When you serve on a board, you are in a fiduciary role; you are there to protect shareholders and that's the concept.
一旦你进入了董事会,你就成为了受托人,你的存在就是为了维护股东的利益,就是这样
At the annual meeting, the shareholders can come and elect a board and the board then is in charge of the company.
在年会上,股东会聚集起来,选出董事会来管理公司
The theory is that the shareholders are in control because they elect the board and the board hires the president and it's democratic.
之所以理论上说股东是掌控者,是因为他们选出董事会,董事会选出总裁,这是个民主的过程
There's the insurance company, could be a corporation and it could be either a non-profit corporation or a for-profit corporation owned by shareholders.
一个保险公司,可以是,非盈利性股份公司,也可以是以盈利为目的的股份公司
But, in the purest form-- and this is the form that we have in the United States-- the company exists for the shareholders.
但在最纯粹的体系中,即美国现行体系,公司是为股东而存在的
Dilution occurs--the term specifically refers to changes in a number of shares that affect, adversely, existing shareholders.
摊薄特指的是,股票数量受到影响,不利于已持股的股东
In a for-profit corporation, the purpose of the entity is defined as profit for the shareholders.
在一家盈利性公司中,公司的目的是为股东谋求利益
Non-profit corporations will also have a board of directors but they will not have any shareholders.
非盈利组织也有董事会,但没有股东
They have to do it equally to all shareholders; that's called paying a dividend.
每个股东都应得到同等的待遇,这就是发放股利
This is what they actually send out-- this is cash sent out to shareholders.
这是他们实际发放的,实际发放给股东的现金
It should be trying to get money back to the shareholders.
它应该努力为股东挣钱
They found, not surprisingly, that it tends to--mutual funds have been growing more rapidly in countries that have stronger securities laws and institutions, especially laws that protect individual shareholders rights.
他们发现,那些共同基金发展较迅速的国家,都拥有比较健全的证券法规和完善的证券制度,其中保护个人股东权利的法律尤为完善
We're going to send a letter to all our shareholders and say, we have decided to pay a $5 dividend and so you're about to approve this at the meeting.
我们将给所有的股东寄出一封信,写着,公司决定发放每股5美元的股利,所以你们在股东大会上要通过这个提议
Well, the company--the board of directors-- decides if and when to pay dividends to the shareholders and then the law of the state would say that they must treat them all equally.
公司,董事会,会决定何时向股东支付股利,州法规定,股东利益均等
The purpose of the corporation is the shareholders.
公司就是为股东而服务的
You don't want to give your shareholders taxes.
你不想让股东们缴纳税金
When you sign on to a job on the board, you are signing on to a solemn responsibility and that responsibility is to treat all shareholders equally and fairly and make money for them.
如果你签订协议进入董事会,你就承担起一份庄严的责任,它就是,平等对待所有股东,努力为他们赚钱
As you can see, part of the reason why the dividend-earnings ratio-- especially in more recent years, since 1990-- has been declining is that corporations were trying to somewhat ease the tax burden on their shareholders by doing repurchase instead of dividend.
可以看出,股利收益比降低的部分原因,尤其是在近些年,从1990年起,有所降低的原因是,公司想通过将分红,改为股票回购的方法,多少减轻股东的税负
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