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CG_class+01_intro_new.pdf - Class 1 Introduction to...

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Unformatted text preview: Class 1 Introduction to Corporate Governance 1 Learning Objectives 了了解公司的性质和特点 描述澳⼤大利利亚公司财务报告的来源 3.解释什什么是公司治理理 4. 评估公司治理理的各种权威定义。 5. 解释公司治理理的重要性 1. 2. 1. Understand the nature and characteristics of companies 2. Describe the sources of corporate financial reporting in Australia 3. Explain what Corporate Governance is 4. Assess various authoritative definitions of Corporate Governance. 5. Explain the importance of Corporate Governance 2 Types of Business Organisations Proprietorships (sole traders) Partnerships Companies 3 Types of Business Organisations 4 Proprietorships What are the advantages? –total undivided authority –no restrictions on type of business – must be legal 优点是什什么? 总不不可分割的权威 -对业务类型没有限制-必须是合法的 缺点是什什么?⽆无限责任 -规模融资能⼒力力限制 What are the disadvantages? –unlimited liability –limitation on size – fund raising power 5 Partnerships What are the advantages? –better credit standing - possibly 优点是什什么? -可能有更更好的信誉 -更更多的脑⼒力力,但需要与合作伙伴协商 缺点是什什么? -普通合伙⼈人的⽆无限个⼈人责任 -需要书⾯面合作协议 –more brain power, but consultation with partners required What are the disadvantages? –unlimited personal liability for general partners –need for written partnership agreement 6 Nature of companies A type of organisation established under the Corporations Act (2001) What are the advantages - Same legal capacity and power as an individual ◦ Can own property, borrow money, enter contracts, sue and be sued in its own name, etc. ◦ Ability to raise capital ◦ Ownership is by share ◦ Limited liability of owners 根据《公司法》(2001年年)成⽴立的组织类型 什什么是优势-相同的法律律能⼒力力和权⼒力力作为个⼈人 ◦可以拥有⾃自⼰己的财产,借钱,签订合同,起诉和被起诉在⾃自⼰己的名义等。 ◦筹集资⾦金金的能⼒力力 ◦的所有权是通过分享 ◦业主的有限责任 缺点是什什么? -所有权和经营权分离 -⼴广泛的政府管制 What are the disadvantages? 7 – separation of ownership and management – extensive governmental regulation Types of companies Public companies 上市公司 ◦通常较⼤大的公司与⼴广泛的所有权 ◦可以向公众发⾏行行股票,并申请在证券交易易所上市 ◦ Usually larger companies with widespread ownership ◦ May issue shares to the public and apply to have the shares listed on the stock exchange Proprietary companies ◦ ◦ ◦ 私有公司 通常中⼩小企业 不不能向公众发⾏行行股票,且如果满⾜足以下⾄至少两个条件,则限制为50个⼩小股东: i)收⼊入< $25m (*<50m) ii)资产< 1250万美元(*< 2500万) iii)员⼯工< 50 (*<100) Usually smaller businesses Cannot issue shares to the public and limited to 50 shareholders Classified as small if at least two of the following are met: * ⾃自2019年年7⽉月1⽇日起或之后的财政年年度的起点提⾼高;在课堂测试或考试中使⽤用旧的阈值 i) Revenue < $25m (*<50m) ii) Assets < $12.5m (*<25m) iii) Employees < 50 (*<100) 8 *The thresholds increased for financial years commencing on or after 1 July 2019; use old thresholds in class test or exam Who runs a company? Directors elected by shareholders Two types of directors: 股东选举的董事有两种: ◦配置专职执⾏行行⼈人员参与⽇日常运营(例例如,执⾏行行董事/⾸首席执⾏行行官) ◦⾮非执⾏行行-不不参与⽇日常运作,但涉及政策制定和规划 ◦期望代表股东监督执⾏行行董事的业绩 ◦ Executive — full-time employee involved in day-to-day operations (e.g., managing director/CEO) ◦ Non-executive — not involved in day-to-day operations but involved in policy making and planning ◦ Expected to monitor the performance of the executive directors on behalf of the shareholders 9 The role of key players in financial reporting regulation 财务报告监管的主要⻆角⾊色 财务汇报局(财务汇报局) 澳⼤大利利亚会计准则委员会(AASB) 3.澳洲证券及投资委员会(ASIC) 4. 澳⼤大利利亚审慎监管局(APRA) 5. 澳洲证券交易易所集团(ASX) 6. 国际会计准则委员会(IASB) 7. 国际财务报告准则释义委员会 1. 2. 1. Financial Reporting Council (FRC) 2. Australian Accounting Standards Board (AASB) 3. Australian Securities and Investments Commission (ASIC) 4. Australian Prudential Regulation Authority (APRA) 5. Australian Securities Exchange Group (ASX) 6. International Accounting Standards Board (IASB) 7. IFRS Interpretations Committee (IFRIC) The role of key players in Australian financial reporting regulation 1. Financial Reporting Council (FRC) 财务报告委员会 The Financial Reporting Council (FRC) is responsible for overseeing the effectiveness of the financial reporting framework in Australia. 财务汇报局(财务汇报局)负责监察澳洲财务汇报架构的成效。 财务汇报局负责⼴广泛监督制定会计准则的程序。 ·联邦政府任命或经批准的组织(ASIC、ASX等)提名的成员; ·就标准制定向政府提供建议; ·向AASB指派成员; ·监控AASB并给予指导; ·⽆无权就特定标准的开发或制定对AASB进⾏行行指导,也⽆无权否决AASB制定或建议的标准 ·AASB必须遵循其⼴广泛的战略略计划。 The FRC has responsibility for the broad oversight of the processes for setting accounting standards. Members appointed by Federal Govt or nominated by approved organisations (ASIC, ASX etc.); Advises government on standard setting; Appoints members to AASB; Monitors AASB and gives direction; Does not have power to direct the AASB in relation to the development, or making, of a particular standard, or to veto a standard formulated or recommended by them AASB must follow its broad strategic plan. 2. Australian Accounting Standards Board (AASB) 澳⼤大利利亚会计准则委员会(AASB) The AASB is an Australian Government agency under the Australian Securities and Investments Commission Act 2001. the statutory functions of the AASB are: 是根据2001年年澳⼤大利利亚证券和投资委员会法案成⽴立的澳⼤大利利亚政府机构。谘询委员会的法定职能如下: AASB • • • • • • Transforms International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) into Australian standards; Australianises the International Accounting Standards Board (IASB) Framework; 将国际会计准则 和国际财务报告准则 转换为澳⼤大利利亚标准 Drafts new standards when commissioned by IASB; 澳⼤大利利亚国际会计准则委员会 框架 受 委托起草新标准 就标准草案进⾏行行公众咨询。 Undertakes public consultation on draft standards. 开发⼀一个概念框架 根据《公司法》第 条制定会计准则 Develop a conceptual framework Make accounting standards under s. 334 of the Corporations Act • (IAS) (IFRS) • • (IASB) IASB ; ; • • • 334 可以通过发布国际会计准则⽂文本,制定会计准则。 It may formulate an accounting standard by issuing the text of an international accounting standard. ; AASB Standard Setting Process 3. Australian Securities and Investments Commission (ASIC) 澳洲证券及投资委员会(ASIC) ASIC is Australia’s corporate, markets and financial services regulator (also call the ‘corporate watchdog’) Issues its own interpretations of the financial reporting requirements of the Corporations Act; 是澳⼤大利利亚的企业、市场和⾦金金融服务监管机构(也称“企业监管机构”) 对《公司法》的财务报告要求作出⾃自⼰己的解释; ·ASIC规范财务报告和审计报告要求的合规性 ·ASIC选择实体的财务报表进⾏行行审查,以确保其符合《公司法》和澳⼤大利利亚会计准则,并调查涉嫌违反《公司法》或会计准则的公司 ·ASIC · ASIC regulates compliance with the financial reporting and auditing requirements for reporting ASIC selects entities’ financial statements for review to ensure they comply with the Corporations Act and Australian accounting standards, and investigates companies suspected of non-compliance with the Corporations Act or accounting standards 4. Australian Prudential Regulation Authority (APRA) 澳⼤大利利亚审慎监管局 Prudential regulator of the Australian financial services industry: • • • • • • Banks Credit unions Building societies General insurance and reinsurance companies Life insurance Most members of the superannuation industry 澳⼤大利利亚⾦金金融服务业审慎监管机构: •银⾏行行 •信⽤用合作社 •构建社会 •⼀一般保险和再保险公司 •⼈人寿保险 •养⽼老老⾦金金⾏行行业的⼤大多数成员 这些实体的额外报告要求。 Additional reporting requirements for these entities. 4. Australian Prudential Regulation Authority (APRA) APRA is the prudential regulator of the Australian financial services industry. 是澳⼤大利利亚⾦金金融服务⾏行行业的审慎监管机构。 ⽬目标-要求机构审慎管理理⻛风险,以减低存款⼈人、保单持有⼈人及退休基⾦金金成员遭受经济损失的可能性,从⽽而促进⾦金金融稳定。 ·识别-实体所承担的关键⻛风险,确保⻛风险得到充分测量量、管理理和监控。 ·评估—实体的财务资源是否⾜足以应付潜在损失。 ·APRA · Aim - to promote financial stability by requiring institutions to manage risk prudently so as to minimise the likelihood of financial losses to depositors, policy holders and superannuation fund members. Identifies - the key risks taken by an entity, ensures the risks are adequately measured, managed and monitored. Assesses - the adequacy of the entity’s financial resources to accommodate potential losses. 5. Australian Securities Exchange (ASX) 澳⼤大利利亚证券交易易所 The ASX oversees compliance with its operating rules, promotes standards of corporate governance among listed companies, and helps educate retail investors. 澳交所负责监督其运营规则的遵守情况,在上市公司中推⼴广公司治理理标准,并帮助教育散户投资者。 澳洲证券交易易所的基本职能,是让企业主能够透过发⾏行行各种可交易易证券,向公众筹集资⾦金金,并为这些证券的⼆二级市场提供便便利利。 •ASX上市和交易易规则 •ASX在制定澳⼤大利利亚财务报告要求⽅方⾯面扮演着重要⻆角⾊色 The fundamental role of the ASX is to enable business owners to raise capital from the general public by issuing various tradable securities, and to facilitate a secondary market for those securities. • ASX listing and trading rules • ASX plays an important role in developing Australian financial reporting requirements 6. International Accounting Standards Board (IASB) 国际会计准则委员会 Formation of International Accounting Standards Committee (IASC) – 1973. Aims to develop accounting standards for use around the world. Criticism that IASC was not independent → restructured in 2001 into the International Accounting Standards Board (IASB) From January 2005 Australia adopted International Accounting Standards (IAS; published until 2001) and International Financial Reporting Standards (IFRS; published from 2001 on) Australia adopted IFRS issued by IASB for firm financial years ending on or after 1 January 2005. 国际会计准则委员会(IASC)的成⽴立- 1973年年。 旨在制定适⽤用于世界各地的会计标准。 ·对IASC不不独⽴立的批评→2001年年重组为国际会计准则委员会(IASB) ·从2005年年1⽉月起,澳⼤大利利亚采⽤用国际会计准则(IAS;和国际财务报告准则(IFRS;由2001年年起出版) ·澳⼤大利利亚对截⽌止于2005年年1⽉月1⽇日或之后的公司财务年年度采⽤用IASB发布的IFRS。 · · 6. International Accounting Standards Board (IASB) Independent standard-setting board. 独⽴立标准制定委员会。 ·制定和批准国际财务报告准则(IFRSs)。 ·国际财务报告准则解释委员会发布会计准则解释和指南。 ·由地域和专业多样化的受托⼈人任命的IASB和国际财务报告准则解释委员会。 Develops and approves International Financial Reporting Standards (IFRSs). IFRS Interpretations Committee issues interpretations & guidance for accounting standards. IASB & IFRS Interpretations Committee appointed by geographically & professionally diverse trustees. 7. IFRS Interpretations Committee (IFRIC) 国际财务报告准则解释委员会 及时审查当前国际财务报告准则(IFRSs)范围内出现的⼴广泛的会计问题。 就适当的会计处理理达成共识(IFRIC解释),并就这些问题提供权威的指导。 ·基于国际会计准则的原则需要全球解释; ·解释的⼀一致性是会计⾏行行业⾯面临的关键挑战。 · · Reviews on a timely basis widespread accounting issues that have arisen within the context of current International Financial Reporting Standards (IFRSs). Reaches consensus on the appropriate accounting treatment (IFRIC Interpretations) and provides authoritative guidance on those issues. Principles based international accounting standards require global interpretation; Consistency of interpretation is the key challenge for the accounting profession. What is Corporate Governance? Corporate governance is the system of rules, practices, and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company's many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community. Corporate governance covers every form of management, from action plans and internal controls to performance measurement and corporate disclosure. 公司治理理是⼀一个由规则、实践和过程组成的系统,公司通过这些规则、实践和过程被指导和控制。 公司治理理本质上涉及平衡公司的许多利利益相关者的利利益,如股东、⾼高级管理理⼈人员、客户、供应商、⾦金金融家、政府和社区。 公司治理理涵盖了了从⾏行行动计划和内部控制到绩效衡量量和公司信息披露露的各种管理理形式。 22 Authoritative Definitions of Corporate Governance 公司治理理的权威定义 ASX CGC (2007): 公司治理理⽂文化(2007): 公司治理理最权威的定义: “公司内部⾏行行使和控制权⼒力力的规则、关系、系统和程序的框架。它包括公司和那些控制着公司的⼈人被追究责 任的机制。公司治理理影响着公司⽬目标的设定和实现,⻛风险的监控和评估,以及绩效的优化。良好的公司治 理理结构⿎鼓励公司创造价值(通过企业精神、创新、发展和探索),提供与所涉⻛风险相适应的问责和控制体系。” ASX The most authoritative definition of corporate governance: “the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations. It encompasses the mechanisms by which companies, and those in control are held to account. Corporate governance influences how the objectives of the company are set and achieved, how risk is monitored and assessed, and how performance is optimised. Good Corporate governance structures encourage companies to create value (through entrepreneurialism, innovation, development and exploration) to provide accountability and control systems commensurate with the risks involved” 23 Authoritative Definitions of Corporate Governance (Cont’d) The key elements of the ASX CGC’s definition relate to the rules, relationships, systems and processes that help a company to: Monitor and assess risk 澳交所CGC定义的关键要素与帮助公司实现以下⽬目标的规则、关系、系统和流程相关: ·监测和评估⻛风险 ·优化性能 ·创造价值 ·提供问责 Optimise performance Create Value Provide Accountability 24 Authoritative Definitions of Corporate Governance (Cont’d) Organisation for Economic Co-operation and Development (OECD) 2004 : “Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Corporate governance also provides a structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined” 经济合作及发展组织(经合组织)2004: 公司治理理包括公司管理理层、董事会、股东和其他利利益相关者之间的⼀一系列列关系。公司管治亦提供⼀一个架构,透过 这个架构,公司的⽬目标得以确⽴立,⽽而达到这些⽬目标及监察表现的⽅方法亦得以确定。” 25 Authoritative Definitions of Corporate Governance (Cont’d) Similar to the ASX CGC’s definition, OECD focused on the system by which a company can: Be directed and controlled 与ASX CGC的定义类似,OECD关注的是公司可以通过哪些系统: ·被指导和控制 ·明确权利利、责任和规则 ·设定并实现⽬目标 ·监视性能 Specify rights, responsibilities and rules Set and achieve objectives Monitor performance 26 Authoritative Definitions of Corporate Governance (Cont’d) In the UK, Sir Adrian Cadbury, first defined corporate governance: 在英国,艾德⾥里里安•吉百利利爵⼠士(Sir Adrian Cadbury)⾸首次定义了了公司治理理: “公司被指导和控制的系统” (公司治理理财务⽅方⾯面委员会,1992年年) “the system by which companies are directed and controlled” (The Committee on the Financial Aspects of Corporate Governance, 1992) 27 Authoritative Definitions of Corporate Governance (Cont’d) In addition, corporate governance is: Only part of a larger economic context Contingent upon the legal, regulatory and institutional environment in which it exists Dependent upon proper consideration and interaction with all stakeholders. 另外,公司治理理是: ·只是更更⼤大的经济背景的⼀一部分 ·视其所处的法律律、监管和制度环境⽽而定 ·取决于与所有利利益相关者的适当考虑和互动。 28 Authoritative Definitions of Corporate Governance (Cont’d) National Association of Corporate Directors (NACD - US) 全国公司董事协会(NACD - US) 公司治理理是指公司治理理的⽅方式。谁有权在公司的指导⽅方针下做出决定。这就是公司治理理。” “Corporate Governance refers to how a corporation is governed. Who has the authority to make decisions for a corporation within what guidelines. This is the corporations governance.” Shleifer and Vishney (1997) explain corporate governance from a very specific and limited perspective (p.737) 和Vishney(1997)从⾮非常具体和有限的⻆角度解释公司治理理(p.737) 公司治理理涉及的是为公司提供融资的供应商确保其投资获得回报的⽅方式。” Shleifer “ “ Corporate Governance deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment.” 29 Authoritative Definitions of Corporate Governance (Cont’d) Definitions and descriptions of corporate governance can fall anywhere on a scale from ‘narrow’ to ‘broad’. Narrow: consistent with ‘agency theory’. focuses on the directly on company/shareholders relationship. Broad: considers both explicit and implicit relationships between the company and its stakeholders. stakeholders include company employees, creditors, government agencies and society. 公司理理的定义和描述可以从“狭义”到“⼴广义”。 狭窄: 与“代理理理理论”相⼀一致。 关注公司与股东之间的直接关系。 · ⼴广泛: 考虑公司及其利利益相关者之间的显性和隐性关系。 利利益相关者包括公司员⼯工、债权⼈人、政府机构和社会。 · 30 Why Corporate governance is important? Economic efficiency, productivity and social welfare. 经济效率、⽣生产⼒力力和社会福利利。 Table Examples of bad and good corporate governance 公司治理理好坏的例例⼦子 Bad governance Board’s control function 董事会控制功能 Shareholder activism 股东⾏行行动主义 Executive opportunism ⾼高管的机会主义 众所周知,许多董事会对⾼高管(经理理)提出的建议都是橡⽪皮图 章式的,因此没有认真对待他们的控制⻆角⾊色。 Many boards are known to rubber-stamp proposals put forward by the executives (managers) and so fail to take their control role seriously. 许多股东并不不认真对待⾃自⼰己的所有权,甚⾄至懒得在股东⼤大会上露露⾯面。 Many owners do not take their ownership seriously and do not even bother to show up at shareholder meetings. 政府帮助银⾏行行摆脱困境的⾼高管们⽣生活得很 好,因为他们及时兑现了了股票期权。 The executives of banks bailed out of trouble by governments live well because they cashed in their share options in time. Good governance 其他公司则及时采取⾏行行动,更更换⾸首席执⾏行行官或否决可疑的收购。 Others act in time and replace the CEO or veto dubious acquisitions. 其他⼈人则积极寻求通过对话或董事会代表来影响公司的⽅方向。 Others actively seek to influence the direction of companies through dialogue or board representation. 那些投资于⾃自⼰己公司、并将⾃自⼰己的未来与股东联系在⼀一起的 ⾼高管,也会经历同样的命运。 Executives who invest in their companies and align their future with the shareholders experience the same fate. ...
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