e8东的信 _作者: 美 沃伦·巴菲特-第122章
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at practice is a mistake。 Furthermore； mistakes in selecting directors are particularly serious because appointments are so hard to undo： The pleasant but vacuous director need never worry about job security。
至于董事会成员遴选的条件，并须具备商业经验、对这项角色有兴趣同时以股东利益为导向，只是目前大部分被遴选出来的董事，大多是因为他们的社会地位或只是为了增加董事会成员的多样化，这样的做法是错误的，更有甚至，这种错误还有后遗症，因为董事被任命之后就很难再加以撤消，好说话且没有意见的董事是不怕找不到位置的。
The second case is that existing at Berkshire； where the controlling owner is also the manager。 At some panies； this arrangement is facilitated by the existence of two classes of stock endowed with disproportionate voting power。 In these situations； it's obvious that the board does not act as an agent between owners and management and that the directors cannot effect chang，e except through persuasion。 Therefore； if the owner/manager is mediocre or worse … or is over…reaching … there is little a director can do about it except object。 If the directors having no connections to the owner/manager make a unified argument； it may well have some effect。 More likely it will not。
第二种就像是发生在Berkshire的，具控制权的大股东本身也是经营阶层，在某些公司，经过特殊的安排，将公司的股权按投票权重的不同分成两类，也会产生这种情况，在这种情况下，很明显的董事会并非所有权人与经营阶层之间的中介，且除非经由劝说，否则董事会很难发挥改变的影响力，也因此要是老板经营者本身的能力平庸或很差劲或不顾他人，则董事除了表示反对以外，别无他法，而要是与老板经营者没有关系的董事碰巧做出相同的结论，有时或许还有用，但大部分的状况下是无济于事的。
If change does not e； and the matter is sufficiently serious； the outside directors should resign。 Their resignation will signal their doubts about management； and it will emphasize that no outsider is in a position to correct the owner/manager's shortings。
而要是公司无法做出改变，且情况演变的很严重时，外部董事就应该要辞职，外部董事的辞职等于是对现有的经营阶层投下反对票，同时凸显外部董事没有能力纠正老板经营者缺失的现象。
The third governance case occurs when there is a controlling owner who is not involved in management。 This case； examples of which are Hershey Foods and Dow Jones； puts the outside directors in a potentially useful position。 If they bee unhappy with either the petence or integrity of the manager； they can go directly to the owner （who may also be on the board） and report their dissatisfaction。 This situation is ideal for an outside director； since he need make his case only to a single； presumably interested owner； who can forthwith effect change if the argument is persuasive。 Even so； the dissatisfied director has only that single course of action。 If he remains unsatisfied about a critical matter； he has no choice but to resign。
第三种情况是公司拥有具控制权的大股东，但却不参与公司经营，这种特殊个案在现实社会中有Hershey食品与道琼公司等例子，公司能够充分运用外部董事的能力，若是董事们对于经营阶层的能力或品格感到不满意，他们可以直接向大股东反应（当然大股东可能也是董事成员），这种环境相当适合外部董事的发挥，因为他只需要将情况向单一且关心公司前景的所有权人报告，同时只要论点理由充分就可以马上发挥改变的效果，但即便如此，有意见的董事也只能有这样的选择管道，若是他对于特定事情的处理结果不满意，他还是只能辞职而别无其它选择。
Logically； the third case should be the most effective in insuring first…class management。 In the second case the owner is not going to fire himself； and in the first case； directors often find it very difficult to deal with mediocrity or mild over…reaching。 Unless the unhappy directors can win over a majority of the board … an awkward social and logistical task； particularly if management's behavior is merely odious； not egregious … their hands are effectively tied。 In practice； directors trapped in situations of this kind usually convince themselves that by staying around they can do at least some good。 Meanwhile； management proceeds unfettered。
理论上，第三种情况最能够确保一流的经营阶层存在，因为第二种情况，老板不可能把自己给Fire掉，而第一种情况，董事们通常很难与表现平庸又难以驾驭的经理人打交道，而除非那些有意见的董事能够获得董事会多数的支持，这是一件很困难的协调沟通任务，尤其是经营阶层的表现虽然可恨但却罪不至死的时候，基本上他们的手脚是被绑的死死的，实务上，面临这种现象的董事通常会说服自己留在董事会，至少还能有所图，但在此同时，经营阶层却还是同样可以为所欲为。
In the third case； the owner is neither judging himself nor burdened with the problem of garnering a majority。 He can also insure that outside directors are selected who will bring useful qualities to the board。 These directors； in turn； will know that the good advice they give will reach the right ears； rather than being stifled by a recalcitrant management。 If the controlling owner is intelligent and self…confident； he will make decisions in respect to management that are meritocratic and pro…shareholder。 Moreover … and this is critically important … he can readily correct any mistake he makes。
在第三种情况下，老板本身不必衡量自己的表现也不必费心去取得多数人的支持，同时他也可以确保所遴选出来的外部董事将可对董事会的素质有所提升，而这些被选中的董事，也可以确定所提出的建议会真正被听进去，而不是被消极抵制的经营阶层当作是耳边风，而若是大股东本身够聪明且有自信，那么他就能够找到以股东利益为优先的菁英经理人，还有一点更重要的是，他能够随时准备改正本身所犯的错误。
At Berkshire we operate in the second mode now and will for as long as I remain functional。 My health； let me add； is excellent。 For better or worse； you are likely to have me as an owner/manager for some time。
在Berkshire，我们现在是以第二种情况在做营运，而且在我有生之年都会是如此，至于我个人的健康状况，我必须要强调，实在是好极了，不管是好或坏，大家都必须继续接受我担任大股东兼经营者。
After my death； all of my stock will go to my wife； Susie； should she survive me； or to a foundation if she dies before I do。 In neither case will taxes and bequests require the sale of consequential amounts of stock。
直到我死后，我拥有的所有股份将会归我内人Susie拥有，要是她比我长寿的话，不过要是她比我早死，所有的股份将会捐给一个基金会，且不论如何都不会因为遗产或赠与税而必须被迫出售相当的股份。
When my stock is transferred to either my wife or the foundation； Berkshire will enter the third governance mode； going forward with a vitally interested； but non…management； owner and with a management that must perform for that owner。 In preparation for that time； Susie was elected to the board a few years ago； and in 1993 our son； Howard； joined the board。 These family members will not be managers of the pany in the future； but they will represent the controlling interest should anything happen to me。 Most of our other directors are also significant owners of Berkshire stock； and each has a strong owner…orientation。 All in all； we're prepared for 〃the truck。〃
而当我的股份移转到我内人或是基金会之后，Berkshire将会进入第三种公司治理情况，变成一个关心公司但却不参与经营的大股东搭配完全为股东设想的经理人，为了预先做准备，Susie在几年前已经被选为公司的董事，而1993年我的儿子豪尔也紧接着加入董事会，这些家族成员以后将不会担任公司的经理人，但要是万一我不在时，他们将继承控制公司的权力，当然公司其它的董事本身也都是主要的股东，且皆有很强的股东利益导向，总而言之，对于那辆卡车可能到来，我们已经作好了准备。
Shareholder…Designated Contributions股东指定捐赠计画
About 97％ of all eligible shares participated in Berkshire's 1993 shareholder…designated contributions program。 Contributions made through the program were 9。4 million and 3；110 charities were
recipients。
大约有97％的有效股权参与1993年的股东指定捐赠计划，总计约940万美元捐出的款项分配给3；110家慈善机构。
Berkshire's practice in respect to discretionary philanthropy … as contrasted to its policies regarding contributions that are clearly related to the pany's business activities … differs significantly from that of other publicly…held corporations。 There； most corporate contributions are made pursuant to the wishes of the CEO （who often will be responding to social pressures）； employees （through matching gifts）； or directors （through matching gifts or requests they make of the CEO）。
Berkshire在自由乐捐方面的做法，（不同于具有特定商业目的的捐赠），与其它公开上市公司的做法有很大的不同，因为大部分的公司所作的捐赠大多是依照CEO的意愿（他们通常背负许多社会压力），员工（�
