证监会：规范控股股东、实际控制人行为

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of the "Corporate Governance Guidelines for Listed Companies," effective from January 1, 2026, aimed at enhancing corporate governance and transparency in listed companies [1]. Group 1: Governance and Control - The guidelines regulate the behavior of controlling shareholders and actual controllers, imposing strict limitations on significant adverse impacts from competing businesses and enhancing disclosure requirements for non-significant adverse impacts [1]. - The guidelines emphasize the need for boards of directors to improve the identification and review of related party transactions [1]. Group 2: Shareholder Returns - Listed companies are encouraged to actively return profits to shareholders, with a clear profit distribution method outlined in the company’s articles of association, particularly regarding cash dividend policies [1]. - Companies are urged to maintain consistency, rationality, and stability in their cash dividend policies and to increase the frequency of cash dividends when profit distribution conditions are met [1]. - Companies must disclose the formulation and execution status of their cash dividend policies, and if they have the capacity to distribute dividends but choose not to, they must provide sufficient reasons for this decision [2].