揭秘公司内部治理：决策机制与权力制衡

Introduction

Internal governance forms the very core of corporate governance. It establishes the foundational rules and structures through which a company is directed and controlled. At its heart, internal governance is about designing effective systems to align the interests of those who own the company (principals/shareholders) with those who manage it (agents/executives). This post will explore the key components of internal governance, with a particular focus on its decision-making mechanisms.

内部治理构成了公司治理的核心。它建立了指导和管控公司的基础规则与结构。内部治理的核心在于设计有效的系统，使公司所有者（委托人/股东）与管理层（代理人/高管）的利益保持一致。本文将探讨内部治理的关键组成部分，并特别聚焦于其决策机制。

Key Concepts of Internal Governance Structure

The internal governance structure of a corporation is built upon a two-tier system of checks and balances. The first tier involves the separation of powers and internal balancing among the three main governing bodies: the Shareholders' Meeting, the Board of Directors, and the Board of Supervisors (in two-tier board systems). The second tier concerns the division and balance between the Board's authority over strategic decision-making and the General Manager's (or CEO's) authority over operational execution. The central challenge is to design an effective contractual relationship between the principal and the agent to ensure the agent's actions are consistent with the principal's objectives.

公司的内部治理结构建立在两层制衡关系之上。第一层涉及三个主要治理机构之间的分权与内部制衡：股东大会、董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。和监事会（在双层董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。体系中）。第二层涉及董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。的战略决策权与总经理（或CEO）的运营执行权之间的划分与平衡。其核心挑战在于设计委托人与代理人之间的有效契约关系，以确保代理人的行为与委托人的目标保持一致。

Modern corporate internal governance mechanisms address this principal-agent problem primarily through three interconnected systems: the Decision-Making Mechanism, the Incentive Mechanism, and the Constraint (or Monitoring) Mechanism. Together, these mechanisms aim to motivate managers to work diligently, reduce agency costs, and mitigate moral hazards such as shirking and opportunism.

现代公司内部治理机制指公司内部为解决委托代理问题、协调各方利益而建立的一套制度安排，主要包括决策机制、激励机制和约束机制。主要通过三个相互关联的系统来解决这一委托-代理问题：决策机制、激励机制和约束（或监督）机制。这些机制共同作用，旨在激励管理者勤勉工作，降低代理成本在委托代理关系中，由于代理人（如经营者）与委托人（如股东）目标不一致而产生的成本，包括监督成本、约束成本和剩余损失。，并规避偷懒、机会主义等道德风险。

The Internal Decision-Making Mechanism

As an independent legal entity operating in a competitive market, a company requires a management structure to formulate and implement its corporate will. The decision-making mechanism focuses on the distribution of decision-making power within the company. It is typically viewed as comprising three elements: the "Decision-Making Authority Bodies," the "Content of Decision-Making Authority," and the "Decision-Making Procedures."

作为在竞争性市场中运营的独立法人实体，公司需要一个管理机构来形成并实施其法人意志。决策机制关注的是决策权在公司内部的分配格局。它通常被认为由 "决策权力机构"、"决策权力内容" 和 "决策程序" 三部分构成。

This mechanism operates as a hierarchical decision-making system:

Shareholders' Meeting Decisions: The highest authority, representing the ultimate owners.
Board of Directors Decisions: The executive body of corporate power and the standing decision-making authority.
Management (Executive) Operational Decisions: The execution of the Board's decisions.

该机制以层级制决策一种公司内部决策权力分配结构，通常分为三个层次：股东大会（最高权力决策）、董事会（常设决策机构）和经理人员（经营业务决策执行者）。的方式运作：

股东大会决策：最高权力机构，代表最终所有者。

董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。决策：公司权力的执行机构，同时是常设决策机构。

经理人员经营决策：董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。决策的执行者。

1. Shareholders' Meeting Decision-Making

The Shareholders' Meeting is the supreme authority of a company. All other managerial powers are fundamentally derived from its grant. Consequently, corporate laws in most jurisdictions define the powers of the Shareholders' Meeting. For instance, Article 4 of China's Company Law stipulates: "Shareholders of a company shall enjoy such rights as return on assets, participation in major decision-making and selection of managers in accordance with the law."

股东大会是公司的最高权力机构。公司管理的其他层次的权力从根本上都来源于股东大会的授予。因此，多数国家的公司法都对股东大会的权力做了规定。例如，我国《公司法》第四条规定："公司股东依法享有资产收益、参与重大决策和选择管理者等权利。"

What constitutes "major decision-making"? Articles 38 and 100 of China's Company Law enumerate the authority of the Shareholders' Meeting, which includes:

Deciding on the company's operational policies and investment plans. (决定公司的经营方针和投资计划)
Electing and replacing directors and supervisors who are not representatives of the staff and workers, and deciding on matters concerning the remuneration of directors and supervisors. (选举和更换由非职工代表担任的董事、监事，决定有关董事、监事的报酬事项)
Deliberating and approving reports of the board of directors. (审议批准董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。的报告)
Deliberating and approving reports of the board of supervisors or the supervisor. (审议批准监事会或者监事的报告)
Deliberating and approving the company's annual financial budget plan and final accounts plan. (审议批准公司的年度财务预算方案、决算方案)
Deliberating and approving the company's profit distribution plan and plan for making up losses. (审议批准公司的利润分配方案和弥补亏损方案)
Adopting resolutions on the increase or reduction of the company's registered capital. (对公司增加或者减少注册资本做出决议)
Adopting resolutions on the issuance of corporate bonds. (对发行公司债券做出决议)
Adopting resolutions on the merger, division, dissolution, liquidation, or transformation of the company. (对公司合并、分立、解散、清算或者变更公司形式做出决议)
Amending the company's articles of association. (修改公司章程)
Other functions and powers provided for in the company's articles of association. (公司章程规定的其他职权)

Clearly, the Shareholders' Meeting decides on matters of strategic importance to the company's development and the fundamental interests of its shareholders.

显然，股东大会所决策的内容均是事关公司战略发展、股东根本利益的重大事项。

Procedurally, Shareholders' Meetings are categorized into Annual General Meetings (AGMs) and Extraordinary (Special) Meetings. An AGM is typically convened once a year, within a quarter after the end of the company's fiscal year, to review the past year's performance and implement performance evaluations and incentives for senior executives. An Extraordinary Meeting is convened based on statutory or articles-of-association provisions to address urgent or emergent major issues.

在程序上，股东大会可分为普通年会和特别会议。普通年会通常一年召开一次，在公司的会计年度结束后一个季度内召开，总结过去一年的经营情况并兑现对高管的业绩考核及激励。而特别会议则是根据法定或公司章程所设定的提议权，就公司临时或突发的重大事件召开会议进行决策。

Decisions at the Shareholders' Meeting are made through shareholder voting. Votes are generally cast based on the number of shares held (one share, one vote), with the exception of non-voting shares. Voting methods can include straight voting, cumulative voting, and class voting, among others.

股东大会以股东投票的方式进行决策，投票一般依据股东持有的股份数（一股一票），无表决权股除外。投票方式又可分为直接投票、累积投票、分类投票等不同形式。

2. Board of Directors Decision-Making

The Board of Directors is appointed by and accountable to the Shareholders' Meeting. Its primary responsibilities include: setting corporate objectives, major policies, and management principles; selecting, appointing, supervising, and determining the compensation and奖惩 of senior managers; proposing profit distribution plans for shareholder approval; establishing fundamental corporate management systems; deciding on financial principles and capital allocation; and convening Shareholders' Meetings.

董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。由股东大会聘任并对其负责，其主要职责包括：制定公司的经营目标、重大方针和管理原则；挑选、聘任、监督经理人员，并决定其报酬与奖惩；提出盈利分配方案供股东会审议；制定公司的基本管理制度；决定公司财务原则和资金的周转；召集股东会等。

Key Functions of the Board

The OECD Principles of Corporate Governance outlines several key functions of the board, which can be summarized as follows:

Strategic Oversight and Guidance: Reviewing and guiding corporate strategy, major plans of action, risk policy, annual budgets, business plans; setting performance objectives; monitoring implementation and corporate performance; overseeing major capital expenditures, acquisitions, and divestitures.

战略监督与指导：审查和指导制定公司战略、重要的行动计划、风险对策董事会为管理公司风险而制定的策略，包括确认公司可接受的风险类别和程度，确保风险管理在预期水平内。、年度预算和商业计划；制定绩效目标；监督目标的执行和企业绩效的实现；监督重要的资本支出、收购和出售等行为。
- Note on Risk: Risk policy is not only integral to corporate strategy but is also receiving increasing board attention. It involves defining the categories and degree of risk the company is willing to undertake to achieve its objectives, making it crucial for managers responsible for keeping risks within agreed parameters.
  - 关于风险的说明：风险对策董事会为管理公司风险而制定的策略，包括确认公司可接受的风险类别和程度，确保风险管理在预期水平内。不仅与公司战略密切相关，而且越来越受到董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。的关注。它涉及确认公司为达成其目标而愿意承担的风险类别和程度，这对于负责将风险控制在约定范围内的管理者至关重要。
Monitoring Governance and Performance: Monitoring the effectiveness of the company's governance practices and making changes as needed. This includes ongoing review of internal controls to ensure clear accountability for managers. The board should also conduct evaluations of its own performance, its members, and the CEO/Chairman when necessary.

监督治理与绩效：监控公司治理实践的有效性，并在需要时进行干预。这包括不断审核内部制度，以确保所有管理者的责任清晰。必要时，董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。应对自身运作、董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。成员以及首席执行官或董事长进行评估。
Key Executive Oversight: Selecting, compensating, monitoring, and, when necessary, replacing key executives (including the CEO); overseeing succession planning. In the German two-tier board system, the Supervisory Board (Aufsichtsrat) is responsible for appointing the Management Board (Vorstand), which comprises the key executives.

关键高管监督：选择、确定报酬、监控关键的经营主管人员，在必要时予以更换；监督继任计划。在德国双层董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。结构中，监事会负责任命由主要经营人员组成的管理董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。。
Aligning Incentives: Aligning key executive and board remuneration with the long-term interests of the company and its shareholders. In many countries, remuneration policies and the appointment of board/key executives are managed by committees composed wholly or mostly of independent directors. It is also recommended that remuneration committees avoid having key executives from different companies serve on each other's committees to prevent conflicts of interest.

激励一致化：协调关键经营主管人员和董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。的薪酬，使之与公司和股东的长期利益保持一致。在越来越多的国家，薪酬政策及董事和关键经营人员的聘请由全部或大部分独立董事组成的委员会管理。同时，也建议薪酬委员会通常由独立董事组成的董事会下属委员会，负责管理薪酬政策、聘请董事及关键经营人员，以确保薪酬与公司和股东长期利益一致。避免不同公司的关键经营人员相互担任对方薪酬委员会通常由独立董事组成的董事会下属委员会，负责管理薪酬政策、聘请董事及关键经营人员，以确保薪酬与公司和股东长期利益一致。委员，以防止利益冲突。

(The analysis of specific board committee structures, the incentive mechanism, and the constraint mechanism would logically follow in a complete article.)

（对具体董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。委员会结构、激励机制和约束机制的分析将在完整文章中接续展开。）

Conclusion

A robust internal governance framework, with a clear and effective decision-making hierarchy from shareholders to the board to management, is essential for corporate health and accountability. The Shareholders' Meeting sets the strategic direction and guards shareholder interests, while the Board of Directors translates this into actionable policy and oversees its execution. Understanding these mechanisms is the first step toward evaluating and improving corporate governance practices.

一个健全的内部治理框架，以及从股东到董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。再到管理层的清晰有效的决策层级，对于公司的健康运营和问责制至关重要。股东大会设定战略方向并维护股东利益，而董事会由股东大会选举产生的执行机构，也是公司的常设决策机构，负责制定公司战略、监督经理人员、决定重大管理制度等。则将其转化为可执行的政策并监督其落实。理解这些机制是评估和改进公司治理实践的第一步。