我国上市公司高管股权激励计划现状外文翻译.doc
《我国上市公司高管股权激励计划现状外文翻译.doc》由会员分享,可在线阅读,更多相关《我国上市公司高管股权激励计划现状外文翻译.doc(18页珍藏版)》请在沃文网上搜索。
1、SHANDONG外文翻译 SOE Execs: Get Ready For Stock IncentivesTAN WEIStock option incentive plan will soon be available to state-owned enterprise executives, but will it lead to greater prosperity or new problems? A trailblazing new scheme to infuse state-owned enterprises (SOEs) with incentive stock option
2、s is under way. Its a plan that may bolster company performance, but its not without risks.On August 15, Li Rongrong, Minister of the State-owned Assets Supervision and Administration Commission (SASAC), disclosed that after careful study, a stock option incentive trial plan will be carried out in t
3、he listed SOEs. According to the trial plan, about 102 A-share listed SOEs are expected to be the trial companies. The short list of some of those expecting to participate includes: China Unicom, Citic Group, Kweichow Moutai, China Merchants Bank and Beijing Financial Street Holding Co. Stock option
4、 incentive plan is designed to entice executives to work hard for the long - term development of their companies. As stocks rise based on company performance, they too gain through this profits haring arrangement. This kind of incentive plan is popular in foreign countries, especially in the United
5、States, where stock options can account for as high as 70 percent of a CEOs income. Further, many economists believe the stock option incentive plan optimizes corporate governance structure, improve management efficiency and enhance corporate competitiveness. On the other hand, after the Measure s o
6、n the Administration of Stock Incentive Plans of Listed Companies was issued early this ye a r, some of the companies turned out to have misused the incentive stock options. The result was insider dealings, performance manipulation as well as a manipulation of the company stock price. “Although the
7、stock option incentive scheme is a frequently used tool to encourage top management, it could also be a double - edged sword especially in an immature market economy,” Li said. The SASAC is therefore taking a cautious approach, placing explicit requirements on corporate governance, the target and ex
8、tent of the incentive measures, Li added. Li stated that the overseas-listed SOEs would be the first few companies that will implement the mechanism because of their sound management structure and law-abiding nature. Then the domestic listed SOEs will have the chance to embrace incentive stock optio
9、ns, which would be promoted if the trial results were good. Executive face-liftAs for more than 900 listed SOEs, the personnel structure of the boards of directors will pro b ably face substantial change. Thats because the plan states that if the s t o ck option incentive mechanism is going to be im
10、plemented in listed SOEs, external directors should account for half of the board of directors. The trial plan introduced the concept of external directors for the first time. The external director should be legally recommended by directors of listed SOEs, and should not be working in the listed SOE
11、s or in a holding company, said the plan. However, currently, most of boards of directors of listed SOEs are not in compliance with the requirement. They have to readjust the structure of board of directors to fit in with the new mechanism. “For most of the SOEs which are listed in the A-share marke
12、t, their boards of directors are made up of non-external directors and independent directors, which means that apart from independent directors, members of board of directors are all working for the listed company or for the large shareholder,” said Zhu Yongmin, an economist with the Central Univers
13、ity of Finance and Economics. “If the stock option incentive mechanism is to be carried out in those companies, a large-scale restructuring of board of directors is unavoidable and external directors must be introduced into the board.” China Securities Regulatory Commission (CSRC) stipulates that an
14、 independent director is one who doesnt hold another office beyond his job as a director, and has no such relations with major share holder that would interfere with the exercise of independent and objective judgment. “Currently, the independent directors of listed companies can be categorized as ex
15、ternal directors,” Zhu said. “However, the definition of external director is much broader than independent director. Those who work for a company which has business ties with a listed company, though they do not meet the requirements of being an independent director, but can be considered an extern
16、al director.”Additionally, the trial plan also stipulates that the salary committee of listed SOEs that exercise the stock option incentive mechanism should be composed of external directors. However, for most of the listed companies, there are still non - external directors. As a result, a consider
17、able number of listed SOEs need to transform their salary committee to fulfill the prerequisites of the stock option incentive mechanism. Avoiding over-compensationOver- compensation is something that the trial stock plan is trying to avoid as well. Therefore, the trial plan states that domestic lis
18、ted SOEs executives should receive no more than 30 percent of their total salary (including options and dividends). But as for the overseas-listed SOEs, the maximum incentive is 40 percent of the target salary. The trial plan also fixes the volume of incentive stock options. The trial plan states th
19、at the volume of incentive stock options should be fixed in accordance with the scale of the listed company and the number of incentive objectives. The number of share allocated may not exceed 10 percent of the companys total share capital and no less than 0.1 percent. In fact, Beijing Review was in
20、formed by the CSRC that some 20 listed SOEs also began exploring stock option incentive schemes in the first half of this year. But none of them received approval from the CSRC because their schemes revealed sharp contrast with the trial plan in terms of the scale of incentive stock options offered.
21、 Results-orientedUnder the trial plan, better performance is a must to obtain stock privileges. The number of incentive stock options that senior executives in listed SOEs can get depends on their annual performance. If they cannot fulfill the targeted objective s , the listed company may have the r
22、ight to take back the incentive the stock options or purchase them back at the price at which they we re sold to the executives . Zhu Yongmin noted that the stock option incentive plan is not invariable. The directors of listed companies, senior executives, and core technological and management pers
23、onnel may not get the target stock options if they fail to achieve a satisfactory performance. No freebiesFor sure, state stocks wont be given to executives for free, under the trial plan. “The state stocks have prices,” Zheng said. “If they we re paid to senior executives for free in the name of in
24、centive stocks, it is equal to a loss of state assets. To elaborate, the incentive stocks should be the increment of stocks that are earned by the executives for listed SOEs after the implementation of the trial plan, and should not be previous stock inventory. In short, the past is past. Only futur
- 1.请仔细阅读文档,确保文档完整性,对于不预览、不比对内容而直接下载带来的问题本站不予受理。
- 2.下载的文档,不会出现我们的网址水印。
- 3、该文档所得收入(下载+内容+预览)归上传者、原创作者;如果您是本文档原作者,请点此认领!既往收益都归您。
下载文档到电脑,查找使用更方便
10 积分
下载 | 加入VIP,下载更划算! |
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 我国 上市公司 股权 激励 计划 现状 外文 翻译