"Aviation fuel in an accident, risk control and procedural oversight neglected. "Pekinguniversity Professor, Assistant Dean, financial week Chunsheng Dr.. At CEIBS Professor of human resources and administration, human resource and organizational management Research Center Director Yang Guo (Yeung, Arthur), in the root causes of aviation oil crisis lies in the fact that the company's success by hero on culture, instead of requiring the professional manager both ability and political integrity.
Culture to blame?
"Financial times": Cao incident, many commentators have pointed out that this is a group on corporate governance issues. In your view? Yang Guo: some people think that the root cause of this event is the operator and the interests of the State-owned assets. Because operators for State-owned assets do not have interests, so when you run the enterprise "bet" mentality more distinctly. But through relevant materials, chenjiulin themselves are keen to Chinese Cao (Singapore). If he is in private enterprises, I believe he will adopt similar decision, which related with individual style. Some people think this is the company's rules did not implement the system, on the surface. But it is clear that in the event of aviation oil, this mechanism does not play a role. Why do? the real reason is that the culture of China Aviation oil group is success or failure on Heroes, regardless of personal way. In this kind of excessive people run corporate culture atmosphere, one of the more successful, the easier it is to be regarded as highly hero hopes to easily transcend internal audit and monitoring system. Naturally, this type of company executives more vulnerable to crime. Chenjiulin 7 years will be a loss of the company into a star companies within the Group of high prestige, finally did not escape the exception. Week Chunsheng: Cao is a subsidiary of the State-owned enterprises, the loss is the country's money. But it really was business behavior, not the Government. In other words, it reminds us that similar aviation oil that State-controlled enterprises in the selection and appointment of managers, in addition to the concerns of business managers own abilities and qualities but also focus on the future course of business, how to effectively control manager staff misconduct. Aviation oil derivative financial transactions in operations against the basic principles of internal control. Cao's many practices with domestic enterprises, although it is Singapore-listed companies, although the company has many of the regulations, indeed all furnishings, and have not been implemented. In this sense, the implementation of the system even more important than the system itself, which has not been implemented system is useless.
Monitor subsidiaries financial risk
"Financial times": from chenjiulin event, relative to the CEO of moral hazard, the CEO of operational risks is not more difficult to control because on the surface, CEO of the operation seemed to be a company instead of their own well-being. Yang Guo: chenjiulin does not violate the personal morality, but his breach of professional ethics. Because the company bigger on him good, for the name, the right to benefit, he took the company to the high risk of a step. From this point, his professional ethics. The company can select appropriate managers avoid operational risk. Selected when you want to combine a talent, not just rely on the performance of selected people. In addition, the company internal independent audit system, discovering that managers are wrong, the first warning, the second is seriously, forming system.
"Financial times": the event in the aviation fuel, in how to supervise subsidiaries regard offers enterprises a kind of inspired and learned? Yang Guo: supervision of subsidiaries, there are three ways to multinational corporations. First, the European company, the subsidiaries highly authorized, with emphasis on personality. The parent company will choose a trustworthy, and soak in the culture of the company for a long time as CEO of overseas subsidiaries. Second, the United States-, equitable implementation of internal processes and standards. United States companies such as GE will set up an independent audit system, worldwide audit branch of accounts, for everyone. Third, Japan-style, the parent company highly centralized authorization for overseas subsidiaries. My suggestion is that when the appropriate supervision of subsidiaries of decentralization. At the same time sent by the CEO of trust, and integrity; in addition set up legal system monitor process, such as the Board of Directors, internal independent auditing system, etc. Finally, the entire group must adhere to the sustainable development strategy, to avoid the adoption of the "soccer" mentality for short-term development. Chunsheng Zhou: from internal monitoring system, the Board of Directors is to regulate the CEO the most direct mechanism. Independence of the Board of Directors to be valid formation on CEO financial monitoring. Taking into account the conditions of the Board of directors itself, the Board must be equipped with their own financial and Legal Affairs Advisor, helping the Board of Directors understood the company's financial trends, and be able to take appropriate legal measures. In addition the establishment of an internal independent audit system. Located in the Board's Audit Committee has the right to investigate the matter within the scope of responsibilities and full access to information. In addition, the Auditors also should be a financial expert.
"Financial times": chenjiulin event reveals the senior management of the importance of compliance with the financial discipline. But how to make the CEO management senior compliance with financial discipline? week Chunsheng: focus on the CEO's mandates and examination, the examination of particular importance; Secondly, any large options futures transactions must have a clear communication and monitoring; once again, on the personal permission governed CEO; Finally, enterprises should use their core competence to participate in market competition, not at shouldn't do it. There is nothing wrong with doing futures, but the "excess" do Futures is wrong. Has the wrong first step, it should be immediately corrected, immediately exit. Chenjiulin excessive speculation, the qualitative change from quantitative changes have occurred. If the CEO himself does not understand finance, can the company set up an independent financial experts, to the Board of Directors noted that financial market risk of the use of policy where it is.
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