e8东的信 _作者: 美 沃伦·巴菲特-第109节
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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（透过相对赠与）或董事（透过相对赠与或是对于CEO的要求）。
At Berkshire； we believe that the pany's money is the owners' money； just as it would be in a closely…held corporation； partnership； or sole proprietorship。 Therefore； if funds are to be given to causes unrelated to Berkshire's business activities； it is the charities favored by our owners that should receive them。 We've yet to find a CEO who believes he should personally fund the charities favored by his shareholders。 Why； then； should they foot the bill for his picks？
不过在Berkshire我们相信公司所有的钱都是属于股东的，就像是在私人家族合伙企业一样，因此只要这些捐赠资金与公司本身商业活动无关的话，那么就应该要由股东们所想要赠与的慈善机构收到这些款项，就像是我们还没看到过有CEO愿意拿自己的钱，依照股东们的意愿进行乐捐，那么又有什么理由，让股东为公司的CEO买单呢？
Let me add that our program is easy to administer。 Last fall； for two months； we borrowed one person from National Indemnity to help us implement the instructions that came from our 7；500 registered shareholders。 I'd guess that the average corporate program in which employee gifts are matched incurs far greater administrative costs。 Indeed； our entire corporate overhead is less than half the size of our charitable contributions。 （Charlie； however； insists that I tell you that 1。4 million of our 4。9 million overhead is attributable to our corporate jet； The Indefensible。）
而我必须说明的是我们这项计画执行起来并不困难，去年秋天，我们从国家产险公司借调一个人为期两个月，帮我们处理来自7；500位股东的捐款指示，而我也相信其它公司花在处理相同捐赠规模所发生的成本铁定比我们高出许多，事实上，我们公司每年所有的行政费用甚至不到我们每年捐赠金额的一半，（查理坚持我必须向大家报告，总计490万美元的营业费用当中，有140万是发生在公司的企业专机…无可辩解号之上）。
Below is a list showing the largest categories to which our shareholders have steered their contributions。
（a） 347 churches and synagogues received 569 gifts
（b） 283 colleges and universities received 670 gifts
（c） 244 K…12 schools （about two…thirds secular； one…third religious） received 525 gifts
（d） 288 institutions dedicated to art； culture or the humanities received 447 gifts
（e） 180 religious social…service organizations （split about equally between Christian and Jewish） received 411 gifts
（f） 445 secular social…service organizations （about 40％ youth…related） received 759 gifts
（g） 153 hospitals received 261 gifts
（h） 186 health…related organizations （American Heart Association； American Cancer Society； etc。） received 320 gifts
下表显示股东指定捐赠的前十大慈善机构
（a）347个教堂与犹太教堂收到569笔善款
（b）283所大专院校收到670笔善款
（c）244所K…12学校收到525笔善款（三分之二是普通学校，另外三分之一属教会学校）
（d）288所艺术、文化或人类学研究机构收到447笔善款
（e）180所宗教性社福机构（犹太教与基督教各半）收到411笔善款
（f）445所民间社福机构（其中四成与青少年相关）收到759笔善款
（g）153所医疗机构收到261笔善款
（h）186所与医疗相关的机构（如美国心脏学会，美国癌症协会等） 收到320笔善款
Three things about this list seem particularly interesting to me。 First； to some degree it indicates what people choose to give money to when they are acting of their own accord； free of pressure from solicitors or emotional appeals from charities。 Second； the contributions programs of publicly…held panies almost never allow gifts to churches and synagogues； yet clearly these institutions are what many shareholders would like to support。 Third； the gifts made by our shareholders display conflicting philosophies： 130 gifts were directed to organizations that believe in making abortions readily available for women and 30 gifts were directed to organizations （other than churches） that discourage or are opposed to abortion。
在这之中，有三点我认为特别有趣，首先，某种程度可以显示出当人们系依个人意志而非迫于募款人的压力或募款机构感性的诉求时，所可能做出的选择，第二，一般大公司的捐赠计画从未将教堂或犹太教堂列入考虑，但这却是股东心目中最佳的选择之一，第三，股东们所做出的决定有时有明显的冲突，有130笔捐款给支持堕胎的机构团体，而另外有30笔的捐款指定要给反堕胎的机构团体 （扣除宗教机构不算）。
Last year I told you that I was thinking of raising the amount that Berkshire shareholders can give under our designated…contributions program and asked for your ments。 We received a few well…written letters opposing the entire idea； on the grounds that it was our job to run the business and not our job to force shareholders into making charitable gifts。 Most of the shareholders responding； however； noted the tax efficiency of the plan and urged us to increase the designated amount。 Several shareholders who have given stock to their children or grandchildren told me that they consider the program a particularly good way to get youngsters thinking at an early age about the subject of giving。 These people； in other words； perceive the program to be an educational； as well as philanthropic； tool。 The bottom line is that we did raise the amount in 1993； from 8 per share to 10。
去年我曾经告诉大家我考虑提高Berkshire股东指定捐赠计画的额度，并询问大家的意见，不过我们却收到一些股东来信反对整个计画，他们认为我们的责任是将公司经营好而不�
