【英语国际】美国出台新规定扩大股东权力

Shareholders won greater clout to place directors on corporate boards Wednesday, marking the latest victory for the 'shareholder rights' movement that has gradually chipped away power from top executives running U.S. corporations.

But a party-line split vote at the Securities and Exchange Commission, and a denunciation of the new rule by a Republican commissioner who suggested it is illegal, points to new skirmishes ahead. Public companies, including some of the country's largest, also hope to strike down the rule, which they say will be used to distract management and advance special-interest agendas.

For now, shareholders will have greater sway over who is eligible for election to a corporate board. Those powers mean that investors, including hedge funds, pension funds and unions, could eventually have greater influence over the strategic and financial choices of U.S. companies.

In a decision years in the making, the SEC voted 3-2 in favor of the 'proxy access' rule, which requires companies to include the names of all board nominees, even those not backed by the company, directly on the standard corporate ballots distributed before shareholder annual meetings. To win the right to nominate, an investor or group of investors must own at least 3% of a company's stock and have held the shares for a minimum of three years.

Currently, shareholders who want to oust board members must foot the bill for mailing separate ballots, as well as wage a separate campaign to woo shareholder support. Both are too costly and time-consuming for most.

Now, the targeted companies will essentially be footing the bill for the dissidents, including them in the official proxy materials. The new rule will be in place in time for the 2011 annual meeting season next spring.

SEC Chairman Mary Schapiro, who won on an issue that had dogged two of her predecessors, said the rule is a victory for shareholders seeking more control over how their companies are run. It will 'enhance investor confidence in the integrity of our system of corporate governance,' she said.

Hedge funds, pension funds and labor unions have pushed for the rule for years, contending that corporate boards have little incentive to be responsive to shareholder concerns because they rarely face contested elections. After all, they argue, shareholders own the company, and should have sway over its direction. Management -- even the chief executive -- are hired help.

周三，美国企业的股东们在决定董事会人选方面赢得了更大权力，这标志着“股东维权”运动的最新胜利，这一运动在一点点剥夺企业高管对美国公司的控制权。

但美国证券交易委员会(SEC)成员完全以党派划线表决通过了相关规定这一事实，以及一名共和党籍SEC成员对新规定的谴责(他暗示说这一规定不合法)，都显示围绕该规定未来将爆发新的冲突。包括美国一些最大企业在内的各上市公司仍希望扼杀这一新的规定，他们说该规定会被用来分散公司管理权，并推进那些图利特殊利益群体的事项。

至少眼下，新规定将使股东们对谁有资格被选入公司董事会有更大决定权。这些新赋予的权力意味着，包括对冲基金、退休基金和工会在内的公司股东们在美国企业的战略和财务选择方面，可能最终拥有更大的影响力。

SEC以3比2的表决结果通过了这项名为“委托书使用”(proxy access)的新规定。这项酝酿多年的规定要求，企业在股东年度大会前分发给股东的标准化公司事项表决单上，应列出所有被提名出任公司董事者的名字，即使对他们的提名没有得到公司的支持。只有那些至少持有公司3%的股份、并且将这些股份至少持有了三年的投资者或投资者团体，才有权提名董事候选人。

股东们目前要想把某人踢出董事会，必须自己出钱单独向公司全体股东邮寄相关表决单，并单独发起一个争取其他股东支持自己提议的行动。对大多数股东来说，这两件事都太过耗时、耗资。

而现在，只要有与管理层唱对台戏的股东想干这件事，公司事实上就得替他们埋单，将这些股东提出的动议列入公司正式的委托书中。在美国各公司明年春天召开2011年度股东大会前，这一新规定将已生效。

SEC主席夏皮罗(Mary Schapiro)终于办成了这件她的两位前任都没干成的事。她说，这一新规定对那些寻求对企业经营行为有更大控制权的股东们来说是一个胜利，它将“提升投资者对美国企业监管体系可靠性的信心”。

对冲基金、退休基金和工会多年来一直在推动这项新规定的出台，他们说企业董事会没有什么积极性来回应股东们的担忧，因企业董事的选举几乎不存在竞争。他们声称，企业毕竟是股东们拥有的，股东应该对企业的发展方向有决定权。企业管理层，甚至首席执行长，都是被雇来帮助股东们行使这一决定权的。