每经热评｜支持积极股东积极作为 有效提升上市公司治理水平

Core Viewpoint - The recent release of the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics" emphasizes the role of capital markets in enhancing corporate governance and encourages the introduction of institutional investors holding more than 5% of shares as active shareholders, which is significant for improving governance and investment value in listed companies [1] Group 1: Current Market Situation - The phenomenon of shareholders holding 5% of shares, which constitutes a "shareholding increase," is not common in the A-share market, with only 85, 49, and 71 instances from 2022 to 2024, respectively, compared to over 5,000 listed companies [1] - This lack of active shareholders leads to a dominance of major shareholders in decision-making processes, often skewing benefits towards them and leaving minority shareholders' rights inadequately protected [1] Group 2: Conditions for Becoming an Active Shareholder - To become an active shareholder, two key conditions must be met: a long-term capital foundation, requiring a shareholding of at least 5%, and the ability and willingness to engage in governance [2] - Active shareholders, unlike retail investors, possess professional research capabilities and resources, allowing them to influence corporate governance effectively [2] Group 3: Institutional Support for Active Shareholders - To better support the introduction of active shareholders, institutional improvements are necessary, including stronger protections for shareholder proposal and director nomination rights, and optimizing voting rights collection channels to reduce participation costs [3] - Additionally, policy adjustments in tax and transaction fees could provide further incentives for active shareholder involvement [3]