经济学人54:美国企业治理 代理权争夺战升温

 　　Business

　　商业

　　Corporate¹ governance in America

　　美国企业治理

　　Heating up

　　代理权争夺战升温

　　Shareholders³ are ever more willing to vote against management

　　股东们比以前更愿意投管理层的反对票

　　TWENTY years ago Bob Monks⁴ bought an ad in the Wall Street Journal declaring members of the board of Sears, to which he hoped (in vain) to be elected, "non-performing assets".

　　二十年前，Bob Monks在《华尔街日报》登了一则广告，声称Sears公司董事会成员为"不良资产"，并徒劳希望能被当选为其中一员。

　　Nowadays, shareholder² activists⁵ just create a website.

　　如今，激进股东们仅需建立一个网站。

　　On April 2nd Dan Loeb, a hedge-fund boss, launched valueyahoo.com, which brims with proposals for reviving the struggling web firm.

　　北京时间4月2日，对冲基金Third Point掌门丹尼尔?勒布(Daniel Loeb)发布了名为ValueYahoo.com的网站，该网站满载着复兴这困境中挣扎的网络公司（Yahoo!）的建议提案。

　　Mr Loeb is trying to get himself elected to Yahoo!'s board against the wishes of its managers-a fight that could be the highlight of the annual corporate proxy⁶ season that is getting under way.

　　丹尼尔?勒布违背公司高层的意愿正试图让自己当选为雅虎董事会成员。这场冲突可能是当下一年一度公司代理权季节中最精彩的部分。

　　He may win the shareholder vote, if Yahoo! does not strike a deal with him first.

　　如果雅虎事先不和他达成交易，或许他会赢得股东们的选票。

　　Several hedge funds are urging shareholders to give boards a good kicking.

　　几家对冲基金正使股东给董事会带来一个相当大了挫折打击。

　　Starboard Value has nominated five candidates to the board of AOL, another ailing⁷ web firm.

　　股东Starboard Value已提供了5名候选人给美国在线公司董事会，这是另一家境况不佳的网络公司。

　　On April 2nd Pershing Square added a seventh candidate to the alternative slate⁸ of directors it has nominated to the board of Canadian Pacific Railway.

　　北京时间4月2日，潘兴广场对冲基金在加拿大太平洋铁路的董事会理事成员提名中增加了第七位候选人。

　　Shareholder activism is "getting back to normal after the financial crisis of 2008," says Peter Harkins of D.F. King, a firm that advises participants in proxy contests.

　　D.F. King 公司Peter Harkins说到：股东激进主义在2008年金融危机后正恢复正常。该公司建议参与代理权的争夺。

　　It is not just hedge funds that are flexing⁹ their shareholderly muscles.

　　不仅是对冲基金还有养老基金同样显示着股东们的实力。

　　Pension funds are at it, too. On March 27th it was reported that Goldman Sachs had made peace with the pension fund of the American Federation¹⁰ of State, County and Municipal Employees (AFSCME), which had proposed a resolution to split the roles of chief executive and chairman, both of which are held by Lloyd Blankfein.

　　据报道，3月27日高盛投资公司与美国州县市雇员联盟（American Federation of State, County and Municipal Employees，简称AFSCME）养老基金达成交易。协议提出了要将高盛的首席执行官和董事长职务分别由两人担任的决议，而这都在高盛首席执行官布兰克费恩掌控之下。

　　The bank convinced AFSCME to withdraw its proposal by agreeing to appoint a "lead director" to keep Mr Blankfein in check.

　　高盛说服美国州县市雇员联盟撤销这个提案，并同意任命一位首席董事来维持布兰克费恩的检查。

　　The union has made similar proposals at several firms, including JPMorgan Chase, whose boss AFSCME's president calls the "most dangerous man in America".

　　该联盟组织已在几家公司给出过类似的提案，包括摩根大通公司，而其老板被美国州县市雇员联盟董事长称之为"美国最危险的人"。

　　Rupert Murdoch, the embattled chairman and chief executive of News Corporation, will face a motion that he surrender his chairmanship to someone independent.

　　新闻公司处境艰难的主席兼首席执行官鲁伯特?默多克将面对交出他的主席身份给独立人士的意向。

　　Two other issues are expected to attract scrutiny¹¹ from shareholders this year.

　　今年预计有另外两个议题将吸引股东的审查。

　　One is bosses' pay. Investors¹² will show "a little more backbone¹³" in curbing¹⁴ it, "having rather fluffed it last year", predicts Anne Simpson, who oversees¹⁵ the corporate-governance activities of CalPERS, a giant pension fund for California's public employees.

　　其中一项就是领导的薪资。安妮?辛普森监督着CalPERS（一个巨大的加州公职人员养老基金）公司的管理活动，他预测在去年已搞砸的基础上，投资人将体现出在控制领导薪资方面的骨干作用。

　　Many boards struggled to win 70% support for pay packages last year, the first time such votes were required.

　　去年，在薪酬福利上面许多懂事会成员都竭力得到70%的支持，需要这样的选票还是第一次。

　　This year, several could lose the vote (which is not binding) unless they have linked pay more explicitly¹⁶ to performance, reckons Paul Hodgson of GMI Ratings, a firm that measures corporate governance.

　　企业治理咨询公司GMI评级(GMI Ratings) 的研究员哈吉森(Paul Hodgson)认为如果他们的薪酬不与绩效相连的话，今天或许有几位懂事会失去没有约束力的选票。

　　Perhaps the most contentious¹⁷ resolutions will be those demanding that firms be more transparent¹⁸ about their political spending, and requiring boards to ensure that this money is used in the interests of shareholders, not managers.

　　或许最具争议的决议就是需要公司更多地明确他们政治上的支出，同时要求董事会确保所使用的资金都是以考虑股东的利益为前提而不是管理人员。

　　This effort is being fiercely resisted. The US Chamber¹⁹ of Commerce argues that these resolutions, which mostly come from shareholders who are also trade unions or social activists, are not in the best interests of the firms concerned.

　　这方面的努力正遭到激烈的抵抗。美国商会认为这样的决议没有考虑到公司利益的最大化，而主要考虑的是股东，但或许他们还是贸易联盟或是社会激进主义分子。

　　Jim Copland of the Manhattan Institute, a think-tank, says that "some of these proposals may serve primarily to chill corporate political speech broadly, including on issues that most diversified²⁰ shareholders-as distinguished²¹ from the proposals' sponsors-might prefer that the corporation's views be heard."

　　智囊团吉姆柯普兰的曼哈顿学院称道，这其中的一些提议或许主要是冷却一下公司广泛政治演讲的热度。包括在一些重要议题上大多数多元化股东有别于建议的赞助商，他们更愿意听到公司的观点。

　　Well, maybe. But, as with the other issues on the proxy this year, that is for shareholders to decide.

　　嗯,也许吧。但是，今年另一个关于代理权的议题是为股东决定的。

1 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

2 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

3 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

4 monks   

n.修道士，僧侣( monk的名词复数 )

参考例句：

• The monks lived a very ascetic life. 僧侣过着很清苦的生活。
• He had been trained rigorously by the monks. 他接受过修道士的严格训练。 来自《简明英汉词典》

5 activists   

n.（政治活动的）积极分子，活动家( activist的名词复数 )

参考例句：

• His research work was attacked by animal rights activists . 他的研究受到了动物权益维护者的抨击。
• Party activists with lower middle class pedigrees are numerous. 党的激进分子中有很多出身于中产阶级下层。 来自《简明英汉词典》

6 proxy   

n.代理权，代表权；（对代理人的）委托书；代理人

参考例句：

• You may appoint a proxy to vote for you.你可以委托他人代你投票。
• We enclose a form of proxy for use at the Annual General Meeting.我们附上委任年度大会代表的表格。

7 ailing   

v.生病

参考例句：

• They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
• She looked after her ailing father. 她照顾有病的父亲。

8 slate   

n.板岩，石板，石片，石板色，候选人名单；adj.暗蓝灰色的，含板岩的；vt.用石板覆盖，痛打，提名，预订

参考例句：

• The nominating committee laid its slate before the board.提名委员会把候选人名单提交全体委员会讨论。
• What kind of job uses stained wood and slate? 什么工作会接触木头污浊和石板呢？

9 flexing   

n.挠曲，可挠性v.屈曲( flex的现在分词 )；弯曲；（为准备大干而）显示实力；摩拳擦掌

参考例句：

• Flexing particular muscles allows snakes to move in several ways. 可弯曲的特殊的肌肉使蛇可以用几种方式移动。 来自电影对白
• China has become an economic superpower and is flexing its muscles. 中国已经成为了一个经济巨人而且在展示他的肌肉。 来自互联网

10 federation   

n.同盟，联邦，联合，联盟，联合会

参考例句：

• It is a federation of 10 regional unions.它是由十个地方工会结合成的联合会。
• Mr.Putin was inaugurated as the President of the Russian Federation.普京正式就任俄罗斯联邦总统。

11 scrutiny   

n.详细检查，仔细观察

参考例句：

• His work looks all right,but it will not bear scrutiny.他的工作似乎很好，但是经不起仔细检查。
• Few wives in their forties can weather such a scrutiny.很少年过四十的妻子经得起这么仔细的观察。

12 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

13 backbone   

n.脊骨，脊柱，骨干；刚毅，骨气

参考例句：

• The Chinese people have backbone.中国人民有骨气。
• The backbone is an articulate structure.脊椎骨是一种关节相连的结构。

14 curbing   

n.边石，边石的材料v.限制，克制，抑制( curb的现在分词 )

参考例句：

• Progress has been made in curbing inflation. 在控制通货膨胀方面已取得了进展。
• A range of policies have been introduced aimed at curbing inflation. 为了抑制通货膨胀实施了一系列的政策。

15 oversees   

v.监督，监视( oversee的第三人称单数 )

参考例句：

• She oversees both the research and the manufacturing departments. 她既监督研究部门又监督生产部门。 来自《简明英汉词典》
• The Department of Education oversees the federal programs dealing with education. 教育部监管处理教育的联邦程序。 来自互联网

16 explicitly   

ad.明确地，显然地

参考例句：

• The plan does not explicitly endorse the private ownership of land. 该计划没有明确地支持土地私有制。
• SARA amended section 113 to provide explicitly for a right to contribution. 《最高基金修正与再授权法案》修正了第123条，清楚地规定了分配权。 来自英汉非文学 - 环境法 - 环境法

17 contentious   

adj.好辩的，善争吵的

参考例句：

• She was really not of the contentious fighting sort.她委实不是好吵好闹的人。
• Since then they have tended to steer clear of contentious issues.从那时起，他们总想方设法避开有争议的问题。

18 transparent   

adj.明显的，无疑的；透明的

参考例句：

• The water is so transparent that we can see the fishes swimming.水清澈透明，可以看到鱼儿游来游去。
• The window glass is transparent.窗玻璃是透明的。

19 chamber   

n.房间，寝室；会议厅；议院；会所

参考例句：

• For many,the dentist's surgery remains a torture chamber.对许多人来说，牙医的治疗室一直是间受刑室。
• The chamber was ablaze with light.会议厅里灯火辉煌。

20 diversified   

adj.多样化的，多种经营的v.使多样化，多样化( diversify的过去式和过去分词 )；进入新的商业领域

参考例句：

• The college biology department has diversified by adding new courses in biotechnology. 该学院生物系通过增加生物技术方面的新课程而变得多样化。 来自《简明英汉词典》
• Take grain as the key link, develop a diversified economy and ensure an all-round development. 以粮为纲，多种经营，全面发展。 来自《现代汉英综合大词典》

21 distinguished   

adj.卓越的，杰出的，著名的

参考例句：

• Elephants are distinguished from other animals by their long noses.大象以其长长的鼻子显示出与其他动物的不同。
• A banquet was given in honor of the distinguished guests.宴会是为了向贵宾们致敬而举行的。