2018-08-17 Elizabeth Warren.Senator Elizabeth Warren’s proposal to remake American capitalism is flawed at its core

2018-08-17 Elizabeth Warren.Senator Elizabeth Warren’s proposal to remake American capitalism is flawed at its core

1、《2018-08-17 Senator Elizabeth Warren’s proposal to remake American capitalism is flawed at its core》

In her Op-Ed in this Wednesday’s Wall Street Journal, Senator Elizabeth Warren proposed The Accountable Capitalism Act – new federal legislation requiring corporations to consider the interests of employees and other stakeholders as well as shareholders.
在本周三的《华尔街日报》专栏文章中，参议员伊丽莎白·沃伦提出了《负责任资本主义法案》——一项新的联邦立法，要求公司在考虑股东利益的同时，也要考虑员工和其他利益相关者的利益。

In principle, Warren’s ideas sound good, but they are based on a flawed premise. She contends that CEOs and boards are following Nobel-Prize winning economist Milton Friedman’s philosophy of maximizing shareholder value.
原则上，沃伦的想法听起来不错，但它们是基于一个有缺陷的前提。她认为，首席执行官和董事会正在遵循诺贝尔奖得主经济学家米尔顿·弗里德曼的最大化股东价值的哲学。

Warren’s proposed legislation would require corporations to be federally chartered and consider the interests of all major stakeholders.
沃伦提议的立法将要求公司获得联邦特许，并考虑所有主要利益相关者的利益。

Furthermore, employees would elect at least 40 percent of directors, companies would limit political expenditures, and officers and directors would face a requirement to hold stock for a minimum of five years. She amplified her arguments on CNBC’s “Mad Money” with Jim Cramer this week.
此外，员工将选举至少 40%的董事，公司将限制政治支出，管理人员和董事将面临持有股票至少五年的要求。本周，她在 CNBC 的“疯狂金钱”节目中与 Jim Cramer 进一步阐述了她的观点。

Her arguments are filled with so many flaws that it is hard to know where to start. Listening to her, I could not help but wonder how many CEOs she spoke to before launching her bill, or whether she has ever been in a corporate board meeting?
她的论点充满了太多的漏洞，以至于很难知道从哪里开始。听她说话时，我不禁想知道她在推出法案之前与多少位首席执行官交谈过，或者她是否曾参加过公司董事会会议？

Quote
Equity-based compensation is a good thing because it aligns their interests with their shareholders. I would like to see stock-based compensation spread more broadly throughout the workforce.
基于股权的补偿是一件好事，因为它使他们的利益与股东的利益保持一致。我希望看到股票补偿在整个员工队伍中更广泛地推广。

Warren’s Op-Ed piece and her legislation are based on the belief that CEOs have abandoned all stakeholders other than shareholders. As a Harvard Business School professor, former CEO of Medtronic and having served on nine public company boards, I can attest to the fact that every CEO I know recognizes the importance of multiple stakeholders in business.

沃伦的专栏文章和她的立法基于这样一种信念，即首席执行官已经抛弃了除股东以外的所有利益相关者。作为哈佛商学院教授、前美敦力首席执行官, 并且曾在九家上市公司董事会任职，我可以证明，我认识的每位首席执行官都认识到企业中多个利益相关者的重要性。

To flourish in the long-term, any successful company must serve the interests of all its stakeholders – customers, employees, shareholders and its communities. Sustainable shareholder value can only be created by focusing on customer needs with superior products and services. That is what motivates employees, and ultimately, this is how sustainable shareholder value is created.
要在长期内繁荣发展，任何成功的公司都必须服务于所有利益相关者的利益——客户、员工、股东及其社区。可持续的股东价值只能通过专注于客户需求并提供优质产品和服务来创造。这是激励员工的动力，最终，这就是创造可持续股东价值的方式。

The CEOs I know believe there is no conflict between serving shareholders and stakeholders. In fact, Delaware law – which is the predominant corporate standard – requires that boards of directors take into account the interests of the company and its shareholders in making decisions.
我认识的首席执行官们认为，服务股东和利益相关者之间没有冲突。事实上，特拉华州法律——这是主要的公司标准——要求董事会在做出决策时考虑公司及其股东的利益。

Under the “business judgment” rule, they are given wide latitude to make tradeoffs between competing stakeholders interests as long as they are acting in the best interests of the company. Just to confirm the point, 19 other states have laws explicating enabling boards to consider the interests of customers, employees and communities in addition to shareholders.
根据“商业判断”规则，只要他们是为了公司的最佳利益行事，就可以在竞争的利益相关者之间进行权衡。为了确认这一点，另外 19 个州有法律明确规定，董事会可以在考虑股东利益的同时考虑客户、员工和社区的利益。

This past January Larry Fink, CEO of Blackrock, the world’s largest fund manager, wrote to the top 500 CEOs encouraging them to have a mission that ultimately serves society.
今年一月，全球最大基金管理公司贝莱德的首席执行官拉里·芬克致信前 500 名首席执行官，鼓励他们拥有一个最终服务于社会的使命。

Two-tier boards 双层董事会

Senator Warren’s specific ideas for changing America’s system of capitalism are even more off base. A law requiring employees to elect 40 percent of directors would create two-tier boards, similar to what currently exists in Germany, wherein the regular directors meet separately to make key decisions, and then bring them to the full board for ratification.
参议员沃伦关于改变美国资本主义体系的具体想法更加离谱。要求员工选举 40%董事的法律将会创建双层董事会，类似于目前在德国存在的情况，常规董事会单独开会做出关键决策，然后提交给全体董事会批准。

Years ago, I served on such a board in France, and saw just how dysfunctional and non-productive it was. Why would we fill boards of directors with front-line employees with limited experience in corporate governance?
几年前，我在法国的一个董事会任职，亲眼目睹了它是多么的功能失调和无效。我们为什么要用在公司治理方面经验有限的一线员工来填补董事会呢？

Most public company board members are former CEOs or executives who have run major companies with thousands of employees who recognize the importance of a healthy culture and committed employees that are treated fairly. Annual employee surveys give them data to assess the health of the culture. They are accustomed to making complex decisions involving tradeoffs, especially when a crisis arises.
大多数上市公司董事会成员是前首席执行官或高管，他们曾管理过拥有数千名员工的大公司，认识到健康文化和公平对待员工的重要性。年度员工调查为他们提供了评估文化健康状况的数据。他们习惯于做出涉及权衡的复杂决策，尤其是在危机出现时。

Warren’s article is filled with erroneous claims, charging that “since 1985 (corporations) have extracted almost $7 trillion” in profits, instead of investing in workers. In fact, corporate investment levels are at an historic high in 2018, which is spurring the growth of the U.S. economy.
沃伦的文章充满了错误的指控，称“自 1985 年以来，（公司）已经提取了近 7 万亿美元”的利润，而不是投资于工人。事实上，2018 年的企业投资水平处于历史高位，这正在推动美国经济的增长。

Her assertion that “between 2007 and 2016, large American companies dedicated 93 percent f their earnings to shareholders” is also incorrect. A McKinsey study indicates that “on average, US companies have returned about 60 percent of their net income to shareholders” through dividends and stock buybacks.
她声称“在 2007 年至 2016 年间，大型美国公司将 93%的收益用于股东”也是不正确的。麦肯锡的一项研究表明，“美国公司平均通过股息和股票回购将约 60%的净收入返还给股东”。

Credible jobs 可靠的工作

Warren makes a valid point about CEO compensation being too high. However, even here she misdiagnoses the problem as CEOs receiving 62 percent of their compensation in equity. Equity-based compensation is a good thing because it aligns their interests with their shareholders.
沃伦关于 CEO 薪酬过高的观点是有道理的。然而，即便如此，她也误诊了问题，认为 CEO 的 62%薪酬来自于股权。基于股权的薪酬是好事，因为它使他们的利益与股东的利益保持一致。

I would like to see stock-based compensation spread more broadly throughout the workforce, as we did at Medtronic and as Starbucks does. Nearly all stock grants already have 3-5 year vesting periods, something I have long advocated, with some companies like Exxon requiring executives to hold their stock until retirement.
我希望看到股票薪酬在整个员工队伍中更广泛地分配，就像我们在美敦力和星巴克所做的那样。几乎所有的股票授予已经有 3-5 年的归属期，这是我长期以来一直倡导的，一些公司如埃克森美孚要求高管持有股票直到退休。

For the most part, today’s CEOs and boards are doing a credible job of serving all their stakeholders. They are making thoughtful tradeoffs between long-term investment and near-term profit and cash generation in order to ensure the company’s sustainable success.
在很大程度上，如今的首席执行官和董事会在服务所有利益相关者方面做得相当出色。他们在长期投资与短期利润和现金生成之间做出深思熟虑的权衡，以确保公司的可持续成功。

Sometimes boards misstep, as has been the case with GE and Wells Fargo, but most boards and their directors take their responsibilities very seriously and are committed to serving the needs of all stakeholders.
有时董事会会犯错，就像通用电气和富国银行的情况一样，但大多数董事会及其董事非常认真地对待他们的责任，并致力于满足所有利益相关者的需求。

Our system of capitalism is functioning well as evidenced by the plethora of U.S.-based companies that are dominating world markets and whose stocks are at all-time highs. This is not the time to throw out our well-functioning system of capitalism and replace it with a new bureaucracy that centralizes power at the federal level.
我们的资本主义体系运作良好，这可以从众多主导世界市场的美国公司及其股票创下历史新高中得到证明。现在不是抛弃我们运作良好的资本主义体系并用一个在联邦层面集权的新官僚机构取而代之的时候。

Commentary by Bill George, a senior fellow at Harvard Business School, former Chairman & CEO of Medtronic, and the author of “Discover Your True North.” Follow him on Twitter @Bill_George.
比尔·乔治的评论，哈佛商学院高级研究员，前美敦力董事长兼首席执行官，《发现你的真实北方》一书的作者。关注他的推特

2、《2025-01-20 Sam Altman Chats Back to Sen. Warren》

Democrats are used to bullying corporations, but maybe the tactic is losing potency. Sens. Elizabeth Warren and Michael Bennet sent a letter last week to OpenAI CEO Sam Altman to bludgeon him for contributing to President Trump’s inauguration fund. Mr. Altman responded by posting it online for all to see.
民主党人惯于施压企业，但这种策略或许正在失效。参议员伊丽莎白·沃伦和迈克尔·班尼特上周致信OpenAI首席执行官山姆·阿尔特曼，指责他向特朗普总统的就职基金捐款。阿尔特曼先生的回应是将信件公开发布，让所有人都能看到。

“Big Tech companies have come under increased scrutiny from federal regulators,” the Senators wrote. “We are concerned that your company and other Big Tech donors are using your massive contributions to the inaugural fund to cozy up to the incoming Trump administration.” Mr. Altman was intending “to personally donate $1 million,” according to the letter.
“联邦监管机构对大型科技公司加强了审查，”两位参议员写道。“我们担心，你的公司和其他大型科技捐赠者通过向就职基金捐出巨款，与即将上任的特朗普政府拉近关系。”信中提到，阿尔特曼先生打算“个人捐赠100万美元”。

“Funny, they never sent me one of these for contributing to Democrats,” Mr. Altman commented on X. The donation described by Ms. Warren and Mr. Bennet “was a personal contribution as you state,” he added, so he was “confused about the questions given that my company did not make a decision.” Both points hit home, and they show what the Senators are really doing here.
“有趣的是，当我为民主党捐款时，他们从未给我发过这种信件，”阿尔特曼先生在X上评论道。他补充说，沃伦和班尼特信中提到的捐赠“正如你们所说，是一笔个人捐赠”，因此他对这些问题感到“困惑，因为我的公司没有做出相关决定”。这些回应直击要害，显示出参议员们的真正意图。

Kamala Harris’s political team raised more than $1 billion. President Biden’s inaugural in 2020 got about $62 million, and that donor club included companies such as Pfizer, Boeing and Uber, as well as the International Brotherhood of Electrical Workers, according to Reuters. We can’t recall Democrats taking umbrage.
卡马拉·哈里斯的政治团队筹集了超过10亿美元。根据路透社报道，拜登总统2020年的就职活动筹集了约6200万美元，捐赠者包括辉瑞、波音和优步等公司，以及国际电工工会。我们不记得民主党人对此感到不满。

The letter from Ms. Warren and Mr. Bennet says Mr. Altman has “a clear and direct interest in obtaining favors from the incoming administration,” since his company is “the subject of ongoing federal investigations and regulatory actions.” Have they considered that a punitive regulatory environment might be what’s driving tech CEOs to Mr. Trump?
沃伦和班尼特在信中表示，阿尔特曼先生“显然直接希望从即将上任的政府中获得好处”，因为他的公司“是正在进行的联邦调查和监管行动的对象”。他们是否考虑过，惩罚性的监管环境可能正是促使科技公司CEO们转向特朗普的原因？

Companies that reply to browbeating letters by apologetically pledging to do more on progressive priorities encourage the coercive tactic. Kudos to Mr. Altman for calling it out.
那些通过道歉并承诺在进步优先事项上做得更多来回应施压信件的公司，只会助长这种胁迫策略。为阿尔特曼先生的直言不讳点赞。

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