A study on directors＇ remuneration and board committee in Malaysia

Researches on company directors＇ remuneration and its links with firms＇ performance and corporate governance have drawn wide attention as stakeholders are interested to find out whether directors received the right package of remuneration and whether it is always in line with the firm＇s performance and corporate governance policy. However, there is a lack of study examining the impact of specific board committee on directors＇ remuneration, particularly in emerging capital and financial market. This study, involving 120 Malaysian public listed companies, aims to examine this association. The study employs descriptive analysis, Pearson＇s correlation test and multivariate stepwise statistical technique. The result of the study indicates that there is a positive relationship between directors＇ remuneration with board executive committee, remuneration committee, nomination committee and corporate governance committee. The result also indicates negative relationship between directors＇ remuneration with employees share option scheme committee. However, all these associations are not significant, except ownership structure that is used as a control variable. This result prompts a need to reexamine the effectiveness of corporate governance practice through establishment of board committee in determining directors＇ remuneration.

Bellini’s Norma and the Challenge of Regieoper

Despite the universal messages of Bellini’s Norma,the attempts at translating and adapting it to a modern context in the revisionist spirit of Regieoper(the director’s opera)encounter serious difficulties,as indicated by recent productions.The present paper focuses on these difficulties by examining in detail what appear to be the most challenging,innovative and thought-provoking among those productions which,despite remarkable merits,suffer from acute shortcomings:inter alia certain incompatibilities with the libretto,cultural dissonances,and problems of inner-coherence and verisimilitude.The detailed analysis of specific productions is followed by a general discussion(through a comparative approach)of Norma’s adaptability to Regieoper,which is shown to be extremely difficult,among other reasons because the terms of reference to the dimensions of the historical context(and the inherent mores)in its libretto are by far less flexible than those of other operas.Norma’s universal messages and its dualities of“foreign”versus“familiar,”with their vast semantic ambit,would seem to be better understood by meticulously delving into the subtleties of the text(and subtext)of Romani’s sophisticated libretto.Inner-coherence and compatibility with the libretto are essential for any attempt at creating an appropriate analogy running parallel to the original narrative.A fully convincing production of Norma in a modernizing spirit,if at all possible,remains an artistic challenge.

Action Plan to Promote All-Round Progress in China's Human Rights Cause——An Interview with Wang Chen,director of the State Council Information Office

EDITOR＇S NOTE： The National Human Rights Action Plan of China （2009-2010） has won favorable comments in China and abroad since its publication by the Information Office of the State Council on April 13, 2009. Here is a transcript of an interview given to our reporters by Wang Chen, director of the Office, on the Action Plan, which we hope will help our readers gain a better understanding of China＇s human rights cause and its development.

Achievements in Safeguarding Disabled People's Rights——An Interview with Shen Zhifei,deputy general director of the China Disabled Persons' Federation

There are about 83 million disabled people in China, accounting for 6.34% of the total population, according to a national survey in 2006. As a disadvantaged group, the rights and interests of the disabled are arousing more concerns from all walks of society in the country. Following is Human Rights＇ interview with Shen Zhifei, deputy general director of the China Disabled Persons＇ Federation, on the legal guarantee of the special group＇s rights and interests, their rehabilitation, education and employment.

公司破产临界期董事对债权人责任模式之选择

就公司破产临界期董事对债权人责任而言,可供借鉴的域外立法模式主要有破产申请迟延责任模式和不当交易责任模式两种。前者虽也契合董事信义义务转化理论,且可抑制董事的机会主义倾向,但赋予董事破产申请义务,要求董事及时辨明公司进入破产临界的时间并及时申请破产是对董事不合理的要求。后者不仅契合董事信义义务转化理论,且具有赋予董事更多选择权、更合理考虑商业风险的存在和与我国办理破产能力更适配等制度优势,是我国构建相关制度宜采用的规则模式。

我国上市公司独立董事激励机制优化路径研究

独立董事制度自1997年引入中国以来,在完善中国上市公司治理结构等方面发挥了重要作用,但其发挥的作用还非常有限,独立董事制度在中国还处于发展探索阶段。尤其是在2021年“康美药业案”作出一审判决后,独立董事就被贴上“花瓶董事”的标签,究其根源,还是因为中国缺乏完善的上市公司独立董事激励机制。因此,优化中国独立董事激励机制,使其适应中国上市公司发展的实际情况,从而激励独立董事勤勉履职,真正有效发挥其应有的作用迫在眉睫。文章以中国上市公司独立董事激励机制为研究对象,分析目前中国独立董事激励机制现状,总结其存在的问题,例如:薪酬结构过于单一、薪酬的发放方式与独立性有违、声誉激励机制缺失以及业绩评价标准缺失等,并试图从薪酬激励和声誉激励两方面对激励机制完善提出对应的建议,以期能够为中国上市公司独立董事激励机制的完善提供帮助,使得独立董事勤勉履职,帮助上市公司稳健发展。

基于Director的工程图学习题解答系统的开发

Director能够对3D对象自由操作的特性非常适合于工程图学习题解答系统。介绍基于Director的工程图学习题解答系统的开发,包括系统架构的设计、素材的准备、程序的编制、系统的打包和发布等。

S波段高增益Vivaldi天线设计

本文设计了一种工作在S波段超宽带、高增益的Vivaldi天线。该天线以传统Vivaldi天线为出发点,设计主辐射贴片结构为槽线渐变辐射器,引入开槽设计和三角形引向器进一步提高天线的整体辐射性能。馈电结构采用易于加工的渐变微带线转槽线耦合结构进行馈电,实现不平衡结构到平衡结构的转变。合理选择了介电常数为3.66的Rogers RO4350C介质基板材料,天线的总体尺寸为100mm×80mm×1.5mm。仿真结果表明,在2~4GHz的带宽内驻波比小于1.5,增益达到6.7 d B,且方向图的一致性较好。

网管员有奖征文之六十五、六十六 共享利器——NFS网络文件系统经验谈

我行BAIS储蓄会计集成系统原在一台主机上运行,后因为资源紧张就将一部分数据移入另一台主机,但两台主机都需要对共享数据进行操作,为保证共享数据的一致性、完整性,只能将共享数据放在一台主机上,另一台主机以共享方式操作这部分数据。经反复论证决定采用NFS(Network File System)网络文件系统来实现数据共享。

The effects of corporate governance compliance on market valuation in Malaysia

This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.

Does a deviation between the rights and obligations of the board and controlling shareholders affect firm value？

This study examines the association between firm value and ownership structure, when board and controlling stockholders＇ voting rights deviate from obligations. The measurement of the corporate governance variables is different from prior research. The author further investigates whether monitoring mechanisms can alleviate the agency problem due to percentage of outside directors. The empirical results show that the higher board voting rights-obligations is deviated, which means the weaker relation with the firm value. The author also finds the monitoring from outside directors can reduce the agency problems from board＇s deviation and thus can improve firm value. But the results of the controlling stockholders＇ deviation are mixed or insignificant. This research has implications for Taiwan＇s regulators who are striving to improve the information, transparency, and corporate governance of board and controlling shareholders＇ voting rights-obligations deviation.

Meridian Director D／A解码器

Meridian似乎与便携式D／A解码器“扛”上了。继去年发布Explorer后。现在又推出新款的Director。Director支持USB和S／PDIF输入以及立体声模拟输出，内置Cirrus Logic 192kHz／24bit精度的CS4353，后者还兼容DSD的解码。

Small Production,Big Impact

IT'S the local characters and landscape that I usually find most interesting about Chinese films. But it was the plot of Tuya's Marriage that captured my attention, regardless of its being Chinese." This comment by a German critic is possibly the best compliment Wang Quan'an, director of Tuya's Marriage, could hope for. He and other young Chinese film makers have been doing their utmost to produce works that touch the Western soul rather than presenting a visual oriental feast.

McDATA在SNW上展示新的4Gb／s技术

在SNW（Storage Networking World）春季会议上，McDATA在展示其全线产品的同时还预览了其新的4Gb／s Sphereon光纤交换机。该产品采用了McDATA独具创新的FlexPort技术。McDATA的Intrepid 10000、6140和6064，将可以无缝地升级到4Gb／s技术。通过将4Gb／s功能添加到Sphereon光纤交换机和Intrepid Director中，McDATA将这些数据中心品质的功能带给了使用SAN的小型用户，以及那些希望扩大现有存储光纤的较大型企业。

构建具有激励作用的独立董事薪酬机制研究

从法律法规风险、声誉风险、市场风险和经济风险四个方面分析了与构建独立董事薪酬机制紧密相关的独立董事执业风险。对浙江、陕西、青海三省2009年上市公司独立董事薪酬的相关数据做了统计,分析了我国独立董事薪酬的现状以及存在的问题。重构了由固定薪酬、延期支付薪酬、股票期权构成的具有激励作用的独立董事薪酬机制。

深圳地区无偿献血宣传招募新趋势——品牌捐血活动“红色行动”给我们的启示

目的探求社会组织参与无偿献血公益事业的新型宣传与招募模式。方法 "红色行动"是以社会慈善公益组织深圳狮子会和采供血专业团队本中心联合主办,以《深圳晚报》作为代表的媒体支持的品牌采血活动。借助深圳狮子会这个慈善公益社会组织的身份优势及狮子会会员良好的社会资源,我们把主动权交给深圳狮子会,让其走在无偿献血宣传招募的第一线。结果深圳的无偿献血宣传招募模式已发生了前所未有的改变。深圳狮子会的身份优势是我们从业人员甚至志愿者无可替代的,狮子会会员良好的社会资源为无偿献血宣传招募活动提供了便利的条件。从各项数据看,"红色行动"对深圳无偿献血的贡献率越来越大;从势头看,"红色行动"从立足深圳向全国蔓延已势不可挡;从影响力看,"红色行动"不仅成为一个品牌捐血项目,更成为一个在全国颇具影响力的品牌公益项目,社会影响力已逐步接近发达国家或地区相同项目的水平。结论深圳狮子会这个慈善公益社会组织的全面参与,使深圳的无偿献血宣传招募模式已发生了根本的变化,而这种变化充分体现了无偿献血工作的公益性、社会性和广泛性。

高管的政治关联与公司绩效:基于国有电力生产上市公司的经验研究

本文以国有电力生产上市公司为样本探讨了国有公司高管政治关联的绩效影响。研究表明:董事长政治关联的绩效影响显著为正,总经理政治关联的绩效影响显著为负;相对于国有非控股公司,国有控股公司董事长政治关联的绩效正影响较弱,总经理政治关联的绩效负影响较强。因此,推行国企(副)总经理市场化选拔改革具有重要意义。

论高管“问题薪酬”的董事问责

如遇高管薪酬,董事就可能基于互惠和群体思维等情景以及单纯接触效应和框定效应下的生物本能,无意识地"董董相护",高管"寻租"如愿以偿,自应对董事问责。理性回路下的注意路径不能对情感回路下的"董董相护"对症下药,实际上放纵了高管"问题薪酬"。以诚信路径予以涵摄,则可以不枉不纵。是否构成"董董相护",需借助于高管薪酬的合理性进行推论。基于高管薪酬合理性边界的模糊性,拿捏高管薪酬的合理性,需以企业价值最大化为指针,借助高管薪酬的标准、水平和结构的合理性,厘定相应的参照系。

代理成本、独立董事独立性与业绩快报自愿披露

以2004—2013年A股上市公司为样本,基于中国特有的业绩快报披露制度,探讨股东与管理层之间的代理成本对业绩快报自愿披露行为的影响。研究发现,代理成本越高的公司,管理层自愿披露业绩快报的可能性越小。在此基础上,考察独立董事的独立性对代理成本与业绩快报自愿披露之间关系的影响,结果表明独立董事在信息披露方面并不具有显著的治理作用。