【2020年12月06日】解讀Apple關(guān)聯(lián)方交易公司政策

證監(jiān)會于2012年3月發(fā)布會計監(jiān)管風險提示第2號“通過未披露關(guān)聯(lián)方實施的舞弊風險”，近9年過去，風險熱度不減，仍是證監(jiān)會提高上市公司信息披露質(zhì)量公函中的高頻詞。
通過隱蔽關(guān)聯(lián)方可達到的違法目的，實在太多，在此不述。本文只討論，想友好對待小股民的上市公司，可從Apple關(guān)聯(lián)交易公司政策中，借鑒哪些經(jīng)驗來制訂公司內(nèi)部合規(guī)制度。
先梳理第2號文，回顧通過未披露關(guān)聯(lián)方實施的舞弊風險的要點。因本篇文章重點是讀Apple政策，第2號文要點內(nèi)容將不展開分析。
第2號文要點
  利用未披露關(guān)聯(lián)方實施的交易常見形式

• 顯失公允的價格與未披露關(guān)聯(lián)方之間進行交易；
  
• 利用與未披露關(guān)聯(lián)方之間的資金循環(huán)虛構(gòu)交易；
  
• 利用未披露關(guān)聯(lián)方分擔公司成本費用；
  
• 接受未披露關(guān)聯(lián)方的捐贈；
  
• 利用未披露關(guān)聯(lián)方占用公司的資金。
  
  

未披露關(guān)聯(lián)方關(guān)系的主要特征

• 與公司實控人、高管等存在關(guān)聯(lián)關(guān)系；
  
• 交易對方主要控制人、關(guān)鍵管理人員、購銷關(guān)鍵人員姓名與公司高管相近；
  
• 交易對方是當年新增重要客戶、供應(yīng)商；
  
• 互聯(lián)網(wǎng)難以檢索到相關(guān)資料；
  
• 名稱、注冊地、實際辦公地、IP地址、郵箱域名、相同、接近。
  
  

未披露關(guān)聯(lián)方交易的主要特征

• 交易時間接近財報日，頻次較少，金額大；
  
• 交易價格、付款方式等商業(yè)條款與正?？蛻舨煌?、不符合商業(yè)慣例；
  
• 不通過銀行轉(zhuǎn)賬結(jié)算，多采用現(xiàn)金交易、債權(quán)債務(wù)抵銷；
  
• 付款人與合同、發(fā)票顯示不一致；
  
• 與經(jīng)營范圍明顯不符、金額與業(yè)務(wù)規(guī)模明顯不符；
  
• 合同實際履行與書面約定不一致（發(fā)貨日、付款日等）；
  
• 呆滯賬。
  
  

常見舞弊動機

• 避免被特別處理、退市；
  
• 滿足融資業(yè)績；
  
• 避免上市后業(yè)績迅速下降；
  
• 滿足股權(quán)激勵行權(quán)條件；
  
• 滿足重組承諾業(yè)績條件；
  
• 迎合市場業(yè)績預期；
  
• 謀求以業(yè)績?yōu)橛嬎慊A(chǔ)的獎金。
  
  

Apple Related Party Transactions Policy (version Aug. 2017)
按慣例，下方英文（包括序號）系原文摘錄，中文非翻譯，而是小法闡述英文文本中的要點，加結(jié)合國內(nèi)法律實務(wù)作點評。可只讀中文，或讀英文作更全面了解。
A. Introduction
The Board has determined that the Audit and Finance Committee (the “Committee”) of the Board is best suited to review and approve all Interested Transactions with Related Parties, as those terms are defined in this Related Party Transactions Policy (this “Policy”). Therefore, the Committee has adopted this Policy to ensure that all Interested Transactions with Related Parties shall be subject to approval or ratification in accordance with the procedures set forth below.

Apple董事會認為，公司內(nèi)部審閱和批準有利害關(guān)系交易的最適合人選，是審計財務(wù)委員會（“委員會”）。為什么不是法務(wù)部或其他部門？小法認為，查找隱蔽關(guān)聯(lián)方交易的難點，在于發(fā)現(xiàn)隱形的“資金閉環(huán)”，而法務(wù)部在公司內(nèi)控的角色，通常在合同等法律文書的審閱和批準，而財務(wù)部的工作，滲透到客戶/供應(yīng)商盡職調(diào)查入庫、合同財務(wù)條款審閱批準、發(fā)票開收、應(yīng)收款/應(yīng)付款收付、現(xiàn)金流管理、利潤表編制等眾多環(huán)節(jié)，是嗅出可疑并調(diào)查“資金閉環(huán)”的最適合人選。

B. Procedures
Prior to the entry of any Interested Transaction, such Interested Transaction shall be reported to the Corporation’sGeneral Counsel (“GC”). The General Counsel will undertake an evaluation of the Interested Transaction. If that evaluation indicates that the Interested Transaction would require the Committee’s approval, the General Counsel will report the Interested Transaction, together with a summary of material facts, to the Committee.

在“有利害關(guān)系交易”進入委員會審閱、批準之前，由Apple法務(wù)負責人對“有利害關(guān)系交易”先進行評估，若認為需要提交給委員會，法務(wù)負責人梳理相關(guān)重要事實后，將“有利害關(guān)系交易”連同重要事實摘要，報告給委員會。
為什么第一步由法務(wù)來處理？小法認為，在于“關(guān)聯(lián)方關(guān)系”的認定是較復雜法律問題。小法工作中可能有幾十次吧，被詢問到合同中定義章節(jié)“關(guān)聯(lián)方”、“關(guān)聯(lián)交易”那5-10行沒一個句號停頓的定義到底該怎么讀，然后回答是，確實沒辦法插停頓符號。
第一步由法務(wù)處理沒問題，但交給法務(wù)部最高職位負責人 (General Counsel ,“GC”) 處理，足可見Apple對關(guān)聯(lián)方交易的重視程度。

The Committee shall review the material facts of all Interested Transactions that require the Committee’s approval and either approve or disapprove of the entry into the Interested Transaction, subject to the exceptions described below. If advance Committee approval of an Interested Transaction is not feasible, then the Interested Transaction shall be considered and, if the Committee determines it to be appropriate, ratified at the Committee’s next regularly scheduled meeting.
In determining whether to approve or ratify an Interested Transaction, the Committee will take into account, among other factors it deems appropriate, whether the Interested Transaction is on terms no less favorable than terms generally available to an unaffiliated third-party under the same or similar circumstances and the extent of the Related Person’s interest in the transaction.

委員會閱讀材料后，處理結(jié)果有三種：預先批準 (事后提交給委員會審閱)、提交委員會定期會議討論后批準或否決、直接否決。
委員會審閱材料時主要考量因素是：1)“有利害關(guān)系交易”條款，是否沒有比相同、相似情形下非關(guān)聯(lián)方進行交易的條款更不利的條款；2)關(guān)聯(lián)方在交易中利害關(guān)系之程度。

Each director and executive officer of the Corporation completes a questionnaire at least annually, which is designed to elicit information about any existing or potential Interested Transactions. In the event the Corporation’s Chief Executive Officer, Chief Financial Officer or General Counsel becomes aware of an Interested Transaction that was not previously approved or ratified under this Policy,
such person shall promptly notify the Chair of the Committee, and the Committee or, if it is not practicable for the Corporation to wait for the entire Committee to consider the matter, the Chair of the Committee, shall consider whether the Interested Transaction should be ratified or rescinded or other action should be taken.

公司每位董事和執(zhí)行層高管至少每年列一份清單，列明所有現(xiàn)有、潛在“有利害關(guān)系交易”。若CEO、CFO、GC發(fā)現(xiàn)清單上有尚未批準的交易，將立刻通知委員會主席。若主席經(jīng)判斷，認為等不及全體委員會討論決定，主席將一人作出批準或取消交易的決定。
在這個程序中，列清單的高管比較廣（避免疏漏）、發(fā)現(xiàn)問題人鎖在CEO、CFO、GC三位高管（執(zhí)行/財務(wù)/法務(wù)三條線top leader）、而匯報問題僅限委員會主席（緊急情況可單獨一人作決定，避免群體討論帶來效率延誤）。

No director shall participate in any discussion or approval of an Interested Transaction for which he or she is a Related Party, except that the director shall provide all material information concerning the Interested Transaction to the Committee.
If an Interested Transaction will be ongoing, the Committee may establish guidelines for the Corporation’s management to follow in its ongoing dealings with the Related Party.

這兩個程序容易理解。有利害關(guān)系董事應(yīng)回避討論、表決。批準后開始執(zhí)行的“有利害關(guān)系交易”，管理層將按照委員會制訂的指引，來監(jiān)督交易的執(zhí)行。

C. Definitions
An “Interested Transaction” is any transaction, arrangement or relationship or series of similar transactions, arrangements or relationships (including the incurrence or issuance of any indebtedness or the guarantee of indebtedness) in which (1) the aggregate amount involved will or may be reasonably expected to exceed $120,000in any calendar year, (2) the Corporation or any of its subsidiaries is a participant, and (3) any Related Party has or will have a direct or indirect interest (other than solely as a result of being a director, officer or a less than ten percent beneficial owner of another entity).

多大金額“有利害關(guān)系交易”入Apple法眼受本政策約束呢？$120,000！瞥一眼下圖Apple幾個財務(wù)指標，粗算一下，$120,000僅僅是公司1.3天的營收、3.5天的毛利潤、4.5天的運營現(xiàn)金流入！

因此，對關(guān)聯(lián)方交易的管理，與審計程序中“重要性”認定類似，“金額”并不是唯一的認定標準，“性質(zhì)“和“影響性”亦是認定標準。

D. Standards for Review
As appropriate for the circumstances, the Committee or the Chair of the Committee, as applicable, shall review and consider:

• the Related Party’s interest in the Interested Transaction;
  
• the approximate dollar value of the amount involved in the Interested Transaction;
  
• the approximate dollar value of the amount of the Related Party’s interest in the transaction without regard to the amount of any profit or loss;
  
• whether the transaction was undertaken in the ordinary course of business of the Corporation;
  
• whether the transaction with the Related Party is proposed to be, or was, entered into on terms no less favorable to the Corporation than terms that could have been reached with an unrelated third party;
  
• the purpose of, and the potential benefits to the Corporation of, the Interested Transaction;
  
• whether the Interested Transaction would impair the independence of an outside director;
  
• required public disclosure, if any; and
  
• any other information...
  
  
  

The Committee, or the Chair of the Committee, as applicable, may approve or ratify the Interested Transaction only if the Committee, or the Chair of the Committee, as applicable, determines in good faith that, under all of the circumstances, the transaction is fair as to the Corporation.

本章節(jié)列出了委員會在評估“有利害關(guān)系交易”時的考量因素，涉及很多方面，當然屬于很專業(yè)的判斷了。
但小法認為，對于外行，仍可以靠抓住要點來理解。就像反不正當競爭的考量，要點在于抓住“最終消費者權(quán)益是否受害”；反商業(yè)賄賂，要點在于抓住“是否造成不正當競爭優(yōu)勢”；而對于評估“有利害關(guān)系交易”，要點在于，與相同或相似非關(guān)聯(lián)方交易作對比，是否為一筆“公平的交易”，從而“沒有不正當?shù)睦孑敵?輸入”。

結(jié)語
這幾天熱門財經(jīng)新聞，莫過于AAA級國企債永煤10億短融債券違約事件了。

看看永煤的關(guān)聯(lián)方欠款，不由長嘆口氣。
本文僅作討論，不構(gòu)成律師法律意見。若轉(zhuǎn)載，請得到作者事先同意。