上市公司治理準則 （中英文對照）
Code of Corporate Governance for Listed Companies in China
導言
為推動上市公司建立和完善現代企業制度，規範上市公司運作，促進我國證券市場健康發展，根據《公司法》、《證券法》及其它相關法律、法規確定的基本原則，並參照國外公司治理實踐中普遍認同的標準，制訂本準則。
本準則闡明瞭我國上市公司治理的基本原則、投資者權利保護的實現方式，以及上市公司董事、監事、經理等高級管理人員所應當遵循的基本的行為準則和職業道德等內容。
本準則適用於中國境內的上市公司。上市公司改善公司治理，應當貫徹本準則所闡述的精神。上市公司制定或者修改公司章程及治理細則，應當體現本準則所列明的內容。本準則是評判上市公司是否具有良好的公司治理結構的主要衡量標準，對公司治理存在重大問題的上市公司，證券監管機構將責令其按照本準則的要求進行整改。
第一章 股東與股東大會
第一節 股東權利
第一條 股東作為公司的所有者，享有法律、行政法規和公司章程規定的合法權利。上市公司應建立能夠確保股東充分行使權利的公司治理結構。
第二條 上市公司的治理結構應確保所有股東，特別是中小股東享有平等地位。股東按其持有的股份享有平等的權利，並承擔相應的義務。
第三條 股東對法律、行政法規和公司章程規定的公司重大事項，享有知情權和參與權。上市公司應建立和股東溝通的有效渠道。
第四條 股東有權按照法律、行政法規的規定，通過民事訴訟或其他法律手段保護其合法權利。股東大會、董事會的決議違反法律、行政法規的規定，侵犯股東合法權益，股東有權依法提起要求停止上述違法行為或侵害行為的訴訟。董事、監事、經理執行職務時違反法律、行政法規或者公司章程的規定，給公司造成損害的，應承擔賠償責任。股東有權要求公司依法提起要求賠償的訴訟。
第二節 股東大會的規範
第五條 上市公司應在公司章程中規定股東大會的召開和表決程序，包括通知、登記、提案的審議、投票、計票、表決結果的宣佈、會議決議的形成、會議記錄及其簽署、公告等。
第六條 董事會應認真審議並安排股東大會審議事項。股東大會應給予每個提案合理的討論時間。
第七條 上市公司應在公司章程中規定股東大會對董事會的授權原則，授權內容應明確具體。
第八條 上市公司應在保證股東大會合法、有效的前提下，通過各種方式和途徑，包括充分運用現代信息技術手段，擴大股東參與股東大會的比例。股東大會時間、地點的選擇應有利於讓儘可能多的股東參加會議。
第九條 股東既可以親自到股東大會現場投票，也可以委託代理人代為投票，兩者具有同樣的法律效力。
第十條 上市公司董事會、獨立董事和符合有關條件的股東可向上市公司股東征集其在股東大會上的投票權。投票權徵集應採取無償的方式進行，並應向被徵集人充分披露信息。
第十一條 機構投資者應在公司董事選任、經營者激勵與監督、重大事項決策等方面發揮作用。
第三節 關聯交易
第十二條 上市公司與關聯人之間的關聯交易應簽訂書面協議。協議的簽訂應當遵循平等、自願、等價、有償的原則，協議內容應明確、具體。公司應將該協議的訂立、變更、終止及履行情況等事項按照有關規定予以披露。
第十三條 上市公司應採取有效措施防止關聯人以壟斷採購和銷售業務渠道等方式干預公司的經營，損害公司利益。關聯交易活動應遵循商業原則, 關聯交易的價格原則上應不偏離市場獨立第三方的價格或收費的標準。公司應對關聯交易的定價依據予以充分披露。
第十四條 上市公司的資產屬於公司所有。上市公司應採取有效措施防止股東及其關聯方以各種形式佔用或轉移公司的資金、資產及其他資源。上市公司不得為股東及其關聯方提供擔保。
第二章 控股股東與上市公司
第一節 控股股東行為的規範
第十五條 控股股東對擬上市公司改制重組時應遵循先改制、後上市的原則，並注重建立合理制衡的股權結構。
第十六條 控股股東對擬上市公司改制重組時應分離其社會職能，剝離非經營性資產，非經營性機構、福利性機構及其設施不得進入上市公司。
第十七條 控股股東為上市公司主業服務的存續企業或機構可以按照專業化、市場化的原則改組為專業化公司，並根據商業原則與上市公司簽訂有關協議。從事其他業務的存續企業應增強其獨立發展的能力。無繼續經營能力的存續企業，應按有關法律、法規的規定，通過實施破產等途徑退出市場。企業重組時具備一定條件的，可以一次性分離其社會職能及分流富餘人員，不保留存續企業。
第十八條 控股股東應支持上市公司深化勞動、人事、分配製度改革，轉換經營管理機制，建立管理人員競聘上崗、能上能下，職工擇優錄用、能進能出，收入分配能增能減、有效激勵的各項制度。
第十九條 控股股東對上市公司及其他股東負有誠信義務。控股股東對其所控股的上市公司應嚴格依法行使出資人的權利，控股股東不得利用資產重組等方式損害上市公司和其他股東的合法權益，不得利用其特殊地位謀取額外的利益。
第二十條 控股股東對上市公司董事、監事候選人的提名，應嚴格遵循法律、法規和公司章程規定的條件和程序。控股股東提名的董事、監事候選人應當具備相關專業知識和決策、監督能力。控股股東不得對股東大會人事選舉決議和董事會人事聘任決議履行任何批准手續；不得越過股東大會、董事會任免上市公司的高級管理人員。
第二十一條 上市公司的重大決策應由股東大會和董事會依法作出。控股股東不得直接或間接干預公司的決策及依法開展的生產經營活動，損害公司及其他股東的權益。
第二節 上市公司的獨立性
第二十二條 控股股東與上市公司應實行人員、資產、財務分開，機構、業務獨立，各自獨立核算、獨立承擔責任和風險。
第二十三條 上市公司人員應獨立於控股股東。上市公司的經理人員、財務負責人、營銷負責人和董事會秘書在控股股東單位不得擔任除董事以外的其他職務。控股股東高級管理人員兼任上市公司董事的，應保證有足夠的時間和精力承擔上市公司的工作。
第二十四條 控股股東投入上市公司的資產應獨立完整、權屬清晰。控股股東以非貨幣性資產出資的，應辦理產權變更手續，明確界定該資產的範圍。上市公司應當對該資產獨立登記、建帳、核算、管理。控股股東不得佔用、支配該資產或干預上市公司對該資產的經營管理。
第二十五條 上市公司應按照有關法律、法規的要求建立健全的財務、會計管理制度，獨立核算。控股股東應尊重公司財務的獨立性，不得干預公司的財務、會計活動。
第二十六條 上市公司的董事會、監事會及其他內部機構應獨立運作。控股股東及其職能部門與上市公司及其職能部門之間沒有上下級關係。控股股東及其下屬機構不得向上市公司及其下屬機構下達任何有關上市公司經營的計劃和指令，也不得以其他任何形式影響其經營管理的獨立性。
第二十七條 上市公司業務應完全獨立於控股股東。控股股東及其下屬的其他單位不應從事與上市公司相同或相近的業務。控股股東應採取有效措施避免同業競爭。
第三章 董事與董事會
第一節 董事的選聘程序
第二十八條 上市公司應在公司章程中規定規範、透明的董事選聘程序，保證董事選聘公開、公平、公正、獨立。
第二十九條 上市公司應在股東大會召開前披露董事候選人的詳細資料，保證股東在投票時對候選人有足夠的瞭解。
第三十條 董事候選人應在股東大會召開之前作出書面承諾，同意接受提名，承諾公開披露的董事候選人的資料真實、完整並保證當選後切實履行董事職責。
第三十一條 在董事的選舉過程中，應充分反映中小股東的意見。股東大會在董事選舉中應積極推行累積投票制度。控股股東控股比例在30%以上的上市公司，應當採用累積投票制。採用累積投票制度的上市公司應在公司章程裡規定該制度的實施細則。
第三十二條 上市公司應和董事簽訂聘任合同，明確公司和董事之間的權利義務、董事的任期、董事違反法律法規和公司章程的責任以及公司因故提前解除合同的補償等內容。
第二節 董事的義務
第三十三條 董事應根據公司和全體股東的最大利益，忠實、誠信、勤勉地履行職責。
第三十四條 董事應保證有足夠的時間和精力履行其應盡的職責。
第三十五條 董事應以認真負責的態度出席董事會，對所議事項表達明確的意見。董事確實無法親自出席董事會的，可以書面形式委託其他董事按委託人的意願代為投票，委託人應獨立承擔法律責任。
第三十六條 董事應遵守有關法律、法規及公司章程的規定，嚴格遵守其公開作出的承諾。
第三十七條 董事應積極參加有關培訓, 以瞭解作為董事的權利、義務和責任, 熟悉有關法律法規, 掌握作為董事應具備的相關知識。
第三十八條 董事會決議違反法律、法規和公司章程的規定，致使公司遭受損失的，參與決議的董事對公司承擔賠償責任。但經證明在表決時曾表明異議並記載於會議記錄的董事除外。
第三十九條 經股東大會批准，上市公司可以為董事購買責任保險。但董事因違反法律法規和公司章程規定而導致的責任除外。
第三節 董事會的構成和職責
第四十條 董事會的人數及人員構成應符合有關法律、法規的要求，確保董事會能夠進行富有成效的討論，作出科學、迅速和謹慎的決策。
第四十一條 董事會應具備合理的專業結構，其成員應具備履行職務所必需的的知識、技能和素質。
第四十二條 董事會向股東大會負責。上市公司治理結構應確保董事會能夠按照法律、法規和公司章程的規定行使職權。
第四十三條 董事會應認真履行有關法律、法規和公司章程規定的職責，確保公司遵守法律、法規和公司章程的規定，公平對待所有股東，並關注其他利益相關者的利益。
第四節 董事會議事規則
第四十四條 上市公司應在公司章程中規定規範的董事會議事規則，確保董事會高效運作和科學決策。
第四十五條 董事會應定期召開會議,並根據需要及時召開臨時會議。董事會會議應有事先擬定的議題。
第四十六條 上市公司董事會會議應嚴格按照規定的程序進行。董事會應按規定的時間事先通知所有董事，並提供足夠的資料，包括會議議題的相關背景材料和有助於董事理解公司業務進展的信息和數據。當2名或2名以上獨立董事認為資料不充分或論證不明確時，可聯名以書面形式向董事會提出延期召開董事會會議或延期審議該事項，董事會應予以採納。
第四十七條 董事會會議記錄應完整、真實。董事會秘書對會議所議事項要認真組織記錄和整理。出席會議的董事、董事會秘書和記錄人應在會議記錄上簽名。董事會會議記錄應作為公司重要檔案妥善保存，以作為日後明確董事責任的重要依據。
第四十八條 董事會授權董事長在董事會閉會期間行使董事會部分職權的，上市公司應在公司章程中明確規定授權原則和授權內容，授權內容應當明確、具體。凡涉及公司重大利益的事項應由董事會集體決策。
第五節 獨立董事制度
第四十九條 上市公司應按照有關規定建立獨立董事制度。獨立董事應獨立於所受聘的公司及其主要股東。獨立董事不得在上市公司擔任除獨立董事外的其他任何職務。
第五十條 獨立董事對公司及全體股東負有誠信與勤勉義務。獨立董事應按照相關法律、法規、公司章程的要求，認真履行職責，維護公司整體利益，尤其要關注中小股東的合法權益不受損害。獨立董事應獨立履行職責，不受公司主要股東、實際控制人、以及其他與上市公司存在利害關係的單位或個人的影響。
第五十一條 獨立董事的任職條件、選舉更換程序、職責等，應符合有關規定。
第六節 董事會專門委員會
第五十二條 上市公司董事會可以按照股東大會的有關決議,設立戰略、審計、提名、薪酬與考核等專門委員會。專門委員會成員全部由董事組成，其中審計委員會、提名委員會、薪酬與考核委員會中獨立董事應占多數並擔任召集人，審計委員會中至少應有一名獨立董事是會計專業人士。
第五十三條 戰略委員會的主要職責是對公司長期發展戰略和重大投資決策進行研
究並提出建議。
第五十四條 審計委員會的主要職責是：（1）提議聘請或更換外部審計機構；（2）監督公司的內部審計制度及其實施；（3）負責內部審計與外部審計之間的溝通；（4）審核公司的財務信息及其披露；（5）審查公司的內控制度。
第五十五條 提名委員會的主要職責是：（1）研究董事、經理人員的選擇標準和程序並提出建議；（2）廣泛搜尋合格的董事和經理人員的人選；（3）對董事候選人和經理人選進行審查並提出建議。
第五十六條 薪酬與考核委員會的主要職責是：（1）研究董事與經理人員考核的標準，進行考核並提出建議；（2）研究和審查董事、高級管理人員的薪酬政策與方案。
第五十七條 各專門委員會可以聘請中介機構提供專業意見，有關費用由公司承擔。
第五十八條 各專門委員會對董事會負責，各專門委員會的提案應提交董事會審查決定。
第四章 監事與監事會
第一節 監事會的職責
第五十九條 上市公司監事會應向全體股東負責，對公司財務以及公司董事、經理和其他高級管理人員履行職責的合法合規性進行監督，維護公司及股東的合法權益。
第六十條 監事有了解公司經營情況的權利，並承擔相應的保密義務。監事會可以獨立聘請中介機構提供專業意見。
第六十一條 上市公司應採取措施保障監事的知情權，為監事正常履行職責提供必要的協助，任何人不得干預、阻撓。監事履行職責所需的合理費用應由公司承擔。
第六十二條 監事會的監督記錄以及進行財務或專項檢查的結果應成為對董事、經理和其他高級管理人員績效評價的重要依據。
第六十三條 監事會發現董事、經理和其他高級管理人員存在違反法律、法規或公司章程的行為，可以向董事會、股東大會反映，也可以直接向證券監管機構及其他有關部門報告。
第二節 監事會的構成和議事規則
第六十四條 監事應具有法律、會計等方面的專業知識或工作經驗。監事會的人員和結構應確保監事會能夠獨立有效地行使對董事、經理和其他高級管理人員及公司財務的監督和檢查。
第六十五條 上市公司應在公司章程中規定規範的監事會議事規則。監事會會議應嚴格按規定程序進行。
第六十六條 監事會應定期召開會議，並根據需要及時召開臨時會議。監事會會議因故不能如期召開，應公告說明原因。
第六十七條 監事會可要求公司董事、經理及其他高級管理人員、內部及外部審計人員出席監事會會議，回答所關注的問題。
第六十八條 監事會會議應有記錄，出席會議的監事和記錄人應當在會議記錄上簽字。監事有權要求在記錄上對其在會議上的發言作出某種說明性記載。監事會會議記錄應作為公司重要檔案妥善保存。
第五章 績效評價與激勵約束機制
第一節 董事、監事、經理人員的績效評價
第六十九條 上市公司應建立公正透明的董事、監事和經理人員的績效評價標準和程序。
第七十條 董事和經理人員的績效評價由董事會或其下設的薪酬與考核委員會負責組織。獨立董事、監事的評價應採取自我評價與相互評價相結合的方式進行。
第七十一條 董事報酬的數額和方式由董事會提出方案報請股東大會決定。在董事會或薪酬與考核委員會對董事個人進行評價或討論其報酬時，該董事應當迴避。
第七十二條 董事會、監事會應當向股東大會報告董事、監事履行職責的情況、績效評價結果及其薪酬情況，並予以披露。
第二節 經理人員的聘任
第七十三條 上市公司經理人員的聘任，應嚴格按照有關法律、法規和公司章程的規定進行。任何組織和個人不得干預公司經理人員的正常選聘程序。
第七十四條 上市公司應儘可能採取公開、透明的方式，從境內外人才市場選聘經理人員，並充分發揮中介機構的作用。
第七十五條 上市公司應和經理人員簽訂聘任合同，明確雙方的權利義務關係。
第七十六條 經理的任免應履行法定的程序，並向社會公告。
第三節 經理人員的激勵與約束機制
第七十七條 上市公司應建立經理人員的薪酬與公司績效和個人業績相聯繫的激勵機制，以吸引人才，保持經理人員的穩定。
第七十八條 上市公司對經理人員的績效評價應當成為確定經理人員薪酬以及其它激勵方式的依據。
第七十九條 經理人員的薪酬分配方案應獲得董事會的批准，向股東大會說明，並予以披露。
第八十條 上市公司應在公司章程中明確經理人員的職責。經理人員違反法律、法規和公司章程規定，致使公司遭受損失的，公司董事會應積極採取措施追究其法律責任。
第六章 利益相關者
第八十一條 上市公司應尊重銀行及其它債權人、職工、消費者、供應商、社區等利益相關者的合法權利。
第八十二條 上市公司應與利益相關者積極合作，共同推動公司持續、健康地發展。
第八十三條 上市公司應為維護利益相關者的權益提供必要的條件，當其合法權益受到侵害時，利益相關者應有機會和途徑獲得賠償。
第八十四條 上市公司應向銀行及其它債權人提供必要的信息，以便其對公司的經營狀況和財務狀況作出判斷和進行決策。
第八十五條 上市公司應鼓勵職工通過與董事會、監事會和經理人員的直接溝通和交流，反映職工對公司經營、財務狀況以及涉及職工利益的重大決策的意見。
第八十六條 上市公司在保持公司持續發展、實現股東利益最大化的同時，應關注所在社區的福利、環境保護、公益事業等問題，重視公司的社會責任。
第七章 信息披露與透明度
第一節 上市公司的持續信息披露
第八十七條 持續信息披露是上市公司的責任。上市公司應嚴格按照法律、法規和公司章程的規定，真實、準確、完整、及時地披露信息。
第八十八條 上市公司除按照強制性規定披露信息外，應主動、及時地披露所有可能對股東和其它利益相關者決策產生實質性影響的信息，並保證所有股東有平等的機會獲得信息。
第八十九條 上市公司披露的信息應當便於理解。上市公司應保證使用者能夠通過經濟、便捷的方式（如互聯網）獲得信息。
第九十條 上市公司董事會秘書負責信息披露事項，包括建立信息披露制度、接待來訪、回答諮詢、聯繫股東，向投資者提供公司公開披露的資料等。董事會及經理人員應對董事會秘書的工作予以積極支持。任何機構及個人不得干預董事會秘書的工作。
第二節 公司治理信息的披露
第九十一條 上市公司應按照法律、法規及其他有關規定，披露公司治理的有關信息，包括但不限於：（1）董事會、監事會的人員及構成；（2）董事會、監事會的工作及評價；（3）獨立董事工作情況及評價，包括獨立董事出席董事會的情況、發表獨立意見的情況及對關聯交易、董事及高級管理人員的任免等事項的意見；（4）各專門委員會的組成及工作情況；（5）公司治理的實際狀況，及與本準則存在的差異及其原因；（6）改進公司治理的具體計劃和措施。
第三節 股東權益的披露
第九十二條 上市公司應按照有關規定，及時披露持有公司股份比例較大的股東以及一致行動時可以實際控制公司的股東或實際控制人的詳細資料。
第九十三條 上市公司應及時瞭解並披露公司股份變動的情況以及其它可能引起股份變動的重要事項。
第九十四條 當上市公司控股股東增持、減持或質押公司股份，或上市公司控制權發生轉移時，上市公司及其控股股東應及時、準確地向全體股東披露有關信息。
第八章 附則
第九十五條 本準則自發布之日起施行。
Code of Corporate Governance for Listed Companies in China
Issued by:
China Securities Regulatory Commission
State Economic and Trade Commission
January 7, 2001
(Zhengjianfa No.1 of 2002)
Code of Corporate Governance for Listed Companies
Preface
In accordance with the basic principles of the Company Law, the Securities Law and other relevant laws and regulations, as well as the commonly accepted standards in international corporate governance, the Code of Corporate Governance for Listed Companies (hereinafter referred to as "the Code") is formulated to promote the establishment and improvement of modern enterprise system by listed companies, to standardize the operation of listed companies and to bring forward the healthy development of the securities market of our country.
The Code sets forth, among other things, the basic principles for corporate governance of listed companies in our country, the means for the protection of investors' interests and rights, the basic behavior rules and moral standards for directors, supervisors, managers and other senior management members of listed companies.
The Code is applicable to all listed companies within the boundary of the People's Republic of China. Listed companies shall act in the spirit of the Code in their efforts to improve corporate governance. Requirements of the Code shall be embodied when listed companies formulate or amend their articles of association or rules of governance. The Code is the major measuring standard for evaluating whether a listed company has a good corporate governance structure, and if major problems exist with the corporate governance structure of a listed company, the securities supervision and regulation authorities may instruct the company to make corrections in accordance with the Code.
Chapter 1. Shareholders and Shareholders' Meetings
(1) Rights of Shareholders
1. As the owner of a company, the shareholders shall enjoy the legal rights stipulated by laws, administrative regulations and the company's articles of association. A listed company shall establish a corporate governance structure sufficient for ensuring the full exercise of shareholders' rights.
2. The corporate governance structure of a company shall ensure fair treatment toward all shareholders, especially minority shareholders. All shareholders are to enjoy equal rights and to bear the corresponding duties based on the shares they hold.
3. Shareholders shall have the right to know about and the right to participate in major matters of the company set forth in the laws, administrative regulations and articles of association. A listed company shall establish efficient channels of communication with its shareholders.
4. Shareholders shall have the right to protect their interests and rights through civil litigation or other legal means in accordance with laws and administrative regulations. In the event the resolutions of shareholders' meetings or the resolutions of the board of directors are in breach of laws and administrative regulations or infringe on shareholders' legal interests and rights, the shareholders shall have the right to initiate litigation to stop such breach or infringement. The directors, supervisors and managers of the company shall bear the liability of compensation in cases where they violate laws, administrative regulations or articles of association and cause damages to the company during the performance of their duties. Shareholders shall have the right to request the company to sue for such compensation in accordance with law.
(2) Rules for Shareholders' Meetings
5. A listed company shall set out convening and voting procedures for shareholders' meetings in its articles of association, including rules governing such matters as notification, registration, review of proposals, voting, counting of votes, announcement of voting results, formulation of resolutions, recording of minutes and signatories, public announcement, etc.
6. The board of directors shall earnestly study and arrange the agenda for a shareholders' meeting. During a shareholders' meeting, each item on the agenda shall be given a reasonable amount of time for discussion.
7. A listed company shall state in its articles of association the principles for the shareholders' meeting to grant authorization to the board of directors. The content of such authorization shall be explicit and concrete.
8. Besides ensuring that shareholders' meetings proceed legally and effectively, a listed company shall make every effort, including fully utilizing modern information technology means, to increase the number of shareholders attending the shareholders' meetings. The time and location of the shareholders' meetings shall be set so as to allow the maximum number of shareholders to participate.
9. The shareholders can either be present at the shareholders' meetings in person or they may appoint a proxy to vote on their behalf, and both means of voting possess the same legal effect.
10. The board of directors, independent directors and qualified shareholders of a listed company may solicit for the shareholders' right to vote in a shareholders' meeting. No payments shall be made to the shareholders for such solicitation, and adequate information shall be provided to persons whose voting rights are being solicited.
11. Iinstitutional investors shall play a role in the appointment of company directors, the compensation and supervision of management and major decision-making processes.
(3) Related Party Transactions
12. Written agreements shall be entered into for related party transactions among a listed company and its connected parties. Such agreements shall observe principles of equality, voluntarity, and making compensation for equal value. The contents of such agreements shall be specific and concrete. Matters such as the signing, amendment, termination and execution of such agreements shall be disclosed by the listed company in accordance with relevant regulations.
13. Efficient measures shall be adopted by a listed company to prevent its connected parties from interfering with the operation of the company and damaging the company's interests by monopolizing purchase or sales channels. Related party transactions shall observe commercial principles. In principle, the prices for related party transactions shall not deviate from an independent third party's market price or charging standard. The company shall fully disclose the basis for pricing for related party transactions.
14. The assets of a listed company belong to the company. The company shall adopt efficient measures to prevent its shareholders and their affiliates from misappropriating or transferring the capital, assets or other resources of the company through various means. A listed company shall not provide financial guarantees for its shareholders or their affiliates.
Chapter 2. Listed Company and Its Controlling Shareholders
(1) Behavior Rules for Controlling Shareholders
15. During the restructuring and reorganization of a company that plans to list, the controlling shareholders shall observe the principle of "first restructuring, then listing", and shall emphasize the establishment of a reasonably balanced shareholding structure.
16. During the restructuring and reorganization of a company that plans to list, the controlling shareholders shall sever the company's social functions and strip out non-operational assets. Non-operational institutions, welfare institutions and their facilities shall not be included in the listed company.
17. Controlling shareholders' remaining enterprises or institutions that provide services for the major business of the listed company may be restructured into specialized companies in accordance with the principles of specialization and market practice, and may enter into relevant agreements with the listed company in accordance with commercial principles. Remaining enterprises engaged in other businesses shall increase their capability of independent development. Remaining enterprises not capable to continue operation shall exit the market, through such channels as bankruptcy, in accordance with relevant laws and regulations. Enterprises meeting certain requirements during restructuring may sever all their social functions and disperse surplus employees at one time and keep no remaining enterprises.
18. The controlling shareholders shall support the listed company to further reform labor, personnel and distribution systems, to transform operational and managerial mechanisms, and to establish such systems as: management selection through bidding and competition, with the chance for both promotion and demotion; employment of employees on the basis of competitive selection, with the chance for both employment and termination of employment; income distribution scheme that provides sufficient incentive, with the chance to both increase and decrease the remuneration; etc.
19. The controlling shareholders owe a duty of good faith toward the listed company and other shareholders. The controlling shareholders of a listed company shall strictly comply with laws and regulations while exercising their rights as investors, and shall be prevented from damaging the listed company's or other shareholders' legal rights and interests, through means such as assets restructuring, or from taking advantage of their privileged position to gain additional benefit.
20. The controlling shareholders shall nominate the candidates for directors and supervisors in strict compliance with the terms and procedures provided for by laws, regulations and the company's articles of association. The nominated candidates shall possess certain relevant professional knowledge and the capability to make decisions or supervise. The resolutions made by the shareholders' meetings electing personnel or the board of directors' resolutions appointing personnel shall not be subjected to approval procedures by the controlling shareholders. The controlling shareholders are forbidden to appoint senior management personnel by circumventing the shareholders' meetings or the board of directors.
21. The important decisions of a listed company shall be made through a shareholders' meeting or board of directors' meeting in accordance with law. The controlling shareholders shall not directly or indirectly interfere with the company's decisions or business activities conducted in accordance with laws; nor shall they impair the listed company's or other shareholders' rights and interests.
(2) Independence of Listed Company
22. A listed company shall be separated from its controlling shareholders in such aspects as personnel, assets and financial affairs, shall be independent in institution and business, shall practice independent business accounting, and shall independently bear risks and obligations.
23. The personnel of a listed company shall be independent from the controlling shareholders. The management, financial officers, sales officers and secretary of the board of directors of the listed company shall not take posts other than as a director in a controlling shareholder's entities. In the case where a member of a controlling shareholder's senior management concurrently holds the position of director of the listed company, such member shall ensure adequate time and energy to perform the work for the listed company.
24. The assets invested by a controlling shareholder in a listed company shall be independent, complete and with clear indication of ownership. Where controlling shareholders invest non-cash assets into a listed company, ownership transfer procedures shall be completed and explicit boundaries for such assets shall be clarified. The listed company shall independently register such assets, independently set up account for such assets, and independently carry out business accounting and management for such assets. The controlling shareholders shall not misappropriate or control such assets or interfere with the listed company's management of such assets.
25. A listed company shall establish sound financial and accounting management systems in accordance with laws and regulations and shall conduct independent business accounting. Controlling shareholders shall respect the financial independence of the company and shall not interfere with the financial and accounting activities of the company.
26. The board of directors, the supervisory committee and other internal offices of a listed company shall operate in an independent manner. There shall be no subordination relationship between, on the one hand, a listed company or its internal offices and, on the other hand, the company's controlling shareholders or their internal offices, and the latter shall not give plans or instructions concerning the listed company's business operation to the former, nor shall the latter interfere with the independent operation of the former in any other manner.
27. A listed company's business shall be completely independent from that of its controlling shareholders. Controlling shareholders and their subsidiaries shall not engage in the same or similar business as that of the listed company. Controlling shareholders shall adopt efficient measures to avoid competition with the listed company.
Chapter 3. Directors and Board of Directors
(1) Election Procedures for Directors
28. A company shall establish a standardized and transparent procedure for director election in its articles of association, so as to ensure the openness, fairness, impartialness and independence of the election.
29. Detailed information regarding the candidates for directorship shall be disclosed prior to the convening of the shareholders' meeting to ensure adequate understanding of the candidates by the shareholders at the time of voting.
30. Candidates for directorship shall give written undertakings to accept their nomination, to warrant the truthfulness and completeness of the candidate's information that has been publicly disclosed and to promise to earnestly perform their duties once elected.
31. The election of directors shall fully reflect the opinions of minority shareholders. A cumulative voting system shall be earnestly advanced in shareholders' meetings for the election of directors. Listed companies that are more than 30% owned by controlling shareholders shall adopt a cumulative voting system, and the companies that do adopt such a system shall stipulate the implementing rules for such cumulative voting system in their articles of association.
32. Appointment agreements shall be entered into by a listed company and its directors to clarify such matters as the rights and obligations between the company and the director, the term of the directorship, the director's liabilities in case of breach of laws, regulations or articles of association, and the compensation from the company in case of early termination of the appointment agreement for cause by the company.
(2) The Duties and Responsibilities of Directors
33. Directors shall faithfully, honestly and diligently perform their duties for the best interests of the company and all the shareholders.
34. Directors shall ensure adequate time and energy for the performance of their duties.
35. Directors shall attend the board of directors meetings in a diligent and responsible manner, and shall express their clear opinion on the topics discussed. When unable to attend a board of directors meeting, a director may authorize another director in writing to vote on his behalf and the director who makes such authorization shall be responsible for the vote.
36. The board of directors shall abide by relevant laws, regulations, rules and the company's articles of association, and shall strictly fulfill the undertakings they made publicly.
37. Directors shall earnestly attend relevant trainings to learn about the rights, obligations and duties of a director, to familiarize themselves with relevant laws and regulations and to master relevant knowledge necessary for acting as directors.
38. In cases where the resolutions of board of directors violate laws or regulations or a listed company's articles of association and cause losses to the listed company, directors responsible for making such resolutions shall be liable for compensation, except those proved to have objected and the objections of whom have been recorded in the minutes.
39. After approval by the shareholders' meeting, a listed company may purchase liability insurance for directors. Such insurance shall not cover the liabilities arising in connection with directors' violation of laws, regulations or the company's articles of association.
(3) Duties and Composition of the Board of Directors
40. The number of directors and the structure of the board of directors shall be in compliance with laws and regulations and shall ensure the effective discussion and efficient, timely and prudent decision-making process of the board of directors.
41. The board of directors shall possess proper professional background. The directors shall possess adequate knowledge, skill and quality to perform their duties.
42. The board of directors shall be made accountable to shareholders. A listed company's corporate governance framework shall ensure that the board of directors can exercise its power in accordance with laws, administrative regulations and the company's articles of association.
43. The board of directors shall earnestly perform its duties as stipulated by laws, regulations and the company's articles of association, shall ensure that the company complies with laws, regulations and its articles of association, shall treat all the shareholders equally and shall be concerned with the interests of stakeholders.
(4) Rules and Procedure of the Board of Directors
44. A listed company shall formulate rules of procedure for its board of directors in its articles of association to ensure the board of directors' efficient function and rational decisions.
45. The board of directors shall meet periodically and shall convene interim meetings in a timely manner when necessary. Each board of directors' meeting shall have a pre-decided agenda.
46. The meetings of the board of directors of a listed company shall be conducted in strict compliance with prescribed procedures. The board of directors shall send notice to all directors in advance, at the stipulated time, and shall provide sufficient materials, including relevant background materials for the items on the agenda and other information and data that may assist the directors in their understanding of the company's business development. When two or more independent directors deem the materials inadequate or unclear, they may jointly submit a written request to postpone the meeting or to postpone the discussion of the related matter, which shall be granted by the board of directors.
47. The minutes of the board of directors' meetings shall be complete and accurate. The secretary of the board of directors shall carefully organize the minutes and the records of discussed matters. Directors that have attended the meetings and the person who drafted the minutes shall sign the minutes. The minutes of the board of directors' meetings shall be properly maintained and stored as important records of the company, and may be used as an important basis for clarifying responsibilities of individual directors in the future.
48. In the case of authorization to the chairman of the board of directors to exercise part of the board of directors' power of office when the board of directors is not in session, clear rules and principles for such authorization shall be stated in the articles of association of the listed company. The content of such authorization shall be clear and specific. All matters related to material interests of the company shall be submitted to the board of directors for collective decision.
(5) Independent Directors
49. A listed company shall introduce independent directors to its board of directors in accordance with relevant regulations. Independent directors shall be independent from the listed company that employs them and the company's major shareholders. An independent director may not hold any other position apart from independent director in the listed company.
50. The independent directors shall bear the duties of good faith and due diligence toward the listed company and all the shareholders. They shall earnestly perform their duties in accordance with laws, regulations and the company's articles of association, shall protect the overall interests of the company, and shall be especially concerned with protecting the interests of minority shareholders from being infringed. Independent directors shall carry out their duties independently and shall not subject themselves to the influence of the company's major shareholders, actual controllers, or other entities or persons who are interested parties of the listed company.
51. Relevant laws and regulations shall be complied with for matters such as the qualifications, procedure of election and replacement, and duties of independent directors.
(6) Specialized Committees of the Board of Directors
52. The board of directors of a listed company may establish a corporate strategy committee, an audit committee, a nomination committee, a remuneration and appraisal committee and other special committees in accordance with the resolutions of the shareholders' meetings. All committees shall be composed solely of directors. The audit committee, the nomination committee and the remuneration and appraisal committee shall be chaired by an independent director, and independent directors shall constitute the majority of the committees. At least one independent director from the audit committee shall be an accounting professional.
53. The main duties of the corporate strategy committee shall be to conduct research and make recommendations on the long-term strategic development plans and major investment decisions of the company.
54. The main duties of the audit committee are (1) to recommend the engagement or replacement of the company's external auditing institutions; (2) to review the internal audit system and its execution; (3) to oversee the interaction between the company's internal and external auditing institutions; (4) to inspect the company's financial information and its disclosure; and (5) to monitor the company's internal control system.
55. The main duties of the nomination committee are (1) to formulate standards and procedures for the election of directors and make recommendations; (2) to extensively seek qualified candidates for directorship and management; and (3) to review the candidates for directorship and management and make recommendations.
56. The main duties of the remuneration and appraisal committee are (1) to study the appraisal standard for directors and management personnel, to conduct appraisal and to make recommendations; and (2) to study and review the remuneration policies and schemes for directors and senior management personnel.
57. Each specialized committee may engage intermediary institutions to provide professional opinions, the relevant expenses to be borne by the company.
58. Each specialized committee shall be accountable to the board of directors. All proposals by specialized committees shall be submitted to the board of directors for review and approval.
Chapter 4. The Supervisors and the Supervisory Board
(1) Duties and Responsibilities of the Supervisory Board
59. The supervisory board of a listed company shall be accountable to all shareholders. The supervisory board shall supervise the corporate finance, the legitimacy of directors, managers and other senior management personnel's performance of duties, and shall protect the company's and the shareholders' legal rights and interests.
60. Supervisors shall have the right to learn about the operating status of the listed company and shall have the corresponding obligation of confidentiality. The supervisory board may independently hire intermediary institutions to provide professional opinions.
61. A listed company shall adopt measures to ensure supervisors' right to learn about company's matters and shall provide necessary assistance to supervisors for their normal performance of duties. No one shall interfere with or obstruct supervisors' work. A supervisor's reasonable expenses necessary to perform their duties shall be borne by the listed company.
62. The record of the supervisory committee's supervision as well as the results of financial or other specific investigations shall be used as an important basis for performance assessment of directors, managers and other senior management personnel.
63. The supervisory board may report directly to securities regulatory authorities and other related authorities as well as reporting to the board of directors and the shareholders' meetings when the supervisory board learns of any violation of laws, regulations or the company's articles of association by directors, managers or other senior management personnel.
(2) The Composition and Steering of the Supervisory Board
64. Supervisors shall have professional knowledge or work experience in such areas as law and accounting. The members and the structure of the supervisory board shall ensure its capability to independently and efficiently conduct its supervision of directors, managers and other senior management personnel and to supervise and examine the company's financial matters.
65. A listed company shall formulate in its articles of association standardized rules and procedures governing the steering of the supervisory board. The supervisory board's meetings shall be convened in strict compliance with the rules and procedures.
66. The supervisory board shall meet periodically and shall convene interim meetings in a timely manner when necessary. If for any reason a supervisory board meeting cannot be convened as scheduled, an explanation shall be publicly announced.
67. The supervisory board may ask directors, managers and other senior management personnel, internal auditing personnel and external auditing personnel to attend the meetings of supervisory board and to answer the questions that the supervisory board is concerned with.
68. Minutes shall be drafted for the meetings of the supervisory board, which shall be signed by the supervisors that attended the meetings and the person who drafted the minutes. The supervisors shall have the right to request to record in the minutes explanatory notes to their statements in the meetings. Minutes of the meetings of the supervisory board shall be properly maintained and stored as important records of the company.
Chapter 5. Performance Assessments and Incentive and Disciplinary Systems
(1) Performance Assessment for Directors, Supervisors and Management Personnel
69. A listed company shall establish fair and transparent standards and procedures for the assessment of the performance of directors, supervisors and management personnel.
70. The evaluation of the directors and management personnel shall be conducted by the board of directors or by the remuneration and appraisal committee of the board of directors. The evaluation of the performance of independent directors and supervisors shall be conducted through a combination of self-review and peer review.
71. The board of directors shall propose a scheme for the amount and method of compensation for directors to the shareholders' meeting for approval. When the board of directors or the remuneration and appraisal committee reviews the performance of or discusses the compensation for a certain director, such director shall withdraw.
72. The board of directors and the supervisory board shall report to the shareholder meetings the performance of the directors and the supervisors, the results of the assessment of their work and their compensation, and shall disclose such information.
(2) Selection of Management Personnel
73. The recruiting of management personnel of a listed company shall be conducted in strict observation with relevant laws and regulations and the company's articles of association. No institution or individual shall interfere with a listed company's normal recruiting procedure for management personnel.
74. The recruiting of management personnel of a listed company shall, to the extent possible, be carried out in a fair and transparent manner, through domestic and international markets for professional management, making full use of intermediary agencies.
75. Employment agreements shall be entered into by a listed company and its management personnel to clarify each party's rights and obligations.
76. The appointment and removal of managers shall be in compliance with legal procedure and shall be publicly announced.
(3) Incentive and Disciplinary Systems for Management
77. To attract qualified personnel and to maintain the stability of management, a listed company shall establish rewarding systems that link the compensation for management personnel to the company's performance and to the individual's work performance.
78. The performance assessment for management personnel shall become a basis for determining the compensation and other rewarding arrangements for the person reviewed.
79. The results of the performance assessment shall be approved by the board of directors, explained at the shareholders' meetings and disclosed.
80. A listed company shall specify management personnel's duties and responsibilities in its articles of association. If management personnel violate laws, regulations or the company's articles of association and cause damages to the company, the board of directors of the company shall actively investigate and pursue such personnel's legal liabilities.
Chapter 6. Stakeholders
81. A listed company shall respect the legal rights of banks and other creditors, employees, consumers, suppliers, the community and other stakeholders.
82. A listed company shall actively cooperate with its stakeholders and jointly advance the company's sustained and healthy development.
83. A company shall provide the necessary means to ensure the legal rights of stakeholders. Stakeholders shall have opportunities and channels for redress for infringement of rights.
84. A company shall provide necessary information to banks and other creditors to enable them to make judgments and decisions about the company's operating and financial situation.
85. A company shall encourage employees' feedback regarding the company's operating and financial situations and important decisions affecting employee's benefits through direct communications with the board of directors, the supervisory board and the management personnel.
86. While maintaining the listed company's development and maximizing the benefits of shareholders, the company shall be concerned with the welfare, environmental protection and public interests of the community in which it resides, and shall pay attention to the company's social responsibilities.
Chapter 7. Information Disclosure and Transparency
(1) Listed Companies' Ongoing Information Disclosure
87. Information disclosure is an ongoing responsibility of listed companies. A listed company shall truthfully, accurately, completely and timely disclose information as required by laws, regulations and the company's articles of association.
88. In addition to disclosing mandatory information, a company shall also voluntarily and timely disclose all other information that may have a material effect on the decisions of shareholders and stakeholders, and shall ensure equal access to information for all shareholders.
89. Disclosed information by a listed company shall be easily comprehensible. Companies shall ensure economical, convenient and speedy access to information through various means (such as the Internet).
90. The secretary of the board of directors shall be in charge of information disclosure, including formulating rules for information disclosure, receiving visits, providing consultation, contacting shareholders and providing publicly disclosed information about the company to investors. The board of directors and the management shall actively support the secretary's work. No institutions or individuals shall interfere with the secretary's work.
(2) Disclosure of Information Regarding Corporate Governance
91. A listed company shall disclose information regarding its corporate governance in accordance with laws, regulations and other relevant rules, including but not limited to: (1) the members and structure of the board of directors and the supervisory board; (2) the performance and evaluation of the board of directors and the supervisory board; (3) the performance and evaluation of the independent directors, including their attendance at board of directors' meetings, their issuance of independent opinions and their opinions regarding related party transactions and appointment and removal of directors and senior management personnel; (4) the composition and work of the specialized committees of the board of directors; (5) the actual state of corporate governance of the company, the gap between the company's corporate governance and the Code, and the reasons for the gap; and (6) specific plans and measures to improve corporate governance.
(3) Disclosure of Controlling Shareholder's Interests
92. A company shall timely disclose detailed information about each shareholder who owns a comparatively large percentage of shares of the company, the shareholders who actually control the company when acting in concert and the company's actual controllers in accordance with relevant regulations.
93. A listed company shall learn about and disclose in a timely manner, changes in the shareholding of the company and other important matters that may cause changes in the shareholding of the company.
94. When controlling shareholders increase or decrease their shareholding or pledge the company's shares, or when the actual control of the company transfers, the company and its controlling shareholders shall timely and accurately disclose relevant information to all shareholders.
Chapter 8. Supplementary Article
95. This Code shall come into effect on the date of issuance.
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