Vice Chairman of the Securities Regulatory Commission: focus on improving the Governance level of listed companies
Xinhua News Agency, Beijing, 16 Nov (Reporter Liu Hui) Yan Qingmin, vice chairman of the Securities Regulatory Commission, recently said that the quality of listed companies is rich, including operational efficiency, accounting basis, governance ability, and truthfulness of information, among which corporate governance is the foundation. Sound, open and transparent, check and balance effective corporate governance is an important guarantee for the sustained and healthy development of listed companies.
Yan Qingmin said at the 10th Caixin Summit that corporate governance is an important part of the national governance system and reflects the modernization level of governance capacity in the economic field. The primary task of the CSRC is to supervise and promote the improvement of governance and standardized operation of listed companies, which is an important part of the daily supervision of listed companies.
Yan Qingmin said: on the whole, after years of practice, listed companies have become the most standardized group in establishing a modern enterprise system in China, and have generally established a relatively perfect governance structure and organizational system. However, in the process of the development of listed companies, corporate governance is often ignored, and the degree of attention is generally not enough. When the market as a whole is good, the potential problems are easily covered up, but when the situation changes, the problems and risks begin to be exposed, the root causes of which are related to corporate governance. For example, at present, the large shareholders of listed companies have a high proportion of pledge, capital occupation, illegal guarantee and so on, which reflect the deep-seated problems and moral hazard, such as the lack of independence of corporate governance, the failure of governance, the lack of internal control and so on. From the operation practice of listed companies, there are several outstanding problems: first, emphasis on short-term stock prices, ignoring long-term value; second, emphasis on capital operation, neglect of internal governance; third, major shareholders and executives, neglect of small and medium-sized investors and employees.
"these situations do not meet the requirements of the governance standards of listed companies, and are also inconsistent with the increasing trend of stakeholder protection, social responsibility and value investment in the international market." Yan Qingmin said: in view of the current problems in the governance of listed companies, the CSRC will organize and carry out special corporate governance activities in all listed companies through self-examination and self-correction, on-the-spot inspection, and rectification and upgrading. We will effectively improve the level of corporate governance. It is hoped that all listed companies will take seriously, conduct in-depth self-examination, effectively rectify and reform, and build a solid foundation for long-term and healthy development.