Translated for the OECD by Coudert Brothers LLP, Global Legal Advisors, Beijing, Shanghai and Hong Kong, China
Total Page:16
File Type:pdf, Size:1020Kb
Translated for the OECD by Coudert Brothers LLP, Global Legal Advisors, Beijing, Shanghai and Hong Kong, China _______________________________________________________ 2003 6 10 2003 7 15 2003 9 30 2003 12 4 1960 12 14 1961 9 30 1964 4 28 1969 1 28 1971 6 7 1973 5 29 1994 5 18 1995 12 21 1996 5 7 1996 11 22 1996 12 12 2000 12 14 13 70 OECD 2003 2003 Centre français d'exploitation du droit de copie CFC 20 rue des Grands-Augustins 75006 Paris France 33-1 44 07 47 70 33-1 46 34 67 19 Copyright Clearance Center CCC Customer Service 508 750-8400 222 Rosewood Drive Danvers MA 01923 USA CCC CCC Online www.copyright.com OECD Publications 2, rue André-Pascal, 75775 Paris Cedex 16, France 1997 üü Donald J. Johnston ............................................................................................................................... 6 ............................................................................................................................... 9 ......................................................... 12 ............................................................................. 17 / ............................................................. 17 ................................................. 31 ......................................................................... 35 ................................................................................. 46 ............................................................ 60 ........................................................ 84 5 1. 2. 1999 2003 3. 1 4. 1997 5. 2 6. 7. 3 8. 6 9. IAS 1 / 10. 4 11. 12. 13. 5 14. 1 / 2 3 4 5 15. 6 16. 1 2001 IASB IFRS 7 / 8 17. 18. 1999 3 2003 3 2 2000 5 19. 3 20. 2 Corporate Governance in Asia: A Comparative Perspective Role of Disclosure in Strengthening Corporate Governance and Accountability Role of Boards and Stakeholders in Corporate Governance Shareholder Rights and the Equitable Treatment of Shareholders 3 9 21. 1 2 3 4 5 22. 4 23. 24. 25. 12 IOSCO 26. 1999 5 27. 4 10 APEC 11 28. 5 29. 6 30. / 31. 7 32. 33. 5 153 6 1999 Who Controls East Asian Corporations? Stijn Claessens, Simeon Djankov Larry H.P. Lang 20% 7 12 34. 35. 1 36. 1997 37. 38. 39. 2 13 40. 41. 42. 43. 3 44. 45. / 241 46. 14 47. 48. 4 49. 50. 51. 52. 5 53. 15 54. 1 / 2 3 4 8 5 55. / 9 10 56. 6 57. 58. 1997 59. / 8 9 10 / 15 109 117 134 16 / 60. 61. 1 2 3 4 5 1 4 62. 63. / 1 2 64. 65. 66. 17 11 67. / A. 68. 69. 70. 11 Robert C. Clark Corporate Law 29 Little Brown and Company 1986 18 71. 72. 73. 74. 75. B. 76. 1 2 3 4 77. 78. 19 79. C. 80. 81. 82. D. 83. 84. 20 85. 86. i ii iii 12 iv 13 v 14 vi vii viii ix x 87. 88. 89. 90. ADR GDR 12 13 14 12 10 60 30 45 21 91. 92. 93. 94. 15 95. 1 2 3 96. 97. 22 98. 99. 100. 101. 102. 103. 104. 23 105. 106. 107. 108. 15 109. 110. 15 Complexity in Corporate Governance: The Case of Corporate Opportunities Eric Talley 2002 11 11 12 www.oecd.org/daf/corporate-affairs/ 24 111. 112. üü üü 113. 114. 16 115. 17 116. 18 16 Gesetz Kber den Wertpapierhandel 21-22 Code du Commerce 233-9 17 18 Options For Obtaining Beneficial Ownership and Control Information: A Template , 2002 Behind the Corporate Veil: Using Corporate Entities for Illicit Purposes 2001 25 117. 118. 119. 120. / 121. 112 116 122. / / 123. / 1 19 2 20 19 20 11 Clark 180-89 26 124. 125. 21 126. / 127. 128. / 129. 1 2 / 3 130. 21 318 321 27 / / 22 131. 132. / / / 1 2 / 133. / 134. 135. 136. 137. 22 11 Clark 180-89 28 138. 139. 140. 141. 142. 285 143. 144. 29 145. ” …… 146. 147. 1 2 148. 23 24 149. 150. 23 24 Empowering Shareholders Rights: Derivative and Class-Action Lawsuits” Hasung Jang 2002 11 11 12 www.oecd.org/daf/corporate-affairs/ 30 151. 142 25 152. 153. 154. 155. / 156. 25 1995 US Private Securities Litigation Reform Act of 1995 5 5 31 157. 1 2 / 3 4 158. 26 159. 160. 1997 1 2 3 161. 26 Principles and Guidelines for Effective Insolvency and Creditor Rights Systems 32 162. 163. x x x x 27 x x AMC 1997 27 33 164. 165. 166. 167. 168. 169. 170. 171. OECD Guidelines for Multinational Enterprises 172. 34 173. 174. 175. 176. 177. 178. 179. 180. 35 181. 182. 183. 1997 28 184. 185. A. 186. 1997 187. IAS 188. 28 36 189. 190. 191. 192. 193. MD&A 29 194. 29 IOSCO 141 General Principles Regarding Disclosure of Management’s Discussion and Analysis of Financial Condition and Results of Operations 2003 2 37 B. 195. 196. 197. 198. IAS ISA 30 C. 199. 30 IAS IOSCO Bank for International Settlements ISA FSF IFAC Objectives and Principles of Securities Regulation International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers 38 D. 200. 2002 KLSE 10 201. 202. 203. 204. 249 254 205. 39 / 206. IASB IFAC 207. 208. 209. 210. 1997 40 211. 212. 213. 214. 215. 216. x x x x x 217. 41 218. 219. 220. 221. 222. 223. / 224. 225. 31 31 42 226. / 117 134 227. 228. 1 2 32 229. 230. 231. 232. 233. 234. 32 IOSCO Principles for Ongoing Disclosure and Material Reporting by Listed Entities 2002 10 43 235. 236. 237. 238. 239. 240. 241. 33 242. 33 IOSCO 134 Principles of Auditor Oversight 2002 10 44 243. 244. 245. 34 1 2 3 4 5 246. 247. 248. 249. 250. 251. 34 ISA 45 252. 202 207 253. 254. 35 255. 256. 257. 258. 35 46 259. 260. 261. 262. 263. 264. 265. 47 266. 70 267. / 20 36 268. / 25% 50% 269. 270. 36 48 271. 272. / 2003 20 2003 273. 274. 275. 276. 37 37 V.A 49 277. 278. / / 279. 38 280. 281. 282. 283. 284. 285. 38 50 286. 287. 288. 289 290. 291. 292. 51 293. 294. 295. 296. 297. 298. 299. 300. 52 301. 302. 1. 2. 3. 4. 5. 6. 7. 303. 1 1 / 304. 1 53 305. 306. 307. 308. 309. 39 310. 311. 39 54 312. 313. 314. 315. 316. 10 15 5 5 317. 318. 319. 320. 55 321. 322. 323. 1. 324. 40 41 / / 325. 40 41 117 134 56 326. 42 / 327. 43 328. 329. 330. 42 1992 Cadbury Report 2003 Conference Board 1 2 3 43 The Core Fiduciary Duties of Outside Directors Bernard Black John M.Olin Program in Law and Economics , 219 www.oecd.org/daf/corporate-affairs/ 57 331. 332. 333. 334. 44 30% 335. 44 A Self-Enforcing Model of Corporate Law Black, Bernard S. Kraakman, Reinier, Harvard Law Review 109 1911 1982 1996 58 2 15.4 3% 3% 336. 337. 338. 339. 45 45 KLSE 59 / 46 1. 1.1. ? / 7500 1.2. ? 46 , 2. 2.1. - 30 - 28 - 14 / 21 14 - : 7 14 21 14 21 20/30 - - 21 - 21 15 - 7 14 21 14/21 14/21 : 10/15 10% 10% 5% 10 % 10 % 10 % 10 % 10 % 3% 3% 20% 25 10% ; 10% >1/2 61 5 2 2 50% 2 >50 % 2 50% 50% 25% : 25 : 51% ( 10 ( 33% ; 67% 67% ) 50% 75%) ; 30% 2.2. ? 2.3. / 62 2.4. : >50% >50% >50% >50% >50% >50% >50% >50% >50% 51% t2/3 >75% >75% >50% >50% >50% >50% 67% 67% 75% 51% >50% (>50%; >50% >50% 2/3 >50% >50% >50% 75%) 2/3 >50% >75% >50% 75% 75% >50% 67% 75% 65% 2/3 >50% >75% >50% >50% >50% >75% >65% 75% >50% cf.4.3 t2/3 63 75% 66% 75% >75% 75% >50% >75% 67% 67% >75% >65% t2/3 >50% >50% >50% >50% >50% >50% >50% >50% t2/3 >66% 75% 75% >50% 67% 67% 65% >50% >25% t2/3 75% / >50% >50% > > 20% 2/3 3% 75% 75% 75% 67% >75% >50% 75% >50% 75% t2/3 2.5. 10% 10% / 5% 5% 50000 64 2.6. 2.7. 5% 100 t5% 5% 1% 100 >1% >10% >5% 500 130 2.8. 2003 5 ? 2.9. 10% t5% 5% 5 % 100 1% 1/3 10% 10% 100 100 500 130 3. 3.1. 2 2 30 45 18 ? 1 3 65 3.2. : t2/3 4. 4.1. 5% 5 5% 5% 5% 10% 5% 5% 5% 10% 5% 5% : 10% 4.2. 30% 30% 15 % 25% 33% 25% 35% 30%; 5 25%, 50%, 25% ( 20% 75% : 20 %) 1% È 4.3. SPO / 5. 5.1. ? 66 ( 3% 10% >10% 1% 20% 100 ) / ( ( ) ) 5.2. ? 5.3. ? 6. 6.1. : 500,000 Ã 150 2000 5,000 1,000,000 50,000 250,000 500,000 -5000 or 1,250-3,1 100 500 500,000 25 67 10 10 3 10 10 3 7-21 7 10 7 2 / 6.2. / SGX (SFC), : KSE , Bapepa TSE m PSE KSDA , GTSM FSC 7. 7.1. ? 7.2. ? > >5% >5% > t5% 20% 3% 7.3. ? 68 1. 1.1. Kumar : Mangalam 2. 2.1. / 2.2. 69 2.3. ? / CPF 2.4. , 130 , , ( ) 2.5. / / / ? 3. 3.1. / / / ? / ) ) Ã 70 3.2. ? 3.3. ? [ ] 1. 1.1. / ? 2. 2.1. / 71 MD&A CEO 3. / 3.1. ? 3.2. ? 3.3. CEO, ? 3.4. ? 50 1973 1949 1961 1988 1956 1983 2003 1984 2003 6 30 3.5. ? 72 3.6. ? 3.8. ? BAPEPA M BAPEPAM 3.9. ? 3.10. 41 IAS 2003 IAS ISA 25 GAAP 2004 ? ISA ISA 2005 23 11 GAAP 3.11. ? 4. 73 4.1. 7500 6 6 4 120 90 105 120 21 60 21 1/2 10 4.2. 500.00 / 50,000 - ; Ã 120,000 - 2 -5 ? 500,000 250,000 600,000 100,000 00 , + 1,250-3, 100,000 , 7 .