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市场监管的核心在于“关键少数”
Guo Ji Jin Rong Bao·2025-05-06 09:21

Core Viewpoint - The recent revision of the "Stock Listing Rules" by the Shanghai and Shenzhen Stock Exchanges emphasizes the regulation of the "key minority" in corporate governance, aiming to enhance market supervision and protect the rights of minority shareholders [1][2][3]. Group 1: Key Changes in Regulations - The threshold for shareholders to submit temporary proposals has been lowered from 3% to 1%, which significantly facilitates the participation of minority shareholders in corporate governance [1]. - The revised rules clarify the responsibilities and obligations of the "key minority," including directors and senior executives, to avoid conflicts of interest and ensure they act in the best interests of the company [2]. Group 2: Impact of the "Key Minority" - The influence of the "key minority" on listed companies and the capital market is critical, as evidenced by various negative incidents involving mismanagement and financial misconduct [2][3]. - Regulatory focus on the "key minority" is essential to prevent illegal activities and ensure the integrity of the market, as the presence of wrongdoing often stems from this group [3]. Group 3: Institutional Improvements - Strengthening the foundational regulatory framework is necessary to address the issues caused by the "key minority," including the need for stricter oversight of problematic directors, institutions, and companies [4]. - The occurrence of violations in the capital market is often linked to the actions of a small number of individuals or entities, highlighting the need for improved enforcement and regulatory measures [4].