OECD公司治理准则partII(中英文对照).doc

OECD公司治理准则
I. 确保有效的公司治理框架基础
Ensure the basis for Effective Corporate Governance
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。
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
A、 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。
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、 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。
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、 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。
The division of responsibilities among different authorities in a jurisdiction should be clearly articulated and ensure that the public interest is served
D、 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。

II. 股东的权利及主要的所有者权能
The rights of shareholders and key ownership functions
公司治理框架应当能够保护并便利于股东权利的行使
The corporate governance framework should protect and facilitate the exercise of shareholders’ right
A、 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。
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 a timely and regular basis; （4）participate and vote in general shareholder meetings; （5）elect and remove members of the board; （6）share in the profits of the corporation
B、 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、公司章程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
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、 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：
Shareholders should have the opportunity to participate effectively and vote in general shareholder meetings and should be informed of the rules, including voting procedures that govern general shareholder meetings:
1. 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。
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. 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题、确定股东大会的议题，提议决议事项。
Shareholders should have the opportunity to ask questions 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. 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。股东应能使他们的意见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。
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. 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
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
D、 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。
Capital structure and arrangements that enable certain shareholders to obtain a degree of control disproportionate to their equity ownership should be disclosed
E、 应当允许公司控制权市场能够以有效的、透明的方式运行
Markets for corporate control should be allowed to function in an efficient and transparent manner.
1. 在资本市场中，规范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
The rule 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 investor 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. 反收购机制不能用来掩盖经理层和董事会的责任
Anti-take-over devices should not be used to shield management and the board from accountability
F、 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
The exercise of ownership rights by all shareholders, including institutional investors, should be facilitated
1. 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
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. 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
Institutional investors acting in a fiduciary capacity should disclose how they manage material conflict of interest that may affect the exercise of key ownership rights regarding their investments.
G、 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, including institutional shareholders, should be allowed to consult with each other on issues concerning their basic shareholder right as defined in the principles, subject to exceptions to prevent abuse

III. 股东的平等待遇
The equitable treatment of shareholders
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
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.

A、 对于同一类别的股东应当予以平等对待
All shareholders of the same series of a class should be treated equally
1. 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
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 right should be subject to approval by those classes of shares which are negatively affected.
2. 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
Minority shareholders should be protected from abusive action by, or in the interest of , controlling shareholders acting either directly or indirectly, and should have effective means of redress
3. 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
Votes should be cast by custodians or nominees in a manner agreed upon with the beneficial owner of the shares

4. 应当消除对跨境投票的限制
Impediments to cross border voting should be eliminated
5. 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
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 votes
B、 应当禁止内幕交易以及滥用自我交易
Insider trading and abusive self-dealing should be prohibited
C、 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
Members of the board and key executives should be required to disclose to the board whether they , directly, indirectly or on behalf of 3ed parties, have a material interest in any transaction or matter directily affecting the corporation
IV. 股东在公司治理中的角色
The role of stakeholders in corporate governance
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
The corporate governance framework should recognize the right of stakeholders established by law or through mutual agreements and encourage active co-operation between corporations and stakeholders in creating wealth, jobs and the sustainability of financially sound enterprises
A、 应当尊重由法律或者通过共同协议所确立的股东权利
The right of stakeholders that are established by law or through mutual agreements are to be respected
B、 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
Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights
C、 应当允许发展提高员工参与程度的机制
Performance-enhancing mechanisms for employee participation should be permitted to develop
D、 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
Where stakeholders participate in the corporate governance process they should have access to relevant, sufficient and reliable information on a timely and regular basis
E、 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, including individual employees and their representative bodies, should be able to freely communicate their concerns about illegal or unethical practices to the board and their rights should not be compromised for doing this

F、 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
The corporate governance framework should be complemented by an effective efficient insolvency framework and by effective enforcement of creditor rights
V. 信息披露及透明度
Disclosure and Transparency
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
The corporate governance framework should be ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership and governance of the company
A、 信息披露应当包括但不限于如下事项的实质性信息:
1. 公司的财务及经营效果
The financial and operating results of the company
2. 公司目标
Company objectives
3. 大股东及其投票权
Major share ownership and voting right
4. 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
Remuneration policy for members of the board and key executives, and information about board members, including their qualifications, the selection process, other company directorships and whether they are regarded as independent by the board
5. 关联方交易
Related party transactions
6. 可预见的风险因素
Foreseeable risk factors
7. 涉及雇员及其他利益相关者的事项
Issues regarding employees and other stakeholders
8. 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
Governance structures and policies, in particular, the content of any corporate governance code or policy and the process by which it is implemented
B、 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
Information should be prepared and disclosed in accordance with high quality standards of accounting and financial and non-financial disclosure
C、 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
An annual audit should be conducted by an independent, competent and qualified, auditor in order to provide an external and objective assurance to the board and shareholders that the financial statement fairly represents the financial position and performance of the company
D、 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
External auditors should be accountable to the shareholders and owe a duty to the company to exercise due professional care in the conduct of the audit
E、 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
Channels for disseminating information should provide for equal, timely and cost-efficient access to relevant information by users.
F、 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
The corporate governance framework should be complemented by an effective approach that addresses and promotes the provision of analysis or advice by analysts, broker, rating agencies and others, that is relevant to decisions by investors, free from material conflicts of interest that might compromise the integrity of their analysis or advice.
VI. 董事责任
The responsibilities of the board
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
The corporate governance framework should ensure the strategic guidance of the company, the effective monitoring of management by the board, and the board’s accountability to the company and the shareholders
A、 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
Board members should act on a fully informed basis, in good faith, with due diligence and care and in the best interest of the company and the shareholders
B、 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
Where board decisions may affect different shareholder groups differently the board should treat all shareholders fairly
C、 董事会应当适用高尚的伦理标准，应当重视股东的利益
The board should apply high ethical standard. It should take into account the interests of stakeholders
D、 董事会应当承担一些重要职责，包括:
The board should fulfill certain key functions including:
1. 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
Reviewing and guiding corporate strategy, major plans of action, risk policy annual budgets and business plans; setting performance objectives; monitoring implementation and corporate performance; and overseeing major capital expenditures, acquisition and divestitures.
2. 监督公司治理行动的有效性，在需要时作出调整
Monitoring the effectiveness of the company’s governance practices and making changes as needed
3. 选任、付酬、监督及在必要时更换高管人员，监督继任方案
Selecting, compensation, monitoring and when necessary, replacing key executives and overseeing succession planning
4. 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
Aligning key executive and board remuneration with the longer term interests of the company and its shareholder
5. 确保一个正式的、透明的董事任命及选举程序
Ensuring a formal and transparent board nomination and election process
6. 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
Monitoring and managing potential conflicts of interest of management, board members and shareholders, including misuse of corporate assets and abuse in related party transactions
7. 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
Ensuring the integrity of the corporation’s accounting and financial reporting systems, including the independent audit, and that appropriate systems of control are in place, in particular, system for risk management, financial and operational control, and compliance with the law and relevant standards.
8. 监督信息披露和发布过程
Overseeing the process of disclosure and communications
E、 董事会应能对公司事务作出客观的、独立的判断
The board should be able to exercise objective independent judgment on corporate affairs
1. 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
Board should consider assigning a sufficient number of non-executive board members capable of exercising independent judgment to task is where there is a potential for conflict of interest. Examples of such key responsibilities are ensuring the integrity of financial and non-financial reporting, the review of related party transactions, nom