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Governing partnerships 管理合伙人制 EVER since the inception of the corporation, theprincipal-agent problem has bedevilledshareholders. The partnership structure that prevails at consulting, accounting and law firms issupposedly free of the risk of executives acting in their own interest at the owners expense. Asthe businesses belong to the employees, the incentives of managers and proprietors should bealigned. But leaders there must pay greater heed to the views of their worker-shareholdersthan do corporate bosses, who need only answer to boards selected by proxy votes that arerarely contested, and can simply issue orders to staff. 自公司成立以来，委托代理 问题一直困扰着股东们。这种合伙制结构在咨询公司、会计师事务所和法律公司当中非常盛行，它被认为能够避免这样一种风险，即高管用所有者的资金从事跟自己利益相关的活动。虽然公司业务是由雇员经手，但是管理者的目标应该与企业所有者的利益一致。但领导人必须更加注意他们的同时也生为公司股东的员工们的意见，而不是公司老板们，因为他们只需要向精选出来并很少提出质疑的董事会回答问题、只需要简单地命令员工就行了。 This distinction is never more apparent than when the head of a partnership steps down.They will be dusting off the ballot boxes at Deloitte, the biggest of the Big Four globalaccounting firms. On August 15th Joe Echevarria, the boss of the American arm, said he wouldbe leaving the firm. Rather than summon an executive-search agency to do some discreetrecruiting, Deloitte will hold a leadership election. | 
