高科技公司的治理观点.pdf

高科技公司的治理觀點 董事長 : 蔡明介 聯發科技股份有限公司 1 公司治理論壇 :高科技公司的治理觀點 Corporate governance are about Ethics 公司治理其實是 “ 公民與道德 ” 2 公司治理論壇 :高科技公司的治理觀點 環境及趨勢 • 經理人資本主義 ‡ 投資人資本主義 • 工業時代 ‡ 知識經濟時代 • 主導因素是知識而非資金時，資方 (股東) 、勞方是什麼? • 基金經理人，投資期限、目的不同， “股東” 代表什麼 ? 3 公司治理論壇 :高科技公司的治理觀點 Discipline • Explicit public statement placing priority on Corporate Governance • Sticking to clearly defined core businesses • Conservatism in issuance of equity or dilutive instruments • Returning excess cash to shareholders Source: CLSA Emerging Markets 4 公司治理論壇 :高科技公司的治理觀點 Transparency • Timely release of financial results • Prompt disclosure of results with no leakage ahead of announcement • Prompt disclosure of market-sensitive information • Accessibility of investors to senior management Source: CLSA Emerging Markets 5 公司治理論壇 :高科技公司的治理觀點 Independence • Audit committee made up at least half by, and chaired by, independent directors. • External auditors unrelated to the company and non-audit fees to auditor less than one- third of audit fee • No representatives of banks or other large creditors in the board Source: CLSA Emerging Markets 6 公司治理論壇 :高科技公司的治理觀點 Accountability • Board plays a supervisory rather than executive role. • Non-executive directors demonstrably independent • Independent, non-executive directors at least half of the board • Board members able to exercise effective scrutiny Source: CLSA Emerging Markets 7 公司治理論壇 :高科技公司的治理觀點 Responsibility • Record on taking measures in cases o