亚洲的企业管治摘要：在企业社会责任推行是否需要良好企业管治配合的争论日益增长的时期，威理夫教授详细地分析了亚太地区企业管治对于企业可持续性发展，推行企业社会责任的重要性，以及在各地区的企业管治的特点。 Corpooratte GGoveernaancee inn AssiaAn inncreeasiinglly iimpoortaant parrt oof ddebaatess suurroounddingg CSSR ppraccticces revvolvves arooundd thhe nneedd foor ggoodd coorpooratte ggoveernaancee inn thhe AAsiaa-Paaciffic reggionn. IIt iis ccleaar tthatt a weaak iinsttituutioonall frrameeworrk ffor corrporratee gooverrnannce is inccomppatiiblee wiith thee suustaainaablee deevellopmmentt off ann ecconoomy andd thhat pooor ggoveernaancee iss a barrrieer tto iinwaard invvesttmennt. Goood ggoveernaancee haas tto bbe sseenn ass immporrtannt ttherrefoore to thee deevellopmmentt off alll eeconnomiies, buut ppartticuularrly emeergiing marrketts iin tthe reggionn. TTherrefoore, prromootinng iimprroveed ccorpporaate govvernnancce aalonng wwithh CSSR ppraccticces is an impporttantt paart of enssuriing devveloopmeent is in thee innterrestts oof mmoree thhan jusst aa doominnantt miinorrityy.Good corrporratee gooverrnannce inccreaasess innvesstorr coonfiidennce andd thheree iss evvideencee thhat sugggessts thaat wwherre ccomppaniies inttrodducee goood govvernnancce ppraccticces, shharee prricees rrisee. BBut corrporratee gooverrnannce is alsso aabouut ccreaatinng bbeneeficciall reelattionnshiips witth aall staakehholdderss, iinclludiing shaarehholdderss, ccredditoors, emmplooyeees aand thee wiiderr coommuunitty aand envviroonmeent. Thhis twoo-paart artticlle sseekks tto rreviiew corrporratee gooverrnannce isssuess frrom an Asiia ppersspecctivve. Ownnersshipp annd cconttroll off maany commpanniess inn thhe rregiion diffferr frrom thaat ccommmonlly sseenn inn thhe WWestt annd ttherre aare theerefforee sppeciificc isssuees tthatt neeed to be adddresssedd inn thhis conntexxt.One kkey chaaraccterristtic aboout Asiia iis tthatt maany of thee laargeest commpanniess inn thhe rregiion aree owwnedd annd cconttrollledd byy maajorr coontrrolllingg shhareehollderrs. Theese aree offtenn inndivviduualss orr faamilliess annd ssomeetimmes thee sttatee. CConttrolllinng ssharrehooldeers havve sstroong inccenttivees ffor monnitoorinng tthe commpanny aand itss maanaggemeent andd caan oofteen hhavee a possitiive imppactt onn thhe ggoveernaancee off thhe ccomppanyy. OOn tthe othher hannd ttheiir ddomiinannce alsso mmeanns tthatt thhey cann foorcee a commpanny tto ooperratee inn thhe iinteeressts of thee coontrrolllingg shhareehollderrs aand thiis ccan havve nnegaativve iimpaactss onn smmalller minnoriity shaarehholdderss.Theree iss thhereeforre aa pootenntiaal cconfflicct aarissingg whhen domminaant conntroolliing shaarehholdderss deecidde tto eextrractt prrivaate bennefiits outt off a firrm tto tthe dettrimmentt off miinorritiies. Onne aaspeect of corrporratee gooverrnannce impporttantt inn thhe rregiion is to makke ssuree thhat powwerfful inddiviiduaals andd thheirr faamilliess doo noot ddamaage thee innterrestts oof mminooritty ssharrehooldeers. It iss cllearr too seee ttherrefoore, thhat pooor ccorpporaate govvernnancce ccan be cosstlyy too miinorrityy shhareehollderrs. On thee ottherr haand, coontrrolllingg shhareehollderrs ccan alsso ssufffer froom ppoorr coorpooratte ggoveernaancee sttruccturres in thee foorm of lowwer stoock valluattionns, resstriicteed aacceess to equuityy fiinannce andd diiffiiculltiees iin ggetttingg crrediit. Even larrge lisstedd coompaaniees iin AAsiaa moore oftten thaan nnot havve aa coontrrolllingg shhareehollderr. IIndeeed, itt iss esstimmateed bby tthe OECCD tthatt 855% aare undder somme ssortt off maajorrityy coontrrol (deefinned as havvingg 200% oor mmoree off thhe vvotiing rigghtss). Thee taablee beeloww prroviidess ann ovvervvieww off thhe ssituuatiion witth rresppectt too puubliiclyy trradeed ccomppaniies in a nnumbber of Asiian loccatiionss:Itt caan bbe sseenn thhereeforre tthatt thhe ggreaat mmajooritty oof cconttrolllinng ssharrehooldeers aree faamilliess orr inndivviduualss. IIn ssomee caasess itt iss thhe sstatte, a ffinaanciial insstittutiion or forreiggn mmulttinaatioonall. IIn ssuchh ciircuumsttancces, itt iss asssummed thaat tthe conntroolliing shaarehholdder hass ennouggh vvotees tto pprevventt unnwanntedd taakeooverrs, apppoinnt ddireectoors andd deeterrminnes thee ouutcoome of a nnormmal votte aat aa geenerral meeetinng oof tthe commpanny. Conntroolliing shaarehholdderss raarelly nneedd 500% oof tthe votte. In mosst ccasees, in commbinnatiion witth “allliedd” shhareehollderrs aand passsivve vvoteers whoo doo noot vvotee att alll, conntrool ccan be exeerteed wwithh 300% oor llesss off thhe vvotiing rigghtss.But tthe parrticculaar ssituuatiion in Asiia ssomeetimmes meaans thaat cconttrolllinng ssharrehooldeers acttuallly havve eevenn smmalller prooporrtioons of equuityy thhan