their ruling should be timely, transparent and fully explained.

　　(1)公司治理結(jié)構(gòu)隨著這樣一個觀念而發(fā)展：它的影響波及整個經(jīng)濟的成效和市場的完善，促進市場參與者提高市場的透明度和效率。

　　(2)在一定的范圍內(nèi)影響到公司治理結(jié)構(gòu)實踐的法律和規(guī)章要求，應當在法律規(guī)定、透明度、可操作性上協(xié)調(diào)一致。

　　(3)在一定范圍內(nèi)劃分不同職權(quán)的責任，應該是明確無誤的、并確保公眾利益的實現(xiàn)。

　　(4)監(jiān)管的、制定規(guī)則的、實施操作的職權(quán)，應當具有各自的權(quán)威、完整性和資源，以便用專業(yè)化和客觀的方式來完成他們各自的職責。而且它們之間的劃分應該是及時的、透明的和有充分說明的。

　　II. The Rights of Shareholders and Key Ownership Functions股東的權(quán)利和所有權(quán)作用的關(guān)鍵

　　The corporate governance framework should protect and facilitate the exercise of shareholders’ rights.

　　公司治理結(jié)構(gòu)應當保護和促進股東權(quán)利的行使

　　A. Basic shareholder rights should include the right to: 1) secure methods of ownership registration; 2) convey or transfer shares; 3) obtain relevant and material information on the corporation on the corporation on a timely and regular basis; 4) participate and vote in general shareholder meetings; 5) elect and remove members of the board; and 6) share in the profits of the corporation.

　　B. Shareholders should have the right to participate in, and to be sufficiently informed on, decisions concerning fundamental corporate changes such as: 1) amendments to the statutes, or articles of incorporation or similar governing documents of the company; 2) the authorization of additional shares; and 3) extraordinary transactions, including the transfer of all or substantially all assets, that in effect result in the sale of the company.

　　C. Shareholders should have the opportunity to participate effectively and vote in general shareholder meeting and should be informed of the rules, including voting procedures, that govern general shareholder meetings:

　　(5)基本的股東權(quán)利應該包括以下幾個方面：①所有權(quán)注冊的安全方法;②轉(zhuǎn)讓和交易股票;③及時、定期地從企業(yè)得到相關(guān)和真實的信息資料;④參加股東大會和參與投票表決;⑤選舉和撤換董事會成員;⑥分享企業(yè)利潤。

　　(6) 股東應該具有參與權(quán)、充分告知權(quán)、有關(guān)企業(yè)重大改變的決策權(quán)。這些重大改變包括：①修改法規(guī)、公司章程、其他類似的公司管理文件;②授權(quán)增發(fā)股份;③特別交易，包括轉(zhuǎn)讓全部或大部分資產(chǎn)、而這將造成公司被出售的結(jié)果。

　　(7)股東應具備有效的參與機會、能夠在股東大會上投票、應當被告知投票規(guī)則包括投票程序，這將決定股東大會的正常舉行。

　　1. Shareholders should be furnished with sufficient and timely information concerning the date, location and agenda of general meetings, as well as full and timely information regarding the issues to be decided at the meeting.

　　2. Shareholders should have the opportunity to ask question to the board, including questions relating to the annual external audit, to place items on the agenda of general meetings, and to propose resolutions, subject to reasonable limitations.

　　3. Effective shareholder participation in key corporate governance decisions, such as the nomination and election of board members, should be facilitated. Shareholders should be able to make their views known on the remuneration policy for board members and key executives. The equity component of compensation schemes for board members and employees should be subject to shareholder approval.

　　4. Shareholders should be able to vote in person or in absentia, and equal effect should be given to votes whether cast in person or in absentia.

　　i. 股東應當及時收到關(guān)于股東大會舉行的日期、地點、議程等充分的信息，也包括關(guān)于會議決定的事項的充分及時的信息。

　　ii. 股東應當有機會對董事會提出問題，包括對于年度審計報告、在股東大會議程中增加項目、對提議的決議案、對于適當?shù)南拗茥l件等問題。

　　iii. 在公司治理決策的關(guān)鍵點上，例如選舉和任命董事會成員，有效的股東參與應該被推進。在董事會成員和關(guān)鍵經(jīng)理人員的薪酬政策上，股東應該能夠使得他們的觀點被大家知道。對董事會成員和員工的報酬安排的公正程度應當是股東核準的前提。

　　iv. 股東可以親自投票、也可以缺席投票，兩者都賦予投票結(jié)果以同等效力。

　　D. Capital structures and arrangements that enable certain shareholders to obtain a degree of control disproportionate to their equity ownership should be disclosed.

　　E. Markets for corporate control should be allowed to function in an efficient and transparent manner.

　　1. The rules and procedures governing the acquisition of corporate control in the capital markets, and extraordinary transactions such as mergers, and sales of substantial portions of corporate assets, should be clearly articulated and disclosed so that investors understand their rights and recourse. Transactions should occur at transparent prices and under fair conditions that protect the rights of all shareholders according to their class.

　　2. Anti-take-over devices should not be used to shield management and the board from accountability.

　　F. The exercise of ownership rights by all shareholders, including institutional investors, should be facilitated.

　　1. Institutional investors acting in a fiduciary capacity should disclose their overall corporate governance and voting policies with respect to their investments, including the procedures that they have in place for deciding on the use of their voting rights.

　　2. Institutional investors acting in a fiduciary capacity should disclose how they manage material conflicts of interest that may affect the exercise of key ownership rights regarding their investments.

　　G. Shareholders, including institutional shareholders, should be allowed to consult with each other on issues concerning their basic shareholder rights as defined in the Principles, subject to exceptions to prevent abuse.

　　(8)使某些股東獲得與他們所有權(quán)不成比例的控制地位的資本結(jié)構(gòu)和安排，應當被披露。

　　(9)公司控制權(quán)市場應被允許以有效率和高透明的方式運作。

　　i. 用來規(guī)范在資本市場上獲得公司控制權(quán)和非常規(guī)交易，如購并、公司主要資產(chǎn)的出售等的規(guī)則和程序，應該明確制定和披露，以便投資者理解他們的權(quán)利和追索權(quán)。交易應該在透明的價格和公平的條件下進行，以便所有股東依照他們的類別保護他們的權(quán)利。

　　ii. 反購并機制不應用于使經(jīng)營層和董事會免受監(jiān)督。

　　(10)所有股東、包括機構(gòu)投資者，行使自己的所有權(quán)應當變得更容易。

　　i. 機構(gòu)投資者在受托人的地位上的行為，應該公開他們涉及投資的全部公司治理和投票的策略，包括決定使用他們投票權(quán)的適當程序。

　　ii.機構(gòu)投資者在受托人的地位上的行為，應該披露他們?nèi)绾螒獙δ切┚唧w的利益沖突，而這些沖突可能影響到他們投資的關(guān)鍵所有權(quán)的行使。

　　(11)股東、包括機構(gòu)股東，除了防止濫用之外，應當準許對有關(guān)股東的基本權(quán)利在諸如本準則中的定義等方面進行相互協(xié)商。

　　III. The Equitable Treatment of Shareholders股東的公平待遇

　　The corporate governance framework should ensure the equitable treatment of all shareholders, including minority and foreign shareholders. All shareholders should have the opportunity to obtain effective redress for violation of their rights.

　　公司治理結(jié)構(gòu)應當保證所有股東的公平待遇，包括少數(shù)股東和國外的股東。所有的股東都應該在他們的權(quán)利受損時獲得有效的補償?shù)臋C會。

　　A. All shareholders of the same series of a class should be treated equally.

　　1. Within any series of a class, all shares should carry the same rights. All investors should be able to obtain information about the rights attached to all series and classes of shares before they purchase. Any changes in voting rights should be subject to approval by those classes of shares which are negatively affected.

　　2. Minority shareholders should be protected from abusive actions by, or in the interest of, controlling shareholders acting either directly or indirectly, and should have effective means of redress.

　　3. Votes should be cast by custodians or nominees in a manner agreed upon with the beneficial owner of the shares.

　　4. Impediments to cross border voting should be eliminated.

　　5. Processes and procedures for general shareholder meetings should allow for equitable treatment of all shareholders. Company procedures should not make it unduly difficult or expensive to cast vote.

　　B. Insider trading and abusive self-dealing should be prohibited.

　　C. Members of the board and key executives should be required to disclose to the board whether they, directly, indirectly or on behalf of third parties, have a material interest in any transaction or matter directly affecting the corporation.

　　(1)同一類別、同一系列的股東應當?shù)玫酵瑯拥墓酱觥?/span>

　　i. 在同一類別任何系列內(nèi)，所有的股份都應該具有同樣的權(quán)利。所有的投資者在他們購買之前都應該獲得有關(guān)全部類別和系列股份所賦有的權(quán)利的信息。在投票權(quán)上的任何改變都應該由受到負面影響的股份類別核準。

　　ii. 對于控股股東濫用行為造成的利益上的直接或間接傷害，小股東應當受到保護，并且應該有有效的補償方法。

　　iii 選舉應該在有表決權(quán)的股權(quán)所有者協(xié)商同意的方式上由托管人和代理人投票。

　　iv. 對遠程投票的妨礙應當被去除。

　　v. 普通股東大會的過程和程序應該對所有股東都公平對待。公司程序不應使得投票過分復雜困難和花費昂貴。

　　(2)內(nèi)部交易和濫用的私利交易應該被禁止。

　　(3)在直接影響到企業(yè)的任何交易或事件中，無論董事會成員和關(guān)鍵經(jīng)營人員直接、間接或在第三方利益上對于董事會具有實質(zhì)性利益的，都應當被要求公開。