董事会

Wu Jinglian,1994.Because of the two layers of entrustment in the management of the company, namely, the Agent relationship between the shareholders and the board of directors, and the clientage between the board and the managers, the board of directors being agents, as well as clients, the board of directors occupies the pivot status in companys administration structure. So both the property right structure and the development strategy of company rest on the boards of directors eventually.

由于在公司治理中存在两层委托—代理关系即股东会和董事会之间的委托代理关系和董事会与经理层之间的委托代理关系，董事会既是代理人，又是委托人，所以董事会在公司治理结构中居于枢纽地位，无论是公司的产权结构，还是公司的发展战略，最后的落脚点都应该是董事会。

The directors may entrust to and confer upon a managing director any of the powers exercisable by them upon such terms and conditions and with such restrictions as they may think fit,and either collaterally with or to the exclusion of their～powers,and may from time to time

九十二、董事会可委托或授予执行董事任何可由童事会执行的权力，条件或限制由董事会决定，董事会可与其共同行使权力或授权即剥夺了董事会自身的权力，董事会可随时废除、撤销、变更，或改变全部或部分此种授权。

The directors may entrust to and confer upon a managing director any of the powers exercisable by them upon such terms and conditions and with such restrictions as they may think fit , and either collaterally with or to the exclusion of their own powers , and may from time to time revoke , withdraw , alter , or vary all or any of those powers .

九十二，董事会可委托或授予执行董事任何可由董事会执行的权力，条件或限制由董事会决定，董事会可与其共同行使权力或授权即剥夺了董事会自身的权力，董事会可随时废除、撤销、变更。或改变全部或部分此种授权。

In particular, without limitation, the board may grant the power to sub-delegate, may retain or exclude the right of the board to exercise the delegated powers, authorities or discretions collaterally with the local or divisional board or agency and may authorize the members of a local or divisional board or agency to fill a vacancy or to act despite a vacancy.

在特殊情况下，董事会可以不受限制地赋权给子代表，可能保留或免除董事会的权力来担保履行被委派给本地董事会或子董事会或者代理处的权力、权限或酌处权，可能授权给本地董事会或子董事会或代理处的成员来补缺或有缺席情况下行使权力。

The directors may entrust to and confer upon a managing director any of the powers exercisable by them upon such terms and conditions and with such restrictions as they may think fit,and either collaterally with or to the exclusion of their own powers,and may from time to time revoke,withdraw,alter,or vary all or any of those powers.

九十两，董事会可拜托或授予施行董事任何可由董事会执止的权力，条件或制约由董事会决定，董事会可取其单独行使权力或受权便剥予了董事会本身的权力，董事会可随时废止、撤卖、变革。或转变全体或局部此种受权。

In practice of corporategovernance, the simple improvement of function of the board of directors (for example, the securities regulatory commissions maybe require the lowest level of independence of the board for the listed corporations) is insufficient for these purposes. When the outside takeover threat would exist, the boardof her private benefit of control, although the internal institutions of the board is incomplete (for instance, the entrepreneur would have an influence on slating for the board).

当外部接管威胁存在时，企业家寄希望于监管强度提高导致的股份收益的增加将弥补其控制权私人收益被接管商剥夺的损失，即使董事会的内部制度尚未健全（如企业家对董事会人选的产生发挥重要影响等），但董事会治理同样可能实现较为理想的治理效果（如企业家可能选择较高的董事会独立性，从而导致较强的董事会监督强度等）。

Unit 22 400vac low voltage distribution pen busbar unit 22 400vac low voltage distribution cubicle lighting.plug and heating unit 22 400vac low voltage distribution measuring and ac-distribution unit 22 400vac low voltage distribution 220vdc control2 unit 22 400vac low voltage distribution control circuit breaker unit 22 400vac low voltage distribution automatic interconnection2 unit 22 device list unit 22 400vac low voltage distribution cubicle lighting.plug anh heating unit 22 400vac low voltage distribution ac/dc supply control unit 22 400vac low voltage distribution cb supply 1 control unit 22 400vac low voltage distribution cb coupling control unit 22 400vac low voltage distribution cb supply 2 control unit 22 400vac low voltage distribution cb supply 1 control unit 22 400vac low voltage distribution control unit 22 400vac low voltage distribution high pressure pump.bearing de control unit 22 400vac low voltage distribution stillstand heaters control control unit 22 400vac low voltage distribution oil mist suction device de control unit 22 400vac low voltage distribution h press pu.bearing de stand-by control unit 22 400vac low voltage distribution oil mist suction device nde control unit 22 400vac low voltage distribution indication unit 22 400vac low voltage distribution automatik input unit 22 400vac low voltage distribution circuit diageam unit…400vac low voltage distribution front view unit…400vac low voltage distribution inside view unit…400vac low voltage distribution cubicle view gauge board cover sheet gauge board front view gauge board inside layout gauge board fower supply gauge board cubicle lighting/heating gauge board 24vdc distributidn gauge board fault indication lamps gauge board fault messages to control gauge board temperatures thrust bearing gauge board temperatures de/nde guiide bearing gauge board temperatures de/nde bearing oil reservoir gauge board temperatures cold air from coolers gauge board display temperatures cooler 1-10 gauge board display temperatures cooler 11-20 gauge board temperatures hot air from coolers gauge board display tem.

单位 22 400 vac 低的电压分配钢笔 busbar单位 22 400 vac 低的电压分配小卧室 lighting.plug 和暖气单位 22 400 vac 低的电压分配测定和 ac-分配单位 22 400 vac 低的电压分配 220 vdc control2单位 22 400 vac 低的电压分配控制线路断路器单位 22 400 vac 低的电压分配自动机械 interconnection2单位 22本装置目录单位 22 400 vac 低的电压分配小卧室 lighting.plug anh 暖气单位 22 400 vac 低的电压分配 ac/直流补给控制单位 22 400 vac 低的电压分配 cb 补给 1 控制单位 22 400 vac 低的电压分配 cb 联结控制单位 22 400 vac 低的电压分配 cb 补给 2 控制单位 22 400 vac 低的电压分配 cb 补给 1 控制单位 22 400 vac 低的电压分配控制单位 22 400 vac 低的电压分配高度强迫 pump.bearing de 控制单位 22 400 vac 低的电压分配 stillstand 加热器控制控制单位 22 400 vac 低的电压分配油雾吸装置 de 控制单位 22 400 vac 低的电压分配 h 杂志报纸 pu.bearing de 台子-被控制单位 22 400 vac 低的电压分配油雾吸装置 nde 控制单位 22 400 vac 低的电压分配指示单位 22 400 vac 低的电压分配 automatik 输入单位 22 400 vac 低的电压分配线路 diageam单位…400休假低的电压分配前面视野单位…400休假低的电压分配内部看单位…400休假低的电压分配小卧室视野精确计量董事会掩护张精确计量董事会比较前面的视野标准度量在地面区划之内搭乘标准度量董事会 fower 补给标准度量董事会小卧室照明/暖气标准度量董事会 24 vdc distributidn标准度量董事会过失指示灯精确计量董事会过失信息控制标准度量董事会温度插入了举止标准度量董事会温度 de/ nde guiide 举止生的标准度量董事会温度 de/ nde 涂油水于水库标准度量董事会来自冷却器的温度冷空气精确计量董事会展览温度冷却器 1-10精确计量董事会展览温度冷却器 11-20标准度量董事会来自冷却器的温度热气精确计量董事会展览 tem。

Hot air cooler 11-20 gauge board flow temperatures gauge board pressure transducers gauge board flow transducers gauge board display water flow in air coolers 1-10 gauge board flow transducers gauge board display water supply for lower oil-cooler gauge board flow transducers gauge board level gauge in upper oil reservoir gauge board water in oil reservoirs gauge board creep detector gauge board bearing insulation

热气冷却器 11-20精确计量董事会流程温度精确计量董事会压力转换器精确计量董事会流程转换器在空气冷却器 1-10 中精确计量董事会展览水流程精确计量董事会流程转换器为较低的油-冷却器精确计量董事会展览自来水精确计量董事会流程转换器标准度量董事会水平在上面的油水库中精确计量标准度量董事会水在油水库中精确计量董事会爬发现者精确计量董事会生绝缘

Based on the A-stock market panel data of 292 non-financial public companies from 2001 to 2005. This dissertation adopts the integrated methods of normal research and empirical research to analyze the relationship between board governance and audit fees.By utilizing the board scale ,the lead structure of directorate,the composing of company's board ,the establishment of professional committees,the operation of the board of directors and so on as descriptive variables ,this dissertation has verified seven hypothesises.The conclusions are as follows:when the board-chairman and the general manager of the company are the same man,audit fees are more expensive.

本文采用规范研究和实证研究相结合的方法，利用经典审计收费模型，对我国沪深两市292家非金融类A股上市公司2001-2005年的情况进行统计检验，分析了董事会治理特征与审计收费的关系，采用了董事会规模、董事会的领导权结构、董事会的构成、次级委员会的设置、董事会成员持股情况、董事会会议情况等能对董事会治理做数量描述的变量，用实证研究的方法检验了提出的七个假设。

The board is small in scale and can be easily controlled by majority shareholders. Once they control the board, the majority shareholders will enhance the entrance barrier. Thus, the core of optimizing the board of directors is to ensure lower entrance cost for stakeholders beside the majority shareholders. Moreover, independent director system and committee system, which should be kept independent, can keep the board of directors efficient.

董事会规模是有限的，绝大部分中小股东事实上不能对董事会产生什么影响，因此董事会容易为控股大股东所控制，沦为大股东实施其战略思路的工具；一旦成功控制董事会，控制者就会利用在位优势增加后来者的进入难度；董事会制度优化的核心是保证大股东以外的利益相关者以较低成本进入董事会，形成制约与抗衡；独立董事制度和委员会制度是保证董事会有效的重要制度安排，而保证独立董事和委员会的独立性是制度行之有效的关键。

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车，和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特，那个是爱朗。