公募基金深度解读参与上市公司治理新规：强化对基金长期投资行为的引导

Core Viewpoint - The China Securities Investment Fund Industry Association has released new rules to enhance the participation of public funds in corporate governance, marking a significant step towards a more responsible management system in China's capital market [1][3][6]. Group 1: New Rules Overview - The new rules consist of six chapters and 27 specific regulations covering institutional requirements, practical implementation, information disclosure, and self-regulation [3][4]. - Fund managers are required to continuously monitor the operational status of invested companies, focusing on sustainability, financial health, and the protection of minority shareholders [3][4]. - Fund managers must actively exercise voting rights for companies where their funds hold 5% or more of the circulating shares, particularly on thirteen important matters [3][8]. Group 2: Internal Control and Disclosure - Fund managers are mandated to establish internal structures and controls to prevent conflicts of interest and insider trading risks, including appointing dedicated personnel for governance tasks [4][6]. - The rules require annual disclosure of voting activities on the fund's official website, enhancing transparency and accountability in fund management [4][7]. Group 3: Industry Reactions - The new rules are seen as a comprehensive upgrade from previous guidelines, emphasizing the role of public funds as "active owners" and promoting long-term investment behaviors [5][6]. - Industry experts believe the rules will lead to a more systematic and regulated approach to corporate governance, encouraging funds to invest in well-governed companies [6][8]. - The implementation of these rules is expected to attract long-term foreign capital by aligning domestic practices with international standards [7][8].