What Are Corporate Governance Guidelines?

In order to promote the establishment and improvement of modern corporate systems for listed companies, standardize the operations of listed companies, and promote the healthy development of China's securities market, the "Guidelines for the Governance of Listed Companies" was issued on January 7, 2002.

Corporate Governance Guidelines

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To promote the establishment and improvement of listed companies

Zheng Jian Fa [2002] No. 1

Listed companies:

To promote the establishment and improvement of listed companies

On September 30, 2018, the official website of the China Securities Regulatory Commission disclosed that the Securities Regulatory Commission issued the revised "Guidelines for Governance of Listed Companies." ^[1]

The CSRC stated that the revised Code has ten chapters and 98 articles, covering the basic corporate governance principles and principles of listed companies, the composition and operation of shareholders' meetings, the board of directors, and the board of supervisors, and the rights and obligations of directors, supervisors and senior managers. The company's incentive and restraint mechanism, the code of conduct of the controlling shareholders and its related parties, the participation of institutional investors and related institutions in corporate governance, the basic requirements of listed companies in terms of stakeholders, environmental protection and social responsibility, as well as information disclosure and transparency. ^[1]

The CSRC said that the focus of this revision includes the following aspects: First, closely follow the theme of the new era, and require listed companies to implement the development concepts of innovation, coordination, green, openness and sharing in corporate governance, and increase party building of listed companies. Requirements to strengthen the leading role of listed companies in environmental protection and social responsibility. Second, according to the characteristics of China's capital market investor structure, further strengthen the restrictions on controlling shareholders, actual controllers and their related parties, pay more attention to the protection of small and medium investors, and give play to the role of small and medium investor protection institutions. The third is to actively learn from international experience, promote institutional investors' participation in corporate governance, strengthen the role of the audit committee of the board of directors, and establish a basic framework for environmental, social responsibility and corporate governance (ESG) information disclosure. The fourth is to respond to the concerns of all parties, and put forward new requirements for the stability of control rights faced by listed company governance, the performance of independent directors, the high evaluation and incentive and restriction mechanism of listed company directors and supervisors, and the strengthening of information disclosure. ^[1]