Corporate governance in America

　　美國企業治理

　　Heating up

　　代理權爭奪戰升溫

　　Shareholders are ever more willing to vote against management

　　股東們比以前更愿意投管理層的反對票

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

　　二十年前，Bob Monks在《華爾街日報》登了一則廣告，聲稱Sears公司董事會成員為 不良資產 ，并徒勞希望能被當選為其中一員。

　　Nowadays, shareholder activists just create a website.

　　如今，激進股東們僅需建立一個網站。

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

　　北京時間4月2日，對沖基金Third Point掌門丹尼爾?勒布發布了名為ValueYahoo.com的網站，該網站滿載著復興這困境中掙扎的網絡公司的建議提案。

　　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 proxy season that is gettingunder way.

　　丹尼爾?勒布違背公司高層的意愿正試圖讓自己當選為雅虎董事會成員。這場沖突可能是當下一年一度公司代理權季節中最精彩的部分。

　　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達成交易，或許他會贏得股東們的選票。

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

　　幾家對沖基金正使股東給董事會帶來一個相當大了挫折打擊。

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

　　股東Starboard Value已提供了5名候選人給美國在線公司董事會，這是另一家境況不佳的網絡公司。

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

　　北京時間4月2日，潘興廣場對沖基金在加拿大太平洋鐵路的董事會理事成員提名中增加了第七位候選人。

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

　　D.F. King 公司Peter Harkins說到：股東激進主義在2008年金融危機后正恢復正常。該公司建議參與代理權的爭奪。

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

　　不僅是對沖基金還有養老基金同樣顯示著股東們的實力。

　　Pension funds are at it, too. On March 27th it was reported that Goldman Sachs had madepeace with the pension fund of the American Federation of State, County and MunicipalEmployees , which had proposed a resolution to split the roles of chief executiveand chairman, both of which are held by Lloyd Blankfein.

　　據報道，3月27日高盛投資公司與美國州縣市雇員聯盟養老基金達成交易。協議提出了要將高盛的首席執行官和董事長職務分別由兩人擔任的決議，而這都在高盛首席執行官布蘭克費恩掌控之下。

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

　　高盛說服美國州縣市雇員聯盟撤銷這個提案，并同意任命一位首席董事來維持布蘭克費恩的檢查。

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

　　該聯盟組織已在幾家公司給出過類似的提案，包括摩根大通公司，而其老板被美國州縣市雇員聯盟董事長稱之為 美國最危險的人 。

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

　　資訊公司處境艱難的主席兼首席執行官魯伯特?默多克將面對交出他的主席身份給獨立人士的意向。

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

　　今年預計有另外兩個議題將吸引股東的審查。

　　One is bosses pay. Investors will show a little more backbone in curbing it, having ratherfluffed it last year , predicts Anne Simpson, who oversees the corporate-governanceactivities of CalPERS, a giant pension fund for California s public employees.

　　其中一項就是領導的薪資。安妮?辛普森監督著CalPERS公司的管理活動，他預測在去年已搞砸的基礎上，投資人將體現出在控制領導薪資方面的骨干作用。

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

　　去年，在薪酬福利上面許多懂事會成員都竭力得到70%的支持，需要這樣的選票還是第一次。

　　This year, several could lose the vote unless they have linked pay moreexplicitly to performance, reckons Paul Hodgson of GMI Ratings, a firm that measurescorporate governance.

　　企業治理咨詢公司GMI評級 的研究員哈吉森認為如果他們的薪酬不與績效相連的話，今天或許有幾位懂事會失去沒有約束力的選票。

　　Perhaps the most contentious resolutions will be those demanding that firms be moretransparent about their political spending, and requiring boards to ensure that this money isused in the interests of shareholders, not managers.

　　或許最具爭議的決議就是需要公司更多地明確他們政治上的支出，同時要求董事會確保所使用的資金都是以考慮股東的利益為前提而不是管理人員。

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

　　這方面的努力正遭到激烈的抵抗。美國商會認為這樣的決議沒有考慮到公司利益的最大化，而主要考慮的是股東，但或許他們還是貿易聯盟或是社會激進主義分子。

　　Jim Copland of the Manhattan Institute, a think-tank, says that some of these proposalsmay serve primarily to chill corporate political speech broadly, including on issues that mostdiversified shareholders-as distinguished from the proposals sponsors-might prefer that thecorporation s views be heard.

　　智囊團吉姆柯普蘭的曼哈頓學院稱道，這其中的一些提議或許主要是冷卻一下公司廣泛政治演講的熱度。包括在一些重要議題上大多數多元化股東有別于建議的贊助商，他們更愿意聽到公司的觀點。

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

　　嗯,也許吧。但是，今年另一個關于代理權的議題是為股東決定的。

　　Corporate governance in America

　　美國企業治理

　　Heating up

　　代理權爭奪戰升溫

　　Shareholders are ever more willing to vote against management

　　股東們比以前更愿意投管理層的反對票

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

　　二十年前，Bob Monks在《華爾街日報》登了一則廣告，聲稱Sears公司董事會成員為 不良資產 ，并徒勞希望能被當選為其中一員。

　　Nowadays, shareholder activists just create a website.

　　如今，激進股東們僅需建立一個網站。

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

　　北京時間4月2日，對沖基金Third Point掌門丹尼爾?勒布發布了名為ValueYahoo.com的網站，該網站滿載著復興這困境中掙扎的網絡公司的建議提案。

　　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 proxy season that is gettingunder way.

　　丹尼爾?勒布違背公司高層的意愿正試圖讓自己當選為雅虎董事會成員。這場沖突可能是當下一年一度公司代理權季節中最精彩的部分。

　　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達成交易，或許他會贏得股東們的選票。

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

　　幾家對沖基金正使股東給董事會帶來一個相當大了挫折打擊。

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

　　股東Starboard Value已提供了5名候選人給美國在線公司董事會，這是另一家境況不佳的網絡公司。

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

　　北京時間4月2日，潘興廣場對沖基金在加拿大太平洋鐵路的董事會理事成員提名中增加了第七位候選人。

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

　　D.F. King 公司Peter Harkins說到：股東激進主義在2008年金融危機后正恢復正常。該公司建議參與代理權的爭奪。

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

　　不僅是對沖基金還有養老基金同樣顯示著股東們的實力。

　　Pension funds are at it, too. On March 27th it was reported that Goldman Sachs had madepeace with the pension fund of the American Federation of State, County and MunicipalEmployees , which had proposed a resolution to split the roles of chief executiveand chairman, both of which are held by Lloyd Blankfein.

　　據報道，3月27日高盛投資公司與美國州縣市雇員聯盟養老基金達成交易。協議提出了要將高盛的首席執行官和董事長職務分別由兩人擔任的決議，而這都在高盛首席執行官布蘭克費恩掌控之下。

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

　　高盛說服美國州縣市雇員聯盟撤銷這個提案，并同意任命一位首席董事來維持布蘭克費恩的檢查。

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

　　該聯盟組織已在幾家公司給出過類似的提案，包括摩根大通公司，而其老板被美國州縣市雇員聯盟董事長稱之為 美國最危險的人 。

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

　　資訊公司處境艱難的主席兼首席執行官魯伯特?默多克將面對交出他的主席身份給獨立人士的意向。

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

　　今年預計有另外兩個議題將吸引股東的審查。

　　One is bosses pay. Investors will show a little more backbone in curbing it, having ratherfluffed it last year , predicts Anne Simpson, who oversees the corporate-governanceactivities of CalPERS, a giant pension fund for California s public employees.

　　其中一項就是領導的薪資。安妮?辛普森監督著CalPERS公司的管理活動，他預測在去年已搞砸的基礎上，投資人將體現出在控制領導薪資方面的骨干作用。

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

　　去年，在薪酬福利上面許多懂事會成員都竭力得到70%的支持，需要這樣的選票還是第一次。

　　This year, several could lose the vote unless they have linked pay moreexplicitly to performance, reckons Paul Hodgson of GMI Ratings, a firm that measurescorporate governance.

　　企業治理咨詢公司GMI評級 的研究員哈吉森認為如果他們的薪酬不與績效相連的話，今天或許有幾位懂事會失去沒有約束力的選票。

　　Perhaps the most contentious resolutions will be those demanding that firms be moretransparent about their political spending, and requiring boards to ensure that this money isused in the interests of shareholders, not managers.

　　或許最具爭議的決議就是需要公司更多地明確他們政治上的支出，同時要求董事會確保所使用的資金都是以考慮股東的利益為前提而不是管理人員。

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

　　這方面的努力正遭到激烈的抵抗。美國商會認為這樣的決議沒有考慮到公司利益的最大化，而主要考慮的是股東，但或許他們還是貿易聯盟或是社會激進主義分子。

　　Jim Copland of the Manhattan Institute, a think-tank, says that some of these proposalsmay serve primarily to chill corporate political speech broadly, including on issues that mostdiversified shareholders-as distinguished from the proposals sponsors-might prefer that thecorporation s views be heard.

　　智囊團吉姆柯普蘭的曼哈頓學院稱道，這其中的一些提議或許主要是冷卻一下公司廣泛政治演講的熱度。包括在一些重要議題上大多數多元化股東有別于建議的贊助商，他們更愿意聽到公司的觀點。

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

　　嗯,也許吧。但是，今年另一個關于代理權的議題是為股東決定的。