中上协会长宋志平：从筑牢治理根基、聚焦主责主业等五方面提高上市公司质量

Core Viewpoint - The meeting of the China Listed Companies Association emphasized the importance of improving the quality of listed companies for the healthy development of the capital market and the overall high-quality economic development of the country. The association proposed five recommendations to enhance the quality of listed companies [1]. Group 1: Governance and Compliance - Strengthening governance foundations and enhancing compliance effectiveness is crucial. The revised Corporate Governance Code marks a shift from "formal compliance" to "substantive effectiveness." Companies should build a governance structure that is "well-structured, efficient in operation, and appropriately checks power" [2]. - Companies are encouraged to review their governance structures, enhance board decision-making functions, and improve the supervision mechanism of the audit committee to ensure that all governance bodies fulfill their responsibilities [2]. Group 2: Focus on Core Business - Companies should focus on their main responsibilities and cultivate new productive forces. This involves upgrading core business areas and identifying technological breakthroughs and new growth points [3]. - Companies are advised to avoid blind expansion and instead leverage their strengths to drive innovation and invest in research and development [3]. Group 3: Resource Allocation and Mergers - Optimizing core resource allocation and cautiously advancing mergers and acquisitions is essential. The introduction of measures like the "Six Guidelines for Mergers" has improved the inclusiveness and convenience of restructuring reviews [4]. - Mergers should align with the overall development strategy of the company, ensuring compliance and focusing on integration to achieve synergistic effects [4]. Group 4: Shareholder Returns - Companies should adopt a prudent approach to enhance shareholder return awareness, which reflects stable operations and financial health [5]. - A tailored return policy should be developed based on the company's development stage, industry characteristics, and financial status, utilizing methods like cash dividends and share buybacks [5]. Group 5: Risk Management - Companies must adopt a bottom-line thinking approach to establish a robust risk prevention system. The revised Corporate Governance Code focuses on regulating key minority behaviors and enhancing governance transparency [6]. - A comprehensive risk prevention system should be established, with a strong emphasis on internal controls and the responsibilities of the board of directors in risk management [6].