china daily雙語(yǔ)新聞：銀行業(yè)不穩(wěn)催生關(guān)鍵人條款
Increased staff turnover in the banking sector has led more companies to push for so-called “key man” provisions in merger deals to ensure they are not penalised if advisers move.
銀行業(yè)不斷加劇的人員流動(dòng)現(xiàn)象，正促使更多企業(yè)要求在并購(gòu)交易合同中加上所謂“關(guān)鍵人條款”，以確保在相關(guān)銀行顧問(wèn)離職時(shí)，他們不至于蒙受損失。
Bankers say that drastic cuts in the advisory businesses of big investment banks, as well as numerous departures by senior dealmakers, have rung alarm bells among corporate clients.
銀行家們表示，大型投行大幅削減咨詢業(yè)務(wù)，以及大量高級(jí)交易撮合人員的離職，已在公司客戶中引起警覺(jué)。
“A lot of banks have seen six rounds of cuts this year. This is freaking out executives,” said the head of a large investment banking division. “The stability of a bank’s workforce has become an important issue. There is rising demand from executives for key man provisions in engagement letters.”
一個(gè)大型投行部門(mén)的主管表示：“許多銀行今年進(jìn)行了六輪裁員，這把公司主管們嚇壞了。銀行員工的穩(wěn)定性已成為一個(gè)重要問(wèn)題。越來(lái)越多的公司高管們要求在委托書(shū)中加入‘關(guān)鍵人條款’?！?BR> Such a clause allows a company to withdraw the M&A advisory mandate if a key adviser leaves the bank. The terms of these arrangements are kept private.
這類條款規(guī)定，如果有關(guān)鍵顧問(wèn)從一家銀行離職，那么聘請(qǐng)這家銀行做并購(gòu)咨詢的企業(yè)就能終止聘用合同。這類條款的細(xì)節(jié)通常是保密的。
“We have seen more requests in recent months from companies for key man provisions in transaction engagements,” said Michael Hatchard, UK corporate partner at Skadden, Arps, Slate, Meagher & Flom.Engagement letters typically include so-called “tail provisions” whereby if a company decides not to do a deal, the bank can claim fees if talks are restarted on the same deal with another adviser more than a year later.
世達(dá)律師事務(wù)所(Skadden, Arps, Slate, Meagher & Flom)英國(guó)公司合伙人邁克爾·哈查德(Michael Hatchard)表示：“最近幾個(gè)月，我們發(fā)現(xiàn)，要求在交易委托書(shū)中加入‘關(guān)鍵人條款’的公司比過(guò)去多了。”一般的委托書(shū)通常都包括所謂“尾部條款”，這類條款規(guī)定，若一家公司決定終止某項(xiàng)（并購(gòu)）交易，那么即便它在超過(guò)一年之后就同一項(xiàng)交易與另一家銀行顧問(wèn)重啟談判，前一家銀行也有權(quán)索取傭金。
M&A advisers said in some cases companies had sought either to shorten the period over which these provisions applied or the power to terminate these engagements without being liable for the full fees.
并購(gòu)顧問(wèn)表示，現(xiàn)在許多公司要么會(huì)努力縮短以上條款適用的時(shí)間，要么會(huì)爭(zhēng)取不必支付全額傭金就終止委托的權(quán)利。
“There is nothing worse than if you are in a deal for a year and the key banker goes on gardening leave,” the banker said.
上述銀行家表示：“最糟糕的情況就是，一項(xiàng)交易你已經(jīng)進(jìn)行了一年，而關(guān)鍵的銀行家卻離職了?！?BR> When appointing advisers, would-be acquirers have also sought to specify which bankers will be in the deal teams in case a key adviser leaves.
現(xiàn)在一些企業(yè)在即將發(fā)起收購(gòu)的時(shí)候，也會(huì)試圖將顧問(wèn)銀行派出的團(tuán)隊(duì)人員確定下來(lái)，以免關(guān)鍵顧問(wèn)離職。
“Companies are concerned about ‘bait and switch’,” said one senior M&A adviser at a leading law firm, referring to cases where star bankers are sent to win an advisory mandate but the team that works on the deal is less experienced.
效力于一家律所的一位高級(jí)并購(gòu)顧問(wèn)表示：“公司擔(dān)心被誘上鉤后對(duì)方就換人了”，意指那種指銀行派出明星銀行家贏得顧問(wèn)委托，而實(shí)際操作團(tuán)隊(duì)卻缺乏經(jīng)驗(yàn)的情況。
One legal expert said the trend of these requests, in both the US and Europe, faces “enormous ” resistance from banks. While the provisions are occurring in a minority of situations, some M&A experts predict that instability in the banking industry will continue to be an issue for companies.
一位法律專家表示，企業(yè)提出的這類建議在歐美很盛行，但面臨來(lái)自銀行的“極大”抵制。盡管目前“關(guān)鍵人條款”被觸發(fā)的情況并不多見(jiàn)，但并購(gòu)專家預(yù)言，銀行業(yè)的不穩(wěn)定將繼續(xù)對(duì)企業(yè)界造成困擾。
Increased staff turnover in the banking sector has led more companies to push for so-called “key man” provisions in merger deals to ensure they are not penalised if advisers move.
銀行業(yè)不斷加劇的人員流動(dòng)現(xiàn)象，正促使更多企業(yè)要求在并購(gòu)交易合同中加上所謂“關(guān)鍵人條款”，以確保在相關(guān)銀行顧問(wèn)離職時(shí)，他們不至于蒙受損失。
Bankers say that drastic cuts in the advisory businesses of big investment banks, as well as numerous departures by senior dealmakers, have rung alarm bells among corporate clients.
銀行家們表示，大型投行大幅削減咨詢業(yè)務(wù)，以及大量高級(jí)交易撮合人員的離職，已在公司客戶中引起警覺(jué)。
“A lot of banks have seen six rounds of cuts this year. This is freaking out executives,” said the head of a large investment banking division. “The stability of a bank’s workforce has become an important issue. There is rising demand from executives for key man provisions in engagement letters.”
一個(gè)大型投行部門(mén)的主管表示：“許多銀行今年進(jìn)行了六輪裁員，這把公司主管們嚇壞了。銀行員工的穩(wěn)定性已成為一個(gè)重要問(wèn)題。越來(lái)越多的公司高管們要求在委托書(shū)中加入‘關(guān)鍵人條款’?！?BR> Such a clause allows a company to withdraw the M&A advisory mandate if a key adviser leaves the bank. The terms of these arrangements are kept private.
這類條款規(guī)定，如果有關(guān)鍵顧問(wèn)從一家銀行離職，那么聘請(qǐng)這家銀行做并購(gòu)咨詢的企業(yè)就能終止聘用合同。這類條款的細(xì)節(jié)通常是保密的。
“We have seen more requests in recent months from companies for key man provisions in transaction engagements,” said Michael Hatchard, UK corporate partner at Skadden, Arps, Slate, Meagher & Flom.Engagement letters typically include so-called “tail provisions” whereby if a company decides not to do a deal, the bank can claim fees if talks are restarted on the same deal with another adviser more than a year later.
世達(dá)律師事務(wù)所(Skadden, Arps, Slate, Meagher & Flom)英國(guó)公司合伙人邁克爾·哈查德(Michael Hatchard)表示：“最近幾個(gè)月，我們發(fā)現(xiàn)，要求在交易委托書(shū)中加入‘關(guān)鍵人條款’的公司比過(guò)去多了。”一般的委托書(shū)通常都包括所謂“尾部條款”，這類條款規(guī)定，若一家公司決定終止某項(xiàng)（并購(gòu)）交易，那么即便它在超過(guò)一年之后就同一項(xiàng)交易與另一家銀行顧問(wèn)重啟談判，前一家銀行也有權(quán)索取傭金。
M&A advisers said in some cases companies had sought either to shorten the period over which these provisions applied or the power to terminate these engagements without being liable for the full fees.
并購(gòu)顧問(wèn)表示，現(xiàn)在許多公司要么會(huì)努力縮短以上條款適用的時(shí)間，要么會(huì)爭(zhēng)取不必支付全額傭金就終止委托的權(quán)利。
“There is nothing worse than if you are in a deal for a year and the key banker goes on gardening leave,” the banker said.
上述銀行家表示：“最糟糕的情況就是，一項(xiàng)交易你已經(jīng)進(jìn)行了一年，而關(guān)鍵的銀行家卻離職了?！?BR> When appointing advisers, would-be acquirers have also sought to specify which bankers will be in the deal teams in case a key adviser leaves.
現(xiàn)在一些企業(yè)在即將發(fā)起收購(gòu)的時(shí)候，也會(huì)試圖將顧問(wèn)銀行派出的團(tuán)隊(duì)人員確定下來(lái)，以免關(guān)鍵顧問(wèn)離職。
“Companies are concerned about ‘bait and switch’,” said one senior M&A adviser at a leading law firm, referring to cases where star bankers are sent to win an advisory mandate but the team that works on the deal is less experienced.
效力于一家律所的一位高級(jí)并購(gòu)顧問(wèn)表示：“公司擔(dān)心被誘上鉤后對(duì)方就換人了”，意指那種指銀行派出明星銀行家贏得顧問(wèn)委托，而實(shí)際操作團(tuán)隊(duì)卻缺乏經(jīng)驗(yàn)的情況。
One legal expert said the trend of these requests, in both the US and Europe, faces “enormous ” resistance from banks. While the provisions are occurring in a minority of situations, some M&A experts predict that instability in the banking industry will continue to be an issue for companies.
一位法律專家表示，企業(yè)提出的這類建議在歐美很盛行，但面臨來(lái)自銀行的“極大”抵制。盡管目前“關(guān)鍵人條款”被觸發(fā)的情況并不多見(jiàn)，但并購(gòu)專家預(yù)言，銀行業(yè)的不穩(wěn)定將繼續(xù)對(duì)企業(yè)界造成困擾。