2025年上市公司治理实践调研洞察报告

Core Insights - The report highlights a significant transformation in corporate governance practices among Chinese listed companies, driven by the increasing emphasis on ESG principles and regulatory policies [10][18][25] - A large-scale survey covering 520 valid responses from A-share listed companies reveals the current state and trends in corporate governance [10][19] Governance Practices - Companies are showing a clear "compliance orientation," with 77% actively improving internal systems, 59% enhancing information disclosure, and 57% optimizing governance structures [10][30] - However, there is a lack of motivation for deeper measures that address power balance, with only 6% of companies willing to increase board independence and 2% planning to reduce related-party transactions with controlling shareholders [10][30] Shareholder Return Strategies - Approximately 67% of surveyed companies prefer high dividend strategies, with 13% opting for "100% dividends" and 54% choosing "high dividends, low buybacks" [11][36] - The preference for dividends is influenced by the desire to attract dividend-seeking investors and regulatory pressures, as 29% of companies acknowledge that low dividends may lead to regulatory warnings [11][36][42] - In contrast, only 4% of companies favor high buyback strategies, indicating underutilization of this tool [11][36] Equity Incentives - The use of equity incentives to bind core management has seen a decline, with a 28% drop in new plans compared to 2021, and the number of terminated plans nearly tripling that of new ones [12][30] - 89% of companies aim to bind core management, while 55% seek to convey performance expectations through performance assessments [12][30] Institutional Investor Participation - Institutional investors are increasingly involved in corporate governance, but companies prefer soft communication methods, with only 9% accepting shareholder proposals and 4% accepting board nominations [13][30] - The focus of communication between institutional investors and companies is primarily on financial health (84%) and sustainable development strategies (74%), with limited interaction on ESG issues [13][30] ESG Focus - The report indicates a growing need for improved communication on ESG topics, as only 7% of institutions focus on environmental and social responsibilities [13][30] - Regulatory emphasis on ESG is expected to enhance interactions in this area in the future [13][30]