视界 | 基于中国公司治理分类评价的几点思考

Core Viewpoint - The core of improving the modern enterprise system with Chinese characteristics is corporate governance, which is also essential for building world-class enterprises. The latest report indicates an overall improvement in corporate governance, with specific indices related to minority investor protection, board governance, entrepreneurial capability, and financial governance showing upward trends. However, there are declines in voluntary information disclosure and executive compensation indices, reflecting economic pressures on corporate performance [1]. Group 1: Corporate Governance Indices - The report highlights an upward trend in indices related to minority investor rights protection, board governance, entrepreneurial capability, and financial governance, indicating positive changes in corporate governance [1]. - The voluntary information disclosure index has decreased, suggesting a need for improvement in transparency [1]. - The executive compensation index has also declined, indicating a mismatch between executive pay and their contributions, likely due to economic pressures affecting corporate performance [1]. Group 2: Strengthening Shareholder Rights - To effectively strengthen constraints on major shareholders and protect minority shareholder rights, three key issues need to be addressed: the excessive control of major shareholders, the need for legislative reforms to increase the cost of infringement, and the adoption of principles from the G20/OECD to ensure effective remedies for all shareholders [2]. Group 3: Mixed Ownership and Governance Structure - The development of mixed ownership and enhancing investor confidence could involve allowing the general manager to also serve as the party secretary, with independent or external directors as chairpersons. This structure aims to improve board independence and decision-making effectiveness [3]. - The independence of the board is crucial for representing all shareholders and enhancing confidence from social and foreign capital [3]. - Company charters should clarify the checks and balances among governance bodies to avoid administrative dominance and ensure effective corporate governance [3].