理论上,公司董事会应该要能够预防这类恶质行为的发生,最近一次我在1993年的年报上曾提到过董事们应尽的责任,(若有需要,可向我们索取这篇文章,或者大家可以透过网络直接下载1993年有关企业治理的篇章),当时我曾表示「我认为董事会的行为举止,应该要像是公司背后有一个因事未出席的大股东一样,在各种情况下,都要能够确保这位虚拟大股东的长期利益不会受到损害」,这句话的意思是,董事会绝对不能容许公司让一个平庸或甚至是差劲的经理人存在,不管他是如何受到所有人的爱戴皆然,董事们应该要像是一位年轻的辣妹在下嫁给85岁的亿万富翁时,被问到:「如果我身无分文的话,你是否还会爱我?」时的反应一样,这位年轻女郎回答说:「虽然我爱你,但我会更想念你」。
In the 1993 annual report, I also said directors had another job: “If able but greedy managers overreach and try to dip too deeply into the shareholders’ pockets, directors must slap their hands.” Since I wrote that, over-reaching has become common but few hands have been slapped.
在1993年的年报中,我也曾说过董事的另外一项责任:「要是能干的经营阶层过于贪心,不时地想要从股东的口袋里捞钱,那么董事会就必须适时地出手制止并给予警告」,只可惜自从那以后,尽管经理人掏空口袋的行为司空见惯,但却不见有人出面制止。
Why have intelligent and decent directors failed so miserably? The answer lies not in inadequate laws – it’s always been clear that directors are obligated to represent the interests of shareholders – but rather in what I’d call “boardroom atmosphere.”
为何一向英明且睿智的董事们会如此惨败呢?? 其实问题并不在法律层面,董事会本来就应该以捍卫股东利益为最高职志,我认为真正的症结在于我所谓的"董事会习性"。