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Corporate Governance of Listed Companies in China

Self-Assessment by the China Securities Regulatory Commission

image of Corporate Governance of Listed Companies in China

This report looks at the institutional framework of corporate governance in China through the prism of the OECD Principles of Corporate Governance and is a product of the ongoing OECD-China Policy Dialogue on Corporate Governance. By assessing a broad range of laws, regulations and codes, it provides a valuable reference for understanding how much has been achieved in Chinese corporate governance and the main ambitions of future reform efforts.

The report shows that corporate governance has improved significantly since the Chinese stock market was created in 1990, with important achievements in establishing and developing the legal and regulatory framework. The OECD-China Self-Assessment represents a thorough review of all laws, regulations and codes that relate to every principle recommended by the OECD Principles of Corporate Governance. It documents the advances in the Chinese Corporate Governance framework. Building on this report, bilateral co-operation between China and the OECD will continue to enhance the understanding of China’s corporate governance system and how it impacts on company and investor behaviour.

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Information disclosure

Disclosing information is a legal obligation for listed companies. This does not only directly influence transparency and pricing efficiency – the critical basis upon which investors make investment decisions – on the securities market, but also serves as the lawful foundation of its principles “openness, fairness and impartialness” and the core of supervision over the market. In the course of capital market development and corporate governance reform, all the Chinese legislative bodies and relevant government agencies, regulatory institutions and self-regulatory organisations have attached great importance to the development of corporate information disclosure, and actively promoted its improvement in terms of quality and transparency.

English

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