一财社论：提升上市公司治理水平要给“关键少数”勒紧“笼头”

Core Viewpoint - The revised Corporate Governance Code aims to enhance the governance level of listed companies by regulating the behavior of key personnel, including directors, senior management, and controlling shareholders, effective from January 1, 2026 [1][2][6] Group 1: Regulatory Enhancements - The revised code emphasizes comprehensive regulation of directors and senior management in terms of appointment, performance, and departure, ensuring they fulfill their duties faithfully and diligently [2] - The code introduces a "lifetime accountability" principle for key personnel, meaning they will be held responsible for their actions throughout their tenure [2] - There is a focus on establishing a remuneration management system that aligns the compensation of directors and senior management with the company's performance, thereby promoting better alignment of interests [2] Group 2: Enforcement and Penalties - The regulatory body has intensified its scrutiny and penalties for violations, as evidenced by a recent case where *ST Yuancheng was fined 42 million yuan for inflating revenue and profits over three years, with a 10-year market ban imposed on the actual controller [1][3] - As of September 4, 2023, approximately 35 listed companies had 37 executives detained, compared to 41 companies and 51 individuals detained in the previous year, indicating a trend of increasing enforcement actions [1] - The importance of strict penalties, including criminal sanctions, is highlighted as essential for ensuring compliance and deterring misconduct in the capital market [3][4] Group 3: Financial Penalties and Deterrence - A total of 39 controlling shareholders from 36 listed companies faced fines amounting to 286 million yuan as of October 15, 2023, reflecting the financial repercussions of regulatory violations [5] - The effectiveness of financial penalties is questioned, as some investors perceive a gap between the penalties and the illicit gains made by violators, suggesting a need for improved evidence collection and certification processes [5] - The cancellation of market access qualifications is noted as a significant punitive measure, with lifetime bans being increasingly common for serious offenders [5] Group 4: Overall Impact on Governance - The revised Corporate Governance Code aims to enhance the effectiveness and transparency of corporate governance, particularly for key personnel, which is crucial for protecting the rights of investors, especially minority shareholders [6] - The overall strategy involves a combination of improved regulations, stringent enforcement, and a reduction in violations as key indicators of success in elevating corporate governance standards [6]