Harv Bus Rev. 1991 Jul-Aug;69(4):141-3.
The virtual demise of hostile takeovers and leveraged buyouts has not cooled the tensions over corporate governance. In congressional hearings, at annual meetings, and in proxy contests splashed across the business pages, senior executives and powerful shareholders continue to confront each other. The basic issues remain remarkably consistent. When do investors' legitimate needs for returns translate into destructive pressures on long-term corporate prosperity? What kinds of accountability do top managers owe shareholders in terms of strategic consultation and disclosure? What is the precise role of the board of directors as a management monitor and shareholder representative? More than a year ago, a working group of distinguished lawyers representing large public companies and leading institutional investors began a series of meetings to cut through the rancor. Their goal was to reach common ground on a set of principles that reconciles the tensions between owners and managers. Recently, the group agreed on a statement that all eight members endorsed. The statement, "A New Charter for Owners and Managers," deserves wide readership, scrutiny, and commentary. HBR is pleased the working group chose it as the exclusive forum to release its statement.
敌意收购和杠杆收购的实质消亡并未缓解公司治理方面的紧张关系。在国会听证会上、在年度会议上以及在商业版面上大肆报道的代理权争夺中，高级管理人员和有影响力的股东仍在相互对峙。基本问题仍极为一致。投资者对回报的合理需求何时会转化为对公司长期繁荣的破坏性压力？高层管理人员在战略咨询和信息披露方面对股东负有何种责任？董事会作为管理层监督者和股东代表的确切作用是什么？一年多前，一个由代表大型上市公司和主要机构投资者的杰出律师组成的工作组开始了一系列会议，以消除敌意。他们的目标是就一套调和所有者与管理者之间紧张关系的原则达成共识。最近，该小组就一份所有八名成员都认可的声明达成了一致。这份名为《所有者与管理者的新宪章》的声明值得广泛阅读、审视和评论。《哈佛商业评论》很高兴该工作组选择本刊作为发布其声明的独家论坛。
