高明华：公司治理是衡量世界一流企业的核心标尺

Core Viewpoint - The forum focused on the theme of "Resilient Growth and Value Coexistence," discussing how the capital market can better serve the real economy and enhance corporate innovation and governance during the "14th Five-Year Plan" period and beyond [1]. Group 1: Governance and Reporting - The "China Listed Company Governance Classification Index Report No. 24 (2025)" was released, aiming to measure the governance progress of Chinese listed companies through a classification index system [3]. - The report covers 5,292 listed companies and has accumulated over ten million data points, indicating an upward trend in various governance indices, although voluntary information disclosure and executive compensation indices have declined due to economic conditions [3]. - The proportion of dividends to net profit decreased from 33.18% in the previous year to 22.61% in 2024, highlighting a significant gap compared to over 60% in developed countries, which affects long-term investor confidence [3]. Group 2: Investor Protection - The index for the protection of minority investors has improved overall but remains below passing levels, particularly in areas such as decision-making supervision and profit-sharing [3]. - Recent regulatory efforts by the China Securities Regulatory Commission aim to institutionalize the protection of minority investors, although challenges such as high barriers and costs for rights protection still need to be addressed [3]. Group 3: Corporate Governance Structure - Key aspects of corporate governance include the relationship between the party committee and the board of directors, the independence of board decisions, and the authorization mechanisms for general managers [4]. - Recommendations include exploring models where the general manager also serves as the party secretary and external directors take on the role of chairman to enhance board independence and decision-making professionalism [4]. - Effective checks and balances can be established by improving company bylaws, constraining controlling shareholders, and implementing equal discussion rules for directors [4]. Group 4: Purpose of the Report - The report aims to witness changes in the governance of Chinese listed companies, helping to identify, acknowledge, and resolve issues, thereby providing theoretical and data support for improving governance systems and building more world-class enterprises [5].