Paper代写：Corporate Governance in Different Countries

paper代写-不同国家的公司治理。本文是一篇留学生paper写作范例，主要内容是讲述公司治理的发展是一个全球性事件。不同的国家有不同的相关理论，也取决于国家所处的经济状况、国家的公司结构和存在的所有权集团。同样重要的是要了解，不仅股东，而且其他利益相关者也与公司有关，因此应重视其他利益群体，如员工、供应商、客户和当地社区。下面就是这篇留学生paper写作范文的全部内容，供参考。

Corporate Governance and theories 公司治理与理论
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 与公司治理发展相关的理论
Agency theory  代理理论
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.
在理论上，有两个当事人——委托人和代理人。业主被视为委托人和董事-代理人。根据自利理论，代理人可能不会为委托人的利益而工作。在这种情况下，结果可能与委托人或业主的预期不符。因此，需要良好的公司控制，以减少代理问题，并保持对董事行为的控制。
Transaction cost economies  交易成本经济
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点，他们需要资本来扩张。通常，公司通过上市或将其他股东纳入公司来筹集资金。随着公司所有者的增加，所有权和控制权的分离（大部分仍在董事手中）可能会产生问题。
Stakeholder theory 利益相关者理论
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，公司有利益相关者成员，不仅对股东负责。如果有其他利益相关者需要得到重视，则相应地制定治理体系。公司治理最近才变得更加重要，尽管代理理论是导致其发展的主要理论，但随着利益相关者理论的进一步发展，其重要性也越来越大。据观察，良好的公司治理有助于企业表现更好，并提供更好的融资渠道。
Corporate Governance in UK 英国的公司治理
Cadbury and Greenbury reports had a major contribution in UK’s Corporate Governance.
吉百利和格林伯里的报告对英国的公司治理做出了重大贡献。
Cadbury Report (1992)吉百利报告
“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.
“公司治理财务方面委员会的报告”，也称为吉百利报告，于1992年12月出版。在20世纪80年代的财务丑闻之后，1991年5月由财务报告委员会、伦敦证券交易所和会计专业人士组成了一个委员会。该委员会致力于公司治理的财务方面，并制定了一套最佳实践准则，所有英国上市公司都将其与董事薪酬、责任和任期相关。            
Some of the recommendations were as follows.  一些建议如下。
The majority of non-executive directors should be independent of management and free from business or other relationship.
大多数非执行董事应独立于管理层，不存在业务或其他关系。
Non-executive directors should be appointed for the specified terms.
非执行董事应按规定任期任命。
Executive remuneration should be subject to the recommendation of a remuneration committee made up entirely or mainly of non – executive directors.
高管薪酬应服从完全或主要由非执行董事组成的薪酬委员会的建议。                         
Greenbury Report (1995)格林伯里报告
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.
 董事薪酬的上涨以及缺乏必要的激励措施来提高董事的绩效，这使得投资者和公众尤其是上市公司越来越担心。因此成立了格林伯里委员会来处理上述问题。
The committee submitted its report in 1995 and much of its findings were incorporated into the code of Best Practice on Director’s Remuneration.
该委员会于1995年提交了报告，其大部分调查结果被纳入《董事薪酬最佳实践守则》。
The report addressed for major issues “The role addressed for major issues in setting the remuneration package for the CEO and other director.
该报告针对重大问
Service contracts —————————- performance”. 服务合同----------性能
Hampel Report (1998)汉佩尔报告
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年格林伯里报告之后，1996年成立了一个委员会，审查和修订吉百利和格林伯里委员会早期的建议。委员会认识到，了解每家公司的情况很重要，公司治理原则应更加灵活，适用于所有公司。
While Cadbury and Greenbury reports addressed the abuse of the discretionary authority entrusted to management, Hampel viewed the same to maximize the shareholder value.
虽然吉百利和格林伯里的报告涉及滥用委托给管理层的自由裁量权，但汉佩尔认为这是为了最大限度地提高股东价值。
Combined Code (1998)联合守则
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.
这一组合代码是根据吉百利、格林伯里和汉佩尔报告的建议组合而成的。它概述了最佳做法，但公司没有义务向股东提供有关其做法的充分信息。
Higg’s Report 西格斯报告
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.
该报告致力于确定非执行董事的作用、独立性和招聘。西格斯确定了非执行董事在公司战略、制定执行董事薪酬、监督执行管理层业绩等方面的作用，并建议第三届董事会应由非执行董事组成。
Corporate Governance in Germany 德国的公司治理
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).
在德国，大多数公司要么是公共有限公司，要么是私人有限公司，由股东控制公司及其政策。像许多其他欧洲国家一样，在德国，一家公司有许多股东。金融投资者和非金融投资者都持有公司相当大的股份，是最有影响力的人。因此，在分析德国的公司治理时，必须考虑投资者的交叉持股。银行对大型公司有大量投资，因此在决定公司的公司政策方面发挥着核心作用。银行向企业提供长期贷款，并在一段时间内与企业发展长期关系。由于这些事实，德国的公司治理也可以称为“内部人制度”。
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.
德国公司治理有一个由管理委员会和监事会组成的双董事会制度。管理委员会处理公司的日常活动，并负责整个公司的管理。另一方面，监事会负责任命管理委员会中的董事，监督他们并决定他们的薪酬。监事会还就业务的各个方面向管理委员会提供咨询意见。
“ 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.
“如果有一个一端是‘对抗’，另一端是‘合作’的频谱，我们肯定会把德国的态度和行为放在比英国人或美国人更接近合作的一端。”
Charkham指出，德国公司的股东与公司的运营关系密切，不同利益相关者的利益也得到同等重视。
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.
这得到了1972年《劳动宪法法》的支持，根据该法，工作委员会有权处理员工事务和工作条件。这样做是为了提高员工对组织的信任，让他们了解公司的活动，并允许他们参与公司可能对员工产生影响的决策。然而，正如下一节所讨论的那样，第一部公司治理法典，即克罗姆法典，于2002年首次发布。
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·克罗姆博士主持的一个委员会被指派提交一份关于公司治理的报告。委员会提交了《克罗姆报告》，也称为《克罗姆法典》，该报告于2002年出版，其中有许多章节提供了关于公司治理不同方面的指南。2005年晚些时候，对准则进行了一些修订。
Some of the sections that Cromme Code covered are: Cromme Code涵盖的部分章节包括：
General Meetings and shareholders 股东大会和股东
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.
根据该准则的这一节，公司需要在股东大会上提交年度报告和其他财务报表。会议决定了净收入的披露方式，以及管理层和监事会做出的决定是否适当并获得批准。该准则还要求公司在其网站上公布这些信息，以及任何其他公共透明度议程。       
Co-operation between the Management Board and the Supervisory Board  管理委员会和监事会之间的合作
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.
管理委员会是实际管理公司运营的一组董事，监事会是为管理委员会提供建议和设定目标的董事，重要的是两个董事会相互合作。因此，该准则建议，管理委员会应向监事会报告其活动，以便正确遵循公司的战略方针。如果出现任何问题，管理委员会可以寻求监事会的指导，并应立即报告这些问题。另一方面，监事会应监督管理委员会的进展，并检查分配给管理委员会的职责是否得到有效履行，以及是否需要对其进行任何更改。如果有任何偏离《克罗姆守则》的情况，管理委员会和监事会有责任在年度报告中提及这些情况，解释为什么会发生此类偏离。该公司必须将这些细节公开至少五年。
Management Board 管理委员会
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.
管理委员会由监事会设立，并根据准则要求在账目中报告这些票据。如果管理委员会和监事会的利益有任何分歧，应立即通知监事会。这一点很重要，以便管理委员会能够独立工作，并符合公司的最佳利益。             
该守则还提到，管理委员会的薪酬应包括固定薪酬和可变薪酬，正如许多公司的可变薪酬是基于公司业绩的。
Supervisory Board 监事会
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.
监事会有责任确定管理委员会的组成和对管理委员会的监督。因此，重要的是，监事会应具备适当的知识、经验和能力，以组建良好的管理委员会并设定良好的目标。不仅如此，一个好的监事会可以为管理委员会提供良好的指导。该准则建议，监管机构应独立，与管理委员会无关，以避免任何利益冲突。该准则还禁止管理委员会主席担任监事会主席。该准则还规定，管理委员会董事不得在5家以上非集团上市公司的监事会任职。             
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.
监事会董事的薪酬可以包括固定薪酬和绩效薪酬，也需要在年度报告中披露。薪酬可在股东大会或公司章程中确定。《克罗姆法典》有一项重要要求，即如果监事会在一个财政年度内参加的会议少于半数，则必须在监事会报告中提及。
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.
该准则要求管理委员会披露可能影响公司运营且不为公众所知的任何信息或事实。这是为了让所有股东平等地了解公司的事实。应通过及时向公众开放的媒体进行披露。
Reporting and Audit of the Financial Resources 财务资源报告和审计
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.
为了避免伪造报告，该准则要求监事会或审计委员会从审计师处获得一份声明，澄清公司与审计师之间不存在可能影响审计师独立性的财务或任何其他关系。             
根据修正案，从2006年起，公司必须披露董事薪酬的所有要素。然而，如果75%的股东认为不需要进一步披露，那么公司可以选择这样做。              

可以说，德国的公司治理法非常重视为各利益相关者的利益服务。       
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年经济衰退后，印度政府制定了新的改革措施，以开放经济，使其依赖市场机制而不是政府。随着新的改革，印度证券交易委员会（SEBI）成为了证券市场的监管机构，旨在按照国际规范改造公共部门和银行部门。随着披露要求的引入，以保护股东利益，这些市场发生了变化。
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年印度经济衰退之后，印度政府引入了新的改革，以开放经济，更多地依赖市场机制，而不是政府。新的改革主要旨在提高公共部门的效率。银行业也进行了改革，以使印度与国际规范保持一致，证券市场也进行了变革，新的委员会印度证券交易委员会（SEBI）成为证券市场的监管机构。随着披露要求的引入，证券市场发生了变化，以保护股东利益。
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年以来，印度允许外国证券投资，外国机构投资者也开始在市场制度化方面发挥重要作用”。
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.
印度拥有一系列业务，包括在证券交易所上市的公共有限公司、私人公司和外国公司。这些公司的主要所有权很难确定，因为这方面的研究很少，但我们可以说，1990-91年经济开放后，机构投资者获得了更多的市场份额。
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，印度工业联合会发布了《理想的公司治理准则》，许多公司采纳了委员会的建议。尽管如此，仍有许多公司治理不善，导致人们对财务报告做法、投资者遭受损失的责任以及由此导致的信心丧失感到担忧。Satyam Computers最近的一个例子证明了这一点，仍然有一些公司没有遵守《公司治理准则》。
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员会，由Shri Kumar Mangalam Birla担任主席。Kumar Mangalam Birla公司治理委员会的报告于2000年发布。该报告强调了公司治理对未来经济增长和资本市场的重要性。公司治理的三个关键方面被定义为问责制、透明度和所有利益相关者在信息方面的平等待遇。SEBI的建议分为对有效公司治理至关重要的强制性要求和非强制性要求。
Board of Directors 董事会
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.
印度公司的董事会应由执行董事、非执行董事和独立董事组成。该准则建议，如果有非执行董事长，则不少于50%的董事会成员应由非执行董事组成，如果有执行董事长，至少三分之一的董事会应由独立董事组成，最后，至少一半的董事会应该是独立的，后者是强制性的。
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.
印度的制度允许金融或投资机构任命的提名董事保护其对公司的投资。此类董事应与其他董事承担相同的责任，并对股东负责。       
Chairman of the Board 董事会主席
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.
董事长和首席执行官的角色是不同的，代码将这些角色确定为相关的，可以由一个人组合和执行。
Audit Committee  审计委员会
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.
审计委员会有许多强制性建议，如委员会应至少由三名成员组成，所有成员均为非执行董事。审计委员会有权酌情寻求外部建议，并向任何员工寻求信息。
Remuneration Committee 薪酬委员会
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.
设立薪酬委员会，决定执行董事的薪酬。委员会应由至少三名非执行董事组成，由独立董事担任主席。董事的所有薪酬方案必须在年度报告中披露，并详细说明所有要素，包括固定薪酬和基于绩效的激励措施。另一项强制性要求是，董事会必须决定非执行董事的薪酬方案。
Board Procedures 董事会程序
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.
董事会会议每年至少召开4次，两次会议之间最多间隔4个月，董事不得参与10个以上的委员会，或担任5个以上委员会的主席。
Management 经营管理
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.
管理层应确保公司日常活动的顺利进行。年度报告中应披露公司的业绩、地位和其他股东感兴趣的事项。
Shareholders 股东
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.
股东可以参加年度股东大会，因此，无论何时有新的董事任命，股东都必须了解。
Manner of Implementation 实施方式
Companies must have a separate section on Corporate Governance in its annual report. Non-compliance of any recommendations should be highlighted and explained.
公司必须在年度报告中单独列出公司治理部分。应强调并解释不遵守任何建议的情况。
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.
与英国和德国相比，印度准则相当复杂，因为其准则中有许多强制性和非强制性建议。尽管印度对公司治理准则有很好的建议，但许多公司对准则的接受程度仍然很低。
Roles, Duties, Responsibilities and Liabilities of Directors 董事的角色、职责、责任和责任
Functions of Directors 董事的职能
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，议会的一项法案将董事描述为“对公司事务有指导、行为、管理或监督权的人”。将董事描述为一种特殊的代理人，其职能是控制公司事务。公司董事在法律上负有一定的责任，他们必须高效地履行这些责任。在大型组织中，董事会的主要作用是制定战略背景，而不是制定战略。为了实现这一目标，董事会必须不断审查公司定义“我们从事什么业务”。要做到这一点，可以评估和审查战略提案，并对其进行修改，对其提出意见和建议，鼓励管理者努力实现其战略目标。这些结果制定了组织的标准以及其他人必须达到的标准。组织董事面临的另一个挑战是平衡管理者的权力与对股东的责任。董事会是克服委托代理问题的内部控制机制。董事还帮助获得关键资源，应对环境力量及其对组织的影响。然而，在20世纪70年代，人们是如何看待这些角色的，在一系列高度公开的公司欺诈和失败案例之后，人们更加关注政策问题。根据《2006年公司法》，董事的职责已经确定了七倍。制定这些规定是为了使董事的行为符合其所服务的公司及其股东的利益。很有意思的是，角色和职责是如何慢慢地被更具体地定义的，以及董事们需要通过将其纳入《公司法》来遵守这些规定的。
Safeguarding the Shareholders 保护股东
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.
董事会的一个重要职能是确保成员的利益得到适当保护。如果储蓄和投资要在未来发挥其应有的作用，投资者必须得到公平对待和充分回报的保证，董事会应确保，只要符合情况，投资者不会失望。
Take Over Bids 接管投标
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.
在接管情况下，董事会在维护股东利益方面的作用尤为重要。关于行使董事权力的一般规则适用于其公司利益必须是其首要考虑因素。因此，公司董事在建议股东接受或拒绝其股份要约时，必须忽略其接管对其个人立场的影响。
Ensuring Progress 确保进度
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.
另一个职能是确保公司的运营不断受到审查，以便在公众口味或政治和经济条件发生变化时，及时做出必要的改变。       
Checking Up on Progress 检查进度
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.
董事会必须检查结果，以确保已制定的政策得到执行，并获得预期结果。应定期向董事会提交适当的声明，使其了解正在发生的情况。
Powers of Directors 董事的权利
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.
董事会的职责是确保业务按照公司章程大纲进行。虽然有些权力可能保留给股东，但有些权力只能由董事会行使。             
通常情况下，如果董事认为公司利润合理，他们有权宣布并支付年度中期股息。优先股的固定股息通常由董事会授权。通常赋予董事会的其他权力包括分配股份、催缴股款、因未缴股款而没收股份、任命公司主席和代理人、高级职员和雇员以及所有具有特殊重要性的政策和管理事项。此外，董事会可将其任何权力委托给由其认为合适的董事组成的委员会；如此组成的任何委员会在行使如此授予的权力时，应遵守董事会可能对其施加的任何规定。
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:
工资传统上被描述为代表个人月收入的一个词。长期以来，董事薪酬一直是投资者关注的主要问题。据观察，董事薪酬包含以下部分或大部分要素：
Basic Salary 基本工资
Benefits in Kind 实物利益
Annual Bonus 年度奖金
Share Options 股票期权
Pension Rights 养老金权利

Basic Salary 基本工资
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.
基本工资是董事工资的固定部分。基本工作通常在提供类似工作的范围内。个人经验、技能和承诺也是决定基本工资的重要因素。对于公司来说，在设定基本工资时，分析与个人相关的技能和工作保障也很重要。       
Benefits in Kind 实物利益
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.
某些公司向董事会提供一些实物福利。例如，提供商品、旅行和奢侈品是给予公司董事的一些福利。然而，薪酬委员会必须密切检查这些福利，并定期、每年对其进行审查，以提高高管绩效。
Annual Bonuses 年度奖金
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.
年度奖金根据公司或部门的业绩发放。它主要是一种可变的薪酬形式，通常是基本薪酬的百分比。年度奖金可以作为董事提高绩效的动机。因此，薪酬委员会必须为董事设定良好的绩效目标。
Long Term Incentive Schemes (Share Options) 长期激励计划（股票期权）
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.
高管股票期权是一种长期激励计划，长期以来一直为公司所采用。股票期权以低于市场价格的价格提供，或在未来某个日期以当前价格提供。这是一个用于协调董事和股东利益的因素。因此，董事会希望股价上涨，以便从持股收益中获益。              然而，董事会可能会出售其股份，并在此后放松对股价的兴趣。在英国，代码C6中的一项规定限制董事行使其股票期权至少三年。这样做是为了至少在这段时间内保持董事们对股价高企的兴趣。股票期权的一个好处是，在股票出售之前不征税，从而为董事提供了一种特定时期内的免税投资形式。       
Pension Rights 养老金权利
“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.
“养老金权利是总薪酬中的一个关键因素，对个人和公司具有重要的长期影响”。养老金规定由薪酬委员会仔细考虑，并根据当年获得的养老金权益价值进行衡量。
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范文总结：薪酬可以定义为根据员工对组织的价值，公平、一致和公平地奖励员工的目标。高管薪酬对公司效率的影响可以用许多不同的理论来解释。其他关于有效薪酬的政策和理论，如人力激励理论，都是基于稳定和持续员工承诺的需要。此外，还有针对不同职级和专家的调查和可比薪酬市场。薪酬还取决于类似组织的薪酬结构实践。非员工或大股东的董事会成员因其作为公司董事的服务而获得报酬。过去，董事的薪酬相对取决于他们在公司工作的小时数，但根据新的联邦法律，出现了一种新的公众愤慨感，对股东诉讼的新恐惧使董事们像以前一样更加努力工作，因此许多决定因素自那以后发生了变化。本站提供各国各专业留学生paper代写或指导服务，如有需要可咨询本平台。