CG_class 04_board duties.pdf - Class 4 DIRECTORS\u2019 DUTIES AND RESPONSIBILITIES 1 Learning Objectives 1 Who can or cannot be a company director 2 The

CG_class 04_board duties.pdf - Class 4 DIRECTORSu2019...

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Unformatted text preview: Class 4 DIRECTORS’ DUTIES AND RESPONSIBILITIES 1 Learning Objectives 1. Who can or cannot be a company director 2. The different types of directors 3. Director’s powers 4. Director’s duties 5. Director’s liabilities 2 Who can or cannot be a company director Simply, a director of a company is an individual who is custodian of company resources a strategic decision maker a supervisor of company management. Under the Corporations Act 2001, a director needs to be: an individual over the age of 18 (s 201B(1)) 简单地说,⼀一个公司的董事就是 管理理公司资源的个⼈人 战略略决策者 公司管理理的主管。 根据《2001年年公司法》,董事必须是:个⼈人 18岁以上(s 201B(1)) 已向本公司签署同意(s201D(1))。 who has given his/her signed consent to the company (s201D(1)). 3 Who can or cannot be a company director •According to the legal definitions - • 根据法律律定义公司董事的定义如下: s9 s 9 a director of a company is defined as a person who: (i) is appointed to the position of director or 获委任为董事或 (ii) is appointed to the position of an alternate director and is acting in that capacity: regardless of the name that is given to their position. 获委任为候补董事,并以该身份⾏行行事:不不论其职位的名称。 (iii) a person who is not appointed but they act in the position of a director; or the directors of the company are accustomed to act in accordance with their instructions or wishes. 未获委任但以董事身分⾏行行事的⼈人;或公司董事习惯于按照他们的指示或愿望⾏行行事。 •Under general law a director can include a person who, while not formally appointed to the position of director, has knowingly acted in the role of director. 根据⼀一般法律律,董事可以包括虽未被正式任命为董事,但已在知情情况下担任董事的⼈人。 4 Who can or cannot be a company director (Cont’d) DISQUALIFICATION 取消资格 根据第206B条,任何⼈人如符合下列列情况,即⾃自动丧失资格: Under s 206B a person is automatically disqualified if he/she: (a) (b) Is convicted of an offence that concerns participation in making decisions that affect the business of the corporation 是否因参与影响公司业务的决策⽽而被定罪 Is convicted of an offence that: 因下列列罪⾏行行被定罪: (i)违反本法,可处12个⽉月以上监禁;或 (ii)涉及不不诚实⾏行行为,可被判⼊入狱最少三个⽉月 (i) is a contravention of this Act and is punishable by imprisonment for a period greater than 12 months; or (ii) involves dishonesty and is punishable by imprisonment for at least three months c) Is convicted of an offence against the law of a foreign country that is punishable by imprisonment for a period greater than 12 months. 被判犯有违反外国法律律的罪⾏行行,可判处监禁12个⽉月以上。 5 Who can or cannot be a company director (Cont’d) DISQUALIFICATION Provisions relating to the disqualification of directors include: obeing an undischarged bankrupt 取消资格 有关取消董事资格的规定包括: 未获解除破产的破产⼈人 因使⽤用专⽤用集成电路路⽽而被取消管理理公司的资格。 obeing disqualified from managing a corporation based on an application of ASIC. A lack of business experience or professional or higher educational qualifications do not appear to be a legal constraint to act as a company director. 缺乏商业经验或专业或更更⾼高学历似乎并不不是担任公司董事的法律律约束。 6 The different types of directors EXECUTIVE DIRECTORS Executive directors are employed by senior management of the company. They have a dual role: 执⾏行行董事 执⾏行行董事由公司的⾼高级管理理⼈人员雇⽤用。 他们有双重⻆角⾊色: ⽇日常管理理的⼀一部分,并履履⾏行行更更⼴广泛的作⽤用,如公司资源的管理理者,战略略决策者和 监公司管理理。 part of day to day management and fulfilling the broader role of custodian of company resources, strategic decision maker and to monitor company management. The obvious potential conflict is that executive directors have the task of monitoring their own performance. 显⽽而易易⻅见的潜在冲突是,执⾏行行董事的任务是监督⾃自⼰己的业绩。 7 The different types of directors (Cont’d) NON EXECUTIVE DIRECTORS Non executive directors are not current employees of the company. They are referred to as outside/independent directors. ⾮非执⾏行行董事不不是公司当前的雇员。他们被称为外部/独⽴立董事。 He/she may have been a former employee and there may be other relationships that could make a non executive dependent on the company. 他/她可能曾是公司的⼀一名前雇员,也可能有其他关系使⾮非执⾏行行董事依赖于公司。 The optimal mix of directors on the board is a contentious issue. 董事会中董事的最佳组合是⼀一个有争议的问题。 Most Australian listed companies contain both executive and non executive directors. ⼤大多数澳⼤大利利亚上市公司既有执⾏行行董事,也有⾮非执⾏行行董事。 The law does not distinguish between executive/non executive Directors in terms of their responsibilities. 法律律对执⾏行行董事和⾮非执⾏行行董事的职责没有区别。 8 The different types of directors (Cont’d) INDEPENDENT DIRECTORS Although independent directors are assumed to be a crucial component of many company boards, the Corporations Act 2001 does not define what an independent director is. both the ASX Corporate Governance Council (ASXCGC) ‘Principles and Recommendations and the Investment and Financial Services Association (IFSA) Blue Book place emphasis on the importance of independent directors. 虽然独⽴立董事被认为是许多公司董事会的重要组成部分,但《2001年年公司法》并没有定义什什么是独⽴立董事。 澳⼤大利利亚证券交易易所公司治理理委员会(ASXCGC)的原则和建议以及投资与⾦金金融服务协会(IFSA)的蓝⽪皮书都强调了了独⽴立董事的重要性。 9 The different types of directors (Cont’d) MANAGING DIRECTOR – CHIEF EXECUTIVE OFFICER (CEO) While the term ‘managing director’ is used in s198C, it is not defined. The position and term ‘managing director’ is often used interchangeably with the term ‘chief executive officer’ (CEO). In Australia, it is extremely rare for the CEO not to be on the board of directors. The CEO has a crucial and difficult role to play on the board. As well as being the most senior employee in the organisation and accountable for all operational activities, the CEO has the same stewardship, monitoring and strategic responsibilities as other board directors. 虽然在s198C中使⽤用了了“常务董事”⼀一词,但没有对其作出定义。 “常务董事”这个职位和术语经常与“⾸首席执⾏行行官”(CEO)互换使⽤用。 在澳⼤大利利亚,CEO很少不不进⼊入董事会。 CEO在董事会中扮演着关键⽽而⼜又艰难的⻆角⾊色。 作为组织中最资深的员⼯工和所有运营活动的负责⼈人,⾸首席执⾏行行官与其他董事⼀一样负有管理理、监督和战略略责任。 10 The different types of directors (Cont’d) ALTERNATE DIRECTOR Under s 201K, a director, (with the other directors’ approval) may appoint an alternate director to exercise some or all of his or her powers for a specified period. 根据第201K条,董事(经其他董事批准)可任命⼀一名候补董事,在指定期间部分或全部⾏行行使其权⼒力力 ASIC must be given notice of the appointment and termination of the appointment of the alternate director (see s 205B (2) and (5)). 候补董事的委任及终⽌止委任必须通知证券及专业事务委员会(⻅见第205B(2)及(5)条)。 When the alternate director exercises director power it is as effective as if it were exercised by the originally appointed director. 当候补董事⾏行行使董事权⼒力力时,其效⼒力力与原被任命董事⾏行行使的效⼒力力相同 The advantage of an alternate director: he/she provides continuity of decision making when the originally appointed director is unable to attend directors meetings. 候补董事的好处:当原先任命的董事不不能出席董事会议时,他/她提供了了决策的连续性。 11 The different types of directors (Cont’d) OTHER DIRECTOR CATEGORIES Nominee Directors 其他董事类别 被提名的董事 由主要股东提名进⼊入公司董事会代表主要股东的利利益。 nominated to sit on a company board by a dominant shareholder to represent the interests of the dominant shareholder. Shadow Directors 影⼦子董事 即使未被正式任命为董事,但其指示将由公司董事会执⾏行行的⼈人。 a person whose instructions will be acted upon by the company’s board, even though the person was not formally appointed as a director. De facto Directors 事实上的董事 没有被正式任命为董事,但似乎做了了所有的任务,通常是与正式任命的董事 are not formally appointed as directors but appear to do all the tasks that would normally be associated with formally appointed directors Governing Directors 管理理董事 更更常⻅见于拥有重要权⼒力力的⾃自营公司,例例如对公司的全⾯面控制和管理理 are more common with proprietary companies, where they have significant powers, e.g. total control and management of the company 12 The different types of directors (Cont’d) OTHER OFFICERS OF THE CORPORATION The Company Secretary 公司其他管理理⼈人员 公司秘书 similar with director 公司秘书负责公司的⾏行行政管理理。 这包括需要确保公司的公司治理理政策是适当的结构和适当的表现 公司秘书在加强公司治理理⽅方⾯面起着重要的作⽤用。 the company secretary is concerned with the administration of the company. this encompasses the need to ensure that the company’s corporate governance policies are properly structured & appropriately presented the company secretary plays a significant role in enhancing the appearance of corporate governance. The Chair of the Board 董事会主席 ⼀一个引⼈人注⽬目的、责任重⼤大的职位。 然⽽而,《2001年年公司法》并没有对董事⻓长的⻆角⾊色给予⽐比其他董事更更⾼高的期望。 ⻅见《2001年年公司法》第248E条 a high profile position with significant responsibilities. However, the Corporations Act 2001 does not place a substantially greater expectation on the role of the chair than any other director. See s 248E of the Corporations Act 2001 13 Director’s powers STATUTORY POWER OF DIRECTORS 董事的法定权⼒力力 s 198A – the board’s authority to manage the affairs of the company. 董事会管理理公司事务的权⼒力力。 s 198A - s 198A(2) - the directors may exercise ‘all the powers’ of the company, with the exception being any powers that the Act or the company’s constitution require the company to exercise in a general meeting of the company’. 第198A(2)条-董事可⾏行行使公司的“所有权⼒力力”,但法律律或公司章程要求公司在公司股东⼤大会上⾏行行使的任何权⼒力力除外。 the directors also have both a common law and statutory right of access to company documents. 董事还拥有普通法和法定的查阅公司⽂文件的权利利。 s 290 - a director of a company has the right of access to the financial records of the company at all reasonable times. 公司董事有权在任何合理理时间查阅公司的财务纪录 s 290 - s198B - any two directors of the company, or the director of a proprietary company that only has one director, may execute a negotiable instrument. 公司的任何两名董事,或只有⼀一名董事的独资公司的董事,均可签署票据。 14 Director’s powers (Cont’d) DELEGATION OF POWER 代表团的权⼒力力 directors are entitled to delegate some of their responsibilities. 董事有权将部分责任委托他⼈人。 without the opportunity to delegate some of the responsibilities of the board, the workload and effectiveness of the main board would be compromised. 如果没有机会将执⾏行行局的⼀一些职责委托给委员会,就会损害执⾏行行局的⼯工作量量和效率 s 198D (1) - to whom directors are able to delegate responsibility to 第198D(1)条-董事可以将责任委派给谁 the exercise of the power by a delegate is considered to be as effective as if the director had exercised it in the first instance. 由代表⾏行行使的权⼒力力被认为与署⻓长在⼀一审中⾏行行使的权⼒力力⼀一样有效 s190 - the circumstances that responsibility may be absolved by the director. 署⻓长可免除责任的情况。 s190 - s 189 - a director is entitled to be able to rely on information provided by others. 董事有权依赖他⼈人提供的信息。 s189 - 15 Director’s duties GENERAL LAW DUTIES REASONABLE SKILL AND CARE the common law principle of ‘reasonable skill and care’ applies to directors in carrying out their duties. if directors breach the requirements to exercise reasonable skill and care, and the company suffers losses, then it will be found that the directors were negligent. however, complication arises when determining fault in specific circumstances. ⼀一般法律律职责合理理的技能和谨慎 普通法的“合理理的技巧和谨慎”原则适⽤用于董事履履⾏行行其职责。 如果董事违反了了⾏行行使合理理的技能和谨慎的要求,公司遭受损失,那么就会发现董事的疏忽。 然⽽而,在特定的情况下,当确定错误时,就会出现复杂性。 16 Director’s duties (Cont’d) CONTRACTUAL OBLIGATIONS 合同义务 董事与他们所服务的公司有契约关系 他们必须按照合同的要求履履⾏行行职责,同时运⽤用合理理的技能和谨慎。 Directors have a contractual relationship with the company they serve they must perform their duties in accordance with the requirements of their contracts, and in combination with 信托关系 the exercise of reasonable skill and care. FIDUCIARY RELATIONSHIP 在信托关系中,⼀一⽅方有权/有义务代表另⼀一⽅方⾏行行事。 董事受托关系⾄至少涉及四个不不同的主题: 1.董事们必须本着公司和股东的最⼤大利利益“诚信⾏行行事” 2.董事必须“为适当的⽬目的⾏行行使其权⼒力力”。董事有责任“避免利利益冲突” 4.董事有时与债权⼈人有信托关系 In a fiduciary relationship, one party has the authority/obligation to act on behalf of another party. The directors fiduciary relationship brings in at least four different themes: 1.the directors must ‘act in good faith’ in the best interests of the company and shareholders 2.directors must ‘exercise their powers for a proper purpose’ 3.directors have a duty to ‘avoid conflicts of interests’ 4.directors sometimes have a ‘fiduciary relationship with creditors’ 17 Director’s duties (Cont’d) STATUTORY DUTIES 法定职责 s 179 states; that other duties are imposed by other provisions of the Act and other laws (including general law) 179 个国家;本法其他规定和其他法律律(包括普通法)规定的其他职责 s 180 (1) (a) Duty of care and diligence s 180 (2) Business judgement rule 注意义务和勤勤勉勉义务 s 180 (1) (a) 商业判断规则 s180(2) s 181 Duty of good faith and to act for a proper purpose 诚实守信的义务和为正当的⽬目的⽽而⾏行行动 ss 182 and 183 Duty not to misuse position or information 第182及183条规定不不得滥⽤用职务或资料料 s 344 Duty relating to accounts and reports s 588G Duty to prevent insolvent trading 18 有关会计及报告的职责 防⽌止资不不抵债的交易易 Director’s duties (Cont’d) FINANCIAL REPORTS The financial report of a company refers to the company’s financial statements including balance sheet income statement 财务报告 公司财务报告是指公司的财务报表,包括 资产负债表 损益表 现⾦金金流量量表 股东权益变动表附董事声明。 董事声明是董事对公司财务报告和偿债能⼒力力的正式声明。 cash flow statement statement of changes in equity notes to the financial statements directors declaration. The directors declaration is a formal statement by the directors specifically about the financial report and the solvency of the company. 19 Director’s duties (Cont’d) DIRECTORS REPORTS The directors report should not be confused with the directors declaration. The directors report contains more detail than the directors declaration and will touch on a raft of issues that relate to the company. (see s 299, 299(A) and 300, and 300(A)) The directors report consists of two sections – general and specific) 董事报告 董事报告不不应与董事声明混淆。 董事报告⽐比董事声明包含更更多的细节,并将涉及⼤大量量与公司有关的问题。(⻅见s 299, 299(A)和300,和300(A)) 董事报告分两部分:⼀一般报告及个别报告) 20 Director’s duties (Cont’d) The general section focuses on: a review of the years operations and results details of any significant changes in the entities state of affairs principal activities 总务部分的重点是: 对年年度经营和结果的回顾 主要活动的实体状态的任何重⼤大变化的细节 对公司当前或未来财务期间的运营和业绩产⽣生或可能产⽣生重⼤大影响的任何重要和相关情况或事实的详细信息。 details of any material and relevant circumstances or fact that has or may materially affect company operations and performance in current or future financial periods. The specific section focuses on: dividends and distributions individual director shareholdings payments to board members board policy. 具体章节的重点是: 股息和分配个别董事向董事会成员⽀支付的股份董事会政策。 21 Director’s duties (Cont’d) AUDIT AND AUDIT REPORT s 301- all companies except for small proprietary companies must have their financial reports audited. s 307- what an auditor must state in their report. s 344(1) -director compliance requirements to financial reporting and auditing obligations s 344 (2) - penalties for non compliance to obligations requirement 审核及审核报告 除了了⼩小型私有公司外,所有公司的财务报告都必须经过审计。 s307 -审计师在报告中必须陈述的内容。 s 344(1) -财务报告和审计义务的董事合规要求 第344条(2)-不不遵守义务规定的处罚 22 Director’s duties (Cont’d) DUTY RELATING TO CONTINUOUS DISCLOSURE ASX Listing Rule 3.1 requires that: Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s securities, the entity must immediately tell ASX that information. 有关持续披露露的责任 ASX上市规则3.1要求: ⼀一旦⼀一个实体得知或得知任何有关该实体的信息,⽽而⼀一个理理性⼈人预期该信息将对该实体证券的价格或价值产⽣生重⼤大影响,该实体必须⽴立即将该信息告知ASX。 23 Director’s liabilities GENERAL ISSUES ⼀一般问题 A director’s contractual arrangement is with the company, and not individual shareholders. 董事的合同安排是与公司,⽽而不不是与个⼈人股东。 It is the company that is best placed to sue an individual director for negligence, rather than individual shareholders. 起诉个别董事玩忽职守的最佳⼈人选是公司,⽽而不不是个别股东。 In the majority of occasions it will be the board of directors, on behalf of the company, or the liquidator of an insolvent company that will commence legal action against a director who has not acted appropriately. 在⼤大多数情况下,代表公司的董事会或破产公司的清算⼈人将对⾏行行为不不当的董事采取法律律⾏行行动。 While directors can be potentially liable under both common law and statute law, the obligations under statute law (primarily the Corporations Act 2001) are very specifically address areas of alleged director misconduct. 虽然根据普通法和成⽂文法,董事可能要承担法律律责任,但成⽂文法(主要是 《2001年年公司法》)规定的义务⾮非常具体地涉及董事不不当⾏行行为的指控领域。 24 Director’s liabilities (Cont’d) CRIMINAL LIABILITY The issue of criminal liability is very relevant for company directors. director responsibility has expanded in major areas of law to include: •environmental protection •consumer protection •occupational health and safety 刑事责任 刑事责任问题与公司董事关系密切。主任的责任已扩⼤大到主要的法律律领域,包括: •环境保护 •消费者保护 •职业健康与安全 •⼀一般刑法 •general criminal law Additionally, there is a plethora of different criminal offences for which penalties are prescribed under the Corporations Act 2001 for director misconduct. 此外,根据《2001年年公司法》(公司法),对董事不不当⾏行行为的处罚规定了了⼤大量量不不同的刑事犯罪。 25 ...
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