上市公司全面废除监事会 审计委员会接棒治理新时代

Core Viewpoint - The transition from a supervisory board system to an audit committee structure in listed companies is set to enhance governance, improve information disclosure quality, and strengthen internal controls and audit communication as of January 1, 2026 [1][2]. Group 1: Regulatory Changes - The new Company Law effective from July 1, 2024, allows companies to establish an audit committee within the board of directors, replacing the supervisory board [2]. - By December 31, 2025, all A-share listed companies are required to amend their articles of association to reflect this change [1][2]. Group 2: Pain Points Addressed - The reform aims to address three main issues: the formalization and marginalization of the supervisory board, the disconnection between supervision and decision-making, and the inefficiency and cost of governance [3]. - The supervisory board often intervenes post-factum, while the audit committee will be involved in key processes such as financial disclosures and external audits, thus enhancing the timeliness and effectiveness of oversight [3]. Group 3: Advantages of Audit Committees - Audit committees, primarily composed of independent directors with relevant expertise, are expected to provide more effective oversight compared to supervisory boards [4]. - The direct accountability of audit committees to the board enhances the efficiency of communication regarding oversight findings and necessary management actions [4]. Group 4: Market Impact - The reform is anticipated to increase board seats, potentially unlocking additional capital allocation opportunities in the market [5]. - Current statistics indicate that the average number of board members in listed banks is around 14, with the potential for an increase of approximately one seat per bank due to the reform [5][6]. - If each bank releases one board seat, it could attract an estimated 456.2 billion yuan in capital to the A-share banking sector [6].