Corporate governance of listed companies in China : self-assessment by the China Securities Regulatory Commission PDF
Preview Corporate governance of listed companies in China : self-assessment by the China Securities Regulatory Commission
OECD-ChinaPolicyDialogue onCorporateGovernance Corporate Governance of Listed Companies in China SELF-ASSESSMENTBYTHECHINASECURITIES REGULATORYCOMMISSION OECD Copyrightedmaterial Corporate Governance of Listed Companies in China SELF-ASSESSMENTBYTHECHINASECURITIES REGULATORYCOMMISSION OECD ThisworkispublishedontheresponsibilityoftheSecretary-GeneraloftheOECD.The opinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficial viewsoftheOrganisationorofthegovernmentsofitsmembercountries. Pleasecitethispublicationas: ROeEgCulDat(o2r0y11C)o,mCmoirspsoiroant,eGOoEvCeDrnPaunbcleisofhiLnigs.tedCompaniesinChina:Self-AssessmentbytheChinaSecurities http://dx.doi.org/10.1787/9789264119208-en ISBN978-92-64-11908-6(print) ISBN978-92-64-11920-8(PDF) CorrigendatoOECDpublicationsmaybefoundonlineat:www.oecd.org/publishing/corrigenda. ©OECD2011 Ymbaaedoucdulksrntuceoibsawmmsnleieecdtdodtidpgeaiymdr,epetcdrnotootlwdryoinutfgclohOtottEssah@CdeoiDeCnocordayp.spyoorrrsuigiorn.guthroRtOceweECqnlCuaeeDndasdrotcaccsonouncfptmeoyeerrCnniepttgnehfstrto,emroriypws(rosnCeuieCsroCren)onitsawttaogntiipivnuheofsonone.@t,sco,Aoalcpnlboydlrproieyyggqsohpu,tuoe.rswccttoeaismbnofosnoirisrnttcopehlfuesubtdClhaeeiincnsedtoxmrrcaetetcerfeoarprmcatimnsha^eilfarnirfcgsooirdmma’alpeOtuxuEebpsrlCleiioDcaialtponasurdt,bilctopiorncramadonmtusveiliordadnrctseoii,idoatndltdarheiutagascthbeotapssssiuhseeiahstl(oalCaubFnbllCded)e [email protected]. FOREWORD Foreword throTuhgihstRheepporritsmlooofksthaetOthEeCiDnsPtirtiuntciiopnlalesforfaCmoerwpoorrkatoefGcoorvpeorrnaatnecgeoavenrdniasnaceprionduCchtinoaf theongoingOECD-ChinaPolicyDialogueonCorporateGovernance.Byassessinga broadrangeoflaws,regulationsandcodes,itprovides avaluablereferencefor understandinghowmuchhasbeenachievedinChinesecorporategovernanceandthe mainambitionoffuturereformefforts.TheReportshowsthatcorporategovernancehas improvedsignificantlysincetheChinesestockmarketwascreatedin 1990,with important achievements in establishing and developing the legal and regulatory framework. InpreparingtheReport,theChinaSecuritiesRegulatoryCommission(CSRC)has, togetherwithotherrelevantagenciesandministries,accomplishedamajorbodyofwork andtakenitthroughaprocessofextensiveconsultationandinter-agencydrafting.OECD considersthisanimportantachievement;atangiblesignofChina'scommitmentto excellenceandtestimonytoitsreadinesstocontinuethemodernizationofthecountry’s capitalmarketsandcorporategovernancepractices. Throughout the draftingprocess, the OECD Secretariat, as well as national representativesfromtheOECDCorporateGovernanceCommittee,havebeenengagedin workshopsandpolicydiscussionswiththeirChinesecounterparts.InNovember2010, thefullCommitteehadanopportunitytodiscussthereportin-depthwithaChinese delegationandwasimpressedwiththebreadthanddepthofthelegalandregulatory frameworkthatChinahasestablishedintheareaofcorporategovernance. The Committee noted that the corporate governance frameworkin China is developingandadaptingtothecountry’seconomictransformation.Asmarketdiscipline isstillevolving,theroleplayedbytheformallegalandregulatoryframeworkremains essentialforbuildinganefficientandcompetitivecapitalmarket. Given China'sconcentratedownershipstructure,potentialconflictsofinterest betweenmajorityandminorityshareholdersremainacorecorporategovernanceissue.It isthereforeveryusefulthattheReportlooksattheissuesofequitabletreatmentof shareholdersandmechanismstopreventabusiverelatedpartytransactions.TheReportis alsohelpfulinidentifyingmechanismsforshareholderredress. Onarelatedtopic,the Committeepointedtothechallengesofcoordinatingthemultiplerolesplayedbystate entities-asshareholders,regulatorsandmanagers. Intermsofprovisionofinformationtothemarket,theReportdemonstratesthe importanceChinaattachestoimprovingdisclosureandtransparency. Thisincludesthe introductionoflow-costdisseminationchannelsandensuringthatChineseaccounting andauditingstandardsareofhighqualityandalignedwithinternationalstandards.The CommitteetookaninterestinChina’sdualboardsystem,theboardofdirectorsand supervisoryboard. TheReportemphasisesboardcompositionandduties. Inparticular. CORPORATEGOVERNANCEOFLISTEDCOMPANIESINCHINA©OECD2011 3 FOREWORD thediscussionhighlightedtheimportanceofprovidinginformationtoinvestorsaboutthe boardandseniormanagementselectionprocess. China-likeallothercountriesaroundtheworld-facesthecontinuouschallengeof ensuringthatitscorporategovernancelawsandregulationsaretranslatedintogood corporate practice. Ultimately, therules and laws on papermust be effectively implementedinordertomakeadifference. Thisisalong-termcommitmentthatwill benefitfromconstantattentiontothequalityofthelegalsystem;thepresenceofself- regulatoryorganizationsandcooperationwithinternationalinstitutions. ForChina, priorityareasforattentionmayinclude:curbingabusiverelatedpartytransactions, enhancingthequalityofboards,improvingshareholderprotectionandcurbingmarket abuse.Itmayalsobeusefultodevotespecialattentiontotheall-importantissueofhow toimproveeffectiveimplementationandenforcement. Toconclude,theOECDCorporateGovernanceCommitteeconsideredthediscussion ofChina’sself-assessmentanimportantandtimelyexercise.MembersoftheOECD CorporateGovernanceCommitteewerealsopleasedtoparticipatewhentheReportwas launchedattheOECDAsianRoundtableonCorporateGovernanceinShanghai,which waskindlyhostedbytheCSRCandtheShanghaiandShenzhenStockExchangesin December2010. BuildingonthisReport,bilateralcooperationbetweenChinaandtheOECDwill citonitmipnaucetstoonenchoanmcpeantyheaunnddeirnsvteasntdorinbgehoafviCohuirn.a’Asscoarpcoornasteequgeonvceer,natnheceOsEyCstDemCoarnpdorhaotwe GovernanceCommitteelooksforwardtofurtherstrengtheningofcooperationanda mutuallybeneficialdialoguewithChineseauthoritiesintheareaofcorporategovernance. Acknowledgements TheOECDwouldliketoextendsinceregratitudetotheGovernmentofJapanfor theirgenerousfinancialsupportoftheOECD-ChinaPolicyDialogueonCorporate Governance. 4 CORPORATEGOVERNANCEOFLISTEDCOMPANIESINCHINA©OECD201 CONTRIBUTORS CorporateGovernanceofListedCompaniesinChina EditorialCommittee Chairman SHANGFulin Vicechairmen GUIMinjie,LIXiaoxue,ZHUANGXinyi YAOGang,LIUXinhua,JIANGYang ZHUCongjiu,WULijun Members YANGHua,TONGDaochi,QIBin, ZHAOZhengping,WANGLin, ZHANGSining,HUANGWei, JIAOJinhong,SUNShuming,LIUHongtao ZHANGSheffeng,ZHANGYujun, SONGLiping,YUJianhua,YUBaoheng ConsultingCommittee MAMingzhe,WANGShi,WANGWei,WANGDongming, NINGXiangdong,LIUHongru,SUShulin,LIYang, LIZhaoxi,LIWeian,XIAOGang,ZHANGWeiying, ZHANGXinwen,CHENQingtai,LINYixiang,JINLiyang, HURuyin,JIAXiaoliang,XULejiang,GUOGuangchang, GUOShuqing,LUGuangiu CORPORATEGOVERNANCEOFLISTEDCOMPANIESINCHINA©OECD201 5 CONTRIBUTORS DraftingTeam TeamLeander YANGHua DeputyLeaders OUYANGZehua,ZHAOLixin, CAIJianchun,ANQingsong,YANBojin LIUYan Members HUANGMing,ZHANGWeidong, PANChunsheng,ZHUHuan,GAOLi, JIANGXinghui,SUNHongxia, JIANGXueyue,CHENZhaohui HUANGJianshan,YONGXu, RENShunying,SHEJiangxuan, RENWei,ZHOUHongda OECDExpertsTeam OECDCorporateAffairsDivision: GrantKirkpatrick,FiannaJesover OECDCorporateGovernanceCommittee: BenCushman,MagdaBianco 6 CORPORATEGOVERNANCEOFLISTEDCOMPANIESINCHINA©OECD201 TABLEOFCONTENTS TableofContents Preface byShangFulin,Chairman,ChinaSecuritiesRegulatoryCommission 9 Preface byRichardBoucher,DeputySecretary-General,OECD 11 Chapter1.ThecorporategovernanceframeworkinChina 13 11..21TThheehliesgatlorfyraanmdewdoervkeloofpcmoernptoroaftceogropvoreartneangcoevefronralnicsteedincoCmhpiannaiesinChina 1138 1.3InstitutionalframeworkforthecorporategovernanceoflistedcompaniesinChina 24 Notes 28 Chapter2.Shareholders’rights 29 2.1Introductiontoshareholders’rights 29 2.2China’spracticescomparedwithOECDprinciples 29 Chapter3.Theequitabletreatmentofshareholders 41 33..21ICnhtirnoad’usctpiroancttiocetshecoeqmupiatrabeldewtirtehatOmEenCtDofpsrihnacriephloelsders 4412 Chapter4.Informationdisclosure 51 44..21ICnhtirnoad’usctpiroacnttioceisnfcoormmpaatrioenddwiistchloOsuErCeDprinciples 5515 Chapter5.Boardandsupervisoryhoard:responsibilityandsupervision 77 55..21COhvienrav’isepwraocfttihceesbcooarmdpaorfeddirweictthortshaenOdEsCupDerpvriisnocriyplbeosardsysteminChina 7870 Chapter6.Stakeholdersandcorporatesocialresponsibility 95 6.1China’slegalguaranteefortheprotectionofstakeholderinterests 95 6.2China’spracticescomparedwiththeOECDprinciples 99 CORPORATEGOVERNANCEOFLISTEDCOMPANIESINCHINA©OECD2011 7
The list of books you might like
