【2020年12月06日】解读Apple关联方交易公司政策

胡星律师

证监会于2012年3月发布会计监管风险提示第2号“通过未披露关联方实施的舞弊风险”，近9年过去，风险热度不减，仍是证监会提高上市公司信息披露质量公函中的高频词。
通过隐蔽关联方可达到的违法目的，实在太多，在此不述。本文只讨论，想友好对待小股民的上市公司，可从Apple关联交易公司政策中，借鉴哪些经验来制订公司内部合规制度。
先梳理第2号文，回顾通过未披露关联方实施的舞弊风险的要点。因本篇文章重点是读Apple政策，第2号文要点内容将不展开分析。
第2号文要点
  利用未披露关联方实施的交易常见形式

• 显失公允的价格与未披露关联方之间进行交易；
  
• 利用与未披露关联方之间的资金循环虚构交易；
  
• 利用未披露关联方分担公司成本费用；
  
• 接受未披露关联方的捐赠；
  
• 利用未披露关联方占用公司的资金。
  
  

未披露关联方关系的主要特征

• 与公司实控人、高管等存在关联关系；
  
• 交易对方主要控制人、关键管理人员、购销关键人员姓名与公司高管相近；
  
• 交易对方是当年新增重要客户、供应商；
  
• 互联网难以检索到相关资料；
  
• 名称、注册地、实际办公地、IP地址、邮箱域名、相同、接近。
  
  

未披露关联方交易的主要特征

• 交易时间接近财报日，频次较少，金额大；
  
• 交易价格、付款方式等商业条款与正常客户不同、不符合商业惯例；
  
• 不通过银行转账结算，多采用现金交易、债权债务抵销；
  
• 付款人与合同、发票显示不一致；
  
• 与经营范围明显不符、金额与业务规模明显不符；
  
• 合同实际履行与书面约定不一致（发货日、付款日等）；
  
• 呆滞账。
  
  

常见舞弊动机

• 避免被特别处理、退市；
  
• 满足融资业绩；
  
• 避免上市后业绩迅速下降；
  
• 满足股权激励行权条件；
  
• 满足重组承诺业绩条件；
  
• 迎合市场业绩预期；
  
• 谋求以业绩为计算基础的奖金。
  
  

Apple Related Party Transactions Policy (version Aug. 2017)
按惯例，下方英文（包括序号）系原文摘录，中文非翻译，而是小法阐述英文文本中的要点，加结合国内法律实务作点评。可只读中文，或读英文作更全面了解。
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董事会认为，公司内部审阅和批准有利害关系交易的最适合人选，是审计财务委员会（“委员会”）。为什么不是法务部或其他部门？小法认为，查找隐蔽关联方交易的难点，在于发现隐形的“资金闭环”，而法务部在公司内控的角色，通常在合同等法律文书的审阅和批准，而财务部的工作，渗透到客户/供应商尽职调查入库、合同财务条款审阅批准、发票开收、应收款/应付款收付、现金流管理、利润表编制等众多环节，是嗅出可疑并调查“资金闭环”的最适合人选。

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“有利害关系交易”进入委员会审阅、批准之前，由Apple法务负责人对“有利害关系交易”先进行评估，若认为需要提交给委员会，法务负责人梳理相关重要事实后，将“有利害关系交易”连同重要事实摘要，报告给委员会。
为什么第一步由法务来处理？小法认为，在于“关联方关系”的认定是较复杂法律问题。小法工作中可能有几十次吧，被询问到合同中定义章节“关联方”、“关联交易”那5-10行没一个句号停顿的定义到底该怎么读，然后回答是，确实没办法插停顿符号。
第一步由法务处理没问题，但交给法务部最高职位负责人 (General Counsel ,“GC”) 处理，足可见Apple对关联方交易的重视程度。

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.

委员会阅读材料后，处理结果有三种：预先批准 (事后提交给委员会审阅)、提交委员会定期会议讨论后批准或否决、直接否决。
委员会审阅材料时主要考量因素是：1)“有利害关系交易”条款，是否没有比相同、相似情形下非关联方进行交易的条款更不利的条款；2)关联方在交易中利害关系之程度。

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.

公司每位董事和执行层高管至少每年列一份清单，列明所有现有、潜在“有利害关系交易”。若CEO、CFO、GC发现清单上有尚未批准的交易，将立刻通知委员会主席。若主席经判断，认为等不及全体委员会讨论决定，主席将一人作出批准或取消交易的决定。
在这个程序中，列清单的高管比较广（避免疏漏）、发现问题人锁在CEO、CFO、GC三位高管（执行/财务/法务三条线top leader）、而汇报问题仅限委员会主席（紧急情况可单独一人作决定，避免群体讨论带来效率延误）。

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.

这两个程序容易理解。有利害关系董事应回避讨论、表决。批准后开始执行的“有利害关系交易”，管理层将按照委员会制订的指引，来监督交易的执行。

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).

多大金额“有利害关系交易”入Apple法眼受本政策约束呢？$120,000！瞥一眼下图Apple几个财务指标，粗算一下，$120,000仅仅是公司1.3天的营收、3.5天的毛利润、4.5天的运营现金流入！

因此，对关联方交易的管理，与审计程序中“重要性”认定类似，“金额”并不是唯一的认定标准，“性质“和“影响性”亦是认定标准。

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.

本章节列出了委员会在评估“有利害关系交易”时的考量因素，涉及很多方面，当然属于很专业的判断了。
但小法认为，对于外行，仍可以靠抓住要点来理解。就像反不正当竞争的考量，要点在于抓住“最终消费者权益是否受害”；反商业贿赂，要点在于抓住“是否造成不正当竞争优势”；而对于评估“有利害关系交易”，要点在于，与相同或相似非关联方交易作对比，是否为一笔“公平的交易”，从而“没有不正当的利益输出/输入”。

结语
这几天热门财经新闻，莫过于AAA级国企债永煤10亿短融债券违约事件了。

看看永煤的关联方欠款，不由长叹口气。
本文仅作讨论，不构成律师法律意见。若转载，请得到作者事先同意。