074《经济学家》读译参考之七十四乐为心声-澳洲电信私有化面临监管难题.docVIP

TEXT 74 Mood music 乐为心声（陈继龙 编译） Nov 9th 2006 | SYDNEY From The Economist print edition THE embattled chief executive of Telstra, Sol Trujillo, helped pay his way through college in America by playing the trumpet in his familys Mariachi band. But his past 16 months as the head of Australias biggest telecoms firm have seen him reaching for the violin. His sorrowful refrain[1] has become as familiar to fund managers in Sydney as it is to policy wonks in Canberra. Mr Trujillo bemoans an overbearing government which is both his firms main shareholder and its regulator. 如今腹背受敌的Telstra首席执行官索尔·特鲁西略过去曾依靠在由自己家人组建的街头乐队中吹小号才勉强在美国读完了大学。但作为澳大利亚最大电信公司的负责人，他在过去的16个月中已经逐渐成为一个“小提琴手”。悉尼的基金投资者和堪培拉迂腐的决策人士都已对他那悲伤的曲子耳熟能详。让Trujillo悲叹的是，这个既是他公司核心股东又对其实施监管的政府竟如此傲慢专横。 （1）In recent months, Mr Trujillo has grappled with the government over board nominations; his A$8.7m ($6.7m) pay packet; and, most seriously, a thicket of regulations designed to ensure that the former monopoly continues to provide rural telephone services across a vast country with the worlds sixth-largest landmass but only the 52nd-largest population. Even the flashy launch of Telstras advanced third-generation mobile-phone network, completed months ahead of schedule, struck an awkwardly discordant note. As Mr Trujillo strutted his stuff[2] on stage, a sprinkler malfunctioned, dousing[3] his audience in foul-smelling water. 近几个月来，特鲁西略一直在同政府抗争，矛盾主要集中在董事会任命、他本人870万澳元（约合670万美元）的年薪以及政府所制定的一系列监管方案上面。最重要的就是那些监管方案，其目的是确保这个曾经垄断一时的公司能够继续在这个大陆面积位居世界第六但人口仅位居世界第52位的国家为农村提供电话服务。Telstra的第三代先进移动电话网络比原计划提前了数月就投入使用，场面甚为隆重，可即便如此，这还是引起了一些人的不悦。这就好比当特鲁西略在舞台上大显身手之时，（头顶的）喷水装置出了故障，洒出来的脏水把他的观众给浇成了落汤鸡。 It is hardly the ideal background for a share offering called T3, the third and final phase of Telstras partial privatisation, a drawn-out affair which began in 1997. At the T2 offering in 1999, in the midst of the telecoms boom, Telstra shares sold for A$7.40. Now they are trading at A$3.97. Over the same period, the Australian stockmarket has grown by