管好资本市场的“关键少数”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the Corporate Governance Code to enhance the governance of listed companies, effective from January 1, 2026, targeting the "key minority" who hold significant power and are often involved in risks and scandals [1][2]. Group 1: Regulatory Changes - The revised Corporate Governance Code includes stricter regulations for directors, senior management, controlling shareholders, and actual controllers, ensuring accountability from appointment to departure [1]. - The introduction of lifetime accountability clauses aims to deter individuals from evading responsibility after leaving their positions [1]. Group 2: Enforcement and Compliance - There has been a notable increase in the number of executives facing legal actions, with dozens already detained this year and actual controllers fined over 100 million yuan [2]. - The new regulations emphasize the need for a collaborative effort among regulatory bodies, the judiciary, and the market to enhance enforcement and deterrence against violations [2]. Group 3: Performance and Compensation - The revised code links executive compensation directly to company performance, moving away from the previous model where executives received pay regardless of performance [2]. - This alignment of interests between executives and shareholders is intended to foster a long-term perspective in corporate governance [2]. Group 4: Overall Impact - The revision of the Corporate Governance Code is seen as a significant reform aimed at tightening regulations and ensuring that the "key minority" feels the constraints and respect for the system [2]. - The rebuilding of trust in the capital market will rely on real punitive cases and standardized actions rather than mere rhetoric [2].