良好的上市公司治理还需正视两大问题

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the Corporate Governance Code for listed companies, effective from January 1, 2026, aiming to enhance governance standards by regulating the behavior of directors, senior management, controlling shareholders, and actual controllers [1] Group 1: Key Aspects of the Revised Code - The revision includes four main aspects: improving the regulatory system for directors and senior management, enhancing incentive and restraint mechanisms, regulating the behavior of controlling shareholders and actual controllers, and ensuring alignment with other regulations [1] - The new code aims to ensure that directors and senior management fulfill their duties faithfully and diligently, while also addressing conflicts of interest and related party transactions [1] Group 2: Issues in Corporate Governance - A significant issue in A-share corporate governance is the dominance of controlling shareholders, leading to a lack of loyalty among some directors and senior management who are affiliated with them [2] - To improve governance, it is essential to optimize the shareholding structure, such as limiting the controlling shareholder's stake to a maximum of 30% during IPOs, while ensuring public investors hold at least 50% [2] - The second issue is the need for stronger accountability for directors and senior management, as the current regulations lack effective enforcement mechanisms [3] - The revised code includes provisions for holding directors accountable for violations, but actual implementation and accountability remain a challenge [3]