Chen Yuan, vice chairman of the 12th National Committee of the Chinese People's Political Consultative Conference, said in his written speech that listed companies are the vanguard of the national economy, the main force for innovation-driven high-quality development, and the ballast stone for value creation to achieve common prosperity. "I hope that all experts will contribute their insights, focus on improving the quality of listed companies, focus on boosting confidence, activating the market, solving outstanding problems, protecting the rights and interests of small and medium-sized investors, so that the majority of experts can fully enjoy the development dividends of listed companies, and be a good friend and close friend for the healthy development of China's capital market. ”
Referring to the importance of corporate governance to the development of the capital market, Song Zhiping, president of the China Association of Listed Companies, pointed out that listed companies are the cornerstone of the healthy development of the capital market and an important carrier for the economic "barometer" function of the capital market, and perfect corporate governance is the internal requirement for the effective performance of the capital market. "Without good corporate governance, it is impossible to have a good listed company, let alone a good capital market. ”
Kong Dan, chairman of the CITIC Reform and Development Research Association and former chairman of CITIC Group, mentioned in his speech that the perfection of corporate governance is not only related to the scientificity and feasibility of decision-making, but also related to the effectiveness of supervision and the protection of the rights and interests of stakeholders. Therefore, in-depth research on corporate governance, improvement of corporate governance system, deepening of corporate governance reform, and strengthening corporate governance supervision are the eternal themes of the high-quality development of China's listed companies.
Yu Lan, deputy editor-in-chief of China News Service and president of China News Network, believes that how to achieve high-quality development and how to accelerate the construction of a number of world-class enterprises with excellent products, outstanding brands, leading innovation and modern governance are the topics of the times that must be overcome by the high-quality development of China's economy, and they are also realistic questions that Chinese enterprises and Chinese entrepreneurs must answer. "I look forward to all the guests sharing their insights and actively offering suggestions and suggestions on the theme of the forum for the high-quality development of China's economy and Chinese enterprises. ”
In view of the issue of improving the corporate governance of private enterprises, Ji Xiaonan, former chairman of the board of supervisors of key state-owned enterprises, said that in recent years, some large and extra-large private enterprises have successively encountered operational difficulties, and the lessons are very profound. Therefore, it is very important to strengthen the corporate governance of private enterprises, both in terms of the number of enterprises and the size of enterprises.
In Ji Xiaonan's view, there are deviations in "theoretical understanding", "ideological concepts", "governance system" and "institutional arrangements", which are important factors affecting the sustainable development of the governance system of private enterprisesImproving the construction of the governance system of private enterprises and promoting the high-quality development of private enterprises is a long-term and complex social system project, which requires continuous efforts from many aspects, including establishing correct concepts and guiding ideologies, making it clear that all types of enterprises should improve the governance structure, and giving full play to the role of external governance in the sustainable and healthy development of private enterprises.
Wu Xiaoqiu, dean of the National Institute of Financial Research of Chinese University, also mentioned that China's capital market has achieved due results today, but there is still a big gap between it and the requirements of a financial power, including a functional gap. "We are still in the stage of financing, as long as it is a financing market, this market has no growth, because there is no corresponding return. The capital market is a risk market, according to the law of financial equilibrium, the risk market will form a risk return, the risk return is greater than the risk of the market, if it is not reached, the market will not have growth, it will be endogenous a speculative market. Wu Xiaoqiu said that China's capital market should grow and change from a financing market to an investment market.
Referring to the corporate governance of state-owned enterprises, Qin Yongfa, former deputy director of the Enterprise Restructuring Bureau of the State-owned Assets Supervision and Administration Commission, said that in recent years, China has done a lot of exploration around improving corporate governance, and state-owned enterprises have also done a lot of work in reforming and improving corporate governance, including the organic system of party leadership and corporate governance.
1. Improve and improve the state-owned assets supervision system based on capital management.
Li Wei'an, dean and chair professor of the China Institute of Corporate Governance at Nankai University, said that there are five major trends in modern corporate governance, including the board of directors from independence to diversity, from normal governance to emergency governance, from business value creation to governance value creation, from social responsibility (CSR) to green governance (ESG), and from traditional governance to digital governance.
Cheng Yuan, director and general manager of Russell Reynolds Greater China, also mentioned the diversity of public companies' boards. "In the future, it will become a trend to increase the number or proportion of independent directors. If we can attract capable talents through a market-oriented approach and a competitive salary system, it will turn them into a positive force. They can more effectively help the company to guide the strategic direction, more effectively supervise the behavior of the management, help the company avoid risks, and make greater contributions to corporate governance. Cheng Yuan thinks.
ESG is composed of three dimensions: environmental, social and corporate governance. Gao Minghua, Executive Director and Secretary-General of the Academic Committee of the China Corporate Governance 50 Forum, believes that corporate governance is the core of ESG.
Whether it is environmental protection or social responsibility, decisions must comply with the rules of corporate governance, otherwise there is a risk of non-compliance. Many institutions simply understand ESG as green, low-carbon and social responsibility, or mainly emphasize environmental protection and social responsibility, and seriously ignore corporate governance, and even many of the indicators related to corporate governance are indicators of corporate management, which is not rigorous. Gao Minghua said.
When it comes to how small and medium-sized banks practice the ESG concept, Dong Xiaodong, executive director and secretary of the board of directors of Bank of Tianjin, believes that they should take the path of differentiationThe second is to closely integrate ESG and regional development according to local conditionsThe third is to take the lead in piloting and promoting the exploration of ESG frontiersFourth, strengthen the interconnection of small and medium-sized banks.
The forum also released the "China Listed Company Governance Sub-index Report No.".22 (2023) "China Listed Companies Quality ESG Index Report No3 (2023) "Report on the Governance Sub-index of Listed Companies in China's Financial Industry".4 (2023)), as well as the three lists of "2023 China's Top 50 Listed Companies in Governance", "2023 ESG Top 50 Chinese Non-financial Listed Companies", and "2023 ESG Top 10 Chinese Financial Listed Companies".
The forum was guided by the China Association of Listed Companies and China News Service, hosted by the China Corporate Governance 50 Forum, China-Singapore Jingwei, and the Academic Advisory Committee of the China Association of Listed Companies, and co-sponsored by the CITIC Reform and Development Research Association and the School of Economics and Business Administration of Beijing Normal University.