Listed Company Governance Special Action "Epee Dance", Lock In Three Key Tasks

The special action of corporate governance was officially launched. On December 11, the China Securities Regulatory Commission (CSRC) announced that, in accordance with the "opinions of the State Council on further improving the quality of listed companies" (hereinafter referred to as the "opinions"), in order to improve the governance level of listed companies, the CSRC has decided to carry out special actions on the governance of listed companies (hereinafter referred to as "special actions").

On October 9 this year, the State Council issued the opinions, pointing out that "improving the quality of listed companies is the internal requirement for promoting the healthy development of the capital market, and is an important content for accelerating the improvement of the socialist market economic system in the new era". In order to fully implement the requirements of the opinions, the CSRC has also deployed corresponding work, one of which is to comprehensively launch the special action of listed company governance, supervise and urge the company to conduct self-examination and rectification, improve the system of corporate governance rules, strengthen the bottom line requirements of corporate governance, and improve the long-term mechanism of corporate governance.

Improve the overall level of corporate governance of Listed Companies in 1-2 years

"Through 1-2 years' efforts, focusing on the key points, making up the weak points, and strengthening and weak points, the overall level of corporate governance of listed companies has been significantly improved, and a new governance pattern of Listed Companies in which all parties perform their respective duties, assume their respective responsibilities, coordinate operation, and effectively check and balance, so as to lay a solid foundation for the high-quality development of listed companies." Gao Li, a spokesman for China Securities Regulatory Commission, said at the CSRC news conference on December 11.

The CSRC said that after years of development, listed companies have gradually established a relatively sound organizational structure and corporate governance system, providing a good demonstration for various domestic enterprises. However, there are still some problems such as improper management and control of listed companies, such as improper management and control of senior shareholders, improper management and control of listed companies There are some deep-seated problems, such as inadequate implementation of responsibilities, unscientific decision-making management of listed companies, and imperfect accountability mechanism.

According to reports, the future special action will focus on three key tasks:

The first is to strengthen the endogenous power of corporate governance. Through self-examination, on-site inspection and supervision of rectification, the listed companies are urged to combine the rectification of weak problems with the improvement of governance level, so as to continuously enhance the awareness of self-regulation, self-improvement and self-improvement of listed companies, so as to form a long-term mechanism for standardized governance of listed companies.

Second, the company's long-term responsibilities of directors, supervisors and shareholders should be further strengthened.

The third is to build a good ecological environment of corporate governance, pay attention to the training of "key minority", increase the publicity of advanced models, enhance the recognition and consensus of the market, and create a good atmosphere to improve the governance level of listed companies.

Chen Li, chief economist of Sichuan Financial Securities Co., Ltd., said that special actions on corporate governance should be carried out to standardize corporate governance. It is beneficial to optimize the current securities market environment. For the listed companies, strengthening corporate governance is more conducive to enhance their ability to resist risks.

"When enterprises excessively pursue high profits, they often ignore the occurrence of risks. Strengthening corporate governance can prevent the unstable impact of unreasonable system or imperfect operation mechanism on the operation of the company, so as to ensure the normal operation of enterprises." Chen Li believes that strengthening corporate governance is also the protection of investors. By continuously enhancing the self-regulation consciousness of listed companies, it is conducive to reducing the transfer of interests of major shareholders, damaging the occurrence of investor events, and thus ensuring the stable order of the financial market.

Chen Li further pointed out that with the implementation and smooth operation of the registration system of the science and technology innovation board and the growth enterprise market, it is the general trend to comprehensively promote the registration system. The registration system is conducive to the enterprises to achieve listing more quickly and conveniently, and then obtain direct financing. However, the registration system can not be lax in quality control. It also lays a solid foundation for the implementation of the comprehensive registration system by paying close attention to the governance of listed companies.

Self examination and self correction is an important link

In addition to focusing on three key tasks, self-examination and self correction of listed companies is an important part of this special action.

Dong Li said that she would earnestly and effectively improve the level of corporate governance and self-control of China's listed companies.

"This special action is expected to become a conscious and self disciplined action of listed companies." Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, said that the essence of the special action should be the self-examination, self-discipline of listed companies and the completion of the special action through self rectification. It can't be reduced to the "coping style" inspection of "having policies at the top and Countermeasures at the bottom" and staying on the surface of governance.

Dong Dengxin suggested that from the perspective of supervision, typical enterprises can be established, companies with outstanding performance in internal governance can be commended, and a positive list can be established. On the other hand, it is also necessary to record the "blacklist" of enterprises with internal governance disorder as a warning, and as an important reference for supervision and audit afterwards. "With the internal driving force of corporate governance and external supervision pressure, we should jointly promote the smooth implementation of special actions."

Under the company registration system, it is suggested to set up a long-term supervision mechanism under the company registration committee, and how to make use of the information disclosure system to standardize the corporate governance.

On the other hand, we should also establish the network voting mechanism of the company's general meeting of shareholders. He pointed out that at present, some small and medium-sized investors are unable to exercise their voting rights for some events due to cost and convenience. Through the establishment of online voting platform for shareholders' meeting, it is conducive to help investors participate in major decisions and improve corporate governance.

It is worth mentioning that the CSRC also disclosed the latest progress of delisting system reform on the same day.

As one of the key steps to improve the quality of listed companies, improving the delisting system and strengthening the survival of the fittest has always been the focus of supervision. On November 2, the Central Committee for comprehensive deepening reform also deliberated and approved the implementation plan for improving the delisting mechanism of listed companies.

Gao Li disclosed at the press conference that on the basis of carefully summing up the experience in the reform of the delisting system of the science and technology innovation board and the growth enterprise market, the CSRC has further improved some existing problems in the delisting process in six aspects and put forward relevant reform measures, namely, improving the delisting standards, simplifying the delisting procedures, broadening multiple exit channels, and strengthening the main responsibility of the delisting of the exchange Strengthen the supervision of delisting and optimize the investor protection mechanism. At the same time, we plan to carry out the reform of delisting system in the whole market.

"Recently, the Shanghai and Shenzhen stock exchanges are revising the relevant rules for delisting and will solicit public opinions as soon as possible." Gao Li said.

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