- - 4
- - 5
- - 6
- - 7
- - 8
- - 9
- - 10
- - 11
- - 12
- - 13
1882 1970 ALI ALI demand 33
1970 34
1970 SEC SEC SEC SEC 1963 Gall v. Exxon Corp.,418 F.Supp.508(S.D.N.Y.1976) 35
36
ALI ALI structural bias 37
especially skillful ALI ALI 300 50 150 50 SEC consent degree 38
SEC 50 2500 2000 ALI 39
ALI ALI ALI 40
(1) 20027 ( ) ( ) (2601 3) ( ) (2601 274 1) ( ) (executive officer) (management) CEO(chief executive o r) COO(chief operating officer)cfo(chief financial officer) CAO(chief accounting officer)cro(chief risk officer) NYSE() (audit committee) (review) 41
( 2 ) ( 241 35 ) ( 193 21 ) ( ) ( ) ( ) (241) (24 51) ( 4) (securities laws) (Securities Act of 1 933) (Securities Exchange Act of 1934 4 SEC( ) 12 6 10-K (annual report)10-q (quarterly report)8-k (current report) SEC ( 14a-3) S-X S-K (2) 42
1985 CEO 20008 7 ( 1000 650 2 ) 1999 CFO (LJM1 LJM2) (SPE) ( ) 20012 CEO ( ) 4 8 14 CEO CEO 15 VinsonElikns ( VE ) 1016 79 63800 10 1024 CFO ( 10 23 ) 118 ( 8-K) 3 5 6900 (LJM2 ) 12 1 22 1 1 CFO (wire fraud) 200210 2003 5 (a)ceocfo CFO LJM1 LJM2 43
CEO 2000 1 4000 ( ) (b)( ) 1 215 6 3 ( ) ( ) (c) 2700 ( 5200 1) (d) VE (600 24) 45 500 10 VE (8-K) FASB( ) (IAS) (3)( ) 20027 60 SEC 44
NYSE CEOCFO 100 10 500 20 ( 1106( )) 520 (903) CEOCFO SEC ( ) (certify) (906) (fairly present) (knowing) 100 10 (willfully) 500 20 (defraud) ) (1107) (802 1102) (902 ) 1 3 5 (804 ) (803 ) 45
(misconduct) CEO CFO12 (304 ) (402) (SEC ) (305) SEC (1105 ) CEOCFO CFO CEO 5 (301)SEC2003 494 25 ( ) ( 10A(m) (2)) ( ) (complaint) ((4)) ((5)) ( (6)) ( ) 10A-3 (f ee)(10a-3(b)(1)(a)) (affiliated p ( (B)) 46
( ) (407)SEC 2003123 GAA P( ) GAAP ( ) 5 CFO CAO () ( 10A201208 ) 2003128SEC (actuarial service) (201) (5 ) ( ) (202 ) 7 2 ( ) 5 5 (203 PCAOB ) 7 2 47
CFO 1 (206) (critic al) GAAP SEC (204 ) AICPA( ) POB (Public Com BoardPCAOB (101 2 3 ) PCAOB ( 102)PCAOB SEC (103) (104) PCAOB (105) FASB )) 906 CEO CFO (a)) CEOCFO CEO SEC (403) (40 ) (a)) (401(a)) (401(b)) (404) CFO ) 48
(internal con (a ttest) CEO CFOCAO (i) (ii) (iii)(governmental laws, rules and reg lations) (iv) (v) ( ) ( SEC ) (chief legal counsel)ceo (307) (501 ) GAO() ( 207701 (4) ( ) ( 312)15 530 (242) (24 3) ( 49
15 265 265 ( ) ( ) 301 ) 50
275 267 274 51
Internal Control System Internal Control System (Committee of Sponsoring Organization of the Treadway Commission(COSO) 1992 9 ) 1991 1998 52
1999 260 254 644 265 14 53
21 193 274 280 267 54
55
267 4 8200 56
11 7.500 12.9 20 1573 4 266 266 5 8200 1 1577 13 57
American Law Institute Principles of Corporate Governance Analysis and Recommendations1994 1994 7.05 121 1-3 267 4 12.7.7 1096 3 8 13 58
ALI 1982 3 3.03 (a) 3 3.05 3.06 3.07 (4) 59
6) A StephanBainbridge,ACritiqueofthe NYSE SDirectorIndependenceListingStandards 30 SecRLJ 370,382 2002 1 2 60
3 Kenneth Arrow 384 ALI 1 Alchian Demsetz Alchian Demsetz 61
Alchian Demsetz 386 2 Rosenstein Wyatt Weinbach CEO CEO CEO CEO Baysinger Butler Cotter MacAvoy Klein 62
Rosenstein Wyatt 5 63 388 3 1 14 3 389 63
Oliver Williamson Klein Wagner NYSE 375 64
Wagner Klein caucus 393 65