‫‪‬‬

‫‪ –‬‬
‫‪ ‬‬

‫‪     ‬‬

‫‪ ‬‬ ‫‪ ‬‬
‫ﻳﻨﻈﻢ‬

‫ﺍﳌﻠﺘﻘﻰ ﺍﻟﻮﻃﲏ ﺣﻮﻝ‪:‬‬

‫‪‬‬
‫‪ ‬‬
‫ﻳﻮﻣﻲ ‪ 07-06‬ﻣﺎﻱ ‪2012‬‬

‫ﻋﻨﻮﺍﻥ ﺍﳌﺪﺍﺧﻠﺔ‪:‬‬

‫ﺍﳊﻮﻛﻤﺔ‪ :‬ﺍﳌﻔﻬﻮﻡ ﻭﺍﻷﳘﻴﺔ‪.‬‬

‫ﺇﻋﺪﺍﺩ‪:‬‬

‫ﻏﺎﱎ ﻫﺎﺟﺮﺓ‬ ‫ﺩ‪ .‬ﺑﻮﻗﺮﺓ ﺭﺍﺑﺢ‬

‫ﻃﺎﻟﺒﺔ ﻣﺎﺟﺴﺘﲑ ﲜﺎﻣﻌﺔ ﺍﳌﺴﻴﻠﺔ‬ ‫ﺃﺳﺘﺎﺫ ﳏﺎﺿﺮ‪ -‬ﺃ ﲜﺎﻣﻌﺔ ﺍﳌﺴﻴﻠﺔ‬
‫ﺍﻟﻌﻨﻮﺍﻥ ﺍﻹﻟﻜﺘﺮﻭﱐ‪[email protected] :‬‬ ‫ﺍﻟﻌﻨﻮﺍﻥ ﺍﻹﻟﻜﺘﺮﻭﱐ‪[email protected] :‬‬

‫ﻣﺪﻳﺮ ﺍﳌﺨﱪ‪ :‬ﺃ‪.‬ﺩ‪ /‬ﺳﺎﻛﺮ ﳏﻤﺪ ﺍﻟﻌﺮﰊ‬ ‫ﻟﻼﺗﺼﺎﻝ ﲟﺨﱪ ﻣﺎﻟﻴﺔ‪ ،‬ﺑﻨﻮﻙ ﻭﺇﺩﺍﺭﺓ ﺃﻋﻤﺎﻝ‪:‬‬
‫ﺭﺋﻴﺲ ﺍﳌﻠﺘﻘﻰ‪ :‬ﺩ‪.‬ﻏﺎﱂ ﻋﺒﺪ ﷲ‬ ‫ﺍﻟﱪﻳﺪ ﺍﻹﻟﻜﺘﺮﻭﱐ‪[email protected] :‬‬
‫ﺭﺋﻴﺲ ﺍﻟﻠﺠﻨﺔ ﺍﻟﻌﻠﻤﻴﺔ ‪ :‬ﺃ‪.‬ﺩ‪ /‬ﻏﻮﰲ ﻋﺒﺪ ﺍﳊﻤﻴﺪ‬ ‫ﻫﺎﺗﻒ‪ /‬ﻓﺎﻛﺲ‪033742199 :‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﺍﳌﻘﺪﻣﺔ ‪:‬‬
‫ﻧﺘﻴﺠﺔ ﻟﻸﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﱵ ﺣﺪﺛﺖ ﰲ ﻛﺜﲑ ﻣﻦ ﺩﻭﻝ ﺍﻟﻌﺎﱂ ﻭﻣﺎ ﺻﺎﺣﺒﻬﺎ ﻣﻦ ﺿﻴﺎﻉ ﺣﻘﻮﻕ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪ ،‬ﻭﻓﻘﺪ ﺛﻘﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪،‬‬
‫ﻭﻛﺄﺳﻠﻮﺏ ﻟﺘﻔﺎﺩﻱ ﺍﻟﻮﻗﻮﻉ ﰲ ﻫﺬﻩ ﺍﻷﺯﻣﺎﺕ ﻭﺍﻟﺘﻘﻠﻴﻞ ﻣﻦ ﺣﺪ‪‬ﺎ ﻛﺎﻥ ﻟﺰﺍﻣﺎ ﻋﻠﻰ ﺍﻻﻗﺘﺼﺎﺩﻳﲔ ﻭﺍﳌﻬﺘﻤﲔ ﺑﺈﳚﺎﺩ ﺣﻠﻮﻝ ﳍﺬﻩ ﺍﻷﺯﻣﺔ ﻭﺫﻟﻚ ﻣﻦ‬
‫ﺧﻼﻝ ﺩﺭﺍﺳﺎﺕ ﺃﺟﺮﻳﺖ ﺣﻮﻝ ﺃﺳﺒﺎﺏ ﻫﺬﻩ ﺍﻻ‪‬ﻴﺎﺭﺍﺕ ﻓﻮﺟﺪ ﺃﻥ ﺍﻟﻘﺴﻂ ﺍﻟﻜﺒﲑ ﻳﻌﻮﺩ ﺧﺎﺻﺔ ﺇﱃ ﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ ﻭﺍﶈﺎﺳﱯ ﻭﻣﺎ ﺻﺎﺣﺒﻪ‬
‫ﻣﻦ ﻋﺪﻡ ﻗﺪﺭﺓ ﺍﻹﺩﺍﺭﺓ ﻋﻠﻰ ﺍﻟﻘﻴﺎﻡ ﺑﻮﺍﺟﺒﻬﺎ ﺍﻟﺮﻗﺎﰊ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺗﺄﻛﻴﺪ ﻣﺮﺍﻗﱯ ﺍﳊﺴﺎﺑﺎﺕ ﻋﻠﻰ ﺩﻗﺘﻬﺎ‪ ،‬ﻧﺘﻴﺠﺔ ﻟﻜﻞ ﺫﻟﻚ ﺯﺍﺩ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺘﻄﺒﻴﻖ‬
‫ﻣﻔﻬﻮﻡ ﺍﳊﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ ﻣﻦ ﺧﻼﻝ ﻣﺒﺎﺩﺉ ﺗﻀﻤﻦ ﺍﳌﻤﺎﺭﺳﺔ ﺍﻟﺴﻠﻴﻤﺔ ﳍﺎ ‪.‬ﻭﻣﻦ ﺧﻼﻝ ﻣﺎ ﺳﺒﻖ ﳝﻜﻦ ﻃﺮﺡ ﺍﻹﺷﻜﺎﻟﻴﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﺴﺎﺅﻻﺕ‬
‫ﺍﻟﺘﺎﻟﻴﺔ ‪:‬ﺍﻟﻌﻼﻗﺔ ﺍﻟﱵ ﻗﺪ ﺗﻮﺟﺪ ﺑﲔ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ‪ ،‬ﻭﻫﻞ ﻫﺬﻩ ﺍﻟﻌﻼﻗﺔ ﲤﺘﺪ ﻟﻠﺘﺄﺛﲑ ﻋﻠﻲ ﺟﻮﺩﺓ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ؟‬
‫ﻭﻫﻞ ﻫﺬﺍ ﺍﻟﺘﺄﺛﺮ ﻳﻘﺘﺼﺮ ﻋﻠﻲ ﺧﺼﺎﺋﺺ ﺟﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﺃﻡ ﻳﻔﺘﺢ ﳎﺎﻻﺕ ﺟﺪﻳﺪﺓ ﻭﻣﻌﺎﻳﲑ ﺟﺪﻳﺪﺓ ﳉﻮﺩﺓ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ؟ ﻭﻫﻞ ﻫﺬﻩ‬
‫ﺍ‪‬ﺎﻻﺕ ﻭﺍﳌﻌﺎﻳﲑ ﻳﺮﺗﺒﻂ ﻭﺟﻮﺩﻫﺎ ﻓﻘﻂ ﺑﺘﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺃﻡ ﳝﻜﻦ ﺇﳚﺎﺩﻫﺎ ﰲ ﻇﺮﻭﻑ ﺃﺧﺮﻱ ؟ ﻭﻣﺎ ﻫﻲ ﻃﺒﻴﻌﺔ ﻫﺬﻩ ﺍﳌﻌﺎﻳﲑ ؟‬
‫ﺍﻟﻜﻠﻤﺎﺕ ﺍﳌﻔﺘﺎﺣﻴﺔ ‪:‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪ ،‬ﳎﺎﻻﺕ ﻭﳑﺎﺭﺳﺎﺕ ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫‪ - I‬ﺍﻹﻃﺎﺭ ﺍﻟﻌﺎﻡ ﻟﻠﺤﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬

‫‪-1‬ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋﻼﻗﺘﻪ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ‪:‬‬

‫ﻟﻘﺪ ﺗﻌﺪﺩﺕ ﺍﻵﺭﺍﺀ ﺑﲔ ﳐﺘﻠﻒ ﺍﻟﻜﺘﺎﺏ ﻭﺍﻟﺒﺎﺣﺜﲔ ﰲ ﺍﻟﺘﻌﺒﲑ ﻋﻦ ﻣﻔﻬﻮﻡ ﺃﻭ ﺗﻌﺮﻳﻒ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺫﻟﻚ ﺑﺘﻌﺪﺩ ﺍﻫﺘﻤﺎﻣﺎﺕ ﻭﲣﺼﺼﺎﺕ ﻫﺆﻻﺀ‬
‫ﺍﻟﻜﺘﺎﺏ ﻭﺍﻟﺒﺎﺣﺜﲔ ‪،‬ﻓﻠﻘﺪ ﻋﺮﻑ ﺍﻟﺒﻌﺾ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺄ‪‬ﺎ ‪:‬ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﺍﻟﱵ ﺗﺮﺑﻂ ﺑﲔ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﺴﺎﳘﲔ‬
‫ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﻓﻴﻬﺎ ﻭﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﺟﺮﺍﺀﺍﺕ ﻭﺍﻷﺳﺎﻟﻴﺐ ﺍﻟﱵ ﺗﺴﺘﺨﺪﻡ ﻹﺩﺍﺭﺓ ﺷﺌﻮﻥ ﺍﻟﺸﺮﻛﺔ ﻭﺗﻮﺟﻴﻪ ﺃﻋﻤﺎﳍﺎ ﻣﻦ ﺃﺟﻞ ﺿﻤﺎﻥ ﺗﻄﻮﻳﺮ‬
‫ﺍﻷﺩﺍﺀ ﻭﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﳌﺴﺎﺀﻟﺔ ‪‬ﺎ ﻭﺗﻌﻈﻴﻢ ﻓﺎﺋﺪﺓ ﺍﳌﺴﺎﳘﲔ ﻋﻠﻲ ﺍﳌﺪﻱ ﺍﻟﻄﻮﻳﻞ ﻭﻣﺮﺍﻋﺎﺓ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬

‫ﻛﻤﺎ ﻋﺮﻓﻬﺎ ﻛﺎﺗﺐ ﺃﺧﺮ ﺑﻘﻮﻟﻪ ‪:‬ﺇﻥ ﻫﺬﺍ ﺍﳌﻔﻬﻮﻡ ﻳﺆﻛﺪ ﺍﻟﻌﻤﻞ ﲟﺒﺎﺩﺉ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﳌﺮﺍﻗﺒﺔ ﻭﺍﳌﺴﺎﺀﻟﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ ﺩﺍﺧﻞ ﺍﻟﺸﺮﻛﺎﺕ ﲟﺎ ﳛﻤﻴﻬﺎ ﻣﻦ ﺃﻥ‬
‫ﺗﻠﻘﻰ ﺫﺍﺕ ﻣﺼﲑ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻨﻬﺎﺭﺓ‬
‫‪:‬‬
‫ﻭﻗﺪ ﺃﺷﺎﺭﺕ ﺍﺣﺪﻱ ﺍﻟﺪﺭﺍﺳﺎﺕ ‪ :‬ﺑﺎﻥ ﻫﻨﺎﻙ ﻣﺪﺧﻠﲔ ﻟﺘﺤﺪﻳﺪ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺖ ﺍﻟﺸﺮﻛﺎﺕ ﻭﳘﺎ‬
‫ﺍﳌﺪﺧﻞ ﺍﻷﻭﻝ ‪ :‬ﻣﺪﺧﻞ ﺍﳌﺴﺎﻫﻢ ←ﻭﺍﻟﺬﻱ ﻳﻬﺘﻢ ﺑﺘﻌﻈﻴﻢ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﳑﺜﻠﺔ ﰲ ﺍﻟﺮﲝﻴﺔ‬
‫ﺍﳌﺪﺧﻞ ﺍﻟﺜﺎﱐ ‪ :‬ﻣﺪﺧﻞ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺘﻌﺪﺩﺓ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ ←ﻣﺜﻞ ﺍﳌﺪﻳﺮﻳﻦ ﻭﺍﻟﻌﻤﻼﺀ ﻭﺍﻟﺪﺍﺋﻨﲔ ﻭﺍﻟﻌﻤﺎﻝ ﻭﺍﻷﻃﺮﺍﻑ ﺍﻻﺧﺮﻱ ‪،‬ﻭﻳﻬﺘﻢ ﻫﺬﺍ‬
‫ﺍﳌﺪﺧﻞ ﺑﺘﺤﻘﻴﻖ ﻣﺼﺎﱀ ﻫﺆﻻﺀ ﺍﻷﻃﺮﺍﻑ‪.‬‬
‫ﻛﻤﺎ ﺃﺷﺎﺭﺕ ﺍﻟﺪﺭﺍﺳﺔ ﺑﺎﻥ ﺍﳌﺪﺧﻞ ﺍﻟﺜﺎﱐ ﺍﻋﻢ ﻭﺍﴰﻞ ﰲ ﺍﻟﺘﻌﺒﲑ ﻋﻦ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻷﻧﻪ ﻳﺮﻛﺰ ﻋﻠﻲ ﺍﻟﺒﻴﺌﺔ ﺍﶈﻴﻄﺔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﺍﻟﻘﻀﺎﻳﺎ‬
‫ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﺍﳌﺨﺘﻠﻔﺔ ‪،‬ﻋﻼﻭﺓ ﻋﻠﻲ ﺍﻧﻪ ﻳﻬﺘﻢ ﺑﺘﻮﺻﻴﻞ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻼﺋﻤﺔ ﳌﺘﺨﺬﻱ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻣﻦ ﺩﺍﺧﻞ ﻭﺧﺎﺭﺝ ﺍﻟﺸﺮﻛﺔ ‪.‬‬

‫ﰲ ﺿﻮﺀ ﻣﺎ ﺳﺒﻖ ﳝﻜﻦ ﻟﻠﺒﺎﺣﺚ ﺍﻹﺷﺎﺭﺓ ﺇﱄ ﻣﺎ ﻳﻠﻲ‪:‬‬

‫‪1-‬ﴰﻮﻝ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻟﻠﻌﺪﻳﺪ ﻣﻦ ﺍﻷﺑﻌﺎﺩ ﺳﻮﺍﺀ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺃﻭ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺃﻭ ﺍﻹﺩﺍﺭﻳﺔ ﺃﻭ ﺍﶈﺎﺳﺒﻴﺔ ﺃﻭ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﺃﻭ ﺍﻷﺧﻼﻗﻴﺔ ‪ ،‬ﻭﺫﻟﻚ‬
‫ﻧﺘﻴﺠﺔ ﻋﺪﻡ ﺍﻻﺗﻔﺎﻕ ﻋﻠﻲ ﺗﻌﺮﻳﻒ ﺃﻭ ﻣﻔﻬﻮﻡ ﻣﻮﺣﺪ ﳌﺼﻄﻠﺢ ‪Corporate Governance .‬‬

‫‪2-‬ﺍﺯﺩﺍﺩ ﺍﻧﺘﺸﺎﺭ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺼﻮﺭﺓ ﻭﺍﺳﻌﺔ ﺑﻌﺪ ﺣﺪﻭﺙ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﻻ‪‬ﻴﺎﺭﺍﺕ ﻭﺍﻷﺯﻣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻟﻠﻜﺜﲑ ﻣﻦ ﺍﻟﻮﺣﺪﺍﺕ‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻌﻤﻼﻗﺔ ‪ ،‬ﳑﺎ ﻳﻌﲏ ﻓﻌﺎﻟﻴﺔ ﺍﻟﺪﻭﺭ ﺍﻟﺬﻱ ﻳﻘﻮﻡ ﺑﻪ ﻫﺬﺍ ﺍﳌﺼﻄﻠﺢ ﻭﻣﺎ ﻳﺘﻀﻤﻨﻪ ﻣﻦ ﻭﺳﺎﺋﻞ ﻟﻠﻌﻼﺝ ﻭﺍﻹﺻﻼﺡ ﳌﺜﻞ ﻫﺬﻩ ﺍﻻ‪‬ﻴﺎﺭﺍﺕ‬
‫ﻭﺍﻷﺯﻣﺎﺕ‪.‬‬

‫‪3-‬ﻳﺴﺎﻋﺪ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﻘﻀﺎﺀ ﻋﻠﻲ ﺍﻟﺘﻌﺎﺭﺽ ﻭﲢﻘﻴﻖ ﺍﻻﻧﺴﺠﺎﻡ ﻭﺍﻟﺘﻮﺍﺯﻥ ﺑﲔ ﻣﺼﺎﱀ ﺍﻟﻔﺌﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ ﺍﳌﻬﺘﻤﺔ ﺑﺎﻟﻮﺣﺪﺓ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺳﻮﺍﺀ ﻣﻦ ﺩﺍﺧﻠﻬﺎ ﺃﻭ ﻣﻦ ﺧﺎﺭﺟﻬﺎ ‪،‬ﻭﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ ﺍﳊﺪ ﻣﻦ ﺳﻴﻄﺮﺓ ﺍﻹﺩﺍﺭﺓ ﻭﺇﻋﻄﺎﺀ ﺳﻠﻄﺎﺕ ﺃﻭﺳﻊ ﻟﻠﻔﺌﺎﺕ ﺍﻻﺧﺮﻱ – ﺧﺎﺻﺔ‬
‫ﺍﳌﺴﺎﳘﲔ – ﻭﻏﲑﻫﻢ ﻣﻦ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪.‬‬

‫‪4-‬ﺍﻟﻘﺎﺳﻢ ﺍﳌﺸﺘﺮﻙ ﺑﲔ ﺍﳌﻔﺎﻫﻴﻢ ﺍﳌﺨﺘﻠﻔﺔ ﳌﺼﻄﻠﺢ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻮ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺘﻄﻮﻳﺮ ﺍﻷﺩﺍﺀ ﻭﲢﻘﻴﻖ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻻﻧﻀﺒﺎﻁ ﻭﺍﻟﻌﺪﺍﻟﺔ‬
‫‪ ،‬ﻭﻗﺪ ﺃﻛﺪﺕ ﻋﻠﻲ ﺫﻟﻚ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻣﺜﻞ‬
‫‪: Forker,1992 – Moerland ,2000 – Gompers , 2001 – Eugene , 2003 .‬‬

‫‪5-‬ﺍﻫﺘﻤﺎﻡ ﻣﺼﻄﻠﺢ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺘﺤﻘﻴﻖ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﻛﺎﻓﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺑﺼﻔﺔ ﺧﺎﺻﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﳌﺎ ﳍﺎ ﻣﻦ ﺃﳘﻴﺔ ﻭﺩﻭﺭ‬
‫ﻓﻌﺎﻝ ﰲ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻑ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪ ،‬ﳑﺎ ﻳﻌﲏ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺘﺤﻘﻴﻖ ﺟﻮﺩﺓ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ‪ ،‬ﻭﱂ ﻳﻘﺘﺼﺮ ﺍﻷﻣﺮ ﻋﻠﻲ ﺫﻟﻚ‬
‫ﺑﻞ ﺍﻣﺘﺪ ﺇﱄ ﺩﻭﺭﻫﺎ ﰲ ﺗﻨﺸﻴﻂ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻭﻗﺪ ﺃﻛﺪﺕ ﻋﻠﻲ ﺫﻟﻚ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﱵ ﻗﺎﻡ ‪‬ﺎ ﺑﻨﻚ ﻛﺮﻳﺪﻱ ﻟﻴﻮﻧﻴﻪ ‪Credit Lydnnais‬‬
‫‪S. A.‬ﻋﺎﻡ ‪2002‬ﻡ ‪ :‬ﻣﻦ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺑﲔ ﻣﺴﺘﻮﻳﺎﺕ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﳌﺨﺘﻠﻔﺔ ﻣﻦ ﻧﺎﺣﻴﺔ ﻭﺑﲔ ﺩﺭﺟﺔ ﳕﻮ ﻭﺗﻄﻮﺭ ﺃﺳﻮﺍﻗﻬﺎ ﺍﳌﺎﻟﻴﺔ ﻭﺃﺩﺍﺀ‬
‫ﺍﻷﺳﻬﻢ ‪‬ﺎ ﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ‬

‫*ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﳊﻮﻛﻤﺖ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋﻼﻗﺘﻬﺎ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ‬

‫ﻋﻠﻲ ﺍﻟﺮﻏﻢ ﻣﻦ ﺗﻌﺪﺩ ﻭﺗﻨﻮﻉ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﱵ ﺍﻫﺘﻤﺖ ﲝﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺣﺴﺐ ﳎﺎﻻﺕ ﺍﺳﺘﺨﺪﺍﻣﻬﺎ ‪ ،‬ﻓﺈﻥ ﺍﻟﺒﺎﺣﺚ ﺳﻮﻑ ﻳﺮﻛﺰ ﻫﻨﺎ ﻓﻘﻂ ﻋﻠﻲ‬
‫ﺑﻌﺾ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﱵ ﺃﻇﻬﺮﺕ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺃﺛﺮ ﺫﻟﻚ ﻋﻠﻲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪،‬ﻭﺫﻟﻚ ﻛﻤﺎ ﻳﻠﻲ ‪:-‬‬

‫•ﺩﺭﺍﺳﺔ ‪Francis ,et al.‬ﻋﺎﻡ ‪2001‬ﻡ‬

‫ﺗﻨﺎﻭﻟﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺩﻭﺭ ﻛﻞ ﻣﻦ ﺍﶈﺎﺳﺒﺔ ﻭﺍﳌﺮﺍﺟﻌﺔ ﰲ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺗﻄﻮﻳﺮ ﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ﰲ ﻋﺪﺩ ﻣﻦ ﺍﻟﺪﻭﻝ ‪،‬ﻭﻗﺪ ﺧﻠﺼﺖ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺇﱄ ﺿﺮﻭﺭﺓ ﻭﺟﻮﺩ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺍﻟﻼﺯﻣﺔ ﳊﻤﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ‪،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱄ ﺿﺮﻭﺭﺓ ﺍﻻﻟﺘﺰﺍﻡ ﲟﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﺔ ﻭﺍﳌﺮﺍﺟﻌﺔ ﻷ‪‬ﺎ‬
‫ﲢﻘﻖ ﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﺇﻋﺪﺍﺩ ﺍﻟﻘﻮﺍﺋﻢ ﻭﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻋﻼﻭﺓ ﻋﻠﻲ ﺩﻭﺭﻫﺎ ﰲ ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﺬﻱ ﻳﻨﻌﻜﺲ ﺑﺎﻹﳚﺎﺏ ﻋﻠﻲ‬
‫ﺣﺮﻛﺔ ﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ‪.‬‬

‫•ﺩﺭﺍﺳﺔ ‪Good and Seow‬ﻋﺎﻡ ‪2002‬ﻡ‬

‫ﺗﻨﺎﻭﻟﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺗﺄﺛﲑ ﺁﻟﻴﺔ ﺣﻮﻛﻤﺖ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻲ ﺟﻮﺩﺓ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻭ ﺩﻭﺭ ﺍﳌﺪﻳﺮﻳﻦ ﻭﺍﳌﺮﺍﺟﻌﲔ ﰲ ﺫﻟﻚ ﺑﺎﻟﺘﻄﺒﻴﻖ ﻋﻠﻲ ﺍﻟﻮﺣﺪﺍﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﺳﻨﻐﺎﻓﻮﺭﺓ ‪،‬ﻭﻗﺪ ﺧﻠﺼﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱄ ﺗﺄﻛﻴﺪ ﺩﻭﺭ ﺍﳌﺮﺍﺟﻌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ﰲ ﻋﻤﻠﻴﺔ ﺍﳊﻮﻛﻤﺔ ﻭ ﰲ ﲢﻘﻴﻖ ﺟﻮﺩﺓ‬
‫ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ‪،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱄ ﺃﳘﻴﺔ ﺍﻟﻘﻮﺍﻋﺪ ﺍﻷﺧﻼﻗﻴﺔ ﰲ ﺫﻟﻚ ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫•ﺩﺭﺍﺳﺔ ﺩﺭﻭﻳﺶ ﻋﺎﻡ ‪2003‬ﻡ‬

‫ﺗﻨﺎﻭﻟﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺩﻭﺭ ﺍﻹﻓﺼﺎﺡ ﺍﶈﺎﺳﱯ ﰲ ﺍﻟﺘﻄﺒﻴﻖ ﺍﻟﻔﻌﺎﻝ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻲ ﺃﳘﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﶈﺎﺳﱯ ﰲ‬
‫ﺗﻄﺒﻴﻖ ﻣﺒﺎﺩﺉ ﺍﳊﻜﻮﻣﺔ ﻣﻊ ﻋﺮﺽ ﲡﺎﺭﺏ ﺑﻌﺾ ﺍﻟﺪﻭﻝ ‪،‬‬
‫*ﲡﺪﺭ ﺍﻹﺷﺎﺭﺓ ﺃﻥ ﻣﺼﻄﻠﺢ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻗﺪ ﰎ ﺍﻗﺘﺮﺍﺣﻪ ﻣﻦ ﻗﺒﻞ ﺍﻷﻣﲔ ﺍﻟﻌﺎﻡ ‪‬ﻤﻊ ﺍﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﻗﺪ ﺃﺳﺘﺤﺴﻨﻪ ﻋﺪﺩ ﻣﻦ ﻣﺘﺨﺼﺼﻲ ﺍﻟﻠﻐﺔ‬
‫ﺍﻟﻌﺮﺑﻴﺔ ﻭﻣﻨﻬﻢ ﺍﳌﺴﺌﻮﻟﲔ ﻋﻦ ﻣﺮﻛﺰ ﺩﺭﺍﺳﺎﺕ ﺍﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﺑﺎﳉﺎﻣﻌﺔ ﺍﻷﻣﺮﻳﻜﻴﺔ – ﺑﺎﻟﻘﺎﻫﺮﺓ‬
‫ﻭﻗﺪ ﺧﻠﺼﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱄ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻨﺘﺎﺋﺞ ﺃﳘﻬﺎ ﻭﺟﻮﺩ ﺩﻭﺭ ﻓﻌﺎﻝ ﻟﻺﻓﺼﺎﺡ ﺍﶈﺎﺳﱯ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﺗﻄﺒﻴﻖ ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﻭﺧﺎﺻﺔ ﰲ ﻣﺼﺮ‬
‫ﻭﺃﻥ ﺫﻟﻚ ﻳﺆﺛﺮ ﺑﺸﻜﻞ ﺇﳚﺎﰊ ﻋﻠﻲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﻭﲢﺴﲔ ﺃﺩﺍﺀ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬

‫•ﺩﺭﺍﺳﺔ ﻓﻮﺯﻱ ﻋﺎﻡ ‪2003‬ﻡ‬

‫ﺗﻨﺎﻭﻟﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺗﻘﻴﻴﻢ ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﳌﻌﺎﻳﲑ ﻭﺍﻟﻘﻮﺍﻧﲔ ﺍﳌﻨﻈﻤﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻣﺼﺮ ﻭﻛﺬﺍﻟﻚ ﺍﳉﻮﺍﻧﺐ ﺍﳌﺨﺘﻠﻔﺔ ﻟﺴﻮﻕ ﺍﳌﺎﻝ ‪ ،‬ﻭﻗﺪ‬
‫ﺧﻠﺼﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱄ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻨﺘﺎﺋﺞ ﻣﻨﻬﺎ ﺃﳘﻴﺔ ﺻﺪﻭﺭ ﻗﻮﺍﻋﺪ ﺍﻹﻓﺼﺎﺡ ﺍﳉﺪﻳﺪ ﻭﺍﻟﱵ ﺃﺣﻜﻤﺖ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻲ ﺍﻻﲡﺎﺭ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ‪،‬‬
‫ﻭﺃﺩﺕ ﺇﱄ ﺗﻄﻮﻳﺮ ﻣﺘﻄﻠﺒﺎﺕ ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﻫﺘﻤﺎﻡ ﺑﺎﻹﻓﺼﺎﺡ ﺍﻹﻟﻜﺘﺮﻭﱐ ﻭﺃﳘﻴﺔ ﺗﻔﻀﻴﻞ ﺩﻭﺭ ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ﰲ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ‪،‬ﻋﻼﻭﺓ ﻋﻠﻲ ﺍﻟﺪﻭﺭ ﺍﻟﻔﻌﺎﻝ ﻟﺴﻮﻕ ﺍﳌﺎﻝ ﰲ ﺗﻔﻌﻴﻞ ﺍﳊﻮﻛﻤﺔ ‪.‬‬

‫ﰲ ﺿﻮﺀ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﻳﺸﲑ ﺍﻟﺒﺎﺣﺚ ﺇﱄ ﺍﳌﻼﺣﻈﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:-‬‬

‫‪1.‬ﺇﻥ ﻣﻌﻈﻢ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﺍﻹﻓﺼﺎﺡ ﻭﻋﻼﻗﺘﻪ ﺑﺎﳊﻮﻛﻤﺔ ﻭﺃﺛﺮﻩ ﻋﻠﻲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ‪ ،‬ﺭﻛﺰﺕ ﻓﻘﻂ ﻋﻠﻲ ﻋﺪﺍﻟﺔ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ‬
‫ﻭﺿﺮﻭﺭﺓ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺘﻄﺒﻴﻖ ﺍﳌﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﻴﺔ ﺍﳋﺎﺻﺔ ﺑﺬﻟﻚ ‪ ،‬ﻭﺃﻳﻀﺎ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺎﳌﻼﺀﻣﺔ ﺍﻟﺰﻣﻨﻴﺔ ﺃﻱ ﺍﻟﺘﻮﻗﻴﺖ ﺍﳌﻨﺎﺳﺐ ﰲ ﻋﺮﺽ ﺍﳌﻌﻠﻮﻣﺎﺕ ‪،‬ﻭﺍﻻﻫﺘﻤﺎﻡ‬
‫ﺑﺎﻹﻓﺼﺎﺡ ﺍﻟﻮﺻﻔﻲ ﲜﺎﻧﺐ ﺍﻹﻓﺼﺎﺡ ﺍﳌﺎﱄ ﺍﻟﺮﻗﻤﻲ‪ ،‬ﻛﻤﺎ ﻇﻬﺮ ﺫﻟﻚ ﰲ ﺩﺭﺍﺳﺎﺕ ﻛﻞ ﻣﻦ ‪:-‬ﺍﲪﺪ ‪2003-‬ﻡ ‪ ،‬ﻓﺨﺮﺍ ﻭﺁﺧﺮﻭﻥ – ‪2003‬ﻡ ‪،‬‬
‫ﺍﳌﻄﲑﻱ – ‪2003‬ﻡ ‪،‬‬
‫‪Bushman& Smith -2001 , Reed – 2002 , Maureen – 2004‬‬

‫‪2.‬ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺗﻌﺪﺩ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻹ ﺃ‪‬ﺎ ﱂ ﺗﺘﻄﺮﻕ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﺇﱄ ﺃﺛﺮ ﺫﻟﻚ ﻋﻠﻲ ﲢﻘﻖ ﺟﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﺍﳌﻔﺼﺢ ﻋﻨﻬﺎ ﰲ ﻇﻞ‬
‫ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪،‬ﺳﻮﺍﺀ ﻣﻦ ﺟﺎﻧﺐ ﻣﺪﻯ ﺗﻮﺍﻓﺮ ﺍﳋﺼﺎﺋﺺ ﺍﳌﺨﺘﻠﻔﺔ ﳉﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﺃﻭ ﻣﻦ ﺟﺎﻧﺐ ﻣﺮﺍﻋﺎﺓ ﺍﻻﻋﺘﺒﺎﺭﺍﺕ ﺍﻷﺧﺮﻯ‬
‫ﺍﻟﱵ ﲢﻘﻖ ﺟﻮﺩﺓ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ‪.‬‬

‫‪3.‬ﺇﻥ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﺩﻭﺭ ﻋﻤﻠﻴﺔ ﺍﳌﺮﺍﺟﻌﺔ ﰲ ﻋﻤﻠﻴﺔ ﺍﳊﻮﻛﻤﺔ ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﻣﺮﺍﺟﻌﺔ ﺩﺍﺧﻠﻴﺔ ﺃﻭ ﻣﺮﺍﺟﻌﺔ ﺧﺎﺭﺟﻴﺔ ﺃﻭ ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ‪ ،‬ﻓﺈ‪‬ﺎ‬
‫ﺗﺘﺠﻪ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﺇﱄ ﺗﺄﻛﻴﺪ ﺍﻟﺜﻘﺔ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﺍﳌﻔﺼﺢ ﻋﻨﻬﺎ ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈ‪‬ﺎ ﺗﺴﻌﻰ ﳓﻮ ﲢﻘﻴﻖ ﺟﻮﺩﺓ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺑﺸﻜﻞ ﻏﲑ ﻣﺒﺎﺷﺮ ‪.‬‬

‫‪4.‬ﺍﻻﻫﺘﻤﺎﻡ ﺑﺘﻄﺒﻴﻖ ﻣﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﺔ ﻭﻣﻌﺎﻳﲑ ﺍﳌﺮﺍﺟﻌﺔ ﲜﺎﻧﺐ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﻭﺍﻟﻘﻮﺍﻧﲔ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﱵ ﺗﻜﻔﻞ ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﻮﺣﺪﺍﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪ ،‬ﻋﻨﺪ ﺗﻄﺒﻴﻖ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪،‬ﻳﻨﻌﻜﺲ ﺑﺸﻜﻞ ﺇﳚﺎﰊ ﻋﻠﻰ ﺇﺳﻬﺎﻡ ﻫﺬﻩ ﺍﻟﻮﺣﺪﺍﺕ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪،‬ﻭﺑﺎﻟﺘﺎﱄ ﳝﻜﻦ‬
‫ﺍﻟﻘﻮﻝ ﺑﺄﻥ ﺍﻟﺘﻄﺒﻴﻖ ﺍﻟﻔﻌﺎﻝ ﳌﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻳﺘﻀﻤﻦ ﲢﻘﻴﻖ ﺟﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺑﺎﻟﺘﺎﱄ ﻳﺘﻀﻤﻦ ﺗﻨﺸﻴﻂ ﺣﺮﻛﺔ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺑﺸﻜﻞ ﳛﻘﻖ ﺃﻫﺪﺍﻑ ﻫﺬﻩ ﺍﻟﻮﺣﺪﺍﺕ ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﻭﺃﻫﺪﺍﻑ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ‪‬ﺎ ﺑﺼﻔﺔ ﺧﺎﺻﺔ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫‪5.‬ﺗﺆﻛﺪ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺇﱃ ﻭﺟﻮﺩ ﺗﺮﺍﺑﻂ ﻗﻮﻱ ﺑﲔ ﻛﻞ ﻣﻦ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺇﻧﺘﺎﺝ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻟﺘﺄﺛﲑ ﻋﻠﻲ ﺣﺮﻛﺔ ﺳﻮﻕ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫*ﺍﻷﺑﻌﺎﺩ ﺍﶈﺎﺳﺒﻴﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋﻼﻗﺘﻬﺎ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ‪.‬‬

‫ﻣﻦ ﺍﺳﺘﻘﺮﺍﺀ ﺍﻟﺒﺎﺣﺚ ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﻣﻮﺿﻮﻉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ – ﲜﺎﻧﺐ ﺍﺟﺘﻬﺎﺩ ﺍﻟﺒﺎﺣﺚ –ﳝﻜﻦ ﲢﺪﻳﺪ ﺍﻷﺑﻌﺎﺩ‬
‫ﺍﶈﺎﺳﺒﻴﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﻨﻘﺎﻁ ﺍﻟﺘﺎﻟﻴﺔ‪:-‬‬

‫‪1-‬ﺍﳌﺴﺎﺀﻟﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﺍﶈﺎﺳﺒﻴﺔ‬

‫ﺃﺷﺎﺭ ﺗﻘﺮﻳﺮ ﳉﻨﺔ ‪Cadbury‬ﺍﻟﺼﺎﺩﺭ ﻋﺎﻡ ‪1992‬ﻡ ﰲ ﺍﻟﻌﻨﺼﺮ ﺍﻟﺜﺎﱐ ﻣﻨﻪ ‪ ،‬ﺑﺄﻥ ﻳﻘﻮﻡ ﺍﳌﺴﺎﳘﻮﻥ ﲟﺴﺎﺀﻟﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﻛﻞ ﻣﻨﻬﻤﺎ ﻟﻪ ﺩﻭﺭﻩ ﰲ‬
‫ﺗﻔﻌﻴﻞ ﺗﻠﻚ ﺍﳌﺴﺄﻟﺔ ‪ ،‬ﻓﻤﺠﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻳﻘﻮﻡ ﺑﺪﻭﺭﻩ ﰲ ﺗﻮﻓﲑ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳉﻴﺪﺓ ﻟﻠﻤﺴﺎﳘﲔ ‪ ،‬ﻭﻋﻠﻰ ﺍﳌﺴﺎﳘﲔ ﺍﻟﻘﻴﺎﻡ ﺑﺪﻭﺭﻫﻢ ﰲ ﺇﺑﺪﺍﺀ ﺭﻏﺒﺘﻬﻢ ﰲ‬
‫ﳑﺎﺭﺳﺔ ﻣﺴﺌﻮﻟﻴﺘﻬﻢ ﻛﻤﻼﻙ‪.‬‬

‫ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺫﻟﻚ ﺃﺷﺎﺭ ﺗﻘﺮﻳﺮ ﺑﻨﻚ ﻛﺮﻳﺪﻱ ﻟﻴﻮﻧﻴﻪ ﰲ ﺍﻟﻘﺴﻢ ﺍﻟﺮﺍﺑﻊ ﻣﻨﻪ ﻭﺍﻟﺬﻱ ﳛﻤﻞ ﻋﻨﻮﺍﻥ ﺍﶈﺎﺳﺒﺔ ﻋﻦ ﺍﳌﺴﺌﻮﻟﻴﺔ ‪ ،‬ﺑﺄﻥ ﺩﻭﺭ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‬
‫ﺇﺷﺮﺍﰲ ﺃﻛﺜﺮ ﻣﻨﻪ ﺗﻨﻔﻴﺬﻱ ‪،‬ﻭﺇﱄ ﻗﺪﺭﺓ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻋﻠﻲ ﺍﻟﻘﻴﺎﻡ ﺑﺘﺪﻗﻴﻖ ﻓﻌﺎﻝ ‪،‬ﻛﻤﺎ ﺃﺷﺎﺭ ﰲ ﺍﻟﻘﺴﻢ ﺍﳋﺎﻣﺲ ﻣﻨﻪ ﻭﺍﻟﺬﻱ ﳛﻤﻞ ﻋﻨﻮﺍﻥ‬
‫ﺍﳌﺴﺌﻮﻟﻴﺔ ‪،‬ﺇﱄ ﺿﺮﻭﺭﺓ ﻭﺿﻊ ﺁﻟﻴﺎﺕ ﺗﺴﻤﺢ ﺑﺘﻮﻗﻴﻊ ﻋﻘﺎﺏ ﻋﻠﻲ ﺍﳌﻮﻇﻔﲔ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺇﺫﺍ ﻟﺰﻡ ﺍﻷﻣﺮ ﺫﻟﻚ ‪.‬‬

‫ﻛﻤﺎ ﺃﻥ ﺗﻘﺮﻳﺮ ﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ )‪ (OECD‬ﺍﻟﺼﺎﺩﺭ ﻋﺎﻡ ‪1999‬ﻡ ‪ ،‬ﺃﺷﺎﺭ ﰲ ﺍﳌﺒﺪﺃ ﺍﳋﺎﺹ ﲟﺴﺌﻮﻟﻴﺎﺕ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ‪،‬ﺇﱃ‬
‫ﺿﺮﻭﺭﺓ ﺍﳌﺘﺎﺑﻌﺔ ﺍﻟﻔﻌﺎﻟﺔ ﻟﻺﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻣﻦ ﻗﺒﻞ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﻛﺬﻟﻚ ﻣﺴﺎﺀﻟﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻣﻦ ﻗﺒﻞ ﺍﳌﺴﺎﳘﲔ ‪.‬‬

‫ﻳﻀﺎﻑ ﺇﱄ ﺫﻟﻚ ﺃﻥ ﺍﳌﻌﺎﻳﲑ ﺍﻟﱵ ﻭﺿﻌﺘﻬﺎ ﺑﻮﺭﺻﺔ ﻧﻴﻮﻳﻮﺭﻙ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻋﺎﻡ ‪2003‬ﻡ ))‪NYSE,2003‬ﻭﺍﳋﺎﺻﺔ ﲝﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫‪،‬ﺃﺷﺎﺭﺕ ﺇﱄ ﺿﺮﻭﺭﺓ ﺗﻔﻌﻴﻞ ﺍﻟﺪﻭﺭ ﺍﻟﺮﻗﺎﰊ ﻟﻠﻤﺴﺎﳘﲔ ﻣﻦ ﺧﻼﻝ ﺍﳌﺸﺎﺭﻛﺔ ﰲ ﲨﻴﻊ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﺸﺮﻛﺔ‪.‬‬

‫ﰲ ﺿﻮﺀ ﺫﻟﻚ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺑﺄﻥ ﺍﳌﺴﺄﻟﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﺍﶈﺎﺳﺒﻴﺔ ﺍﻟﱵ ﺗﺘﺒﻨﺎﻫﺎ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺗﺄﺧﺬ ﺍﲡﺎﻫﺎﻥ ‪:‬‬

‫ﺍﻷﻭﻝ ← ‪ :‬ﺍﳌﺴﺎﺀﻟﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺮﺃﺳﻴﺔ ﻣﻦ ﺍﳌﺴﺘﻮﻳﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ ﺍﻷﻋﻠﻰ ﺇﱄ ﺍﳌﺴﺘﻮﻳﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ ﺍﻷﺩﱏ‬

‫ﺍﻟﺜﺎﱐ← ‪ :‬ﺍﳌﺴﺎﺀﻟﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﺍﻷﻓﻘﻴﺔ ﻭﻫﻲ ﺍﳌﺘﺒﺎﺩﻟﺔ ﺑﲔ ﻛﻞ ﻣﻦ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺴﺎﳘﲔ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪.‬‬

‫‪2-‬ﺍﻻﻟﺘﺰﺍﻡ ﺑﺘﻄﺒﻴﻖ ﻣﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﺔ ﻭﺍﳌﺮﺍﺟﻌﺔ‪:-‬‬

‫ﺇﻥ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ﳛﺪ ﻣﻦ ﺍﻟﻔﻠﺴﻔﺔ ﺍﻟﻮﺍﻗﻌﻴﺔ ﻭﺍﺳﺘﺨﺪﺍﻡ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﱵ ﺗﺸﺠﻊ ﺣﺮﻛﺔ ﺍﻹﺩﺍﺭﺓ ﰲ ﺍﺧﺘﺒﺎﺭ ﺍﻟﺴﻴﺎﺳﺔ ﺍﶈﺎﺳﺒﻴﺔ ‪،‬ﻭﺑﺎﻟﺘﺎﱄ ﻓﺎﳊﻮﻛﻤﺔ‬
‫ﺗﻌﺎﺭﺽ ﺍﻻﲡﺎﻩ ﳓﻮ ﺍﻻﻟﺘﺰﺍﻡ ﲟﻌﺎﻳﲑ ﳏﺎﺳﺒﻴﺔ ﳏﺪﺩﺓ ﻭﺗﺴﺎﻋﺪ ﰲ ﺣﺴﻢ ﻣﺸﻜﻠﺔ ﺇﺳﺎﺀﺓ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳌﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﻴﺔ ﻭﻣﻌﺎﻳﲑ ﺍﳌﺮﺍﺟﻌﺔ ‪.‬‬

‫‪3-‬ﺩﻭﺭ ﺍﳌﺮﺍﺟﻌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ‪:‬‬

 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﺗﺴﺎﻋﺪ ﺍﳌﺮﺍﺟﻌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ – ﲟﺎ ﺗﻘﻮﻡ ﺑﻪ ﻣﻦ ﻣﺴﺎﻋﺪﺓ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﺎ ﻭﺗﺄﻛﻴﺪ ﻓﻌﺎﻟﻴﺔ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﺍﻟﻌﻤﻞ ﻣﻊ ﳎﻠﺲ‬
‫ﺍﻹﺩﺍﺭﺓ ﻭﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ ﻣﻦ ﺍﺟﻞ ﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﻭﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻬﺎ – ﰲ ﻋﻤﻠﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﻦ ﺧﻼﻝ ﺗﻘﻴﻴﻢ ﻭﲢﺴﲔ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﻮﺣﺪﺓ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪ ،‬ﻭﻛﺬﻟﻚ ﲢﻘﻴﻖ ﺍﻟﻀﺒﻂ ﺍﻟﺪﺍﺧﻠﻲ ﻧﺘﻴﺠﺔ ﺍﺳﺘﻘﻼﳍﺎ ﻭﺗﺒﻌﻴﺘﻬﺎ ﻟﺮﺋﻴﺲ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﺗﺼﺎﳍﺎ ﺑﺮﺋﻴﺲ ﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ ‪.‬‬

‫ﺩﻭﺭ ﺍﳌﺮﺍﺟﻊ ﺍﳋﺎﺭﺟﻲ ‪:‬‬

‫ﻧﺘﻴﺠﺔ ﳌﺎ ﻳﻘﻮﻡ ﺑﻪ ﺍﳌﺮﺍﺟﻊ ﺍﳋﺎﺭﺟﻲ ﻣﻦ ﺇﺿﻔﺎﺀ ﺍﻟﺜﻘﺔ ﻭﺍﳌﺼﺪﺍﻗﻴﺔ ﻋﻠﻲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﻗﻴﺎﻣﻪ ﺑﺈﺑﺪﺍﺀ ﺭﺃﻳﻪ ﺍﻟﻔﲏ ﺍﶈﺎﻳﺪ ﰲ ﻣﺪﻯ‬
‫ﺻﺪﻕ ﻭﻋﺪﺍﻟﺔ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺗﻌﺪﻫﺎ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻘﺮﻳﺮ ﺍﻟﺬﻱ ﻳﻘﻮﻡ ﺑﺈﻋﺪﺍﺩﻩ ﻭﻣﺮﻓﻖ ﺑﺎﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ‪،‬ﻓﺈﻥ ﺩﻭﺭ ﺍﳌﺮﺍﺟﻌﺔ‬
‫ﺍﳋﺎﺭﺟﻴﺔ ﺃﺻﺒﺢ ﺟﻮﻫﺮﻱ ﻭﻓﻌﺎﻝ ﰲ ﳎﺎﻝ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻷﻧﻪ ﳛﺪ ﻣﻦ ﺍﻟﺘﻌﺎﺭﺽ ﺑﲔ ﺍﳌﻼﻙ ﻭﺇﺩﺍﺭﺓ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪ ،‬ﻛﻤﺎ ﺃﻧﻪ ﳛﺪ ﻣﻦ‬
‫ﻣﺸﻜﻠﺔ ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﳛﺪ ﻣﻦ ﻣﺸﻜﻠﺔ ﺍﻻﳓﺮﺍﻑ ﺍﳋﻠﻘﻲ ﰲ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪.‬‬

‫‪5-‬ﺩﻭﺭ ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ‪:‬‬

‫ﺃﻛﺪﺕ ﻣﻌﻈﻢ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻭﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳋﺎﺻﺔ ﲝﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ –ﺇﻥ ﱂ ﻳﻜﻦ ﲨﻴﻌﻬﺎ – ﻋﻠﻲ ﺿﺮﻭﺭﺓ ﻭﺟﻮﺩ ﳉﺎﻥ ﻟﻠﻤﺮﺍﺟﻌﺔ ﰲ ﺍﻟﻮﺣﺪﺍﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﱵ ﺗﺴﻌﻰ ﺇﱄ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ‪،‬ﺑﻞ ﺃﺷﺎﺭﺕ ﺇﱄ ﺃﻥ ﻭﺟﻮﺩ ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ﳝﺜﻞ ﺃﺣﺪ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﺘﻘﻴﻴﻢ ﻣﺴﺘﻮﻳﺎﺕ ﺍﳊﻮﻛﻤﺔ ﺍﳌﻄﺒﻘﺔ‬
‫ﺑﺎﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪.‬‬

‫ﻭﺗﻘﻮﻡ ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ﺑﺪﻭﺭ ﺣﻴﻮﻱ ﰲ ﺿﻤﺎﻥ ﺟﻮﺩﺓ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻭﲢﻘﻴﻖ ﺍﻟﺜﻘﺔ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻧﺘﻴﺠﺔ ﳌﺎ ﺗﻘﻮﻡ ﺑﻪ ﻣﻦ ﺇﺷﺮﺍﻑ ﻋﻠﻰ ﻋﻤﻠﻴﺎﺕ‬
‫ﺍﳌﺮﺍﺟﻌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﺍﳋﺎﺭﺟﻴﺔ ﻭﻣﻘﺎﻭﻣﺔ ﺿﻐﻮﻁ ﻭﺗﺪﺧﻼﺕ ﺍﻹﺩﺍﺭﺓ ﻋﻠﻲ ﻋﻤﻠﻴﺔ ﺍﳌﺮﺍﺟﻌﺔ ‪،‬ﻋﻼﻭﺓ ﻋﻠﻲ ﺫﻟﻚ ﻳﺸﲑ ﺍﻟﺒﻌﺾ ‪ :‬ﺑﺄﻥ ﳎﺮﺩ ﺇﻋﻼﻥ ﺍﻟﻮﺣﺪﺓ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻋﻦ ﺗﺸﻜﻴﻞ ﳉﻨﺔ ﻟﻠﻤﺮﺍﺟﻌﺔ ﻛﺎﻥ ﻟﻪ ﺃﺛﺮ ﻋﻠﻲ ﺣﺮﻛﺔ ﺃﺳﻬﻤﻬﺎ ﺑﺴﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫ﲜﺎﻧﺐ ﺫﻟﻚ ﻓﻘﺪ ﺗﻮﺻﻠﺖ ﺩﺭﺍﺳﺔ ‪Memullen‬ﻭﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﺩﻭﺭ ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ﰲ ﺯﻳﺎﺩﺓ ﺍﻟﺜﻘﺔ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻨﺸﻮﺭﺓ ﺑﺎﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﺇﱄ ﺃﻥ‬
‫ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﱵ ﻟﺪﻳﻬﺎ ﳉﺎﻥ ﻣﺮﺍﺟﻌﺔ ﻗﺪ ﺍﳔﻔﺾ ‪‬ﺎ ﻣﻌﺪﻝ ﺣﺪﻭﺙ ﺍﻟﺘﺼﺮﻓﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻏﲑ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ‪ ،‬ﲜﺎﻧﺐ ﺯﻳﺎﺩﺓ ﺩﺭﺟﺔ ﺍﻟﺜﻘﺔ ﰲ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻭﺧﺎﺻﺔ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﻘﻴﺪﺓ ﺃﺳﻬﻤﻬﺎ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫‪6-‬ﲢﻘﻴﻖ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ‪.‬‬

‫ﳝﺜﻞ ﺍﻹﻓﺼﺎﺡ ﺍﳉﻴﺪ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﻋﺮﺽ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ ﺃﺣﺪ ﺍﳌﺒﺎﺩﺉ ﻭﺍﻷﺭﻛﺎﻥ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺍﻟﱵ ﺗﻘﻮﻡ ﻋﻠﻴﻬﺎ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪،‬ﻟﺬﺍ ﱂ‬
‫ﳜﻠﻮ ﺃﻱ ﺗﻘﺮﻳﺮ ﺻﺎﺩﺭ ﻋﻦ ﻣﻨﻈﻤﺔ ﺃﻭ ﻫﻴﺌﺔ ﺃﻭ ﺩﺭﺍﺳﺔ ﻋﻠﻤﻴﺔ ﻣﻦ ﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﻘﻴﻖ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﺧﺎﺻﺔ ﻭﺃ‪‬ﻤﺎ ﻣﻦ‬
‫ﺍﻷﺳﺎﻟﻴﺐ ﺍﻟﻔﻌﺎﻟﺔ ﻟﺘﺤﻘﻴﻖ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ‪ ،‬ﻭﳝﺜﻼﻥ ﺃﺣﺪ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳍﺎﻣﺔ ﻟﻠﺤﻜﻢ ﻋﻠﻲ ﺗﻄﺒﻴﻖ ﻧﻈﺎﻡ ﺍﳊﻮﻛﻤﺔ ﻣﻦ ﻋﺪﻣﻪ‬
‫ﺩﺍﺧﻞ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬

‫ﻟﺬﺍ ﻓﺈﻥ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﻭﺿﻌﺘﻬﺎ ‪OECD‬ﻭﰎ ﺗﻌﺪﻳﻠﻬﺎ ﰲ ‪12‬ﺃﺑﺮﻳﻞ ‪ 2004‬ﻡ ﺗﺮﻯ ﺃﻥ ﺇﻃﺎﺭ ﺍﳊﻮﻛﻤﺔ ﳚﺐ ﺃﻥ ﻳﺘﻀﻤﻦ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻟﺪﻗﻴﻖ ﻭﰲ ﺍﻟﺘﻮﻗﻴﺖ ﺍﻟﺴﻠﻴﻢ ﻋﻦ ﻛﺎﻓﺔ ﺍﻷﻣﻮﺭ ﺍﳍﺎﻣﺔ ﺍﳌﺘﺼﻠﺔ ﺑﺎﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺫﺍﻟﻚ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﲟﺮﻛﺰﻫﺎ ﺍﳌﺎﱄ ﻭﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﻭﺍﻟﺘﺸﻐﻴﻠﻲ ﻭﺍﻟﻨﻘﺪﻱ ﳍﺎ ﻭﺍﳉﻮﺍﻧﺐ ﺍﻷﺧﺮﻯ ﺍﳌﺘﺼﻠﺔ ﺑﺄﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﺎﻟﻴﺔ ‪.‬‬

‫‪7-‬ﺇﺩﺍﺭﺓ ﺍﻷﺭﺑﺎﺡ‬

‫ﲤﺎﺭﺱ ﺇﺩﺍﺭﺓ ﺑﻌﺾ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺳﻴﺎﺳﺔ ﺇﺩﺍﺭﺓ ﺍﻷﺭﺑﺎﺡ ﻟﺘﺤﻘﻴﻖ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﻷﻫﺪﺍﻑ ﻣﺜﻞ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﻣﺴﺘﻮﻯ ﺍﻟﺘﻨﺒﺆﺍﺕ ﺍﻟﱵ ﺳﺒﻖ ﺍﻹﻋﻼﻥ‬
‫ﻋﻨﻬﺎ ﺃﻭ ﲡﻨﺐ ﺍﻹﻋﻼﻥ ﻋﻦ ﺍﻷﺭﺑﺎﺡ ﺃﻭ ﺍﳋﺴﺎﺋﺮ ﺃﻭ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺑﻌﺾ ﺍﳌﺰﺍﻳﺎ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻷﺭﺑﺎﺡ ﺍﳌﺮﺗﻔﻌﺔ ﻣﺜﻞ ﺍﳌﻜﺎﻓﺂﺕ ﻭﺍﻟﻌﻤﻮﻻﺕ ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻥ‬
‫ﻋﻤﻠﻴﺔ ﺇﺩﺍﺭﺓ ﺍﻟﺮﺑﺢ ﺗﻌﲏ ﻗﻴﺎﻡ ﺍﻹﺩﺍﺭﺓ ﺑﺎﻟﺘﺄﺛﲑ ﻋﻠﻰ ﺃﻭ ﺍﻟﺘﻼﻋﺐ ﰲ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﺍﻟﻮﺍﺭﺩﺓ ﺑﺎﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﺑﺼﺮﻑ ﺍﻟﻨﻈﺮ ﻋﻦ ﺍﳍﺪﻑ ﻣﻦ ﺫﻟﻚ ‪،‬‬
‫ﻭﻧﻈﺮﺍ ﻟﻸﺛﺮ ﺍﻟﻔﻌﺎﻝ ﻹﺩﺍﺭﺓ ﺍﻟﺮﺑﺢ ﻋﻠﻰ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻓﻘﺪ ﺗﻨﺎﻭﻟﺘﻬﺎ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻣﺜﻞ‪:‬‬

‫‪Degeorge , et al. -1999 , Healy and Wahlen –1999 , Plummer and David ,2000 .‬‬

‫ﻭﻟﻜﻦ ﰲ ﻇﻞ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳊﺪ ﻣﻦ ﺳﻠﻄﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺇﺗﺎﺣﺔ ﺍﻟﻔﺮﺻﺔ ﻟﻸﻃﺮﺍﻑ ﺍﻷﺧﺮﻯ ﳊﻤﺎﻳﺔ ﺣﻘﻮﻗﻬﺎ ﻣﻊ ﻭﺟﻮﺩ ﺍﻟﻀﻮﺍﺑﻂ ﺍﳌﺨﺘﻠﻔﺔ‬
‫‪ ،‬ﻓﺈﻥ ﺇﺩﺍﺭﺓ ﺍﻷﺭﺑﺎﺡ ﺗﺼﺒﺢ ﻻ ﻭﺟﻮﺩ ﳍﺎ ‪ ،‬ﻟﺬﺍ ﺃﺷﺎﺭﺍﺕ ﻧﺘﺎﺋﺞ ﺇﺣﺪﻯ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻭﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﺃﺛﺮ ﻣﺘﻐﲑ ﺍﳊﻮﻛﻤﺔ ﻋﻠﻰ ﳑﺎﺭﺳﺔ ﺇﺩﺍﺭﺓ ﺍﻟﻮﺣﺪﺍﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻟﺴﻴﺎﺳﺔ ﺇﺩﺍﺭﺓ ﺍﻷﺭﺑﺎﺡ ‪ ،‬ﺑﺄﻥ ﻫﻨﺎﻙ ﻋﻼﻗﺔ ﻋﻜﺴﻴﺔ ﺑﲔ ﻋﺪﺩ ﺃﻋﻀﺎﺀ ﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ ﻣﻦ ﺧﺎﺭﺝ ﺍﻟﻮﺣﺪﺓ ‪،‬ﻭﻛﺬﻟﻚ ﺧﱪ‪‬ﻢ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻭﻛﺬﻟﻚ‬
‫ﻋﺪﺩ ﺍﻷﻋﻀﺎﺀ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﰲ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ‪ ،‬ﻭﺑﲔ ﳑﺎﺭﺳﺔ ﺍﻟﺸﺮﻛﺔ ﻹﺩﺍﺭﺓ ﺍﻷﺭﺑﺎﺡ‬

‫ﻭﺑﺬﺍﻟﻚ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﺳﻠﻄﺔ ﺍﻹﺩﺍﺭﺓ ﰲ ﻋﻤﻠﻴﺔ ﺇﺩﺍﺭﺓ ﺍﻷﺭﺑﺎﺡ ﻳﻨﻌﻜﺲ ﺑﺎﻹﳚﺎﺏ ﻋﻠﻰ ﲢﻘﻴﻖ ﺟﻮﺩﺓ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ‪.‬‬

‫‪8-‬ﺗﻘﻮﱘ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬

‫ﺃﻥ ﻣﻦ ﺃﳘﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺩﻭﺭﻫﺎ ﰲ ﺯﻳﺎﺩﺓ ﻛﻔﺎﺀﺓ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳌﻮﺍﺭﺩ ﻭﺗﻌﻈﻴﻢ ﻗﻴﻤﺔ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺗﺪﻋﻴﻢ ﻗﺪﺭ‪‬ﺎ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﺑﺎﻷﺳﻮﺍﻕ ‪ ،‬ﳑﺎ‬
‫‪.‬‬
‫ﻳﺴﺎﻋﺪﻫﺎ ﻋﻠﻲ ﺍﻟﺘﻮﺳﻊ ﻭﺍﻟﻨﻤﻮ ﻭﳚﻌﻠﻬﺎ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺇﳚﺎﺩ ﻓﺮﺹ ﻋﻤﻞ ﺟﺪﻳﺪﺓ‬

‫ﻛﻤﺎ ﺃﻥ ﻣﻦ ﺍﳌﻌﺎﻳﲑ ﺍﻟﺮﺋﻴﺴﻴﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻮ ﲢﻘﻴﻖ ﻓﺎﻋﻠﻴﺔ ﻭﻛﻔﺎﺀﺓ ﺍﻷﺩﺍﺀ ﺑﺎﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﲪﺎﻳﺔ ﺃﺻﻮﳍﺎ‬
‫‪.‬‬

‫ﻭﺑﺬﻟﻚ ﻳﺮﻯ ﺍﻟﺒﺎﺣﺚ ﺃﻥ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺘﻄﺒﻴﻖ ﺍﳉﻮﺍﻧﺐ ﺍﻟﻔﻜﺮﻳﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻳﻨﻌﻜﺲ ﺑﺸﻜﻞ ﺟﻴﺪ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﺄﺑﻌﺎﺩﻩ‬
‫ﺍﻟﺘﺸﻐﻴﻠﻴﺔ ﻭﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﻨﻘﺪﻳﺔ ‪ ،‬ﻭﻛﺬﻟﻚ ﻋﻠﻰ ﺍﳌﻘﺎﻳﻴﺲ ﺍﳌﺨﺘﻠﻔﺔ ﺍﳌﺴﺘﺨﺪﻣﺔ ‪ ،‬ﺃﻱ ﺃﻥ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ﻳﺴﺎﻋﺪ ﻋﻠﻰ ﺇﳚﺎﺩ ﻣﻔﻬﻮﻡ ﻭﻣﻘﺎﻳﻴﺲ ﺷﺎﻣﻠﺔ ﻷﺩﺍﺀ‬
‫ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﳑﺎ ﻳﺪﻋﻢ ﻣﻦ ﻗﺪﺭﺍ‪‬ﺎ ﻋﻠﻰ ﺍﻻﺳﺘﻤﺮﺍﺭ ﻭﺍﻟﻨﻤﻮ ﻭﳛﻘﻖ ﻣﺼﺎﱀ ﺍﻟﻔﺌﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ ﺍﳌﺘﻌﺎﻣﻠﺔ ﻣﻌﻬﺎ ‪ ،‬ﺧﺎﺻﺔ ﻭﺃﻥ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﳛﻤﻞ ﰲ ﻣﻀﻤﻮﻧﻪ ﺑﻌﺪﻳﻦ ﺃﺳﺎﺳﻴﲔ‬
‫ﳘﺎ‪:-‬‬
‫ﺍﻷﻭﻝ ‪:-‬ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﳌﺘﻄﻠﺒﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ ﻭﻏﲑﻫﺎ ‪.‬‬
‫ﺍﻟﺜﺎﱐ ‪: -‬ﺍﻷﺩﺍﺀ ﲟﺎ ﳛﻤﻠﻪ ﻣﻦ ﺍﺳﺘﻐﻼﻝ ﻟﻠﻔﺮﺹ ﺍﳌﺘﺎﺣﺔ ﻟﻼﺭﺗﻘﺎﺀ ﺑﺎﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻛﻜﻞ ‪.‬‬
‫ﰲ ﺿﻮﺀ ﻃﺒﻴﻌﺔ ﺍﻷﺑﻌﺎﺩ ﺍﶈﺎﺳﺒﻴﺔ ﺍﻟﺴﺎﺑﻘﺔ ﻟﻌﻤﻠﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻧﻌﻜﺎﺳﺎ‪‬ﺎ ﻋﻠﻲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻳﺴﺘﻄﻴﻊ ﺍﻟﺒﺎﺣﺚ ﺍﻹﺷﺎﺭﺓ ﺇﱄ ﺍﻟﻨﻘﺎﻁ‬
‫ﺍﻟﺘﺎﻟﻴﺔ ‪:-‬‬
‫ﺃ ‪-‬ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺗﻌﺪﺩ ﺍﻷﺑﻌﺎﺩ ﺍﳌﺨﺘﻠﻔﺔ ﻟﻌﻤﻠﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺳﻮﺍﺀ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺃﻭ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺃﻭ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ‪،‬ﺇﻻ ﺃﻥ ﺍﻷﺑﻌﺎﺩ ﺍﶈﺎﺳﺒﻴﺔ ﲢﻈﻰ ﺑﺎﻫﺘﻤﺎﻡ‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﻛﺒﲑ ﻭﺗﺸﻐﻞ ﺍﳊﻴﺰ ﺍﻷﻛﱪ ﻣﻦ ﺍﻹﺟﺮﺍﺀﺍﺕ ﻭﺍﻷﺳﺎﻟﻴﺐ ﺍﳌﺨﺘﻠﻔﺔ ﻟﺘﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ‪.‬‬
‫ﺏ ‪-‬ﺃﻥ ﺍﻷﺑﻌﺎﺩ ﺍﶈﺎﺳﺒﻴﺔ ﻟﻌﻤﻠﻴﺔ ﺍﳊﻮﻛﻤﺔ ﺗﻐﻄﻲ ﺛﻼﺛﺔ ﻣﺮﺍﺣﻞ ﻣﻦ ﺍﻟﻌﻤﻞ ﺍﶈﺎﺳﱯ ﻭﻫﻲ‪:-‬‬
‫)‪1‬ﻣﺮﺣﻠﺔ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻲ ﺍﻟﻌﻤﻞ ﺍﶈﺎﺳﱯ ﻭﺗﺸﻤﻞ ﻧﻮﻋﲔ ﻣﻦ ﺍﻟﺮﻗﺎﺑﺔ ﺃﺣﺪﳘﺎ ‪ :‬ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﻘﺒﻠﻴﺔ ﻭﺍﻵﺧﺮ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺒﻌﺪﻳﺔ ﻟﻠﻌﻤﻞ ﺍﶈﺎﺳﱯ ‪.‬‬

‫)‪2‬ﻣﺮﺣﻠﺔ ﺍﳌﻤﺎﺭﺳﺔ ﺍﻟﻔﻌﻠﻴﺔ ﻟﻠﻌﻤﻞ ﺍﶈﺎﺳﱯ ﺑﺪﺍﻳﺔ ﻣﻦ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺘﻄﺒﻴﻖ ﺍﳌﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺗﻘﻮﱘ ﻭ ﻣﺘﺎﺑﻌﺔ ﺍﻷﺩﺍﺀ ﻭﺇﺩﺍﺭﺓ ﺍﻷﺭﺑﺎﺡ ‪ ،‬ﻭﺍﻧﺘﻬﺎﺀً ﺑﺎﻹﻓﺼﺎﺡ‬
‫ﻋﻦ ﻧﺘﻴﺠﺔ ﻫﺬﻩ ﺍﳌﻤﺎﺭﺳﺔ ﰲ ﺷﻜﻞ ﺗﻘﺎﺭﻳﺮ ﻭﻗﻮﺍﺋﻢ ﻣﺎﻟﻴﺔ ‪.‬‬

‫)‪3‬ﻣﺮﺣﻠﺔ ﻣﺎ ﺑﻌﺪ ﺍﳌﻤﺎﺭﺳﺔ ﺍﻟﻔﻌﻠﻴﺔ ﻭﺗﺸﻤﻞ ﺃﺩﻭﺍﺭ ﻛﻞ ﻣﻦ ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ﻭ ﺍﳌﺮﺍﺟﻌﺔ ﺍﳋﺎﺭﺟﻴﺔ ﻭﻣﺎ ﲢﻘﻘﻪ ﻣﻦ ﺇﺿﻔﺎﺀ ﺍﻟﺜﻘﺔ ﻭﺍﳌﺼﺪﺍﻗﻴﺔ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ‬
‫ﺍﶈﺎﺳﺒﻴﺔ ﺍﳌﻔﺼﺢ ﻋﻨﻬﺎ‪.‬‬

‫ﺝ‪ -‬ﺃﻥ ﺍﻟﻨﺘﻴﺠﺔ ﺍﻟﻨﻬﺎﺋﻴﺔ ﻟﻸﺑﻌﺎﺩ ﺍﶈﺎﺳﺒﻴﺔ ﺍﻟﺴﺎﺑﻘﺔ ﻫﻮ ﺇﻧﺘﺎﺝ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﺫﺍﺕ ﺍﻻﺳﺘﺨﺪﺍﻣﺎﺕ ﺍﳌﺘﻌﺪﺩﺓ ﻣﻦ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ‬
‫ﺑﺎﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﱵ ﻋﻦ ﻃﺮﻳﻖ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﳝﻜﻦ ﺍﶈﺎﻓﻈﺔ ﻋﻠﻰ ﺣﻘﻮﻕ ﻫﺆﻻﺀ ﺍﻷﻃﺮﺍﻑ ﲡﺎﻩ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪ ،‬ﻟﺬﺍ ﺗﺼﺒﺢ ﻫﺬﻩ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﻣﻦ ﺍﻷﳘﻴﺔ ﺑﺪﺭﺟﺔ ﺃﻥ ﺗﻌﺪ ﲟﺴﺘﻮﻯ ﺷﺎﻣﻞ ﻣﻦ ﺍﳉﻮﺩﺓ ﲝﻴﺚ ﳝﻜﻦ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻴﻬﺎ ‪ ،‬ﻭﰲ ﺫﺍﺕ ﺍﻟﻮﻗﺖ ﺗﻌﻜﺲ ﺛﻘﺔ ﺍﻷﻃﺮﺍﻑ ﺍﻷﺧﺮﻯ ﰲ‬
‫ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺇﺩﺍﺭ‪‬ﺎ ﻭﺗﺰﻳﺪ ﻣﻦ ﻛﻔﺎﺀﺓ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪.‬‬
‫*ﺍﳉﻮﺍﻧﺐ ﺍﻟﻔﻜﺮﻳﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋﻼﻗﺘﻬﺎ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ‪.‬‬

‫ﺗﺘﻤﺜﻞ ﻫﺬﻩ ﺍﳉﻮﺍﻧﺐ ﻣﻦ ﻭﺟﻬﺔ ﻧﻈﺮ ﺍﻟﺒﺎﺣﺚ ﰲ ﺍﳉﻮﺍﻧﺐ ﺍﻟﻨﻈﺮﻳﺔ ﻭﺍﻹﺟﺮﺍﺋﻴﺔ ﺍﻟﱵ ﻻ ﳝﻜﻦ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ﺑﺪﻭ‪‬ﺎ ﻷ‪‬ﺎ ﲟﺜﺎﺑﺔ ﺍﻹﻃﺎﺭ ﺍﻟﻌﺎﻡ ﺍﻟﱵ ﳚﺐ‬
‫ﻋﻠﻲ ﲨﻴﻊ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ – ﺃﻥ ﺗﺒﺪﺃ ﺑﻪ ﺣﱴ ﳝﻜﻦ ﳍﺎ ﺍﻟﺘﺤﻘﻖ ﻣﻦ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ‪ ،‬ﻭﻗﺪ ﰎ ﺻﻴﺎﻏﺘﻬﺎ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻟﺪﺭﺍﺳﺎﺕ‬
‫ﺍﻟﺴﺎﺑﻘﺔ‪(25) -‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﺟﺘﻬﺎﺩﺍﺕ ﺍﻟﺒﺎﺣﺚ – ﻭﺫﻟﻚ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ ‪:-‬‬

‫ﺃﻭﻻﹰ‪ -:‬ﺃﻫﺪﺍﻑ ﻭﻣﺰﺍﻳﺎ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪.‬‬

‫ﻟﻮ ﱂ ﻳﻜﻦ ﻟﻠﺤﻮﻛﻤﺔ ﻣﻦ ﺍﻷﻫﺪﺍﻑ ﻭﺍﳌﺰﺍﻳﺎ ﺍﻟﱵ ﺗﺪﻋﻤﻬﺎ ‪ ،‬ﳌﺎ ﺳﻌﺖ ﻣﻌﻈﻢ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﻞ ﻭﺍﻟﺪﻭﻝ ﺇﱄ ﺗﻄﺒﻴﻘﻬﺎ ﻭﻭﺿﻌﺖ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ‬
‫ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﻼﺯﻣﺔ ﳍﺎ ‪.‬‬
‫ﻭﻟﻘﺪ ﺍﺧﺘﻠﻔﺖ ﺍﳌﻔﺎﻫﻴﻢ ﺍﳌﺴﺘﺨﺪﻣﺔ ﻟﻠﺘﻌﺒﲑ ﻋﻦ ﻫﺬﻩ ﺍﻷﻫﺪﺍﻑ ﻭﺍﳌﺰﺍﻳﺎ ﻣﻨﻬﺎ ﺍﳌﻨﺎﻓﻊ ﺃﻭ ﺍﻟﺪﻭﺍﻓﻊ ﺃﻭ ﺍﻟﺒﻮﺍﻋﺚ ﻭﻟﻜﻨﻬﺎ ﲨﻴﻌﺎﹰ ﺗﺪﺧﻞ ﺿﻤﻦ ﺍﻷﻫﺪﺍﻑ‬
‫ﻭﺍﳌﺰﺍﻳﺎ ﻭﺍﻟﱵ ﳝﻜﻦ ﺍﻟﺘﻌﺒﲑ ﻋﻨﻬﺎ ﰲ ﺍﻟﻨﻘﺎﻁ ﺍﻟﺘﺎﻟﻴﺔ ‪:-‬‬

‫‪1-‬ﲢﺴﲔ ﺍﻟﻘﺪﺭﺓ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻟﻠﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺯﻳﺎﺩﺓ ﻗﻴﻤﺘﻬﺎ ‪.‬‬

‫‪2-‬ﻓﺮﺽ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﻔﻌﺎﻟﺔ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺗﺪﻋﻴﻢ ﺍﳌﺴﺎﺀﻟﺔ ﺍﶈﺎﺳﺒﻴﺔ ‪‬ﺎ ‪.‬‬
‫‪3-‬ﺿﻤﺎﻥ ﻣﺮﺍﺟﻌﺔ ﺍﻷﺩﺍﺀ ﺍﻟﺘﺸﻐﻴﻠﻲ ﻭﺍﳌﺎﱄ ﻭﺍﻟﻨﻘﺪﻱ ﻟﻠﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪4-‬ﺗﻘﻮﱘ ﺃﺩﺍﺀ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻠﻴﺎ ﻭﺗﻌﺰﻳﺰ ﺍﳌﺴﺎﺀﻟﺔ ﻭﺭﻓﻊ ﺩﺭﺟﺔ ﺍﻟﺜﻘﺔ ﻓﻴﻬﺎ‪.‬‬
‫‪5-‬ﺗﻌﻤﻴﻖ ﺛﻘﺎﻓﺔ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﻘﻮﺍﻧﲔ ﻭﺍﳌﺒﺎﺩﺉ ﻭﺍﳌﻌﺎﻳﲑ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻬﺎ‪.‬‬
‫‪6-‬ﺗﻌﻈﻴﻢ ﺃﺭﺑﺎﺡ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪7-‬ﺯﻳﺎﺩﺓ ﺛﻘﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﰲ ﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ﻟﺘﺪﻋﻴﻢ ﺍﳌﻮﺍﻃﻨﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ‪.‬‬
‫‪8-‬ﺍﳊﺼﻮﻝ ﻋﻠﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻨﺎﺳﺐ ﻭﺍﻟﺘﻨﺒﺆ ﺑﺎﳌﺨﺎﻃﺮ ﺍﳌﺘﻮﻗﻌﺔ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫– ‪9‬ﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﳏﺎﺭﺑﺔ ﺍﻟﻔﺴﺎﺩ‪.‬‬

‫‪10-‬ﻣﺮﺍﻋﺎﺓ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﻭﺗﻔﻌﻴﻞ ﺍﻟﺘﻮﺍﺻﻞ ﻣﻌﻬﻢ‪.‬‬

‫ﺛﺎﻧﻴﺎ ‪:‬ﺧﺼﺎﺋﺺ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪.‬‬

‫ﲤﺜﻞ ﺍﳋﺼﺎﺋﺺ ﺍﻟﺘﺎﻟﻴﺔ ﺍﻟﺴﻤﺎﺕ ﺍﻟﱵ ﳚﺐ ﺃﻥ ﺗﺘﻮﻓﺮ ﰲ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺗﻜﺎﻣﻞ ﺍﳉﻮﺍﻧﺐ ﺍﻟﻔﻜﺮﻳﺔ ﺍﳋﺎﺻﺔ ‪‬ﺎ‪ ،‬ﻛﻤﺎ ﺗﺴﺎﻋﺪ ﻋﻠﻰ‬
‫ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﺎ ﻭﻣﺰﺍﻳﺎﻫﺎ ﺍﳌﺘﻌﺪﺩﺓ ‪،‬ﻭﻫﻲ ‪:-‬‬

‫‪1-‬ﺍﳌﺴﺌﻮﻟﻴﺔ ﺃﻣﺎﻡ ﳐﺘﻠﻒ ﺍﻷﻃﺮﺍﻑ‪.‬‬

‫‪2-‬ﺍﺳﺘﻘﻼﻟﻴﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﻠﺠﺎﻥ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬
‫‪3-‬ﺍﻻﻧﻀﺒﺎﻁ ﺍﻟﺬﺍﰐ ﻭﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﻘﻮﺍﻧﲔ‪.‬‬
‫‪4-‬ﻣﻨﻊ ﺍﳌﺘﺎﺟﺮﺓ ﺑﺎﻟﺴﻠﻄﺔ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪5-‬ﲪﺎﻳﺔ ﺃﺻﻮﻝ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬

‫ﺛﺎﻟﺜﺎﹰ‪ -:‬ﻣﻘﻮﻣﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬

‫ﲤﺜﻞ ﺍﳌﻘﻮﻣﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ ﺍﻟﺪﻋﺎﺋﻢ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﱵ ﳚﺐ ﺗﻮﺍﻓﺮﻫﺎ ﺣﱴ ﳝﻜﻦ ﺍﳊﻜﻢ ﺑﺘﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪،‬ﻭﻫﻲ‪:-‬‬

‫‪1-‬ﺗﻮﻓﺮ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻠﻮﺍﺋﺢ ﺍﳋﺎﺻﺔ ﺑﻀﺒﻂ ﺍﻷﺩﺍﺀ ﺍﻹﺩﺍﺭﻱ ﻟﻠﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬

‫‪2-‬ﻭﺟﻮﺩ ﳉﺎﻥ ﺃﺳﺎﺳﻴﺔ – ﻣﻨﻬﺎ ﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ – ﺗﺎﺑﻌﺔ ‪‬ﻠﺲ ﺍﻹﺩﺍﺭﺓ ﳌﺘﺎﺑﻌﺔ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪3-‬ﻭﺿﻮﺡ ﺍﻟﺴﻠﻄﺎﺕ ﻭﺍﳌﺴﺌﻮﻟﻴﺎﺕ ﺑﺎﳍﻴﻜﻞ ﺍﻟﺘﻨﻈﻴﻤﻲ ﻟﻠﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪4-‬ﻓﻌﺎﻟﻴﺔ ﻧﻈﺎﻡ ﺍﻟﺘﻘﺎﺭﻳﺮ ﻭﻗﺪﺭﺗﻪ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺗﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ ‪.‬‬
‫‪5-‬ﺗﻌﺪﺩ ﺍﳉﻬﺎﺕ ﺍﻟﺮﻗﺎﺑﻴﺔ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪.‬‬

‫ﺭﺍﺑﻌﺎﹰ ‪:-‬ﳏﺪﺩﺍﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬

‫ﺑﺎﻟﻨﻈﺮﺓ ﺍﻟﺴﻄﺤﻴﺔ ﺇﱃ ﻫﺬﻩ ﺍﶈﺪﺩﺍﺕ ﻗﺪ ﺗﻔﻬﻢ ﻋﻠﻰ ﺃ‪‬ﺎ ﻗﻴﻮﺩ ﻋﻠﻰ ﺍﳊﻮﻛﻤﺔ ‪ ،‬ﻭﻟﻜﻨﻬﺎ ﰲ ﺍﻟﻮﺍﻗﻊ ﲤﺜﻞ ﺿﻮﺍﺑﻂ ﻟﻀﻤﺎﻥ ﻓﻌﺎﻟﻴﺔ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ‪،‬ﻭﻫﻲ‬
‫‪:-‬‬

‫ﺃ‪ -‬ﳏﺪﺩﺍﺕ ﺧﺎﺭﺟﻴﺔ‪....‬ﻭﺗﺸﻤﻞ ‪:-‬‬

‫‪1-‬ﺍﻷﻧﻈﻤﺔ ﻭﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﻭﺍﻷﺟﻬﺰﺓ ﺍﻟﺮﻗﺎﺑﻴﺔ‬

‫‪2-‬ﻣﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﺔ‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫‪3-‬ﻣﻌﺎﻳﲑ ﺍﳌﺮﺍﺟﻌﺔ‬

‫‪4-‬ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ‬

‫‪5-‬ﺍﻷﺳﻮﺍﻕ‬

‫ﺏ‪ -‬ﳏﺪﺩﺍﺕ ﺩﺍﺧﻠﻴﺔ ‪....‬ﻭﺗﺸﻤﻞ ‪ : -‬ﺍﳌﺴﺎﳘﻮﻥ ‪-2-‬ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮﻭﻥ ‪3-‬ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ‪4-‬ﺍﳌﺮﺍﺟﻌﺔ ‪5-‬ﻃﺮﻕ ﺍﻹﻓﺼﺎﺡ ﺍﶈﺎﺳﱯ‬

‫ﺧﺎﻣﺴﺎﹰ ‪ -:‬ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬

‫ﻭﲤﺜﻞ ﻫﺬﻩ ﺍﳌﺒﺎﺩﺉ ﺍﻟﻌﻤﻮﺩ ﺍﻟﻔﻘﺮﻱ ﻟﺘﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ‪ ،‬ﻟﺬﺍ ﻓﻘﺪ ﺣﺎﺯﺕ ﻋﻠﻰ ﺍﻫﺘﻤﺎﻡ ﳐﺘﻠﻒ ﺍﳍﻴﺌﺎﺕ ﻭﺍﻟﺘﻨﻈﻴﻤﺎﺕ ﺫﺍﺕ ﺍﻟﺼﻠﺔ ﺑﺘﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ‪،‬ﻣﺜﻞ‬
‫‪ :‬ﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ)‪، (OECD‬ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﻨﻴﻮﻳﻮﺭﻙ ‪ ،‬ﺑﻨﻚ ﺍﻟﺘﺴﻮﻳﺎﺕ ﺍﻟﺪﻭﱄ ) ‪ ، ( BIS‬ﺍﳌﻨﻈﻤﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫ﻟﻠﺠﺎﻥ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ )‪ ،( IOSCO‬ﻋﻼﻭﺓ ﻋﻠﻰ ﺍﻫﺘﻤﺎﻡ ﺍﻟﺒﺎﺣﺜﲔ ﻭﺍﻟﻜﺘﺎﺏ ‪،‬ﻟﺬﺍ ﻓﻘﺪ ﺗﻌﺪﺩﺕ ﻫﺬﻩ ﺍﳌﺒﺎﺩﺉ ﻭﺍﺧﺘﻠﻔﺖ ﻣﻦ ﺟﻬﺔ ﺇﱃ ﺃﺧﺮﻯ ‪،‬‬
‫ﻭﻟﻜﻦ ﺃﻛﺜﺮﻫﺎ ﻗﺒﻮﻻ ﻭﺍﻫﺘﻤﺎﻣﺎ ﻭﺃﻳﻀﺎ ﺃﺳﺒﻘﻬﺎ ﺻﺪﻭﺭﺍ ﻫﻲ ﺍﳌﺒﺎﺩﺉ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻦ ) ‪ (OECD‬ﻋﺎﻡ ‪1999‬ﻡ ﻭﺍﻟﱵ ﰎ ﺇﻋﺎﺩﺓ ﺻﻴﺎﻏﺘﻬﺎ ﻋﺎﻡ‬
‫‪2004‬ﻡ ﻭﻫﻲ‪:‬‬

‫ﻣﺒﺪﺃ ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻭﻳﺘﺤﻘﻖ ﻫﺬﺍ ﺍﳌﺒﺪﺃ ﻣﻦ ﺧﻼﻝ‪:-‬‬

‫‪1-‬ﺗﺄﻣﲔ ﻭﺳﺎﺋﻞ ﺍﻟﺘﺴﺠﻴﻞ ﻭﺍﻟﻨﻘﻞ ﻭﺍﻟﺘﺤﻮﻳﻞ ﳌﻠﻜﻴﺔ ﺍﻷﺳﻬﻢ‪.‬‬
‫‪2-‬ﺣﻀﻮﺭ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻭﺍﻟﺘﺼﻮﻳﺖ ﻭﺍﻧﺘﺨﺎﺏ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ‪.‬‬
‫‪3-‬ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬
‫‪4-‬ﳑﺎﺭﺳﺔ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪5-‬ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺣﻘﻮﻗﻬﻢ ﰲ ﺍﻷﺭﺑﺎﺡ‪.‬‬

‫ﺏ‪ -‬ﻣﺒﺪﺃ ﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﰲ ﺍﳌﻌﺎﻣﻠﺔ ﻭﻳﺘﺤﻘﻖ ﻫﺬﺍ ﺍﳌﺒﺪﺃ ﻣﻦ ﺧﻼﻝ‪:-‬‬

‫‪1-‬ﺍﳌﺴﺎﻭﺍﺓ ﰲ ﺗﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ ﳌﺨﺘﻠﻒ ﺍﻟﻔﺌﺎﺕ‬

‫‪2-‬ﺍﳌﺴﺎﻭﺍﺓ ﰲ ﺍﳌﻌﺎﻣﻠﺔ ﻟﻠﻔﺌﺎﺕ ﺍﳌﺘﻜﺎﻓﺌﺔ ﻣﻦ ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫‪3-‬ﺍﻟﺪﻓﺎﻉ ﻋﻦ ﺍﳊﻘﻮﻕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪.‬‬
‫‪4-‬ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﳌﺼﺎﳊﺔ ﺍﳋﺎﺻﺔ ﲟﺠﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮﻳﻦ‪.‬‬
‫‪5-‬ﺍﻟﺘﻌﻮﻳﺾ ﻋﻦ ﺣﺎﻻﺕ ﺍﻟﺘﻌﺪﻱ ﻋﻠﻰ ﺣﻘﻮﻗﻬﻢ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﺟـ‪ -‬ﻣﺒﺪﺃ ﺩﻭﺭ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﳊﻮﻛﻤﺔ ﻭﻳﺘﺤﻘﻖ ﻫﺬﺍ ﺍﳌﺒﺪﺃ ﻣﻦ ﺧﻼﻝ‪:-‬‬
‫‪1-‬ﺍﻟﺘﻌﺎﻭﻥ ﺑﲔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﻭﺇﺩﺍﺭﺓ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪2-‬ﺍﳌﺸﺎﺭﻛﺔ ﰲ ﺍﳌﺘﺎﺑﻌﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪3-‬ﺿﻤﺎﻥ ﺣﺼﻮﳍﻢ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻼﺋﻤﺔ ﻭﺍﻟﻜﺎﻓﻴﺔ ﻭﺍﳌﻮﺛﻮﻕ ﻓﻴﻬﺎ‪.‬‬
‫‪4-‬ﺍﶈﺎﻓﻈﺔ ﻋﻠﻰ ﺣﻘﻮﻗﻬﻢ ‪.‬‬
‫‪5-‬ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﻌﻮﻳﻀﺎﺕ ﰲ ﺣﺎﻟﺔ ﺍﻧﺘﻬﺎﻙ ﺣﻘﻮﻗﻬﻢ‪.‬‬

‫ﺩ‪ -‬ﻣﺒﺪﺃ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﻳﺘﺤﻘﻖ ﺫﻟﻚ ﻣﻦ ﺧﻼﻝ‪:-‬‬

‫‪1-‬ﺩﻗﺔ ﺍﻹﻓﺼﺎﺡ‪.‬‬
‫‪2-‬ﺍﻟﺘﻮﻗﻴﺖ ﺍﳌﻼﺋﻢ ﻟﻺﻓﺼﺎﺡ‪.‬‬
‫‪3-‬ﴰﻮﻟﻴﺔ ﺍﻹﻓﺼﺎﺡ‪.‬‬
‫‪4-‬ﻣﺮﺍﺟﻌﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻔﺼﺢ ﻋﻨﻬﺎ‪.‬‬
‫‪5-‬ﺗﻮﻓﲑ ﻗﻨﻮﺍﺕ ﺗﻮﺻﻴﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻟﻠﻤﺴﺘﺨﺪﻣﲔ ‪.‬‬

‫ﻫـ‪ -‬ﻣﺒﺪﺃ ﻣﺴﺌﻮﻟﻴﺎﺕ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﻳﺘﺤﻘﻖ ﺫﻟﻚ ﻣﻦ ﺧﻼﻝ‪:-‬‬

‫‪1-‬ﺿﻤﺎﻥ ﻣﺴﺆﻟﻴﺔ ﺍ‪‬ﻠﺲ ﲡﺎﻩ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﳌﺴﺎﳘﲔ‪.‬‬
‫‪2-‬ﺗﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻜﺎﻓﻴﺔ ﻭﺍﳌﻮﺛﻮﻕ ﻓﻴﻬﺎ ‪.‬‬
‫‪3-‬ﺍﳌﻌﺎﻣﻠﺔ ﺍﳌﺘﻜﺎﻓﺌﺔ ﳉﻤﻴﻊ ﺍﳌﺴﺎﳘﲔ ‪.‬‬
‫‪4-‬ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﻘﻮﺍﻧﲔ ﻭﲢﻘﻴﻖ ﻣﺼﺎﱀ ﻛﺎﻓﺔ ﺍﻷﻃﺮﺍﻑ‪.‬‬
‫‪5-‬ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭﻣﺘﺎﺑﻌﺔ ﺍﳌﻬﺎﻡ ﻭﺍﻟﻮﻇﺎﺋﻒ ﺍﻷﺳﺎﺳﻴﺔ ‪ ،‬ﺑﺎﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪.‬‬

‫ﰲ ﺿﻮﺀ ﻣﺎ ﺳﺒﻖ ﻳﺮﻱ ﺍﻟﺒﺎﺣﺚ ﺿﺮﻭﺭﺓ ﺍﻹﺷﺎﺭﺓ ﺇﱄ ﺍﻟﻨﻘﺎﻁ ﺍﻟﺘﺎﻟﻴﺔ ﺣﻮﻝ ﺍﳉﻮﺍﻧﺐ ﺍﻟﻔﻜﺮﻳﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋﻼﻗﺔ ﺫﻟﻚ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ‪:-‬‬

‫‪1.‬ﺗﻜﺎﻣﻞ ﺍﳉﻮﺍﻧﺐ ﺍﻟﻔﻜﺮﻳﺔ ﻟﻠﺤﻮﻛﻤﺔ ﺧﺎﺻﺔ ﻭﺃ‪‬ﺎ ﲨﻌﺖ ﲬﺴﺔ ﺟﻮﺍﻧﺐ ﺃﺳﺎﺳﻴﺔ ﻫﻲ ﺍﻷﻫﺪﺍﻑ ﻭﺍﳋﺼﺎﺋﺺ ﻭﺍﳌﻘﻮﻣﺎﺕ ﻭﺍﶈﺪﺩﺍﺕ ﻭﺍﳌﺒﺎﺩﺉ ‪،‬‬
‫ﻋﻼﻭﺓ ﻋﻠﻰ ﴰﻮﻟﻴﺘﻬﺎ ﻭﺍﺣﺘﻮﺍﺋﻬﺎ ﻋﻠﻰ ﲨﻴﻊ ﺍﳌﻔﺮﺩﺍﺕ ﺍﻟﻨﻈﺮﻳﺔ ﻭﺍﻟﺘﻄﺒﻴﻘﻴﺔ ﻟﻠﺤﻮﻛﻤﺔ ﺑﺼﻮﺭﺓ ﳝﻜﻦ ﺃﻥ ﻳﻄﻠﻖ ﻋﻠﻴﻬﺎ "ﺍﻹﻃﺎﺭ ﺍﳌﺘﻜﺎﻣﻞ ﳊﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ "‬

‫‪2.‬ﺇﻥ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺘﻄﺒﻴﻖ ﻫﺬﻩ ﺍﳉﻮﺍﻧﺐ ﰲ ﳐﺘﻠﻒ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ – ﻭﺑﺼﻔﺔ ﺧﺎﺻﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ‪ -‬ﺑﺼﺮﻑ ﺍﻟﻨﻈﺮﻳﺔ ﻋﻦ ﻃﺒﻴﻌﺔ ﻧﺸﺎﻃﻬﺎ‬
‫ﺳﻴﺆﺩﻱ ﺇﱃ ﺗﻄﻮﻳﺮ ﺃﺩﺍﺋﻬﺎ ﻭﺍﻟﺘﻐﻠﺐ ﻋﻠﻰ ﻣﺸﺎﻛﻠﻬﺎ ﺍﳌﺨﺘﻠﻔﺔ ﻭﺯﻳﺎﺩﺓ ﻗﺪﺭ‪‬ﺎ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻭﺍﻟﺘﺸﻐﻴﻠﻴﺔ ﻭﺍﳌﺎﻟﻴﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ ﻭﺑﺎﻟﺘﺎﱄ ﺍﻻﻧﻌﻜﺎﺱ ﺍﻹﳚﺎﰊ ﻋﻠﻰ‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﺃﺳﻬﻤﻬﺎ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪.‬‬

‫‪3.‬ﺍﻷﺑﻌﺎﺩ ﺍﶈﺎﺳﺒﻴﺔ ﻟﻠﺤﻮﻛﻤﺔ ﻭﺍﻟﱵ ﺳﺒﻖ ﻟﻠﺒﺎﺣﺚ ﺍﻹﺷﺎﺭﺓ ﺇﻟﻴﻬﺎ ﺗﻈﻬﺮ ﺑﻮﺿﻮﺡ ﰲ ﳐﺘﻠﻒ ﺍﳉﻮﺍﻧﺐ ﺍﻟﻔﻜﺮﻳﺔ ﳍﺎ ‪ ،‬ﻭﻫﺬﺍ ﻳﻌﻜﺲ ﺩﻭﺭ ﺍﳉﻮﺍﻧﺐ‬
‫ﺍﳌﺎﻟﻴﺔ ﻭﺍﶈﺎﺳﺒﻴﺔ ﰲ ﺗﻜﻮﻳﻦ ﺍﻹﻃﺎﺭ ﺍﳌﺘﻜﺎﻣﻞ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬

‫‪4.‬ﺗﻈﻬﺮ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ‪ ،‬ﻭﲢﻘﻴﻖ ﺃﻫﺪﺍﻑ ﻭﻣﺰﺍﻳﺎ ﺍﳊﻮﻛﻤﺔ ﻣﻦ ﺧﻼﻝ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﳑﺎﺭﺳﺔ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ‬
‫ﳐﺘﻠﻒ ﺟﻮﺍﻧﺐ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺯﻳﺎﺩﺓ ﺍﻟﺜﻘﺔ ﻓﻴﻬﺎ ﻭﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﳏﺎﺭﺑﺔ ﺍﻟﻔﺴﺎﺩ ﻭﲢﻘﻴﻖ ﺍﻟﺘﻮﺍﺻﻞ ﻣﻊ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﺫﺍﺕ‬
‫ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪.‬‬

‫‪5.‬ﺑﺎﻟﻨﻈﺮ ﺇﱃ ﺧﺼﺎﺋﺺ ﻭﻣﻘﻮﻣﺎﺕ ﺍﳊﻮﻛﻤﺔ ﺑﺸﺊ ﻣﻦ ﺍﻟﺘﺄﱐ ﻭﺍﻟﺘﺪﻗﻴﻖ ﻳﺘﻀﺢ ﺃﻥ ﺍﳉﺰﺀ ﺍﻷﻛﱪ ﻣﻨﻬﺎ ﻳﺼﻌﺐ ﲢﻘﻴﻘﻪ ﻣﺎ ﱂ ﺗﺘﻮﻓﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ‬
‫ﺍﻟﻼﺯﻣﺔ ﻟﺬﻟﻚ ‪ ،‬ﻭﺍﻷﻛﺜﺮ ﻣﻦ ﻫﺬﺍ ﻫﻮ ﺿﺮﻭﺭﺓ ﺗﻮﻓﺮ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﲟﺴﺘﻮﻯ ﺍﳉﻮﺩﺓ ﺍﻟﺸﺎﻣﻞ‪.‬‬

‫‪6.‬ﺃﻥ ﻣﻌﻈﻢ – ﻣﺎ ﱂ ﻳﻜﻦ ﲨﻴﻊ – ﳏﺪﺩﺍﺕ ﺍﳊﻮﻛﻤﺔ ﺳﻮﺍﺀ ﺍﳋﺎﺭﺟﻴﺔ ﺃﻭ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻫﻲ ﺿﻮﺍﺑﻂ ﻟﺘﺤﻘﻴﻖ ﺟﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻟﱵ ﻳﺆﺩﻱ‬
‫ﲢﻘﻴﻘﻬﺎ ﺇﱃ ﺇﻋﺎﺩﺓ ﺛﻘﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭﺍﳌﻘﺮﺿﲔ ﺍﳊﺎﻟﻴﲔ ﻭﺍﳌﺮﺗﻘﺒﲔ ﻭﳐﺘﻠﻒ ﺍﳌﺴﺘﺨﺪﻣﲔ ﳍﺎ ﰲ ﺍﻟﻘﻮﺍﺋﻢ ﻭﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﶈﺎﺳﺒﻴﺔ ﻭﰲ ﺍﳌﻤﺎﺭﺳﺔ ﺍﶈﺎﺳﺒﻴﺔ‬
‫ﻛﻜﻞ ‪.‬‬

‫‪7.‬ﺇﻥ ﺍﻟﻌﺎﻣﻞ ﺍﳌﺸﺘﺮﻙ ﺍﻟﺬﻱ ﳚﻤﻊ ﺑﲔ ﲨﻴﻊ ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ‪ -‬ﺑﺼﺮﻑ ﺍﻟﻨﻈﺮ ﻋﻦ ﻭﺟﻮﺩ ﻣﺒﺪﺃ ﻣﺴﺘﻘﻞ ﺑﺬﻟﻚ ﻭﻫﻮ ﺍﳌﺒﺪﺃ )ﺩ (– ﻫﻮ ﺍﳌﻌﻠﻮﻣﺎﺕ‬
‫ﺍﶈﺎﺳﺒﻴﺔ ﲟﻔﻬﻮﻣﻬﺎ ﺍﻟﺸﺎﻣﻞ ﲟﺎ ﺗﺘﻀﻤﻨﻪ ﻣﻦ ﺟﻮﺍﻧﺐ ﳐﺘﻠﻔﺔ ﻋﻦ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﻻ ﻳﻘﺘﺼﺮ ﺍﻷﻣﺮ ﻋﻠﻰ ﺫﻟﻚ ﺑﻞ ﳝﺘﺪ ﻟﻴﺸﻤﻞ ﺍﳉﻮﺍﻧﺐ ﺍﻟﺘﺎﻟﻴﺔ‬
‫ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ‪:‬‬

‫ﺃ ‪-‬ﻣﺮﺣﻠﺔ ﺇﻋﺪﺍﺩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﻣﺴﺌﻮﻟﻴﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺴﺘﻮﻳﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ ﻭﺍﻟﻠﺠﺎﻥ ﺍﳌﺨﺘﻠﻔﺔ ﻭﺍﳌﺮﺍﺟﻌﲔ ‪ ،‬ﻋﻨﻬﺎ‪.‬‬
‫ﺏ ‪-‬ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﺣﺪ ﺫﺍ‪‬ﺎ ﻭﻣﺎ ﳚﺐ ﺃﻥ ﻳﺘﻮﻓﺮ ‪‬ﺎ ﻣﻦ ﻋﻨﺎﺻﺮ ﺍﳉﻮﺩﺓ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬
‫ﺝ‪ -‬ﻣﺮﺣﻠﺔ ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺗﻮﺻﻴﻠﻬﺎ ﳌﺨﺘﻠﻒ ﺍﳌﺴﺘﺨﺪﻣﲔ ﳍﺎ ﺳﻮﺍﺀ ﻣﻦ ﺩﺍﺧﻞ ﺃﻭ ﻣﻦ ﺧﺎﺭﺝ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬

‫ﺍﳊﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ‪:‬‬

‫ﻟﻘﺪ ﺗﻌﺪﺩﺕ ﺍﻟﺘﻌﺎﺭﻳﻒ ﺍﳌﺘﻌﻠﻘﺔ ﲝﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪ Corporate Governance‬ﻭﺫﻟﻚ ﺑﺘﻌﺪﺩ ﺍﻫﺘﻤﺎﻣﺎﺕ ﻭﲣﺼﺼﺎﺕ ﺍﻟﻜﺘﺎﺏ ﻭﺍﻟﺒﺎﺣﺜﲔ‪،‬‬
‫ﻓﻠﻘﺪ ﻋﺮﻑ ﺍﻟﺒﻌﺾ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺄ‪‬ﺎ‪:‬‬

‫ﻧﻈﺎﻡ ﻣﺘﻜﺎﻣﻞ ﻟﻠﺮﻗﺎﺑﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﻐﲑ ﻣﺎﻟﻴﺔ ﻭﺍﻟﺬﻱ ﻋﻦ ﻃﺮﻳﻘﻪ ﻳﺘﻢ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻬﺎ‪.‬‬

‫ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺃ‪‬ﺎ ‪:‬ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻄﺮﻕ ﻭﺍﻟﱵ ﳝﻜﻦ ﻣﻦ ﺧﻼﳍﺎ ﺃﻥ ﻳﺘﺄﻛﺪ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﻣﻦ ﲢﻘﻴﻖ ﺭﲝﻴﺔ ﻣﻌﻘﻮﻟﺔ ﻻﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﻛﻤﺎ ﺃﻥ ﻫﻨﺎﻙ ﻣﻦ ﻋﺮﻓﻬﺎ ﺑﺄ‪‬ﺎ ‪:‬ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﳌﻌﺎﻳﲑ ﺍﻟﱵ ﲢﺪﺩ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﻧﺎﺣﻴﺔ‪ ،‬ﻭﲪﻠﺔ ﺍﻷﺳﻬﻢ‬
‫ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺃﻭ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﺸﺮﻛﺔ )ﻣﺜﻞ ﲪﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﺍﻟﻌﻤﺎﻝ‪ ،‬ﺍﻟﺪﺍﺋﻨﲔ‪ ،‬ﺍﳌﻮﺍﻃﻨﲔ(ﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ‪.‬‬
‫ﻭﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻌﺮﻳﻔﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﻳﺘﻀﺢ ﻟﻨﺎ ﺃﻥ ﻫﻨﺎﻙ ﻣﻌﺎﱐ ﺃﺳﺎﺳﻴﺔ ﳌﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻫﻲ‪:‬‬

‫‪-‬ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻷﻧﻈﻤﺔ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬

‫‪-‬ﺗﻨﻈﻴﻢ ﻟﻠﻌﻼﻗﺎﺕ ﺑﲔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮﻳﻦ ﻭﺍﳌﺴﺎﳘﲔ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪.‬‬

‫‪-‬ﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﺃﻥ ﺍﻟﺸﺮﻛﺎﺕ ﳚﺐ ﺃﻥ ﺗﺪﺍﺭ ﻟﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ‪.‬‬

‫‪-‬ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻋﺪ ﻳﺘﻢ ﲟﻮﺟﺒﻬﺎ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻬﺎ ﻭﻓﻖ ﻫﻴﻜﻞ ﻣﻌﲔ ﻳﺘﻀﻤﻦ ﺗﻮﺯﻳﻊ ﺍﳊﻘﻮﻕ ﻭﺍﻟﻮﺍﺟﺒﺎﺕ ﻓﻴﻤﺎ ﺑﲔ ﺍﳌﺸﺎﺭﻛﲔ ﰲ‬
‫ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻣﺜﻞ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﺍﳌﺴﺎﳘﲔ ‪.‬‬
‫ﻭﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﶈﺎﺳﺒﻴﺔ ﺯﺍﺩ ﺍﻻﻫﺘﻤﺎﻡ ﲝﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﳏﺎﻭﻟﺔ ﺟﺎﺩﺓ ﻻﺳﺘﻌﺎﺩﺓ ﺛﻘﺔ ﻣﺴﺘﺨﺪﻣﻲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﳑﺜﻠﲔ ﰲ ﻛﺎﻓﺔ ﺍﻷﻃﺮﺍﻑ‬
‫ﺃﺻﺤﺎﺏ ﺍﳌﺼﻠﺤﺔ ﺧﺎﺻﺔ ﺍﳌﺴﺎﳘﲔ ﻭﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﻣﺪﻯ ﺩﻗﺔ ﻭﺳﻼﻣﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻔﺼﺢ ﻋﻨﻬﺎ ﻣﻦ ﺟﺎﻧﺐ ﺇﺩﺍﺭﺓ ﺍﻟﻮﺣﺪﺓ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻨﺸﻮﺭﺓ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﺟﻮﺩﺓ ﺗﻠﻚ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﻌﺘﻤﺪﺓ ﻣﻦ ﻣﺮﺍﻗﱯ ﺍﳊﺴﺎﺑﺎﺕ ﺍﳌﻌﻴﻨﲔ ﻣﻦ ﻗﺒﻞ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ‬
‫ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫ﻭﻗﺪ ﺃﺛﺎﺭﺕ ﺍﻟﻔﻀﺎﺋﺢ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺘﺴﺎﺅﻻﺕ ﻭﻋﻼﻣﺎﺕ ﺍﻻﺳﺘﻔﻬﺎﻡ ﺣﻮﻝ ﺍﻟﻌﻼﻗﺔ ﺛﻼﺛﻴﺔ ﺍﻷﻃﺮﺍﻑ ﺑﲔ ﺇﺩﺍﺭﺓ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﻣﺪﻗﻖ‬
‫ﺍﳊﺴﺎﺑﺎﺕ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﻠﺤﺔ ﰲ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺧﺎﺻﺔ ﺍﳌﺴﺎﳘﲔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﺇﱃ ﺃﻱ ﻣﺪﻯ ﳝﻜﻦ ﺣﺪﻭﺙ ﺗﻼﻋﺐ‬
‫ﻣﻦ ﺟﺎﻧﺐ ﺇﺩﺍﺭﺓ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺃﻭ ﺣﺪﻭﺙ ﲢﺎﻟﻒ ﺑﻴﻨﻬﺎ ﻭﺑﲔ ﻣﺪﻗﻖ ﺍﳊﺴﺎﺑﺎﺕ ﳝﻜﻦ ﺃﻥ ﻳﻀﺮ ﲟﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ ﻭﺑﺎﻗﻲ ﺍﻷﻃﺮﺍﻑ ﺍﻷﺧﺮﻯ‬
‫ﺫﺍﺕ ﺍﳌﺼﻠﺤﺔ‪ ،‬ﻭﺍﻹﺩﺍﺭﺓ ﺍﻟﻜﻒﺀ ﻫﻲ ﺍﻟﱵ ﺗﻘﻮﻡ ﺑﺎﺳﺘﻐﻼﻝ ﻣﻮﺍﺭﺩ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﺒﺸﺮﻳﺔ ﻋﻠﻰ ﺃﻛﻤﻞ ﻭﺟﻪ‪ ،‬ﻭﺿﻤﺎﻧﺎ ﻟﺬﻟﻚ ﲣﺘﺺ ﺣﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺑﻮﺿﻊ ﺇﻃﺎﺭ ﺗﻨﻈﻴﻤﻲ ﻳﺘﻀﻤﻦ ﺑﻮﺿﻮﺡ ﺍﳌﺒﺎﺩﺉ ﻭﺍﳌﺜﻞ ﺍﻟﻌﻠﻴﺎ ﺍﻟﱵ ﺗﺘﺒﻌﻬﺎ ﺍﻟﺸﺮﻛﺔ ﰲ‬
‫ﻣﻌﺎﻣﻼ‪‬ﺎ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﺍﳋﺎﺭﺟﻴﺔ ‪.‬‬
‫‪-2‬ﺃﻫﺪﺍﻑ ﺧﺼﺎﺋﺺ ﻭﻣﻘﻮﻣﺎﺕ ﺍﳊﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ‪:‬‬

‫ﻟﻠﺤﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ ﺃﻫﺪﺍﻑ ﻭﺟﺪﺕ ﻣﻦ ﺃﺟﻞ ﲢﻘﻴﻘﻬﺎ ﻭﺧﺼﺎﺋﺺ ﺳﺎﻋﺪ‪‬ﺎ ﻋﻠﻰ ﺫﻟﻚ ﻭﳝﻜﻦ ﺗﻠﺨﻴﺺ ﺃﻫﺪﺍﻓﻬﺎ ﰲ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪-‬ﺣﺴﲔ ﺍﻟﻘﺪﺭﺓ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻟﻠﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺯﻳﺎﺩﺓ ﻗﻴﻤﺘﻬﺎ‪.‬‬
‫‪-‬ﻓﺮﺽ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﻔﻌﺎﻟﺔ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺗﺪﻋﻴﻢ ﺍﳌﺴﺎﺀﻟﺔ ﺍﶈﺎﺳﺒﻴﺔ ‪‬ﺎ‪.‬‬
‫‪-‬ﺿﻤﺎﻥ ﻣﺮﺍﺟﻌﺔ ﺍﻷﺩﺍﺀ ﺍﻟﺘﺸﻐﻴﻠﻲ ﻭﺍﳌﺎﱄ ﻭﺍﻟﻨﻘﺪﻱ ﻟﻠﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪-‬ﺗﻘﻮﱘ ﺃﺩﺍﺀ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻠﻴﺎ ﻭﺗﻌﺰﻳﺰ ﺍﳌﺴﺎﺀﻟﺔ ﻭﺭﻓﻊ ﺩﺭﺟﺔ ﺍﻟﺜﻘﺔ ﻓﻴﻬﺎ‪.‬‬
‫‪-‬ﺗﻌﻤﻴﻖ ﺛﻘﺎﻓﺔ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﻘﻮﺍﻧﲔ ﻭﺍﳌﺒﺎﺩﺉ ﻭﺍﳌﻌﺎﻳﲑ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻬﺎ‪.‬‬
‫‪-‬ﺗﻌﻈﻴﻢ ﺃﺭﺑﺎﺡ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪-‬ﺯﻳﺎﺩﺓ ﺛﻘﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﰲ ﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ﻟﺘﺪﻋﻴﻢ ﺍﳌﻮﺍﻃﻨﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ‪.‬‬
‫‪-‬ﺍﳊﺼﻮﻝ ﻋﻠﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻨﺎﺳﺐ ﻭﺍﻟﺘﻨﺒﺆ ﺑﺎﳌﺨﺎﻃﺮ ﺍﳌﺘﻮﻗﻌﺔ‪.‬‬
‫‪-‬ﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﳏﺎﺭﺑﺔ ﺍﻟﻔﺴﺎﺩ‪.‬‬
‫‪-‬ﻣﺮﺍﻋﺎﺓ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﻭﺗﻔﻌﻴﻞ ﺍﻟﺘﻮﺍﺻﻞ ﻣﻌﻬﻢ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﺃﻣﺎ ﺧﺼﺎﺋﺼﻬﺎ ﺍﳌﺴﺎﻋﺪﺓ ﻋﻠﻰ ﺑﻠﻮﻏﻬﺎ ﻫﺬﻩ ﺍﻷﻫﺪﺍﻑ ﻓﺘﺘﻤﺜﻞ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪-‬ﺍﳌﺴﺌﻮﻟﻴﺔ ﺃﻣﺎﻡ ﳐﺘﻠﻒ ﺍﻷﻃﺮﺍﻑ‪.‬‬
‫‪-‬ﺍﺳﺘﻘﻼﻟﻴﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﻠﺠﺎﻥ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬
‫‪-‬ﺍﻻﻧﻀﺒﺎﻁ ﺍﻟﺬﺍﰐ ﻭﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﻘﻮﺍﻧﲔ‪.‬‬
‫‪-‬ﻣﻨﻊ ﺍﳌﺘﺎﺟﺮﺓ ﺑﺎﻟﺴﻠﻄﺔ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪- -‬ﲪﺎﻳﺔ ﺃﺻﻮﻝ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫ﻭﲤﺜﻞ ﺍﳌﻘﻮﻣﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ ﺍﻟﺪﻋﺎﺋﻢ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﱵ ﳚﺐ ﺗﻮﺍﻓﺮﻫﺎ ﺣﱴ ﳝﻜﻦ ﺍﳊﻜﻢ ﺑﺘﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ ﰲ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﻫﻲ‪-:‬‬
‫‪-‬ﺗﻮﻓﺮ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻠﻮﺍﺋﺢ ﺍﳋﺎﺻﺔ ﺑﻀﺒﻂ ﺍﻷﺩﺍﺀ ﺍﻹﺩﺍﺭﻱ ﻟﻠﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪-‬ﻭﺟﻮﺩ ﳉﺎﻥ ﺃﺳﺎﺳﻴﺔ – ﻣﻨﻬﺎ ﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ – ﺗﺎﺑﻌﺔ ‪‬ﻠﺲ ﺍﻹﺩﺍﺭﺓ ﳌﺘﺎﺑﻌﺔ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪-‬ﻭﺿﻮﺡ ﺍﻟﺴﻠﻄﺎﺕ ﻭﺍﳌﺴﺌﻮﻟﻴﺎﺕ ﺑﺎﳍﻴﻜﻞ ﺍﻟﺘﻨﻈﻴﻤﻲ ﻟﻠﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪-‬ﻓﻌﺎﻟﻴﺔ ﻧﻈﺎﻡ ﺍﻟﺘﻘﺎﺭﻳﺮ ﻭﻗﺪﺭﺗﻪ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺗﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ‪.‬‬
‫‪. -‬ﺗﻌﺪﺩ ﺍﳉﻬﺎﺕ ﺍﻟﺮﻗﺎﺑﻴﺔ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫‪ – II‬ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺃﺿﺮﺍﺭ ﻋﺪﻡ ﺍﻻﻟﺘﺰﺍﻡ ‪‬ﺎ‬
‫‪-1‬ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ‬
‫ﺃﺩﺕ ﺍﳊﺎﺟﺔ ﺇﱃ ﺗﻄﺒﻴﻖ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺇﱃ ﺇﳚﺎﺩ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺒﺎﺩﺉ ﻭﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﱵ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺫﻟﻚ‪ ،‬ﻭﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﺍﻫﺘﻤﺖ‬
‫ﺑﺈﺻﺪﺍﺭ ﻫﺬﻩ ﺍﳌﺒﺎﺩﺉ ﺻﻨﺪﻭﻕ ﺍﻟﻨﻘﺪ ﻭﺍﻟﺒﻨﻚ ﺍﻟﺪﻭﻟﻴﲔ ﻭﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﱵ ﻗﺎﻣﺖ ﺑﺈﺻﺪﺍﺭ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺳﻨﺔ ‪1999‬ﻭﰎ ﺗﻌﺪﻳﻠﻬﺎ ﺳﻨﺔ ‪ ، 2004‬ﻭﻛﻮﻥ ﺃﻥ ﻫﺬﻩ ﺍﳌﺒﺎﺩﺉ ﺗﻌﺘﱪ ﺍﳌﺮﺟﻊ ﺍﻷﺳﺎﺳﻲ ﻟﻠﻌﺪﻳﺪ ﻣﻦ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﲝﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺳﻮﻑ ﻧﻘﻮﻡ ﺑﻌﺮﺿﻬﺎ ﰲ ﺍﻟﻨﻘﺎﻁ ﺍﻟﺘﺎﻟﻴﺔ ﺣﻴﺚ ﺗﺘﻜﻮﻥ ﻣﻦ ﺳﺘﺔ ﻣﺒﺎﺩﺉ ﺃﺳﺎﺳﻴﺔ ﻫﻲ‪:‬‬
‫‪/1‬ﺍﻟﺘﺤﻘﻖ ﻣﻦ ﻭﺟﻮﺩ ﺇﻃﺎﺭ ﻓﻌﺎﻝ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪:‬ﻓﻠﻜﻲ ﻳﺘﻢ ﺿﻤﺎﻥ ﻭﺿﻊ ﺇﻃﺎﺭ ﻓﻌﺎﻝ‬
‫ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻓﺈﻥ ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱ ﻭﺟﻮﺩ ﺃﺳﺎﺱ ﻗﺎﻧﻮﱐ ﻭﺗﻨﻈﻴﻤﻲ ﻭﻣﺆﺳﺴﻲ ﻓﻌﻼ ﳝﻜﻦ ﻟﻜﺎﻓﺔ ﺍﳌﺸﺎﺭﻛﲔ ﰲ ﺍﻟﺴﻮﻕ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻴﻪ ﰲ‬
‫ﺇﻧﺸﺎﺀ ﻋﻼﻗﺘﻬﻢ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﺍﳋﺎﺻﺔ‪ ،‬ﻭﻋﺎﺩﺓ ﻣﺎ ﻳﻀﻢ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﻋﻨﺎﺻﺮ ﺗﺸﺮﻳﻌﻴﺔ ﻭﺗﻨﻈﻴﻤﻴﺔ ﻭﺗﺮﺗﻴﺒﺎﺕ ﻟﻠﺘﻨﻈﻴﻢ ﺍﻟﺬﺍﰐ ﻭﺍﻻﻟﺘﺰﺍﻣﺎﺕ‬
‫ﺍﻻﺧﺘﻴﺎﺭﻳﺔ ﻭﳑﺎﺭﺳﺎﺕ ﺍﻷﻋﻤﺎﻝ ﺍﻟﱵ ﻫﻲ ﻧﺘﺎﺝ ﺍﻟﻈﺮﻭﻑ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺪﻭﻟﺔ ﻭﺗﺎﺭﳜﻬﺎ ﻭﺗﻘﺎﻟﻴﺪﻫﺎ‪ ،‬ﻭﻟﻜﻲ ﻳﻜﻮﻥ ﻫﻨﺎﻙ ﺿﻤﺎﻥ ﻟﻮﺟﻮﺩ ﺃﺳﺎﺱ ﻹﻃﺎﺭ‬
‫ﻓﻌﺎﻝ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪ ،‬ﻫﻨﺎﻙ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻷﺭﺷﺎﺩﺍﺕ ﻭﺍﻟﻌﻮﺍﻣﻞ ﳚﺐ ﺃﺧﺬﻫﺎ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﻭﻫﻲ‪:‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻭﺿﻊ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪‬ﺪﻑ ﺃﻥ ﻳﻜﻮﻥ ﺫﺍ ﺗﺄﺛﲑ ﻋﻠﻰ ﺍﻷﺩﺍﺀ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﺸﺎﻣﻞ ﻭﻧﺰﺍﻫﺔ ﺍﻷﺳﻮﺍﻕ ﻭﻋﻠﻰ ﺍﳊﻮﺍﻓﺰ ﺍﻟﱵ ﳜﻠﻘﻬﺎ‬
‫ﻟﻠﻤﺸﺎﺭﻛﲔ ﰲ ﺍﻟﺴﻮﻕ ﻭﺗﺸﺠﻴﻊ ﻗﻴﺎﻡ ﺃﺳﻮﺍﻕ ﻣﺎﻟﻴﺔ ﺗﺘﻤﻴﺰ ﺑﺎﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻟﻔﻌﺎﻟﻴﺔ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﻜﻮﻥ ﺍﳌﺘﻄﻠﺒﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺍﻟﱵ ﺗﺆﺛﺮ ﰲ ﳑﺎﺭﺳﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻧﻄﺎﻕ ﺍﺧﺘﺼﺎﺹ ﺗﺸﺮﻳﻌﻲ ﻣﺎ ﻣﺘﻮﺍﻓﻘﺔ ﻣﻊ ﺃﺣﻜﺎﻡ‬
‫ﺍﻟﻘﺎﻧﻮﻥ ﻭﺫﺍﺕ ﺷﻔﺎﻓﻴﺔ ﻭﻗﺎﺑﻠﺔ ﻟﻠﺘﻨﻔﻴﺬ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﻜﻮﻥ ﺗﻮﺯﻳﻊ ﺍﳌﺴﺌﻮﻟﻴﺎﺕ ﺑﲔ ﳐﺘﻠﻒ ﺍﳉﻬﺎﺕ ﰲ ﻧﻄﺎﻕ ﺍﺧﺘﺼﺎﺹ ﺗﺸﺮﻳﻌﻲ ﻣﺎ ﳏﺪﺩ ﺑﺸﻜﻞ ﻭﺍﺿﺢ ﻣﻊ ﺿﻤﺎﻥ ﺧﺪﻣﺔ ﺍﳌﺼﻠﺤﺔ‬
‫ﺍﻟﻌﺎﻣﺔ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﻜﻮﻥ ﻟﺪﻯ ﺍﳉﻬﺎﺕ ﺍﻹﺷﺮﺍﻓﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻭﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﺍﻟﺴﻠﻄﺔ ﻭﺍﻟﺘﺮﺍﻫﺔ ﻭﺍﳌﻮﺍﺭﺩ ﻟﻠﻘﻴﺎﻡ ﺑﻮﺍﺟﺒﺎ‪‬ﺎ ﺑﻄﺮﻳﻘﺔ ﻣﺘﺨﺼﺼﺔ ﻭﻣﻮﺿﻮﻋﻴﺔ‪ ،‬ﻓﻀﻼ‬
‫ﻋﻦ ﺃﻥ ﺃﺣﻜﺎﻣﻬﺎ ﻭﻗﺮﺍﺭﺍ‪‬ﺎ ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﻜﻮﻥ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻭﺗﺘﻤﻴﺰ ﺑﺎﻟﺸﻔﺎﻓﻴﺔ ﻣﻊ ﺗﻮﻓﲑ ﺍﻟﺸﺮﺡ ﺍﻟﻜﺎﰲ ﳍﺎ‪.‬‬
‫ﺿﻤﺎﻥ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ‪:‬ﺗﺘﺮﻛﺰ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﰲ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﻣﻮﺿﻮﻋﺎﺕ ﺃﺳﺎﺳﻴﺔ ﻣﺜﻞ ﺍﻧﺘﺨﺎﺏ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻭ ﺍﻟﻮﺳﺎﺋﻞ ﺍﻷﺧﺮﻯ‬
‫ﻟﻠﺘﺄﺛﲑ ﻋﻠﻰ ﺗﻜﻮﻳﻦ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﺍﳌﻮﺍﻓﻘﺔ ﻋﻠﻰ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻻﺳﺘﺜﻨﺎﺋﻴﺔ ﻭﺑﻌﺾ ﺍﳌﻮﺿﻮﻋﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻷﺧﺮﻯ ﻛﻤﺎ ﳛﺪﺩﻩ ﻗﺎﻧﻮﻥ ﺍﻟﺸﺮﻛﺎﺕ‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﻭﺍﻟﻠﻮﺍﺋﺢ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻭﳝﻜﻦ ﺍﻟﻨﻈﺮ ﺇﱃ ﻫﺬﺍ ﺍﻟﻘﺴﻢ ﺑﺎﻋﺘﺒﺎﺭﻩ ﺑﻴﺎﻧﺎ ﳌﻌﻈﻢ ﺍﳊﻘﻮﻕ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﻤﺴﺎﳘﲔ ﺍﻟﱵ ﰎ ﺍﻻﻋﺘﺮﺍﻑ ‪‬ﺎ ﻗﺎﻧﻮﻧﺎ ﰲ ﲨﻴﻊ‬
‫ﺩﻭﻝ ﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ‪ ،‬ﻭﻫﻨﺎﻙ ﺣﻘﻮﻕ ﺇﺿﺎﻓﻴﺔ ﻣﺜﻞ ﺍﳌﻮﺍﻓﻘﺔ ﻋﻠﻰ ﺃﻭ ﺍﻧﺘﺨﺎﺏ ﺍﳌﺮﺍﺟﻌﲔ ﻭﺍﻟﺘﻌﻴﲔ ﺍﳌﺒﺎﺷﺮ ﻷﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‬
‫ﻭﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺭﻫﻦ ﺍﻷﺳﻬﻢ ﻭﺍﳌﻮﺍﻓﻘﺔ ﻋﻠﻰ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ‪.‬‬
‫ﻭﺑﺼﻔﺔ ﻋﺎﻣﺔ ﻫﻨﺎﻙ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻹﺭﺷﺎﺩﺍﺕ ﺍﻟﱵ ﳚﺐ ﺍﻷﺧﺬ ‪‬ﺎ ﻋﻨﺪ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺘﻄﺒﻴﻖ ﺍﳌﺒﺪﺃ ﺍﻟﺜﺎﱐ ﺍﳌﺘﻌﻠﻖ ﲝﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻭﺍﻟﻮﻇﺎﺋﻒ ﺍﻟﺮﺋﻴﺴﻴﺔ‬
‫ﻷﺻﺤﺎﺏ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻭﻫﻲ‪:‬‬
‫ﺃ‪ -‬ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﺘﻀﻤﻦ ﺍﳊﻘﻮﻕ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﻤﺴﺎﳘﲔ ﺍﳊﻖ ﰲ‪:‬‬
‫‪-‬ﻃﺮﻕ ﻣﻀﻤﻮﻧﺔ ﻟﺘﺴﺠﻴﻞ ﺍﳌﻠﻜﻴﺔ‪.‬‬
‫‪-‬ﺇﺭﺳﺎﻝ ﺃﻭ ﲢﻮﻳﻞ ﺍﻷﺳﻬﻢ‪.‬‬
‫‪-‬ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﺩﻳﺔ ﻭﺫﺍﺕ ﺍﻟﺼﻠﺔ ﺑﺎﻟﺸﺮﻛﺔ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻭﻋﻠﻰ ﺃﺳﺎﺱ ﻣﻨﺘﻈﻢ‪.‬‬
‫‪-‬ﺍﳌﺸﺎﺭﻛﺔ ﻭﺍﻟﺘﺼﻮﻳﺖ ﰲ ﺍﺟﺘﻤﺎﻋﺎﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻤﺴﺎﳘﲔ‪.‬‬
‫‪-‬ﺍﻧﺘﺨﺎﺏ ﻭﻋﺰﻝ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪.‬‬
‫‪-‬ﻧﺼﻴﺐ ﰲ ﺃﺭﺑﺎﺡ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﺏ ‪ -‬ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﻜﻮﻥ ﻟﻠﻤﺴﺎﳘﲔ ﺍﳊﻖ ﰲ ﺍﳌﺸﺎﺭﻛﺔ ﻭﺃﻥ ﳛﺼﻠﻮﺍ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻜﺎﻓﻴﺔ ﻋﻦ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺗﺘﻌﻠﻖ ﺑﺄﻱ ﺗﻐﲑﺍﺕ ﺃﺳﺎﺳﻴﺔ ﰲ‬
‫ﺍﻟﺸﺮﻛﺔ ﻣﺜﻞ‪:‬‬
‫‪-‬ﺗﻌﺪﻳﻞ ﺍﻟﻨﻈﺎﻡ ﺍﻷﺳﺎﺳﻲ ﺃﻭ ﻋﻘﺪ ﺍﻟﺘﺄﺳﻴﺲ ﺃﻭ ﻣﺎ ﳝﺎﺛﻠﻬﻤﺎ ﻣﻦ ﺍﳌﺴﺘﻨﺪﺍﺕ ﺍﳊﺎﻛﻤﺔ ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫‪-‬ﺍﻟﺘﺮﺧﻴﺺ ﺑﺈﺻﺪﺍﺭ ﺃﺳﻬﻢ ﺇﺿﺎﻓﻴﺔ‪.‬‬
‫‪-‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻻﺳﺘﺜﻨﺎﺋﻴﺔ ﺍﻟﱵ ﺗﺆﺩﻱ ﺇﱃ ﺍﻟﺘﺄﺛﲑ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﺝ ‪-‬ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﻜﻮﻥ ﻟﻠﻤﺴﺎﳘﲔ ﻓﺮﺻﺔ ﺍﳌﺸﺎﺭﻛﺔ ﺍﻟﻔﻌﺎﻟﺔ ﻭﺍﻟﺘﺼﻮﻳﺖ ﰲ ﺍﺟﺘﻤﺎﻋﺎﺕ‬
‫ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻤﺴﺎﳘﲔ ﻛﻤﺎ ﻳﻨﺒﻐﻲ ﺃﻥ ﳛﺎﻁ ﺍﳌﺴﺎﳘﻮﻥ ﻋﻠﻤﺎ ﺑﺎﻟﻘﻮﺍﻋﺪ ﺍﻟﱵ ﲢﻜﻢ‬
‫ﺍﺟﺘﻤﺎﻋﺎﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻤﺴﺎﳘﲔ ﲟﺎ ﰲ ﺫﻟﻚ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﺼﻮﻳﺖ‪.‬‬
‫ﻭ ﻟﺘﺤﻘﻴﻖ ﺫﻟﻚ ﳚﺐ ﻣﺮﺍﻋﺎﺓ ﺍﻵﰐ‪:‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﺗﺰﻭﻳﺪ ﺍﳌﺴﺎﳘﲔ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻜﺎﻓﻴﺔ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺘﺎﺭﻳﺦ ﻭﻣﻜﺎﻥ ﻭﺟﺪﻭﻝ ﺃﻋﻤﺎﻝ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ‪ ،‬ﻭﻛﺬﻟﻚ ﺍﳌﻌﻠﻮﻣﺎﺕ‬
‫ﺍﻟﻜﺎﻣﻠﺔ ﻭﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻋﻦ ﺍﳌﻮﺿﻮﻋﺎﺕ ﺍﻟﱵ ﺳﻴﺘﻢ ﺃﲢﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺑﺸﺄ‪‬ﺎ ﰲ ﺍﻻﺟﺘﻤﺎﻉ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﺘﺎﺡ ﺍﻟﻔﺮﺻﺔ ﻟﻠﻤﺴﺎﳘﲔ ﻟﺘﻮﺟﻴﻪ ﺍﻷﺳﺌﻠﺔ ﺇﱃ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﲟﺎ ﰲ ﺫﻟﻚ‬
‫ﺍﻷﺳﺌﻠﺔ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺘﺪﻗﻴﻖ ﺍﳋﺎﺭﺟﻲ ﺍﻟﺴﻨﻮﻱ‪ ،‬ﻭﻭﺿﻊ ﺍﻟﺒﻨﻮﺩ ﻋﻠﻰ ﺟﺪﻭﻝ ﺍﻷﻋﻤﺎﻝ ﺍﳋﺎﺹ ﺑﺎﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ‪ ،‬ﻭﺍﻗﺘﺮﺍﺡ ﻗﺮﺍﺭﺍﺕ ﰲ ﻧﻄﺎﻕ ﺣﺪﻭﺩ‬
‫ﻣﻌﻘﻮﻟﺔ‪.‬‬
‫ﺩ ‪-‬ﻳﻨﺒﻐﻲ ﺗﺴﻬﻴﻞ ﺍﳌﺸﺎﺭﻛﺔ ﺍﻟﻔﻌﺎﻟﺔ ﻟﻠﻤﺴﺎﳘﲔ ﰲ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺍﳋﺎﺻﺔ ﲝﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻣﺜﻞ ﺗﺮﺷﻴﺢ ﻭﺍﻧﺘﺨﺎﺏ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﻳﻨﺒﻐﻲ ﺃﻥ ﺗﻜﻮﻥ ﻟﺪﻯ ﺍﳌﺴﺎﳘﲔ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺍﻟﺘﻌﺒﲑ ﻋﻦ ﺁﺭﺍﺋﻬﻢ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺴﻴﺎﺳﺔ‬
‫ﻣﻜﺎﻓﺂﺕ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﻛﺒﺎﺭ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﰲ ﺍﻟﺸﺮﻛﺔ ﻛﻤﺎ ﻳﻨﺒﻐﻲ ﺃﻥ ﳜﻀﻊ ﺍﻟﻘﺴﻢ ﺍﳋﺎﺹ ﺑﺘﻘﺪﱘ ﺃﺳﻬﻢ ﻷﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‬
‫ﻭﺍﻟﻌﺎﻣﻠﲔ ﻛﺠﺰﺀ ﻣﻦ ﻣﻜﺎﻓﺂ‪‬ﻢ ﳌﻮﺍﻓﻘﺔ ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫ﻩ‪-‬ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﺘﻤﻜﻦ ﺍﳌﺴﺎﳘﻮﻥ ﻣﻦ ﺍﻟﺘﺼﻮﻳﺖ ﺳﻮﺍﺀ ﺷﺨﺼﻴﺎ ﺃﻭ ﻏﻴﺎﺑﻴﺎ ﻣﻊ ﺇﻋﻄﺎﺀ ﻧﻔﺲ ﺍﻷﺛﺮ ﻟﻸﺻﻮﺍﺕ ﺳﻮﺍﺀ ﰎ ﺍﻹﺩﻻﺀ ‪‬ﺎ ﺣﻀﻮﺭﻳﺎ ﺃﻭ ﻏﻴﺎﺑﻴﺎ‪.‬‬
‫ﺯ ‪-‬ﻳﻨﺒﻐﻲ ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﳍﻴﺎﻛﻞ ﻭﺍﻟﺘﺮﺗﻴﺒﺎﺕ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﺍﻟﱵ ﲤﻜﻦ ﺑﻌﺾ ﺍﳌﺴﺎﳘﲔ ﺃﻥ ﳛﺼﻠﻮﺍ ﻋﻠﻰ ﺩﺭﺟﺔ ﻣﻦ ﺍﻟﺴﻴﻄﺮﺓ ﻻ ﺗﺘﻨﺎﺳﺐ ﻣﻊ ﻣﻠﻜﻴﺘﻬﻢ‬
‫ﻣﻦ ﺍﻷﺳﻬﻢ‪ ،‬ﻣﻊ ﺿﺮﻭﺭﺓ ﺍﻟﺘﺮﻛﻴﺰ ﻋﻠﻰ ﺍﻵﰐ‪:‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫‪-‬ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﺘﻢ ﺑﻮﺿﻮﺡ ﲢﺪﻳﺪ ﻭﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﱵ ﲢﻜﻢ ﺣﻴﺎﺯﺓ ﺍﻟﺴﻴﻄﺮﺓ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﻛﺬﻟﻚ‬
‫ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻻﺳﺘﺜﻨﺎﺋﻴﺔ ﻣﺜﻞ ﺍﻻﻧﺪﻣﺎﺟﺎﺕ ﻭﺑﻴﻊ ﺣﺼﺺ ﺟﻮﻫﺮﻳﺔ ﻣﻦ ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﺫﻟﻚ ﺣﱴ ﳝﻜﻦ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﺃﻥ ﻳﻔﻬﻤﻮﺍ ﺣﻘﻮﻗﻬﻢ ﻭﺍﳌﻠﺠﺄ‬
‫ﺍﻟﻘﺎﻧﻮﱐ ﳍﻢ ‪.‬ﻭﻳﻨﺒﻐﻲ ﺃﻥ ﺗﺘﻢ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺑﺄﺳﻌﺎﺭ ﺷﻔﺎﻓﺔ ﻭﰲ ﻇﻞ ﺷﺮﻭﻁ ﻋﺎﺩﻳﺔ ﲢﻤﻲ ﺣﻘﻮﻕ ﻛﺎﻓﺔ ﺍﳌﺴﺎﳘﲔ ﻭﻓﻘﺎ ﻟﻄﺒﻘﺎ‪‬ﻢ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻋﺪﻡ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﻮﺳﺎﺋﻞ ﺍﳌﻀﺎﺩﺓ ﻟﻼﺳﺘﻴﻼﺀ ﳊﻤﺎﻳﺔ ﺍﻹﺩﺍﺭﺓ ﻭﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻣﻦ ﺍﳌﺴﺎﺀﻟﺔ‪.‬‬
‫ﺡ ‪-‬ﻳﻨﺒﻐﻲ ﺗﺴﻬﻴﻞ ﳑﺎﺭﺳﺔ ﻛﺎﻓﺔ ﺍﳌﺴﺎﳘﲔ ﳊﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﲟﺎ ﰲ ﺫﻟﻚ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺆﺳﺴﲔ ‪.‬ﻭﰲ ﻫﺬﺍ ﺍ‪‬ﺎﻝ‪ ،‬ﺫﻛﺮﺕ ﺍﳌﺒﺎﺩﺉ ﺍﻟﻌﺪﻳﺪ ﻣﻦ‬
‫ﺍﻟﺘﻮﺟﻴﻬﺎﺕ ﻭﺍﻹﺭﺷﺎﺩﺍﺕ ﻟﻀﻤﺎﻥ ﺗﺴﻬﻴﻞ ﳑﺎﺭﺳﺔ ﻛﺎﻓﺔ ﺍﳌﺴﺎﳘﲔ ﳊﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺍﳋﺎﺻﺔ ‪‬ﻢ ﲟﺎ ﰲ ﺫﻟﻚ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺆﺳﺴﲔ ﻭﻫﻲ ﻛﺎﻟﺘﺎﱄ‪:‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻋﻠﻰ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺆﺳﺴﲔ ﺍﻟﺬﻳﻦ ﻳﻌﻤﻠﻮﻥ ﺑﺼﻔﺔ ﻭﻛﻼﺀ ﺃﻥ ﻳﻔﺼﺤﻮﺍ ﻋﻦ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳋﺎﺻﺔ ‪‬ﻢ ﻭﺳﻴﺎﺳﺎﺕ ﺍﻟﺘﺼﻮﻳﺖ ﻓﻴﻤﺎ‬
‫ﻳﺘﻌﻠﻖ ﺑﺎﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ‪ ،‬ﲟﺎ ﰲ ﺫﻟﻚ ﻣﻦ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﻘﺎﺋﻤﺔ ﻟﺪﻳﻬﻢ ﻟﺘﻘﺮﻳﺮ ﺍﺳﺘﺨﺪﺍﻣﻬﻢ ﳊﻘﻮﻗﻬﻢ ﺍﻟﺘﺼﻮﻳﺘﻴﺔ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻋﻠﻰ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺆﺳﺴﲔ ﺍﻟﺬﻳﻦ ﻳﻌﻤﻠﻮﻥ ﺑﺼﻔﺔ ﻭﻛﻼﺀ ﺃﻥ ﻳﻔﺼﺤﻮﺍ ﻋﻦ ﺍﻟﻜﻴﻔﻴﺔ ﺍﻟﱵ ﻳﺘﻌﺎﻣﻠﻮﻥ ‪‬ﺎ ﻣﻊ ﺍﻟﺘﻌﺎﺭﺽ ﺍﳌﺎﺩﻱ ﻟﻠﻤﺼﺎﱀ ﺍﻟﱵ ﻗﺪ‬
‫ﺗﺆﺛﺮ ﰲ ﳑﺎﺭﺳﺘﻬﻢ ﳊﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺍﳋﺎﺻﺔ ﺑﺎﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ ‪.‬‬
‫‪-3‬ﺿﻤﺎﻥ ﻧﻔﺲ ﺍﳌﻌﺎﻣﻠﺔ ﺍﻟﻌﺎﺩﻟﺔ ﺑﲔ ﻛﺎﻓﺔ ﺍﳌﺴﺎﳘﲔ ‪:‬ﳚﺐ ﺃﻥ ﻳﻀﻤﻦ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﲢﻘﻴﻖ ﺍﳌﺴﺎﻭﺍﺓ ﻭﲢﻘﻴﻖ ﺍﳌﻌﺎﻣﻠﺔ ﺍﻟﻌﺎﺩﻟﺔ ﺑﲔ‬
‫ﻛﺎﻓﺔ ﺍﳌﺴﺎﳘﲔ ﺳﻮﺍﺀ ﻛﺒﺎﺭ ﺍﳌﺴﺎﳘﲔ ﺃﻭ ﺻﻐﺎﺭ ﺍﳌﺴﺎﳘﲔ )ﺣﻘﻮﻕ ﺍﻷﻗﻠﻴﺔ(‪ ،‬ﻭﻛﺬﻟﻚ ﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﺍﶈﻠﻴﲔ ﻭﺍﳌﺴﺎﳘﲔ ﺍﻷﺟﺎﻧﺐ‪.‬‬
‫‪-4‬ﺿﻤﺎﻥ ﺍﺣﺘﺮﺍﻡ ﺩﻭﺭ ﻛﺎﻓﺔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪:‬ﳚﺐ ﺃﻥ ﻳﻀﻤﻦ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﺣﺘﺮﺍﻡ ﺩﻭﺭ ﻛﺎﻓﺔ ﺍﻷﻃﺮﺍﻑ‬
‫ﺫﻭﻱ ﺍﳌﺼﻠﺤﺔ ﰲ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺜﻞ ﺍﻟﺪﺍﺋﻨﻮﻥ ﻭﺍﳌﻮﺭﺩﻳﻦ ﻭﺍﻟﻌﻤﻼﺀ ﻭﺍﻟﻌﺎﻣﻠﲔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﻛﺎﻓﺔ ﺍﳉﻬﺎﺕ ﺍﳊﻜﻮﻣﻴﺔ‪ ،‬ﻭﺗﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻼﺯﻣﺔ‬
‫ﳍﻢ ﺑﺼﻮﺭﺓ ﺩﻭﺭﻳﺔ ﻭﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ‪ ،‬ﻭﺣﻘﻬﻢ ﰲ ﺇﺧﻄﺎﺭ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺑﺄﻱ ﺗﺼﺮﻓﺎﺕ ﺃﻭ ﳐﺎﻟﻔﺎﺕ ﻏﲑ ﻗﺎﻧﻮﻧﻴﺔ ﺃﻭ ﻏﲑ ﺃﺧﻼﻗﻴﺔ ﺩﻭﻥ ﺃﻥ‬
‫ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﻫﺬﺍ ﺍﻹﺧﻄﺎﺭ ﺃﻱ ﻣﺴﺎﺱ ﲝﻘﻮﻕ ﺗﻠﻚ ﺍﻷﻃﺮﺍﻑ ﲡﺎﻩ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﻭﺑﺼﻔﺔ ﻋﺎﻣﺔ ﻫﻨﺎﻙ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻹﺭﺷﺎﺩﺍﺕ ﺍﻟﱵ ﳚﺐ ﺍﻻﻟﺘﺰﺍﻡ ‪‬ﺎ ﻋﻨﺪ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺘﻄﺒﻴﻖ ﻫﺬﺍ ﺍﳌﺒﺪﺃ ﻭﻫﻲ‪:‬‬
‫‪-‬ﳚﺐ ﺍﺣﺘﺮﺍﻡ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺍﻟﱵ ﻳﻨﺸﺌﻬﺎ ﺍﻟﻘﺎﻧﻮﻥ ﺃﻭ ﺗﻜﻮﻥ ﻧﺘﻴﺠﺔ ﺍﻻﺗﻔﺎﻗﺎﺕ‪.‬‬
‫‪-‬ﻋﻨﺪﻣﺎ ﻳﻜﻔﻞ ﺍﻟﻘﺎﻧﻮﻥ ﲪﺎﻳﺔ ﺍﳌﺼﺎﱀ‪ ،‬ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﻜﻮﻥ ﻷﺻﺤﺎﺏ ﺍﳌﺼﻠﺤﺔ ﻓﺮﺻﺔ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺗﻌﻮﻳﺾ ﻓﻌﺎﻝ ﻣﻘﺎﺑﻞ ﺍﻧﺘﻬﺎﻙ ﺣﻘﻮﻗﻬﻢ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﺍﻟﺴﻤﺎﺡ ﺑﻮﺿﻊ ﻭﺗﻄﻮﻳﺮ ﺁﻟﻴﺎﺕ ﻟﺘﻌﺰﻳﺰ ﺍﻷﺩﺍﺀ ﻣﻦ ﺃﺟﻞ ﻣﺸﺎﺭﻛﺔ ﺍﻟﻌﺎﻣﻠﲔ‪.‬‬
‫‪-‬ﻋﻨﺪﻣﺎ ﻳﺸﺎﺭﻙ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﻋﻤﻠﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻳﻨﺒﻐﻲ ﺍﻟﺴﻤﺎﺡ ﳍﻢ ﺑﺎﳊﺼﻮﻝ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺫﺍﺕ ﺍﻟﺼﻠﺔ ﻭﺑﺎﻟﻘﺪﺭ ﺍﻟﻜﺎﰲ‪،‬‬
‫ﻭﺍﻟﱵ ﳝﻜﻦ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻴﻬﺎ‪ ،‬ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻭﻋﻠﻰ ﺃﺳﺎﺱ ﻣﻨﺘﻈﻢ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻷﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪ ،‬ﲟﺎ ﰲ ﺫﻟﻚ ﺍﻟﻌﺎﻣﻠﲔ ﻭﻫﻴﺌﺎﺕ ﲤﺜﻴﻠﻬﻢ‪ ،‬ﺃﻥ ﻳﺘﻤﻜﻨﻮﺍ ﻣﻦ ﺍﻻﺗﺼﺎﻝ ﲟﺠﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻟﻺﻋﺮﺍﺏ ﻋﻦ ﺍﻫﺘﻤﺎﻣﻬﻢ ﺑﺸﺄﻥ‬
‫ﺍﳌﻤﺎﺭﺳﺎﺕ ﻏﲑ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺃﻭ ﻏﲑ ﺍﻷﺧﻼﻗﻴﺔ‪ ،‬ﻭﻳﻨﺒﻐﻲ ﻋﺪﻡ ﺍﻻﻧﺘﻘﺎﺹ ﺃﻭ ﺍﻟﻐﺾ ﻣﻦ ﺣﻘﻮﻗﻬﻢ ﺇﺫﺍ ﻣﺎ ﻓﻌﻠﻮ ﺫﻟﻚ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﺴﺘﻜﻤﻞ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺈﻃﺎﺭ ﻓﻌﺎﻝ ﻭﻛﻒﺀ ﻟﻺﻋﺴﺎﺭ ﻭﺇﻃﺎﺭ ﻓﻌﺎﻝ ﺁﺧﺮ ﻟﺘﻨﻔﻴﺬ ﺣﻘﻮﻕ ﺍﻟﺪﺍﺋﻨﲔ ‪.‬‬
‫‪-5‬ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ‪:‬ﳚﺐ ﺃﻥ ﻳﺮﻛﺰ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﻻﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻋﻦ ﻛﺎﻓﺔ ﺍﻷﻣﻮﺭ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﲣﺺ ﺍﻟﺸﺮﻛﺔ‪،‬‬
‫ﻭﺗﺘﻌﻠﻖ ﺗﻠﻚ ﺍﻷﻣﻮﺭ ﺍﳌﺎﻟﻴﺔ ﺑﻨﺘﻴﺠﺔ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ ﻭﻣﺮﻛﺰﻫﺎ ﺍﳌﺎﱄ ﻭﺣﺮﻛﺔ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ ﻭﻏﲑﻫﺎ ﻣﻦ ﺍﻷﻣﻮﺭ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﳚﺐ ﺃﻥ ﻳﺸﻤﻞ ﺍﻹﻓﺼﺎﺡ‬
‫ﻋﻦ ﻣﺪﻯ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻑ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻧﺘﻴﺠﺔ ﻧﺸﺎﻃﻬﺎ ﻭﻣﺮﻛﺰﻫﺎ ﺍﳌﺎﱄ ﻭﺗﺪﻓﻘﺎ‪‬ﺎ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﺍﳌﺴﺘﺨﺪﻣﺔ ﻭﺍﻟﻌﻼﻗﺎﺕ ﻣﻊ ﺍﻷﻃﺮﺍﻑ‬
‫ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ‪ ،‬ﻭﺑﻴﺎﻥ ﻣﺪﻯ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﳌﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻟﺴﻴﺎﺳﺎﺕ ﻭﺍﻟﻠﻮﺍﺋﺢ ﺫﺍﺕ ﺍﻟﺼﻠﺔ‪ ،‬ﻣﻊ ﺿﺮﻭﺭﺓ ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺣﺼﺔ ﺍﻷﻏﻠﺒﻴﺔ ﰲ ﺣﻘﻮﻕ‬
‫ﺍﳌﻠﻜﻴﺔ ﻭﺣﻘﻮﻕ ﺍﻷﻗﻠﻴﺔ ﻭﻣﻜﺎﻓﺄﺓ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻹﻓﺼﺎﺡ ﻋﻦ ﻛﺎﻓﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﲟﺆﻫﻼﺕ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪.‬‬
‫ﻭﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ ﳚﺐ ﺃﻥ ﻳﺘﻀﻤﻦ ﺍﻹﻃﺎﺭ ﺍﻟﻌﺎﻡ ﻟﻠﺤﻮﻛﻤﺔ ﺗﺪﻗﻴﻖ ﻛﺎﻓﺔ ﺍﻷﻣﻮﺭ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻗﺒﻞ ﻣﺪﻗﻖ ﺣﺴﺎﺑﺎﺕ ﺧﺎﺭﺟﻲ ﻣﺴﺘﻘﻞ ﺗﻌﻴﻨﻪ ﺍﳉﻤﻌﻴﺔ‬
‫ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﺣﻴﺚ ﻳﻘﻮﻡ ﻣﺪﻗﻘﺎ ﳊﺴﺎﺑﺎﺕ ﺑﺈﻋﺪﺍﺩ ﻭﺗﻘﺪﱘ ﺗﻘﺮﻳﺮ ﺗﺪﻗﻴﻖ ﻟﻠﻤﺴﺎﳘﲔ ﻳﺘﻀﻤﻦ ﺍﻟﺮﺃﻱ ﺍﻟﻔﲏ ﺍﶈﺎﻳﺪ ﺣﻮﻝ ﻣﺪﻯ ﻋﺪﺍﻟﺔ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﰲ ﺍﻟﺘﻌﺒﲑ ﰲ ﻛﻞ ﺟﻮﺍﻧﺒﻬﺎ ﺍﳍﺎﻣﺔ ﻣﻦ ﺍﻷﻣﻮﺭ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺔ‪ .‬ﻭﻳﻜﻮﻥ ﻣﺪﻗﻖ ﺍﳊﺴﺎﺑﺎﺕ ﺍﳋﺎﺭﺟﻲ ﻣﺴﺌﻮﻝ ﻋﻦ ﺭﺃﻳﻪ ﺍﻟﻮﺍﺭﺩ ﰲ ﺗﻘﺮﻳﺮ ﺍﻟﺘﺪﻗﻴﻖ ﺃﻣﺎﻡ‬
‫ﺍﳌﺴﺎﳘﲔ ﻭﻋﻦ ﻣﺪﻯ ﺑﺬﻟﻪ ﺍﻟﻌﻨﺎﻳﺔ ﺍﳌﻬﻨﻴﺔ ﺍﻟﻼﺯﻣﺔ ﻋﻨﺪ ﺃﺩﺍﺋﻪ ﻟﻌﻤﻠﻴﺔ ﺍﻟﺘﺪﻗﻴﻖ ‪.‬‬
‫‪-6‬ﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﻣﺴﺆﻭﻟﻴﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ‪:‬ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺿﺮﻭﺭﺓ ﺗﺄﻛﻴﺪ ﻓﺼﻞ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻦ ﺃﺻﺤﺎﺏ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﲢﻘﻴﻖ ﻓﻜﺮﺓ‬
‫ﺍﻹﺩﺍﺭﺓ ﺍﳋﺒﲑﺓ‪ ،‬ﻭﲢﻘﻴﻖ ﻣﺒﺪﺃ ﺍﻻﺳﺘﻘﻼﻟﻴﺔ‪ ،‬ﻭﺗﺄﻛﻴﺪ ﻣﺒﺪﺃ ﺍﶈﺎﺳﺒﺔ ﻋﻦ ﺍﳌﺴﺆﻭﻟﻴﺔ‪ ،‬ﻭﻫﻲ ﲨﻴﻌﻬﺎ ﺗﺘﺤﻘﻖ ﻋﻨﺪﻣﺎ ﺗﺼﺒﺢ ﻣﺴﺌﻮﻟﻴﺎﺕ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‬
‫ﻭﺍﺿﺤﺔ ﻭﳏﺪﺩﺓ ﻭﻣﻌﻠﻨﺔ ﺳﻮﺍﺀ ﻣﻦ ﺣﻴﺚ ‪:‬ﺍﻟﺼﻼﺣﻴﺔ‪ ،‬ﺍﳌﺴﺆﻭﻟﻴﺎﺕ‪ ،‬ﺍﳊﻘﻮﻕ‪ ،‬ﺍﻟﻮﺍﺟﺒﺎﺕ‪ ،‬ﺍﳌﺰﺍﻳﺎ ﻭﺍﻟﺒﺪﻻﺕ ﻭﺍﻷﺟﻮﺭ ﻭﺍﳌﻜﺎﻓﺂﺕ‪.‬‬
‫ﻭﳚﺐ ﺃﻥ ﻳﺘﻴﺢ ﺇﻃﺎﺭ ﺃﺳﻠﻮﺏ ﳑﺎﺭﺳﺔ ﺳﻠﻄﺎﺕ ﺍﻹﺩﺍﺭﺓ ﺑﺎﻟﺸﺮﻛﺎﺕ ﺍﳋﻄﻮﻁ ﺍﻹﺭﺷﺎﺩﻳﺔ ﺍﻻﺳﺘﺮﺷﺎﺩﻳﺔ ﻟﺘﻮﺟﻴﻪ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻛﻤﺎ ﳚﺐ ﺃﻥ ﻳﻜﻔﻞ‬
‫ﺍﳌﺘﺎﺑﻌﺔ ﺍﻟﻔﻌﺎﻟﺔ ﻟﻺﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻣﻦ ﻗﺒﻞ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﺃﻥ ﺗﻀﻤﻦ ﻣﺴﺎﺀﻟﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻣﻦ ﻗﺒﻞ ﺍﻟﺸﺮﻛﺔ ﻭﺍﳌﺴﺎﳘﲔ‪ ،‬ﻭﲟﻌﲎ ﺁﺧﺮ ﻫﻨﺎﻙ‬
‫ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻹﺭﺷﺎﺩﺍﺕ ﺍﻟﱵ ﳚﺐ ﺍﻷﺧﺬ ‪‬ﺎ ﻋﻨﺪ ﺗﻄﺒﻴﻖ ﻫﺬﺍ ﺍﳌﺒﺪﺃ ﻭﻫﻲ‪:‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻋﻠﻰ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻥ ﻳﻌﻤﻠﻮﺍ ﻋﻠﻰ ﺃﺳﺎﺱ ﻣﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻜﺎﻣﻠﺔ ﻭﲝﺴﻦ ﺍﻟﻨﻴﺔ ﻣﻊ ﺍﻟﻌﻨﺎﻳﺔ ﺍﻟﻮﺍﺟﺒﺔ ﻭﲟﺎ ﳛﻘﻖ ﺃﻓﻀﻞ ﻣﺼﻠﺤﺔ‬
‫ﻟﻠﺸﺮﻛﺔ ﻭﺍﳌﺴﺎﳘﲔ‪.‬‬
‫‪-‬ﺇﺫﺍ ﻣﺎ ﻛﺎﻧﺖ ﻗﺮﺍﺭﺍﺕ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺳﺘﺆﺛﺮ ﰲ ﳐﺘﻠﻒ ﳎﻤﻮﻋﺎﺕ ﺍﳌﺴﺎﳘﲔ ﺑﻄﺮﻕ ﳐﺘﻠﻔﺔ‪ ،‬ﻓﺈﻥ ﻋﻠﻰ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻥ ﻳﻌﺎﻣﻞ ﻛﺎﻓﺔ ﺍﳌﺴﺎﳘﲔ‬
‫ﻣﻌﺎﻣﻠﺔ ﻋﺎﺩﻟﺔ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻋﻠﻰ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻥ ﻳﻄﺒﻖ ﻣﻌﺎﻳﲑ ﺃﺧﻼﻗﻴﺔ ﻋﺎﻟﻴﺔ‪ ،‬ﻭﻳﻨﺒﻐﻲ ﺃﻳﻀﺎ ﺃﻥ ﻳﺄﺧﺬ ﰲ ﺍﻻﻋﺘﺒﺎﺭ ﻣﺼﺎﱀ ﻭﺍﻫﺘﻤﺎﻣﺎﺕ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺍﻵﺧﺮﻳﻦ‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻋﻠﻰ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻥ ﻳﻘﻮﻡ ﺑﻮﻇﺎﺋﻒ ﺭﺋﻴﺴﻴﺔ ﻣﻌﻴﻨﺔ ﺗﺘﻀﻤﻦ‪:‬‬
‫*ﺍﺳﺘﻌﺮﺍﺽ ﻭﺗﻮﺟﻴﻪ ﺍﺳﺘﺮﺍﺗﻴﺠﻴﻪ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﺧﻄﻂ ﺍﻟﻌﻤﻞ ﺍﻟﺴﻨﻮﻳﺔ‪ ،‬ﻭﻭﺿﻊ ﺃﻫﺪﺍﻑ ﺍﻷﺩﺍﺀ‪ ،‬ﻭﻣﺮﺍﻗﺒﺔ ﺍﻟﺘﻨﻔﻴﺬ‪ ،‬ﻭﺃﺩﺍﺀ ﺍﻟﺸﺮﻛﺔ ﻣﻊ ﺍﻹﺷﺮﺍﻑ ﻋﻠﻰ‬
‫ﺍﳌﺼﺮﻭﻓﺎﺕ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ‪ ،‬ﻭﻋﻤﻠﻴﺎﺕ ﺍﻻﺳﺘﺤﻮﺍﺫ‪ ،‬ﻭﺍﻟﺘﺨﻠﻲ ﻋﻦ ﺍﻻﺳﺘﺜﻤﺎﺭ‪.‬‬
‫*ﺍﻹﺷﺮﺍﻑ ﻋﻠﻰ ﻓﻌﺎﻟﻴﺔ ﳑﺎﺭﺳﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻭﺇﺟﺮﺍﺀ ﺍﻟﺘﻐﲑﺍﺕ ﺇﺫﺍ ﻟﺰﻡ ﺍﻷﻣﺮ‪.‬‬
‫*ﺍﺧﺘﻴﺎﺭ ﻭﲢﺪﻳﺪ ﻣﻜﺎﻓﺂﺕ ﻭﻣﺮﺗﺒﺎﺕ ﻭﺍﻹﺷﺮﺍﻑ ﻋﻠﻰ ﻛﺒﺎﺭ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﺍﺳﺘﺒﺪﺍﳍﻢ ﺇﺫﺍ ﻟﺰﻡ ﺍﻷﻣﺮ ﻣﻊ ﺍﻹﺷﺮﺍﻑ ﻋﻠﻰ ﲣﻄﻴﻂ ﺗﺪﺍﻭﻝ‬
‫ﺍﳌﻨﺎﺻﺐ‪.‬‬
‫*ﻣﺮﺍﻋﺎﺕ ﺍﻟﺘﻨﺎﺳﺐ ﺑﲔ ﻣﻜﺎﻓﺂﺕ ﻛﺒﺎﺭ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺑﲔ ﻣﺼﺎﱀ ﺍﻟﺸﺮﻛﺔ ﻭﺍﳌﺴﺎﳘﲔ ﰲ ﺍﻷﺟﻞ ﺍﻟﻄﻮﻳﻞ‪.‬‬
‫*ﺿﻤﺎﻥ ﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﻋﻤﻠﻴﺔ ﺗﺮﺷﻴﺢ ﻭﺍﻧﺘﺨﺎﺏ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﺍﻟﱵ ﳚﺐ ﺃﻥ ﺗﺘﻢ ﺑﺸﻜﻞ ﺭﲰﻲ‪.‬‬
‫*ﺭﻗﺎﺑﺔ ﻭﺇﺩﺍﺭﺓ ﺃﻱ ﺗﻌﺎﺭﺽ ﳏﺘﻤﻞ ﰲ ﻣﺼﺎﱀ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻭﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺴﺎﳘﲔ‪ ،‬ﲟﺎ ﰲ ﺫﻟﻚ ﺇﺳﺎﺀﺓ ﺍﺳﺘﺨﺪﺍﻡ ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺔ‬
‫ﻭﺇﺳﺎﺀﺓ ﺍﺳﺘﻐﻼﻝ ﻋﻤﻠﻴﺎﺗﺎﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﺼﻠﺔ ﺃﻭ ﺍﻟﻘﺮﺍﺑﺔ‪.‬‬
‫*ﺿﻤﺎﻥ ﻧﺰﺍﻫﺔ ﺣﺴﺎﺑﺎﺕ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻧﻈﻢ ﺇﻋﺪﺍﺩ ﻗﻮﺍﺋﻤﻬﺎ ﺍﳌﺎﻟﻴﺔ ﲟﺎ ﰲ ﺫﻟﻚ ﺍﻟﺘﺪﻗﻴﻖ ﺍﳌﺴﺘﻘﻞ‪ ،‬ﻣﻊ ﺿﻤﺎﻥ ﻭﺟﻮﺩ ﻧﻈﻢ ﺳﻠﻴﻤﺔ ﻟﻠﺮﻗﺎﺑﺔ ﻭﻋﻠﻰ ﻭﺟﻪ‬
‫ﺍﳋﺼﻮﺹ ﻭﺟﻮﺩ ﻧﻈﻢ ﻹﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﻭﺍﻟﺮﻗﺎﺑﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺭﻗﺎﺑﺔ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻭﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﻘﺎﻧﻮﻥ ﻭﺍﳌﻌﺎﻳﲑ ﺫﺍﺕ ﺍﻟﺼﻠﺔ‪.‬‬
‫*ﺍﻹﺷﺮﺍﻑ ﻋﻠﻰ ﻋﻤﻠﻴﺎﺕ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻻﺗﺼﺎﻝ‪.‬‬
‫‪-‬ﻳﻨﺒﻐﻲ ﻋﻠﻰ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻥ ﻳﻜﻮﻥ ﻗﺎﺩﺭﺍ ﻋﻠﻰ ﳑﺎﺭﺳﺔ ﺍﳊﻜﻢ ﺍﳌﻮﺿﻮﻋﻲ ﺍﳌﺴﺘﻘﻞ ﻋﻠﻰ ﺷﺆﻭﻥ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﰲ ﻫﺬﺍ ﺍ‪‬ﺎﻝ‪ ،‬ﺫﻛﺮﺕ ﺍﳌﺒﺎﺩﺉ‬
‫ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺘﻮﺟﻴﻬﺎﺕ ﻭﺍﻹﺭﺷﺎﺩﺍﺕ ‪‬ﻠﺲ ﺍﻹﺩﺍﺭﺓ ﲝﻴﺚ ﻳﻜﻮﻥ ﻗﺎﺩﺭﺍ ﻋﻠﻰ ﳑﺎﺭﺳﺔ ﺍﳊﻜﻢ ﺍﳌﻮﺿﻮﻋﻲ ﺍﳌﺴﺘﻘﻞ ﻋﻠﻰ ﺷﺆﻭﻥ ﺍﻟﺸﺮﻛﺔ ﻭﻫﻲ‬
‫ﻛﺎﻟﺘﺎﱄ‪:‬‬
‫*ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﻨﻈﺮ ﳎﺎﻟﺲ ﺍﻹﺩﺍﺭﺓ ﰲ ﺗﻜﻠﻴﻒ ﻋﺪﺩ ﻣﻦ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻣﻦ ﻏﲑ ﻣﻮﻇﻔﻲ ﺍﻟﺸﺮﻛﺔ ﺫﻭﻱ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﳑﺎﺭﺳﺔ ﺍﳊﻜﻢ ﺍﳌﺴﺘﻘﻞ‬
‫ﻟﻠﻘﻴﺎﻡ ﺑﺎﳌﻬﺎﻡ ﺍﻟﱵ ﳛﺘﻤﻞ ﻭﺟﻮﺩ ﺗﻌﺎﺭﺽ ﰲ ﺍﳌﺼﺎﱀ ‪‬ﺎ‪.‬ﻭﺃﻣﺜﻠﺔ ﺗﻠﻚ ﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻫﻲ ﺿﻤﺎﻥ ﻧﺰﺍﻫﺔ ﺍﻟﻘﻮﺍﺋﻢ ﻭﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ‪،‬‬
‫ﻭﺍﺳﺘﻌﺮﺍﺽ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺪﺍﻭﻝ ﻣﻊ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻘﺮﺍﺑﺔ ﻭﺗﺮﺷﻴﺢ ﺃﻋﻀﺎﺀ ‪‬ﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﻮﻇﺎﺋﻒ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻭﲢﺪﻳﺪ ﻣﻜﺎﻓﺂﺕ ﺃﻋﻀﺎﺀ‬
‫ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫*ﻋﻨﺪﻣﺎ ﻳﺘﻢ ﺇﻧﺸﺎﺀ ﳉﺎﻥ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻳﻨﺒﻐﻲ ﻋﻠﻰ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻥ ﳛﺪﺩ ﺑﺸﻜﻞ ﺟﻴﺪ ﻭﺃﻥ ﻳﻔﺼﺢ ﻋﻦ ﺻﻼﺣﻴﺘﻬﺎ ﻭﺗﺸﻜﻴﻠﻬﺎ ﻭﺇﺟﺮﺍﺀﺍﺕ ﻋﻤﻠﻬﺎ‪.‬‬
‫*ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﻜﻮﻥ ﻟﺪﻯ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺇﻟﺰﺍﻡ ﺃﻧﻔﺴﻬﻢ ﲟﺴﺆﻭﻟﻴﺎ‪‬ﻢ ﺑﻄﺮﻳﻘﺔ ﻓﻌﺎﻟﺔ‪.‬‬
‫‪-‬ﺣﱴ ﳝﻜﻦ ﻷﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻥ ﻳﻘﻮﻣﻮﺍ ﲟﺴﺆﻭﻟﻴﺘﻬﻢ ﻓﺈﻧﻪ ﻳﻨﺒﻐﻲ ﺃﻥ ﺗﺘﺎﺡ ﳍﻢ ﻛﺎﻓﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺼﺤﻴﺤﺔ ﺫﺍﺕ ﺍﻟﺼﻠﺔ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ‪.‬‬
‫‪-2‬ﺃﺿﺮﺍﺭ ﻋﺪﻡ ﺍﻻﻟﺘﺰﺍﻡ ﲟﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻣﻦ ﺃﻫﻢ ﺍﻷﻣﺜﻠﺔ ﺍﻟﻮﺍﺿﺤﺔ ﻟﻌﺪﻡ ﺇﻟﺘﺰﺍﻡ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺘﻄﺒﻴﻖ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻮ ﺍ‪‬ﻴﺎﺭ ﻭﺇﻓﻼﺱ ﺷﺮﻛﺔ ﺇﻧﺮﻭﻥ ﻟﻠﻄﺎﻗﺔ ﻭﺍﻟﱵ ﻛﺎﻧﺖ ﻣﻦ‬
‫ﺃﻛﺐ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ‪ ،‬ﻓﻘﺪ ﺿﻠﻠﺖ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺴﺎﳘﲔ ﻭﻛﻞ ﺍﳉﻬﺎﺕ ﺍﻟﻌﺎﻣﻠﺔ ﺑﺴﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺣﻴﺚ ﰎ ﺑﻌﻠﻢ‬
‫ﻣﺪﻳﺮﻫﺎ ﺍﻻﺗﻔﺎﻕ ﻣﻊ ﻣﺮﺍﻗﺐ ﺍﳊﺴﺎﺑﺎﺕ ﻋﻠﻰ ﺍﻟﺘﻼﻋﺐ ﰲ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻹﺧﻔﺎﺀ ﺍﳋﺴﺎﺋﺮ ﻭﺗﻀﺨﻴﻢ ﺍﻷﺭﺑﺎﺡ ﳑﺎ ﺃﺩﻯ ﺇﱃ ﺍﺭﺗﻔﺎﻉ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ‬
‫ﻷﺳﻬﻤﻬﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ‪.‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺫﻟﻚ ﻗﺎﻣﻮﺍ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ‪‬ﺎ ﺑﺎﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﺍﳌﺘﺎﺣﺔ ﻟﺪﻳﻬﻢ ﻋﻦ ﺣﻘﻴﻘﺔ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ‬
‫ﻟﻠﺸﺮﻛﺔ ﻭﻗﺎﻣﻮﺍ ﺑﺒﻴﻊ ﺃﺳﻬﻤﻬﻢ ﺑﺎﻟﺸﺮﻛﺔ ﻟﺘﺤﻘﻴﻖ ﺃﺭﺑﺎﺡ ﺷﺨﺼﻴﺔ‪.‬‬
‫ﻭﺗﻌﺪ ﺷﺮﻛﺔ ﺇﻧﺮﻭﻥ ﳕﻮﺫﺟﺎ ﺻﺎﺭﺧﺎ ﻟﻺﺧﻼﻝ ﺑﻘﻮﺍﻋﺪ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻧﺘﻴﺠﺔ ﻋﺪﻡ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﺸﻔﺎﻓﻴﺔ ﺍﲡﺎﻩ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﻓﻀﻼ ﻋﻦ ﻋﺪﻡ ﲢﻤﻞ‬
‫ﺍﳌﺴﺆﻭﻟﻴﺔ ﻣﻦ ﻗﺒﻞ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﺍﺳﺘﻐﻼﳍﻢ ﻟﻨﻔﻮﺫﻫﻢ ﻭﻣﺮﺍﻛﺰﻫﻢ ﺍﻟﻘﻴﺎﺩﻳﺔ ﰲ ﲢﻘﻴﻖ ﻣﻜﺎﺳﺐ ﺷﺨﺼﻴﺔ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻼﻋﺐ ﰲ‬
‫ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻭﺇﻫﺪﺍﺭ ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺻﻐﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭﻫﻨﺎ ﻳﺜﺎﺭ ﺳﺆﺍﻝ ﰲ ﻏﺎﻳﺔ ﺍﻷﳘﻴﺔ‪ ،‬ﻭﻫﻮ ﻫﻞ ﻛﺎﻧﺖ ﺍﻟﺸﺮﻛﺔ ﻟﺪﻳﻬﺎ ﻧﻈﺎﻡ ﻟﻠﺤﻮﻛﻤﺔ ﺧﺎﺹ‬
‫‪‬ﺎ ﰎ ﻭﺿﻌﻪ ﻭﻓﻘﺎ ﳌﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻄﺒﻘﺔ ﺑﺎﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺪﺭﺟﺔ ﺑﻪ ﺃﺳﻬﻤﻬﺎ ﺃﻡ ﻻ؟ ﻭﺍﻹﺟﺎﺑﺔ ﻫﻲ ﻧﻌﻢ‪ ،‬ﻓﺎﻟﺸﺮﻛﺔ ﻟﺪﻳﻬﺎ ﻧﻈﺎﻡ ﻳﺘﻔﻖ‬
‫ﻣﻊ ﺗﻠﻚ ﺍﳌﺒﺎﺩﺉ ﻭﻟﻜﻦ ﺩﺭﺟﺔ ﺍﻟﺘﺰﺍﻡ ﺍﻟﺸﺮﻛﺔ ﰲ ﺗﻄﺒﻴﻖ ﺗﻠﻚ ﺍﳌﺒﺎﺩﺉ ﻫﻮ ﺍﻟﺬﻱ ﺃﺩﻯ ﳊﺪﻭﺙ ﺗﻠﻚ ﺍﻻﳓﺮﺍﻓﺎﺕ‪.‬ﻓﻘﻴﺎﻡ ﺍﻟﺪﻭﻝ ﻋﻦ ﻃﺮﻳﻖ ﻫﻴﺌﺎﺕ‬
‫ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ‪‬ﺎ ﺑﻮﺿﻊ ﻻﺋﺤﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻣﻄﺎﻟﺒﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻘﻴﺪﺓ ﺑﺄﺳﻮﺍﻗﻬﺎ ﺍﳌﺎﻟﻴﺔ ﺑﻮﺿﻊ ﻧﻈﺎﻡ ﻟﻠﺤﻮﻛﻤﺔ ﺧﺎﺹ ‪‬ﺎ ﻳﺘﻔﻖ ﻣﻊ‬
‫ﺣﺠﻤﻬﺎ ﻭﻇﺮﻭﻓﻬﺎ ﻭﻓﻖ ﺍﳌﺒﺎﺩﺉ ﺗﻠﻚ ﺍﻟﻼﺋﺤﺔ ﻟﻴﺲ ﻛﺎﰲ ﻟﻀﻤﺎﻥ ﺳﻼﻣﺔ ﺃﺩﺍﺀ ﺗﻠﻚ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺑﻞ ﺍﻷﻫﻢ ﻣﻦ ﺫﻟﻚ ﻫﻮ ﺍﻟﺘﺰﺍﻡ ﺗﻠﻚ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺑﺘﻄﺒﻴﻖ ﺗﻠﻚ ﺍﳌﺒﺎﺩﺉ ‪.‬‬
‫‪ – III‬ﳎﺎﻻﺕ ﻭﳑﺎﺭﺳﺎﺕ ﺍﳊﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ‬
‫‪-1‬ﳎﺎﻻﺕ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ‬
‫ﻟﺘﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺟﻌﻠﻬﺎ ﻋﻼﺝ ﻧﺎﺟﺢ ﻟﻠﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ ﻭﻭﺳﻴﻠﺔ ﻭﺃﺩﺍﺓ ﻟﺬﻟﻚ ﻛﺎﻥ ﻻ ﺑﺪ ﻣﻦ ﲢﺪﻳﺪ ﳎﺎﻻﺕ ﻋﻤﻠﻬﺎ ﻭﺍﻟﱵ ﳝﻜﻦ‬
‫ﺍﻟﺘﻄﺮﻕ ﳍﺎ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪-1‬ﳎﺎﻝ ﺗﺄﺳﻴﺲ ﻓﻜﺮ ﻭﺛﻘﺎﻓﺔ ﺍﻻﻟﺘﺰﺍﻡ‪:‬‬
‫ﺣﻴﺚ ﺗﻘﻮﻡ ﻓﻠﺴﻔﺔ ﺍﳊﻮﻛﻤﺔ ﺑﺈﺛﺮﺍﺀ ﻭﺇﺧﺼﺎﺏ ﻓﻜﺮ ﻭﺛﻘﺎﻓﺔ ﺍﻻﻟﺘﺰﺍﻡ‪،‬ﻭﻫﻮ ﻓﻜﺮ ﺍﺭﺗﻘﺎﺋﻲ ﺑﻨﺎﺋﻲ‪ ،‬ﻓﻜﺮ ﻗﺎﺋﻢ ﻋﻠﻰ ﺍﻟﺘﻘﺎﻟﻴﺪ ﺍﻟﻌﺘﻴﺪﺓ ﺍﻟﺮﺍﺳﺨﺔ‪ ،‬ﻭﺍﳌﺴﺘﻤﺪﺓ‬
‫ﻣﻦ ﺣﻀﺎﺭﺓ ﺍﻟﺸﻌﻮﺏ‪ ،‬ﻭﺯﻭﺩ ﺑﺎﻟﻘﻴﻢ ﻭﺍﳌﺒﺎﺩﺉ‪ ،‬ﻭﺍﻟﱵ ﺗﻌﻤﻞ ﻋﻠﻰ ﺑﻨﺎﺀ ﻭﺗﺄﺳﻴﺲ ﺍﳌﻀﻤﻮﻥ ﺍﻟﻘﻴﻤﻲ ﻭﺍﻷﺧﻼﻗﻲ ﺍﻟﻮﺍﺳﻊ ﺍﳌﺪﻯ‪ ،‬ﻭﺗﻌﺮﻳﻒ ﺣﺠﻢ‬
‫ﺍﳌﺨﺎﻃﺮ ﺑﺎﻟﻐﺔ ﺍﻟﻀﺨﺎﻣﺔ ﺍﻟﻨﺎﲨﺔ ﻋﻦ ﺭﻋﻮﻧﺔ ﻋﺪﻡ ﺍﻟﺘﺼﺪﻱ ﻟﻼﳓﺮﺍﻓﺎﺕ‪ ،‬ﻣﻬﻤﺎ ﻛﺎﻥ ﺣﺠﻤﻬﺎ ﻳﺒﺪﻭ ﳏﺪﻭﺩﺍ‪ ،‬ﻭﻣﻦ ﰒ ﺇﳒﺎﺡ ﳑﺎﺭﺳﺎﺕ ﺳﻠﻄﺔ ﺍﻹﺩﺍﺭﺓ‬
‫ﻟﻌﻤﻠﻴﺎﺕ ﺍﳊﻮﻛﻤﺔ‪ ،‬ﺃﻳﺎ ﻛﺎﻥ ﺍﻟﻘﺎﺋﻢ ﻫﺬﻩ ﺍﻟﺴﻠﻄﺔ‪ ،‬ﺳﻮﺍﺀ ﻣﺎ ﻳﺘﺼﻞ ﻣﻨﻬﺎ ﺑﺴﻠﻄﺎﺕ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ‪ ،‬ﺃﻭ ﻣﺎ ﻛﺎﻥ ﻳﺘﺼﻞ ﺃﻳﻀﺎ ﺑﻌﻤﻞ ﳎﺎﻟﺲ‬
‫ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﻣﺎ ﻛﺎﻥ ﻣﻨﻬﺎ ﻳﺘﻌﻠﻖ ﺃﻳﻀﺎ ﺑﻌﻤﻠﻴﺎﺕ ﻭﺇﳒﺎﺡ ﳑﺎﺭﺳﺎﺕ ﻣﺪﻗﻘﻲ ﺍﳊﺴﺎﺑﺎﺕ ﺍﻟﺪﺍﺧﻠﻴﲔ ﻭﺍﳋﺎﺭﺟﻴﲔ‪ ،‬ﻭﲢﻘﻴﻖ ﻓﺎﻋﻠﻴﺔ ﻧﻈﺎﻡ ﺍﶈﺎﺳﺒﺔ‪ ،‬ﻭﲢﻮﻳﻠﻪ‬
‫ﺑﺎﻟﻔﻌﻞ ﺇﱃ ﻧﻈﺎﻡ ﻣﻌﻠﻮﻣﺎﺕ ﺣﻘﻴﻘﻴﺔ ﻭﺻﺎﺩﻗﺔ‪ ،‬ﻓﺎﳊﻮﻛﻤﺔ ﺳﻼﺣﻬﺎ ﺍﻟﺮﺋﻴﺴﻲ ﻫﻮ ﲢﻘﻴﻖ ﺍﳌﻌﺮﻓﺔ‪ ،‬ﻭﻫﻲ ﻻ ﺗﺘﺤﻘﻖ ﺑﺪﻭﻥ ﻣﻌﻠﻮﻣﺎﺕ‪ ،‬ﻭﻫﻲ ﺗﻨﺘﺞ ﺑﺪﻭﻥ‬
‫ﺑﻴﺎﻧﺎﺕ‪ ،‬ﻭﻫﻲ ﺗﻠﻚ ﺍﻟﱵ ﻳﺘﻢ ﺗﻮﻓﲑﻫﺎ ﻣﻦ ﺧﻼﻝ ‪ :‬ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺪﻭﺭﻳﺔ‪ ،‬ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‪ ،‬ﻣﺒﺎﺩﺭﺍﺕ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺎﻹﻋﻼﻥ‪.‬‬
‫ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻥ ﺍﻟﻔﻜﺮ ﻭﺍﻟﺜﻘﺎﻓﺔ ﻳﻀﻌﺎﻥ ﻣﻌﺎ ﻗﻮﺍﻋﺪ ﺍﻟﻮﻋﻲ ﻭﺍﻹﺩﺭﺍﻙ ﻭﺍﻟﻔﻬﻢ‪،‬ﻭﻳﺼﻴﻐﺎﻥ ﻣﻌﺎ ﺍﻹﻃﺎﺭ ﺍﻟﻌﺎﻡ ﻟﻠﺘﺮﺍﺑﻂ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ‪،‬ﺇﻥ ﺍﳊﻮﻛﻤﺔ‬
‫ﺗﺆﺳﺲ ﻓﻜﺮ ﻭﺛﻘﺎﻓﺔ ﺍﻻﻟﺘﺰﺍﻡ‪ ،‬ﻭﺗﻮﺛﻖ ﻛﻞ ﺷﻲﺀ ﳚﺮﻱ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻓﻼ ﺷﻲﺀ ﳝﻜﻦ ﺭﺻﺪﻩ ﺧﺎﺭﺝ ﺍﻟﻘﻮﺍﺋﻢ‪،‬ﺑﻞ ﻳﺘﻌﲔ ﺃﻳﺘﻢ ﺭﺻﺪ‬
‫ﻛﻞ ﺷﻲﺀ ﰲ ﺍﻟﻘﻮﺍﺋﻢ‪،‬ﻭﺍﳊﺪﺙ ﻋﻨﻪ ﰲ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺗﻨﺸﺮﻫﺎ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﺇﻥ ﺍﳊﻮﻛﻤﺔ ﺗﻌﻤﻞ ﻋﻠﻰ ﺇﺑﻘﺎﺀ ﺍﻟﺮﻣﻮﺯ ﺻﺎﳊﺔ ﻭﺳﻠﻴﻤﺔ‪ ،‬ﻭﺗﺆﻛﺪ ﻋﻠﻰ ﺍﻷﺧﻼﻕ ﺍﳊﻤﻴﺪﺓ ﻭﺗﻀﻊ ﳕﻮﺫﺟﺎ ﻟﻠﻘﻴﻢ‪،‬ﻭﺗﻌﻤﻞ ﻋﻠﻰ ﺍﻟﻌﻨﺎﻳﺔ ﺑﺎﻟﺼﺤﺔ‬
‫ﻭﺍﻟﺴﻼﻣﺔ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪-2‬ﳎﺎﻝ ﲢﺴﲔ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﲢﻘﻴﻖ ﺍﻟﻮﺿﻮﺡ ‪:‬ﺗﺴﺘﺨﺪﻡ ﺍﳊﻮﻛﻤﺔ ﻛﺄﺩﺍﺓ ﺗﻨﻮﻳﺮ ﻭﺍﺳﺘﻨﺎﺭﺓ‪ ،‬ﻭﺇﻟﻘﺎﺀ ﺍﻟﻀﻮﺀ ﻋﻠﻰ ﺍﳉﻮﺍﻧﺐ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﻘﺎﺋﻤﺔ ﰲ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻻ ﻳﻮﺟﺪ ﺃﻱ ﻣﺎ ﻣﻦ ﺷﺄﻧﻪ ﺃﻥ ﻳﻘﻠﻞ ﻣﻦ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺍﻟﺮﺅﻳﺔ ﺍﻟﺸﺎﻣﻠﺔ ﳌﺎ ﳛﺪﺙ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺃﻱ ﺃﻥ ﲢﺪ ﺍﳊﻮﻛﻤﺔ ﻣﻦ ‪:‬‬
‫ﺍﻟﻀﺒﺎﺑﻴﺔ‪ ،‬ﻋﺪﻡ ﺍﻟﻮﺿﻮﺡ‪ ،‬ﺍﻟﻠﺒﺲ‪ ،‬ﺍﻟﻌﺘﺎﻣﺔ‪ ،‬ﺍﻟﻈﻠﻤﺔ‪.‬‬
‫ﻭﻛﻠﻤﺎ ﻛﺎﻧﺖ ﺍﳊﻮﻛﻤﺔ ﻗﻮﻳﺔ‪ ،‬ﻛﻠﻤﺎ ﻛﺎﻧﺖ ﻓﺎﻋﻠﺔ‪ ،‬ﻭﻛﻠﻤﺎ ﻛﺎﻧﺖ ﲢﺴﻦ ﻣﻦ ﺩﺭﺟﺔ ﺍﻟﺸﻔﺎﻓﻴﺔ‪ ،‬ﻭﻣﻦ ﺩﺭﺟﺔ ﺍﻟﻮﺿﻮﺡ‪ ،‬ﻭﻫﻲ ﻣﺘﻄﻠﺒﺎﺕ ﺃﺳﺎﺳﻴﺔ‬
‫ﻭﺿﺮﻭﺭﻳﺔ ﳉﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﶈﻠﻴﺔ ﻭﺍﻟﺪﻭﻟﻴﺔ‪ ،‬ﻭﺯﻳﺎﺩﺓ ﺗﺮﺍﻛﻤﻬﺎ ﻭﻣﻜﻮﻧﺎ‪‬ﺎ‪.‬‬
‫‪-3‬ﳎﺎﻝ ﲢﻘﻴﻖ ﺍﳌﺼﺪﺍﻗﻴﺔ ﻭﺯﻳﺎﺩﺓ ﻋﻨﺎﺻﺮ ﺍﻟﺜﻘﺔ ‪:‬ﺧﺎﺻﺔ ﰲ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﱵ ﻳﺘﻢ ﻧﺸﺮﻫﺎ ﻋﻦ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﻣﺎ ﺗﺘﻀﻤﻨﻪ ﺗﻘﺎﺭﻳﺮ ﻣﺮﺍﻗﱯ‬
‫ﺍﳊﺴﺎﺑﺎﺕ ﻋﻨﻬﺎ‪ ،‬ﻭﺍﻹﻳﻀﺎﺣﺎﺕ ﺍﳌﺘﻤﻤﺔ ﳍﺎ‪ ،‬ﻭﻣﻦ ﰒ ﲢﺴﲔ ﻓﺎﻋﻠﻴﺔ ﻭﻗﺪﺭﺓ ﺍﻟﻨﻈﺎﻡ ﺍﶈﺎﺳﱯ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‪،‬ﻋﻠﻰ ﺇﻳﻀﺎﺡ ﻣﺎ ﳛﺪﺙ ﻭﻳﺘﻢ ﻓﻴﻬﺎ‪،‬‬
‫ﻭﺍﻟﺘﻌﺒﲑ ﺍﳊﻘﻴﻘﻲ ﻋﻦ ﺍﳌﻮﺟﻮﺩﺍﺕ‪ ،‬ﻭﲟﺎ ﻳﺴﺎﻋﺪ ﻋﻠﻰ ﺯﻳﺎﺩﺓ ﻋﻨﺎﺻﺮ ﺍﻟﺜﻘﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺇﻛﺴﺎ‪‬ﺎ ﻣﺼﺪﺍﻗﻴﺔ‪ ،‬ﻭﻣﻦ ﻫﻨﺎ ﻳﺘﻌﲔ ﺃﻥ ﺗﻜﻮﻥ ﺍﳌﺒﺎﺩﺉ‬
‫ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻷﻋﺮﺍﻑ ﺍﶈﺎﺳﺒﻴﺔ‪ ،‬ﻭﺍﻟﻨﻈﻢ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻟﻘﻮﺍﻋﺪ ﺍﶈﺎﺳﺒﻴﺔ ﻣﺘﻘﺪﻣﺔ‪ ،‬ﻭﻣﻄﺒﻘﺔ ﺑﺸﻜﻞ ﺳﻠﻴﻢ ﺣﻴﺚ ﻳﺘﻌﲔ ﺃﻥ ﻳﺘﻢ ﺗﻄﺒﻴﻖ ﻭﺍﺣﺘﺮﺍﻡ ﺍﻟﻘﻮﺍﻋﺪ‬
‫ﺍﻷﺳﺎﺳﻴﺔ ﺑﺎﻟﻨﺴﺒﺔ ﳌﺪﻗﻘﻲ ﺍﳊﺴﺎﺑﺎﺕ‪ ،‬ﺳﻮﺍﺀ ﻛﺎﻧﻮﺍ ﻣﺪﻗﻘﻲ ﺣﺴﺎﺑﺎﺕ ﻭﻣﻌﺪﻱ ﺣﺴﺎﺑﺎﺕ ﺩﺍﺧﻠﻴﲔ ﺃﻭ ﻛﺎﻧﻮﺍ ﺧﺎﺭﺟﻴﲔ‪،‬ﻓﺎﶈﺎﺳﺒﺔ ﳍﺎ ﺃﳘﻴﺘﻬﺎ ﺍﻟﻘﺼﻮﻯ‬
‫ﰲ ﳎﺎﻝ ﺍﳊﻮﻛﻤﺔ‪ ،‬ﻭﻫﻲ ﻣﻬﻤﺘﻬﺎ ﺇﻇﻬﺎﺭ ﺍﳊﻘﻴﻘﺔ ﻭﺍﺿﺤﺔ‪ ،‬ﻭﺩﻭﻥ ﺃ ﺗﻐﻴﲑ ﻓﻴﻬﺎ‪ ،‬ﺃﻭ ﺍﺣﺘﻴﺎﻝ‪ ،‬ﺃﻭ ﺯﻳﻒ‪ ،‬ﻭﻫﻮ ﻣﺎ‬
‫ﺳﻴﺘﻢ ﺍﻟﻌﺮﺽ ﻟﻪ ﺑﺈﳚﺎﺯ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ‪:‬‬
‫‪-‬ﺑﺎﻟﻨﺴﺒﺔ ﳌﻌﺪﻱ ﺍﳊﺴﺎﺑﺎﺕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ‪:‬ﻭﻫﻢ ﺍﻟﻌﺎﻣﻠﻮﻥ ﰲ ﳎﺎﻝ ﺍﶈﺎﺳﺒﺔ ﺩﺍﺧﻞ ﺍﻟﺸﺮﻛﺎﺕ ﺣﻴﺚ ﻳﺘﻌﲔ ﻋﻠﻰ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻘﻴﺎﻡ ﺑﺎﻵﰐ‪:‬‬
‫*ﻋﺪﻡ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﶈﺎﺳﺒﻴﺔ ﺳﻮﺍﺀ ﺑﺸﻜﻞ ﻭﺍﺳﻊ ﺃﻭ ﳏﺪﻭﺩ ﻟﺘﺰﻳﻴﻒ ﺍﻟﻮﺍﻗﻊ‪ ،‬ﻭﺇﻇﻬﺎﺭﻩ ﻋﻠﻰ ﻏﲑ ﺣﻘﻴﻘﺘﻪ‪ ،‬ﺪﻑ ﺧﺪﺍﻉ ﺍﻟﻐﲑ‪ ،‬ﺃﻳﺎ ﻛﺎﻥ‬
‫ﻫﺬﺍ ﺍﻟﻐﲑ‪.‬‬
‫*ﻋﺪﻡ ﺇﺧﻔﺎﺀ ﺃﻱ ﺑﻴﺎﻧﺎﺕ ﻋﻦ ﺍﻷﺩﺍﺀ ﺍﻟﺘﻤﻮﻳﻠﻲ ﻟﻠﻤﺸﺮﻭﻋﺎﺕ‪ ،‬ﻭﻛﺬﻟﻚ ﺃﻱ ﺑﻴﺎﻧﺎﺕ ﻋﻦ ﺍﻷﺻﻮﻝ ﺍﳌﻌﻨﻮﻳﺔ ﺃﻭ ﺃﻱ ﻣﻌﻠﻮﻣﺎﺕ ﻏﲑ ﲤﻮﻳﻠﻴﺔ‪،‬‬
‫ﺧﺎﺻﺔ ﺗﻠﻚ ﺍﻟﱵ ﺗﺘﻌﻠﻖ ﲞﻠﻖ ﺍﻟﻘﻴﻤﺔ‪ ،‬ﻭﻫﻢ ﺻﺎﻧﻊ ﺍﻟﻘﺮﺍﺭ‪.‬‬
‫‪-‬ﺑﺎﻟﻨﺴﺒﺔ ﳌﺪﻗﻘﻲ ﺍﳊﺴﺎﺑﺎﺕ ﺍﳋﺎﺭﺟﻴﲔ ﺍﳌﺴﺘﻘﻠﲔ ‪:‬ﻳﺘﻌﲔ ﻋﻠﻰ ﻣﺪﻗﻘﻲ ﺍﳊﺴﺎﺑﺎﺕ ﺍﻟﻘﻴﺎﻡ ﲟﺎ ﻳﻠﻲ‪:‬‬
‫*ﺃﻥ ﺗﺘﻢ ﺃﻋﻤﺎﻝ ﺍﻟﺘﺪﻗﻴﻖ ﻣﻦ ﺟﺎﻧﺐ ﻣﺪﻗﻖ ﺣﺴﺎﺑﺎﺕ ﻛﻒﺀ‪ ،‬ﻭﻣﻦ ﺧﻼﻝ ﺷﺨﺼﻴﺔ ﻣﺴﺘﻘﻠﺔ ﻋﻦ ﺍﳌﺸﺮﻭﻉ‪ ،‬ﻭﺃﻥ ﺗﻈﻬﺮ ﻫﺬﻩ ﺍﻟﻜﻔﺎﺀﺓ ﻭﻫﺬﻩ‬
‫ﺍﻻﺳﺘﻘﻼﻟﻴﺔ ﺍﻟﻜﺎﻣﻠﺔ ﰲ ﺍﻟﻌﻤﻞ ﺍﻟﺬﻱ ﻳﻘﻮﻡ ﺑﻪ‪ ،‬ﻭﰲ ﻗﺪﺭﺗﻪ ﻋﻠﻰ ﺍﻛﺘﺸﺎﻑ ﺍﻷﺧﻄﺎﺀ‪ ،‬ﺃﻭ ﰲ ﺍﻛﺘﺸﺎﻑ ﺃﻭﺟﻪ ﺍﻟﻘﺼﻮﺭ‪ ،‬ﺃﻭ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺠﻤﻴﻞ ﺍﶈﺎﺳﱯ‬
‫ﺑﺎﺳﺘﺨﺪﺍﻡ ﻗﻮﺍﺋﻢ ﻣﺎﻟﻴﺔ ﻣﻌﺪﺓ ﻭﻣﻀﻠﻠﺔ‪.‬‬
‫*ﺃﻥ ﻳﻘﻮﻡ ﻣﺪﻗﻖ ﺍﳊﺴﺎﺑﺎﺕ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻭﺗﻄﺒﻴﻖ ﻗﻮﺍﻋﺪ ﺍﶈﺎﺳﺒﺔ ﻭﺍﻟﺘﺪﻗﻴﻖ‪ ،‬ﻭﺍﻟﺘﻨﺒﻴﻪ ﺇﺫﺍ ﻣﺎ ﻭﺟﺪﻭﺍ ﺍﺳﺘﺨﺪﺍﻡ ﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺪﻣﺢ ﻟﺒﻌﺾ ﺍﳊﺴﺎﺑﺎﺕ‬
‫ﻹﺧﻔﺎﺀ ﺣﻘﺎﺋﻖ‪ ،‬ﺃﻭ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺠﻤﻴﻞ ﺍﶈﺎﺳﱯ‪ ،‬ﻭﺍﻟﱵ ﻗﺪ ﺗﻠﺠﺄ ﺇﻟﻴﻬﺎ ﺇﺩﺍﺭﺓ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﻣﻜﺎﻓﺂﺕ ﻭﻣﺰﺍﻳﺎ ﻣﺮﺗﺒﻄﺔ ﺑﻨﺘﺎﺋﺞ‬
‫ﺍﻷﻋﻤﺎﻝ‪.‬‬
‫*ﺃﻥ ﺗﻜﻮﻥ ﻫﻨﺎﻙ ﻫﻴﺌﺎﺕ ﳏﺎﺳﺒﺔ ﻣﻬﻨﻴﺔ ﻋﻠﻴﻬﺎ ﺍﻟﺘﺄﻛﻴﺪ‪ ،‬ﻭﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺃﻥ ﺃﻋﻀﺎﺋﻬﺎ ﻣﻦ ﻣﺪﻗﻘﻲ ﺣﺴﺎﺑﺎﺕ ﺍﻟﺸﺮﻛﺎﺕ – ﳛﺘﺮﻣﻮﻥ ﻭﻳﺮﺍﻋﻮﻥ ﺗﻄﺒﻴﻖ‬
‫ﺍﻟﻘﻮﺍﻋﺪ ﺍﳌﻬﻨﻴﺔ ﰲ ﻋﻤﻠﻬﻢ‪.‬‬
‫‪-4‬ﳎﺎﻝ ﺗﻮﻓﲑ ﻋﻨﺎﺻﺮ ﺍﳉﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﺍﶈﻠﻲ ﻭﺍﻟﺪﻭﱄ ‪:‬ﺣﻴﺚ ﺃﻥ ﺍﳊﻮﻛﻤﺔ ﻟﻴﺴﺖ ﻫﺬﻓﺎ ﰲ ﺣﺪ ﺫﺍﺗﻪ ﻟﻜﻨﻬﺎ ﻭﺳﻴﻠﺔ ﻭﺃﺩﺍﺓ ﻟﻠﻮﺻﻮﻝ ﺇﱃ‬
‫ﲢﻘﻴﻖ ﺃﻫﺬﺍﻑ ﻣﺘﻌﺪﺩﺓ‪ ،‬ﻭﺃﻫﻢ ﻫﺬﻩ ﺍﻷﻫﺪﺍﻑ ﺗﻮﻓﲑ ﻋﻨﺎﺻﺮ ﺟﻴﺪﺓ ﻟﻠﺠﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ‪ ،‬ﺳﻮﺍﺀ ﻣﻦ ﺟﺎﻧﺐ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﻟﺪﻭﻟﻴﲔ‪ ،‬ﺃﻭ ﻣﻦ ﺟﺎﻧﺐ‬
‫ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﻟﻮﻃﻨﻴﲔ ﺍﶈﻠﻴﲔ ‪...‬ﻭﲟﺎ ﻳﻌﻤﻞ ﻋﻠﻰ ﺗﻮﻃﲔ ﻛﻼ ﺍﻟﻨﻮﻋﲔ ﻣﻦ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﰲ ﻣﺸﺮﻭﻋﺎﺕ ﳏﻠﻴﺔ‪ ...‬ﻭﺗﻌﺘﻤﺪ ﻋﻤﻠﻴﺎﺕ ﺍﳉﺬﺏ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﰲ ﺃﻱ ﺳﻮﻕ ﻋﻠﻰ ﺗﻮﺍﻓﺮ ﻋﻨﺎﺻﺮ ﺍﻟﺜﻘﺔ ﻭﺍﳌﺼﺪﺍﻗﻴﺔ ﻭﺗﺄﻛﻴﺪ ﻧﺰﺍﻫﺔ ﺍﳌﻌﺎﻣﻼﺕ ﻭﺍﺭﺗﺒﺎﻃﻬﺎ ‪‬ﻴﻜﻞ ﺍﻟﻘﻴﻢ ﻭﺍﳌﺒﺎﺩﺉ ﺍﳌﺘﻌﺎﺭﻑ ﻋﻠﻴﻪ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﳎﺎﻝ ﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ ﻭﺗﻄﺒﻴﻖ ﻣﺒﺪﺃ ﻋﻠﻰ ﻗﺪﻡ ﺍﳌﺴﺎﻭﺍﺓ ‪:‬ﻭﺗﻘﻮﻡ ﺍﳊﻮﻛﻤﺔ ﰲ ﻫﺬﺍ ﺍ‪‬ﺎﻝ ﻋﻠﻰ ‪‬ﻴﺌﺔ ﺍﻟﻔﺮﺹ ﺍﳌﺘﺎﺣﺔ ﻟﻠﺠﻤﻴﻊ‪ ،‬ﻭﻋﻠﻰ ﺗﻄﺒﻴﻖ ﻣﺒﺪﺃ‬
‫ﻋﻠﻰ ﻗﺪﻡ ﺍﳌﺴﺎﻭﺍﺓ‪ ،‬ﳑﺎ ﻳﺰﻳﺪ ﻣﻦ ﺍﻟﺸﻌﻮﺭ ﺑﺎﻟﻌﺪﺍﻟﺔ‪ ،‬ﻭﻣﻦ ﺍﻹﻧﺼﺎﻑ ﻭﺑﺎﻟﺘﺎﱄ ﻣﻦ ﺍﻷﻣﺎﻥ ﻭﲟﺎ ﻳﻘﻀﻲ ﻋﻠﻰ ﺣﺎﻻﺕ ﺍﻟﻌﺠﺰ ﻭﺍﻟﻄﻤﻊ ﻭ‪‬ﻢ ﺍﻟﻔﺴﺎﺩ ‪...‬‬
‫ﻓﻀﻼ ﻋﻦ ﺍﻟﻈﻠﻢ ﻭﺍﻟﻐﱭ ﺍﻟﺬﻱ ﻳﻘﻊ ﻋﻠﻰ ﺃﻱ ﻣﻦ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺎﺕ ‪...‬ﻓﻀﻼ ﻋﻦ ﻋﺪﻡ ﻭﺟﻮﺩ ﺃﻱ ﳑﺎﺭﺳﺎﺕ ﺧﺎﻃﺌﺔ‪ ،‬ﺃﻭ ﺣﺎﻻﺕ‬
‫ﺗﻼﻋﺐ ﻭﺇﺧﻔﺎﺀ ﺧﺴﺎﺋﺮ ﺃﻭ ﻭﺟﻮﺩ ﺇﻇﻬﺎﺭ ﻷﻭﺿﺎﻉ ﻋﻠﻰ ﻏﲑ ﺣﻘﻴﻘﺘﻬﺎ‪ ،‬ﻭﻣﻦ ﰒ ﺗﻌﻤﻞ ﺍﳊﻮﻛﻤﺔ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ‪ ،‬ﻭﺇﺗﺎﺣﺔ ﺍﻟﻔﺮﺻﺔ ﻟﻜﺎﻓﺔ‬
‫ﺍﻷﻃﺮﺍﻑ ﻟﻠﻤﻌﺮﻓﺔ‪ ،‬ﻭﺟﻌﻞ ﺍﳉﻤﻴﻊ ﻳﻌﺎﻣﻠﻮﻥ ﻋﻠﻰ ﻗﺪﻡ ﺍﳌﺴﺎﻭﺍﺓ‪.‬‬
‫‪-6‬ﳎﺎﻝ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ‪:‬ﺗﻌﻤﻞ ﺍﳊﻮﻛﻤﺔ ﻋﻠﻰ ﺣﺴﻦ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﺧﺎﺻﺔ ﻓﻴﻤﺎ ﻳﺘﺼﻞ ﺑﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﺨﻄﻴﻂ ﺃﻭ ﺍﻟﺘﻨﻈﻴﻢ ﺃﻭ ﺍﳌﺘﺎﺑﻌﺔ ﻭﻣﻦ ﰒ ﺗﺰﺩﺍﺩ‬
‫ﺍﻟﻜﻔﺎﺀﺓ ﺍﻹﺩﺍﺭﻳﺔ ﻟﻠﺸﺮﻛﺎﺕ‪.‬‬
‫‪-7‬ﳎﺎﻝ ﺯﻳﺎﺩﺓ ﺍﻟﻔﺎﻋﻠﻴﺔ ﻭﺍﻷﺩﺍﺀ ‪:‬ﺗﻘﻮﻡ ﺍﳊﻮﻛﻤﺔ ﺑﺪﻭﺭ ﺷﺪﻳﺪ ﺍﻷﳘﻴﺔ ﰲ ﺯﻳﺎﺩﺓ ﻓﺎﻋﻠﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﺟﻌﻞ ﺣﺎﺿﺮﻫﺎ ﻭﻣﺴﺘﻘﺒﻠﻬﺎ ﻭﺍﻋﺪﺍ ﻣﻦ ﺧﻼﻝ‬
‫ﻋﺪﺓ ﻭﺳﺎﺋﻞ ﺭﺋﻴﺴﻴﺔ ﻫﻲ‪:‬‬
‫*ﻭﺳﻴﻠﺔ ﺯﻳﺎﺩﺓ ﺍﻹﻧﺘﺎﺝ ﻭﺭﻓﻊ ﺍﻹﻧﺘﺎﺟﻴﺔ‪.‬‬
‫*ﻭﺳﻴﻠﺔ ﺯﻳﺎﺩﺓ ﺍﳉﻮﺩﺓ ﻭﺍﻻﺭﺗﻘﺎﺀ ﺑﺎﻟﻨﻮﻋﻴﺔ‪.‬‬
‫*ﻭﺳﻴﻠﺔ ﺍﻛﺘﺴﺎﺏ ﻣﺰﺍﻳﺎ ﺗﻨﺎﻓﺴﻴﺔ ﺧﺎﺻﺔ ﰲ ﳎﺎﻝ ﺍﻟﺘﺴﻌﲑ ﻭﺧﺪﻣﺎﺕ ﻣﺎ ﺑﻌﺪ ﺍﻟﺒﻴﻊ‪.‬‬
‫ﻭﺗﻌﻤﻞ ﺍﳊﻮﻛﻤﺔ ﻋﻠﻰ ﺗﻌﻤﻴﻖ ﺍﻹﺣﺴﺎﺱ ﺑﺎﻟﻮﺍﺟﺐ ﻭﺯﻳﺎﺩﺓ ﺍﻟﺸﻌﻮﺭ ﺑﺎﳌﺴﺌﻮﻟﻴﺔ ﻭﺗﻨﻤﻴﺔ ﺭﻭﺡ ﺍﳌﺸﺎﺭﻛﺔ ﺍﳌﺴﺌﻮﻟﺔ ﺑﲔ ﻛﺎﻓﺔ ﺍﻷﻃﺮﺍﻑ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ‬
‫ﻳﺘﺤﻮﻝ ﺍﳉﻤﻴﻊ ﺇﱃ ﺷﺮﻛﺎﺀ ﰲ ﺻﻨﻊ ﺍﻟﻨﺠﺎﺡ ‪.‬‬
‫ﺍﳋﺎﲤﺔ‪:‬‬
‫ﻛﻤﺎ ﺭﺃﻳﻨﺎ ﺳﺎﺑﻘﺎ ﻓﺘﻄﺒﻴﻖ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻳﺴﺘﻨﺪ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺒﺎﺩﺉ ﻭﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﱵ ﺗﻌﺘﱪ ﲟﺜﺎﺑﺔ ﺍﳋﺮﻳﻄﺔ ﺍﻟﺘﻮﺿﻴﺤﻴﺔ ﺍﻟﱵ ﳚﺐ ﺃﻥ‬
‫ﺗﺘﺒﻌﻬﺎ ﻛﻞ ﻣﻦ ﺍﳉﻬﺎﺕ ﺍﻟﺮﻗﺎﺑﻴﺔ ﻋﻠﻰ ﺳﻮﻕ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻹﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺣﻴﺚ ﺃﻥ ﺗﻄﺒﻴﻖ ﻫﺬﻩ‬
‫ﺍﳌﺒﺎﺩﺉ ﻳﺆﺩﻱ ﺇﱃ ﺗﻮﻓﲑ ﺍﳊﻤﺎﻳﺔ ﻷﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﻭﺑﺎﻟﺘﺎﱄ ﻳﺴﺎﻋﺪ ﻋﻠﻰ ﺟﺬﺏ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻭﺍﻻﺳﺘﺜﻤﺎﺭ‪ ،‬ﻭﺗﻄﺒﻴﻖ ﻫﺬﻩ ﺍﳌﺒﺎﺩﺉ ﻳﻌﺘﱪ ﺍﳌﺆﺷﺮ‬
‫ﻟﻮﺟﻮﺩ ﻭﺳﻼﻣﺔ ﺍﳊﻮﻛﻤﺔ‪.‬‬
 ‫‪ ‬‬ ‫‪ ‬‬
‫‪201276‬‬ ‫‪  ‬‬
‫‪ ‬‬ ‫‪ ‬‬

‫ﺍﳌﺮﺍﺟﻊ‪:‬‬
‫‪-‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ ﺳﻠﻴﻤﺎﻥ‪ ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺩﻭﺭ ﺃﻋﻀﺎﺀ ﳎﺎﻟﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ‪:‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪. 2008 ،‬‬
‫‪-‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ ﺳﻠﻴﻤﺎﻥ‪ ،‬ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻣﻌﺎﳉﺔ ﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ ‪)،‬ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ( ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ‪:‬‬
‫ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪. 2009 ،‬‬
‫‪-‬ﻋﺒﺪ ﺍﻟﻮﻫﺎﺏ ﻧﺼﺮ ﻋﻠﻲ‪ ،‬ﺷﺤﺎﺗﻪ ﺍﻟﺴﻴﺪ ﺷﺤﺎﺗﻪ‪ ،‬ﻣﺮﺍﺟﻌﺔ ﺍﳊﺴﺎﺑﺎﺕ ﻭﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺑﻴﺌﺔ ﺍﻷﻋﻤﺎﻝ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻟﺪﻭﻟﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ‪،16 ،‬‬
‫‪2007 /‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ‪:‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪2006،‬‬
‫‪.‬‬
‫‪-‬ﳏﻤﺪ ﺃﲪﺪ ﺇﺑﺮﺍﻫﻴﻢ ﺧﻠﻴﻞ‪ ،‬ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﲢﻘﻴﻖ ﺟﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻧﻌﻜﺎﺳﺎ‪‬ﺎ ﻋﻠﻰ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ– ﺩﺭﺍﺳﺔ‬
‫ﻧﻈﺮﻳﺔ ﺗﻄﺒﻴﻘﻴﺔ‪ ،-‬ﻣﻨﺘﺪﻯ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻹﺳﻼﻣﻲ‪02،‬‬
‫‪-‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﲑﻱ‪ ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﳎﻤﻮﻋﺔ ﺍﻟﻨﻴﻞ ﺍﻟﻌﺮﺑﻴﺔ ‪:‬ﺍﻟﻘﺎﻫﺮﺓ‪2005 ،‬‬
‫‪-‬ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ‪ ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪، 2007 ،‬‬
‫‪-‬ﺎﺀ ﺍﻟﺪﻳﻦ ﲰﲑ ﻋﻼﻡ‪ ،‬ﺃﺛﺮ ﺍﻵﻟﻴﺎﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺼﺮﻳﺔ‪ ،‬ﻣﺮﻛﺰ ﺍﳌﺪﻳﺮﻳﻦ ﺍﳌﺼﺮﻱ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ ‪،‬‬
‫‪2009‬‬
‫‪-‬ﺃﲪﺪ ﺭﺟﺐ ﻋﺒﺪ ﺍﳌﻠﻚ ﻋﺒﺪ ﺍﻟﺮﲪﻦ‪ ،‬ﺩﺭﺍﺳﺔ ﺑﻌﻨﻮﺍﻥ ‪:‬ﻗﻴﺎﺱ ﻣﺪﻯ ﲢﻘﻖ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻹﻓﺼﺎﺡ ﰲ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻨﺸﻮﺭﺓ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ‬
‫ﺳﻮﻕ ﺍﳌﺎﻝ ﺍﻟﺴﻌﻮﺩﻱ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﳌﻠﻚ ﻓﻴﺼﻞ‪ ،‬ﺍﻟﺮﻳﺎﺽ‪ ،‬ﺍﻟﻘﺎﺿﻲ‪ ،‬ﺣﺴﲔ‪ ،‬ﺍﶈﺎﺳﺒﺔ ﺍﻟﺪﻭﻟﻴﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﻟﻌﻠﻤﻴﺔ ﻭﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ‪ .،‬ﻋﻤﺎﻥ‪،‬‬
‫‪2000‬‬
‫‪-‬ﻣﺎﺟﺪ ﺇﲰﺎﻋﻴﻞ ﺃﺑﻮ ﲪﺎﻡ‪ ،‬ﺍﺛﺮ ﺗﻄﺒﻴﻖ ﻗﻮﺍﻋﺪ ﺍﳊﻮﻛﻤﺔ ﻋﻠﻰ ﺍﻹﻓﺼﺎﺡ ﺍﶈﺎﺳﱯ ﻭﺟﻮﺩﺓ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﲝﺚ‬
‫ﻣﻜﻤﻞ ﻟﻨﻴﻞ ﺷﻬﺎﺩﺓ ﺍﳌﺎﺟﺴﺘﲑ ﰲ ﺍﶈﺎﺳﺒﺔ ﻭﺍﻟﺘﻤﻮﻳﻞ‪ ،‬ﺍﳉﺎﻣﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ‪ ،‬ﻏﺰﺓ‪2009 ،‬‬
‫‪-‬ﺭﺃﻓﺖ ﺣﺴﲔ ﻣﻄﲑ‪ ،‬ﺁﻟﻴﺎﺕ ﺗﺪﻋﻴﻢ ﺩﻭﺭ ﺍﳌﺮﺍﺟﻌﺔ ﺍﳋﺎﺭﺟﻴﺔ ﰲ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻋﻠﻰ ﺍﳌﻮﻗﻊ‪:‬‬
‫‪-‬ﺯﻏﺪﺍﺭ ﺍﲪﺪ ﺳﻔﲑ ﳏﻤﺪ‪ "،‬ﺧﻴﺎﺭ ﺍﳉﺰﺍﺋﺮ ﺑﺎﻟﺘﻜﻴﻒ ﻣﻊ ﻣﺘﻄﻠﺒﺎﺕ ﺍﻹﻓﺼﺎﺡ ﻭﻓﻖ ﻣﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫‪ ،2010‬ﻛﻠﻴﺔ ﺍﳊﻘﻮﻕ ﻭﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺟﺎﻣﻌﺔ ‪ -‬ﳎﻠﺔ ﺍﻟﺒﺎﺣﺚ‪ ،‬ﺍﻟﻌﺪﺩ ﺍﻟﺴﺎﺑﻊ‪"(IAS/IFRS)، 2009 ،‬‬
‫‪.‬ﻗﺎﺻﺪﻱ ﻣﺮﺑﺎﺡ‪ ،‬ﻭﺭﻗﻠﺔ‪،‬‬
‫‪-‬ﺣﺴﲔ ﻋﻠﻲ ﺧﺸﺎﺭﻣﺔ‪ "،‬ﻣﺴﺘﻮﻯ ﺍﻹﻓﺼﺎﺡ ﰲ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺒﻨﻮﻙ ﻭﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺸﺎ‪‬ﺔ ﺍﳌﻨﺪﳎﺔ‬
‫‪ 2003‬ﰲ ﺍﻷﺭﺩﻥ"‪ ،‬ﳎﻠﺔ ﺟﺎﻣﻌﺔ ﺍﻟﻨﺠﺎﺡ ﻟﻸﲝﺎﺙ‪ ،‬ﺍ‪‬ﻠﺪ ‪ ، 17‬ﺍﻟﻌﺪﺩ‪01‬‬
‫‪-‬ﻋﻤﺎﺩ ﳏﻤﺪ ﺃﺑﻮ ﺣﺠﻴﻠﺔ ﻭﻋﻼﻡ ﲪﺪﺍﻥ‪ "،‬ﺃﺛﺮ ﺍﳊﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﻴﺔ ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺍﻷﺭﺑﺎﺡ"‪ ،‬ﺍﳌﺆﲤﺮ ﺍﻟﺜﺎﱐ ﻟﻠﻌﻠﻮﻡ‬
‫ﺍﳌﺎﻟﻴﺔ ﻭﺍﶈﺎﺳﺒﺔ ﺣﻮﻝ ﻣﺪﻯ ﻣﺴﺎﳘﺔ ﺍﻟﻌﻠﻮﻡ ﺍﳌﺎﻟﻴﺔ ﻭﺍﶈﺎﺳﺒﻴﺔ ﰲ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ ‪ ،‬ﻛﻠﻴﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﻌﻠﻮﻡ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺟﺎﻣﻌﺔ‬
‫ﺃﺭﺑﺪ‪ ،‬ﺍﻷﺭﺩﻥ‪،‬‬

‫‪http://site.iugaza.edu.ps/rmotair/files/2010/02/Article-‬‬
‫‪OCDE, Principes de la gouvernement d'entreprise, 2004, sur le site d'Internet :‬‬
‫– ‪http://www.oecd.org.‬‬