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由創(chuàng)始人控制的上市公司挑戰(zhàn)公司倫理現(xiàn)象嚴(yán)重

由創(chuàng)始人控制的上市公司挑戰(zhàn)公司倫理現(xiàn)象嚴(yán)重

Eleanor Bloxham 2012年05月10日
包括谷歌、沃爾瑪在內(nèi),美國(guó)一些最大的公司都是由少數(shù)幾個(gè)人創(chuàng)立的。但是問(wèn)題出現(xiàn)時(shí),他們必須對(duì)為數(shù)眾多的股東負(fù)責(zé)。但是這些公司的創(chuàng)始人們往往通過(guò)雙重股票結(jié)構(gòu)把持著公司,股東根本沒(méi)有能力對(duì)他們問(wèn)責(zé)。

????股東們?cè)谇兴_皮克或許還能推動(dòng)變革,但在沃爾瑪、新聞集團(tuán)、谷歌這樣的公司,即使會(huì)出現(xiàn)變革,可能也會(huì)十分有限,而凱雷(Carlyle)和Facebook等公司的投資者還會(huì)面臨一個(gè)風(fēng)險(xiǎn),即股東在事實(shí)上無(wú)法對(duì)創(chuàng)始人問(wèn)責(zé)。

????根據(jù)彭博社(Bloomberg)的數(shù)據(jù),2006年,外界對(duì)沃爾瑪?shù)摹八痉闊焙汀跋到y(tǒng)性違規(guī)”擔(dān)憂愈演愈烈之際,挪威的全球養(yǎng)老基金以及瑞典的一家養(yǎng)老基金都拋售了這支股票。他們是作為受托人采取的行動(dòng),代人投資股票須審慎穩(wěn)健。

????如果證交所不允許雙重股權(quán)結(jié)構(gòu)的公司或無(wú)實(shí)際投票權(quán)的股票上市,美國(guó)養(yǎng)老基金和投資管理公司的工作當(dāng)然會(huì)簡(jiǎn)單些。但證交所沒(méi)有動(dòng)力采取這樣的行動(dòng)——除非事關(guān)資本市場(chǎng)體系。將這些股票納入成分股的指數(shù)、以及承銷(xiāo)這些股票的投資銀行同樣也沒(méi)有動(dòng)力這么做。但不管整個(gè)體系中的其他各方怎么做,審慎起見(jiàn),代人投資者都不應(yīng)投資那些他們不能有效實(shí)施控制權(quán)的公司。受托人有責(zé)任回避這樣的股票,他們從委托人那里拿到了豐厚的管理費(fèi),必須保證這一點(diǎn)。

????不是說(shuō)養(yǎng)老基金、共同基金和投資管理公司沒(méi)有禁止投資股票黑名單(也就是他們從不投資的股票)。他們確實(shí)掌握著這樣的名單。如今,受托人應(yīng)該采取行動(dòng),在這份名單上加上無(wú)投票權(quán)的股票了。如果是在用別人的錢(qián)投資,當(dāng)然可以慢慢來(lái),不著急。但是,正如許多基金承認(rèn)的那樣,他們同時(shí)并沒(méi)有足夠的人手來(lái)監(jiān)督手頭持有的所有股票。

????本文作者埃莉諾?布洛克斯?jié)h姆是董事會(huì)咨詢(xún)機(jī)構(gòu)價(jià)值聯(lián)盟和企業(yè)管理管理聯(lián)盟(The Value Alliance and Corporate Governance Alliance)的CEO。

????譯者:老榆木

????While shareholders may be able to effect changes at Chesapeake, the ability to make change is severely limited if not impossible at firms like Wal-Mart, News Corp., and Google. Carlyle (CG) and Facebook investors will also face investment risks with practically no means to hold the founders accountable.

????In 2006, when concerns arose over Wal-Mart's "legal troubles" and "systematic violations," Norway's global pension fund and a Sweden-based pension fund sold their shares, according to Bloomberg. In so doing, they were acting as fiduciaries, concerned with the soundness and prudence of investing other people's money in the stock.?

????It would certainly make the job of pension funds and investment managers in the U.S. easier if exchanges refused to list dual class shares or shares with no effective voting privileges. But the exchanges have no incentive to do so -- other than concern for the capital markets system. So too with indices that include the stocks and investment banks that underwrite them. But no matter the actions of other parties in the system, as a matter of prudence, fiduciaries that invest other people's money should not be investing in companies where they cannot effectively exercise their rights of control. Fiduciaries are under an obligation not to invest in stocks like these, and they are paid well for ensuring they do not.

????It isn't as though pension funds, mutual funds, and investment managers don't have prohibited stock lists (i.e. stocks that they never invest in). They do. Now it's time fiduciaries stepped up to put shares without rights on their lists. It's easy to be patient if it's someone else's money. But, as many funds admit, they don't have the bandwidth to oversee all the stocks they own now anyway.

????Eleanor Bloxham is CEO of The Value Alliance and Corporate Governance Alliance (http://thevaluealliance.com), a board advisory firm.

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