OECD公司治理準則

The OECD Principles of Corporate Governance

 

2004年修正

 

I . 確立有效果的公司治理架構基礎

I. Ensuring the Basis for an Effective Corporate Governance Framework

 

公司治理架構應促進市場透明度和效率,符合法治精神,且清楚說明各檢查、監理和裁罰機構間的權責劃分。

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、       公司治理架構的研訂,應著眼於其對整體經濟和市場健全性的影響、為市場參加者所創造的誘因、及促進市場透明度和健全性。

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、        各司法管轄區內影響公司治理實務的法規和監理規定應符合法治精神、透明化、且具有執行效力。

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、       各司法管轄區應清楚說明各主管機構間的權責劃分,並確保其能維護公共利益。

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

 

D、       各檢查、監理和裁罰機構應具有權力、誠信和資源,俾能以專業、客觀態度履行其職責。其各項裁定應掌握時效、透明化、且充分對外說明。

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

 

II . 股東權利和重要的所有權機制

II. The Rights of Shareholders and Key Ownership Functions

 

公司治理架構應保障及促進股東權利的行使。

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

 

A、       基本股東權利應包含下列各項:(1)具有取得所有權登記的方法;(2)得轉讓或移轉股份;(3)能定期且及時取得公司重要的相關資訊;(4)參與股東大會並行使表決權;(5)選舉和罷免董事;(6)分配公司盈利。

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 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、        股東應有權利參與公司基本變革相關決策,並獲得充分資訊,諸如:(1)修正公司章程、組織條款或其他類似的治理文件;(2)授權發行新股;(3)非常交易,包含移轉全部或大部分資產,致實質上造成公司的出售。

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 authorisation 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、       股東應有機會有效參與股東大會及表決,並被告知股東大會相關規則,包括表決程序:

C. 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.     應提供股東有關股東大會日期、地點和議程的充分且及時資訊,以及股東大會將進行表決議題的完整且及時資訊。

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.     在合理範圍內,股東應有機會對董事會提出質詢(包含有關年度外部稽核事項)、增列股東大會議程項目、及提出表決案。

2. 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.     應協助股東有效參與公司重要的治理決策,諸如:董事的提名和選舉。對董事和重要主管的酬勞政策,股東應能發表其意見。對董事和員工的酬勞涉及入股部分,應經股東大會表決通過。

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.     股東應得選擇使用在場或遠距投票,且在場與遠距投票具有相同效力。

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.

 

D、       能使某些股東取得超出其持股比例的控制權利的資本結構或安排,應對外揭露。

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

E、   應容許公司控制權的交易市場依透明化方式有效率地運作:

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

 

1.     規範在資本市場取得公司控制權及非常交易(諸如:合併、出售公司大部分資產)的規則和程序,應清楚說明及揭露,俾讓投資人瞭解自身的權利及申訴管道。交易價格應透明化,且依照公平條件,保障到各類股東應有權利。

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.     不應運用反購併機制以作為董事會和高級主管的護身符。

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

 

F、   應促進所有股東行使其所有者權利,包括機構投資人:

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

 

1.     擔任受信託人的機構投資人應揭露對其所投資公司的整體公司治理和表決權行使政策,包括其行使表決權的決策程序。

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.     擔任受信託人的機構投資人應就可能影響其對所投資公司重要所有者權利行使的重大利益衝突事項,揭露其管理方法。

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、       除涉及防弊的例外情況外,應容許股東(包括機構投資人)就本準則所界定基本股東權利相關議題,互相諮商。

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.

 

III . 平等對待股東

III. The Equitable Treatment of Shareholders

 

公司治理架構應確保平等對待所有股東,包括少數股東及外國股東。所有股東對其權利所受到侵害,均應有機會獲得有效的補救。

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.   同一類股東應受到相同的對待:

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

 

1.      持有同一類股份的所有股東應有相同的權利。投資人在購買股票之前,應能取得有關各類股份所附權利的資訊。任何表決權利的變動,應經受不利影響股份種類股東表決通過。

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.      少數股東應受保障,使免遭控制股東或其關係人直接或間接不當行為的侵害,並應具備有效的補救方法。

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.      保管機構或其代表人代行表決權時,應依其與股份受益所有權人間約定的方式為之。

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

 

4.      應消除跨國行使表決權障礙。

4. Impediments to cross border voting should be eliminated.

 

5.      股東大會進行程序和作業流程,應能平等對待所有股東。公司作業流程不應造成表決權行使過於困難或昂貴。

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 votes.

 

B.    應禁止內線交易及不當圖利自己的交易。

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

 

C.    應要求董事和重要主管對董事會揭露其是否直接、間接或代表第三者,在影響公司的交易或事項上具有重要利害關係。

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.

 

IV . 其他權益人在公司治理所扮演角色

IV. The Role of Stakeholders in Corporate Governance

 

公司治理架構應體認其他權益人依法或透過互相約定所享有的權利,鼓勵公司與其他權益人積極合作,創造財富、就業機會和具有永續生存能力的財務健全企業。

The corporate governance framework should recognise the rights 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.   其他權益人依法或透過互相約定所享有的權利應受到尊重。

A. The rights of stakeholders that are established by law or through mutual agreements are to be respected.

 

B.    其他權益人受法律保障權利受侵害時,應有機會獲得有效的補救。

B. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights.

 

C.    以員工分紅入股促進經營績效的機制應受到容許。

C. Performance-enhancing mechanisms for employee participation should be permitted to develop.

 

D.   其他權益人參與公司治理程序者,應有管道及時及定期取得充分、可靠的相關資訊。

D. 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.    其他權益人(包括個別員工及其代表單位)應得自由向公司董事會傳達其對不合法或不道德作業實務的關切,且其權利不因此而受減損。

E. 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.    公司治理架構應輔以有效果、有效率的喪失償債能力處理架構,以及有效果的債權人權利執行機制。

F. The corporate governance framework should be complemented by an effective, efficient insolvency framework and by effective enforcement of creditor rights.

 

V . 揭露與透明化

V. Disclosure and Transparency

 

公司治理架構應確保及時、正確地揭露公司所有重大事項,包括:財務狀況、經營績效、所有權變動和公司治理事項。

The corporate governance framework should 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.   揭露事項應包括(但不限於)下列重要資訊:

A. Disclosure should include, but not be limited to, material information on:

 

1.     公司的財務和經營成果。

1. The financial and operating results of the company.

 

2.     經營目的。

2. Company objectives.

 

3.     主要股東及所占表決權比重。

3. Major share ownership and voting rights.

4.     對董事和重要主管的酬勞政策,以及有關董事的資訊,包括其資格、選任程序、兼任之其他公司董事職務、及是否被董事會視為獨立董事。

4. 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.     關係人交易。

5. Related party transactions.

 

6.     可預見的風險因素。

6. Foreseeable risk factors.

 

7.     有關員工及其他權益人的議題。

7. Issues regarding employees and other stakeholders.

 

8.     治理架構及政策,特別是公司治理規範或政策,及其施行程序。

8. Governance structures and policies, in particular, the content of any corporate governance code or policy and the process by which it is implemented.

 

B.    資訊應依照高品質的國際公認準則編製及揭露,包括:會計準則、財務和非財務揭露準則。

B. Information should be prepared and disclosed in accordance with high quality standards of accounting and financial and non-financial disclosure.

 

C.    每年應由獨立、能幹、合格的稽核人員辦理年度稽核,俾向董事會及股東提供外部客觀的確認,證明財務報表公正表達公司的財務狀況和在各重要層面的經營績效。

C. 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 statements fairly represent the financial position and performance of the company in all material respects.

 

D.   外部稽核人員應對股東負責。在執行稽核工作時,應對公司盡到應有的專業注意責任。

D. 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.    所採用發表資訊管道應能提供相關使用者平等、及時且符合成本效益原則的取得資訊通路。

E. Channels for disseminating information should provide for equal, timely and costefficient access to relevant information by users.

 

F.    公司治理架構應輔以有效果的方法,促使分析師、經紀商、評等機構等在提供與投資人決策有關的分析或顧問服務時,避免涉入可能減損其分析或顧問服務信實度的重大利益衝突。

F. The corporate governance framework should be complemented by an effective approach that addresses and promotes the provision of analysis or advice by analysts, brokers, 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 . 董事會職責

VI. The Responsibilities of the Board

 

公司治理架構應確使董事會對公司提供策略指導、並有效監控公司的管理,以及對公司及股東盡責。

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.   董事作為應依據充分資訊、善意、勤勉、盡到應有之注意,以及追求公司及股東最佳利益。

A. 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.    董事會決策可能為不同類別股東帶來不同影響時,應公平對待所有股東。

B. Where board decisions may affect different shareholder groups differently, the board should treat all shareholders fairly.

 

C.   董事會應採行高道德標準,考慮到其他權益人的利益。

C. The board should apply high ethical standards. It should take into account the interests of stakeholders.

 

D.   董事會應履行某些重要功能,包括:

D. The board should fulfil certain key functions, including:

 

1.      審核及引導公司策略、重要行動方案、風險管理政策、年度預算及營業計畫;設定績效目標;監控執行作業及公司績效;監管重大的資本支出、購併和分割作業。

1. 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, acquisitions and divestitures.

 

2.      監控公司治理實務的作業成效,並作必要修正。

2. Monitoring the effectiveness of the company’s governance practices and making changes as needed.

 

3.      任免及監督重要主管、決定其酬勞,以及監管營業接續計畫。

3. Selecting, compensating, monitoring and, when necessary, replacing key executives and overseeing succession planning.

 

4.      依照公司及其股東的長期利益,訂定董事及重要主管酬勞。

 

4. Aligning key executive and board remuneration with the longer term interests of the company and its shareholders.

 

5.      確保董事提名及選任程序正式且透明化。

5. Ensuring a formal and transparent board nomination and election process.

 

6.      監控及管理高級主管、董事和股東的潛在利益衝突事項,包括不當使用公司資產及不當的關係人交易。

6. 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.      確保公司會計和財務報告編報制度的健全,包括具備獨立的稽核作業及適當的控制制度,特別是風險管理制度、財務和作業控制制度、及確保遵守法令和相關準則的制度。

7. 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, systems for risk management, financial and operational control, and compliance with the law and relevant standards.

 

8.      監管揭露和對外溝通程序。

8. Overseeing the process of disclosure and communications.

 

E.    董事會對公司事務應能行使客觀判斷:

E. The board should be able to exercise objective independent judgement on corporate affairs.

 

1.      董事會應考慮分配足夠名額的非執行董事席位,俾能對潛在利益衝突事項行使獨立判斷工作。例如,確保財務和非財務報告的信實、審核關係人交易、提名董事和重要主管人選、決定董事酬勞等。

1. Boards should consider assigning a sufficient number of non-executive board members capable of exercising independent judgement to tasks 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, nomination of board members and key executives, and board remuneration.

 

2.      董事會成立各種委員會時,其任務、組成和作業程序應由董事會清楚界定並揭露。

2. When committees of the board are established, their mandate, composition and working procedures should be well defined and disclosed by the board.

 

3.      董事必須能有效地投注心力履行其職責。

3. Board members should be able to commit themselves effectively to their responsibilities.

 

F.    為履行其職責,董事應能取得正確、及時的相關資訊。

F. In order to fulfil their responsibilities, board members should have access to accurate, relevant and timely information.