证监会出手，上市公司财务造假，应追回高管超额薪酬

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Corporate Governance Guidelines for Listed Companies," which will take effect on January 1, 2026, aiming to enhance the remuneration mechanisms for directors and senior management, particularly in cases of financial misconduct [1] Group 1: Remuneration Mechanisms - The guidelines establish a mechanism for the recovery of performance pay and long-term incentive income for directors and senior management in cases of financial misreporting or misconduct, ensuring that excess payments can be reclaimed [1][3] - Performance pay for directors and senior management must constitute at least 50% of their total remuneration, which includes basic pay, performance pay, and long-term incentives, thereby enforcing a more rigid pay structure [3] - Companies must disclose reasons if the average performance pay for directors and senior management does not decrease in the event of a loss compared to the previous fiscal year [3][4] Group 2: Legal Framework - The Supreme People's Court has also taken action regarding the remuneration of executives following financial misconduct, with a draft interpretation of the Company Law that includes provisions for the return of illegal remuneration [6] - The draft stipulates that if a company's financial reports contain false records or conceal important facts, the company can request the return of excessive remuneration or stock options that do not align with actual performance, thereby enhancing transparency in executive pay regulation [6]