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].

中经记者 郭婧婷 北京报道 10月17日 证监会官网发布信息，为贯彻落实《国务院关于加强监管防范风险推动资本市场高质量发展 的若干意见》《中共中央办公厅 国务院办公厅关于完善中国特色现代企业制度的意见》，进一步规范 上市公司董事、高级管理人员和控股股东、实际控制人行为，提升上市公司治理水平，证监会修订了 《上市公司治理准则》（以下简称"《治理准则》"），自2026年1月1日起施行。 本次《治理准则》的修订主要包括四方面内容： 一是完善董事、高级管理人员监管制度，从任职、履职、离职等方面进行全面规范，督促董事高管忠 实、勤勉地履行职责。 三是规范控股股东、实际控制人行为。严格限制可能对上市公司产生重大不利影响的同业竞争，进一步 完善关联交易审议责任、决策要求。 谈及下一步，证监会表示，将做好《治理准则》实施工作，推动上市公司不断健全现代企业制度、提升 规范运作水平。 （编辑：夏欣 审核：何莎莎 校对：颜京宁） 二是健全董事、高级管理人员激励约束机制，要求上市公司建立薪酬管理制度，规定董事高管薪酬与公 司经营业绩、个人业绩相匹配，促进董事高管和公司更好实现利益绑定。 四是做好与其他规则的衔接。根据《证券法》《上市 ...

《上市公司治理准则》指出，规范控股股东、实际控制人行为。严格限制可能对上市公司产生重大不利 影响的同业竞争，强化对非重大不利影响同业竞争的披露要求，增强透明度，进一步完善董事会对关联 交易的识别、审议要求。 （文章来源：央视新闻） 今天（17日），中国证监会公布《上市公司治理准则》，自2026年1月1日起施行。 上市公司应当积极回报股东，在公司章程中明确利润分配办法，尤其是现金分红政策，保持现金分红政 策的一致性、合理性和稳定性。鼓励上市公司在符合利润分配条件下增加现金分红频次。上市公司应当 披露现金分红政策制定及执行情况，具备条件而不进行现金分红的，应当充分披露原因。 ...

智通财经APP获悉，中国证监会修订了《上市公司治理准则》，自2026年1月1日起施行。本次《治理准 则》的修订主要包括以下内容：一是完善董事、高级管理人员监管制度，从任职、履职、离职等方面进 行全面规范，督促董事高管忠实、勤勉地履行职责。 二是健全董事、高级管理人员激励约束机制，要求上市公司建立薪酬管理制度，规定董事高管薪酬与公 司经营业绩、个人业绩相匹配，促进董事高管和公司更好实现利益绑定。 三是规范控股股东、实际控制人行为。严格限制可能对上市公司产生重大不利影响的同业竞争，进一步 完善关联交易审议责任、决策要求。 四是做好与其他规则的衔接。根据《证券法》《上市公司独立董事管理办法》等，完善公开征集股东权 利以及董事会提名委员会、薪酬与考核委员会职责等规定，提升规则协调性。 原文如下： 上市公司治理准则 第一章 总则 第一条 为规范上市公司运作，提升上市公司治理水平，保 护投资者合法权益，促进我国资本市场稳定 健康发展，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》及 相关法律、行政法规等确定的基本原则，借鉴境内外 公司治理实践经验，制定本准则。 第二条本准则适用于依照《公司 ...

Core Points - The China Securities Regulatory Commission (CSRC) has revised the Corporate Governance Code to enhance the governance of listed companies, effective from January 1, 2026 [1][2] - The revisions aim to improve the regulatory framework for directors and senior management, establish a performance-based compensation system, and regulate the behavior of controlling shareholders [1] Group 1 - The revised code includes comprehensive regulations on the appointment, performance, and departure of directors and senior management, ensuring they fulfill their duties faithfully and diligently [1] - It mandates listed companies to create a compensation management system that aligns the remuneration of directors and senior management with the company's operational performance and individual achievements [1] - The code imposes strict limitations on controlling shareholders and actual controllers to prevent significant adverse impacts on the listed companies, particularly regarding competition and related party transactions [1] Group 2 - The CSRC has taken into account public feedback on the revised code and has made necessary adjustments to enhance its effectiveness [2] - The next steps involve implementing the revised code and promoting the continuous improvement of modern corporate governance practices among listed companies [2]

（三）规范控股股东、实际控制人行为。一是严格限制可能对上市公司产生重大不利影响的同业竞争， 强化对非重大不利影响同业竞争的披露要求，增强透明度。二是进一步完善董事会对关联交易的识别、 审议要求。 （四）做好与现行规则的衔接。根据《证券法》完善公开征集股东权利的规定；根据《上市公司独立董 事管理办法》，完善董事会提名委员会、薪酬与考核委员会职责等规定；根据《上市公司信息披露管理 办法》，完善自愿性信息披露、发布可持续发展报告等规定。 证监会修订发布《上市公司治理准则》，自2026年1月1日起施行。主要修订内容： （一）完善董事、高级管理人员任职、履职和离职管理制度。一是明确董事、高级管理人员的任职资格 以及董事会提名委员会的审核责任，防范不适格主体任职。二是细化董事、高级管理人员的忠实勤勉义 务。强化董事、高级管理人员从事同业竞争、利用公司商业机会等行为的披露要求，要求董事作出决策 前充分收集信息、谨慎判断。三是强化对董事、高管离职的管理，要求上市公司在聘任董事、高级管理 人员时对离职后的追责追偿做出安排，在董事、高级管理人员离职时对其未尽义务做好审查。 （二）健全上市公司激励约束机制。一是要求上市公司建立薪酬 ...

下一步，中国证监会将做好《治理准则》实施工作，推动上市公司不断健全现代 企业制度、提升规范运作水平。 中国证监会修订发布《上市公司治理准则》 全文可点击 "阅读原文" 。 最大 are and 回發現場 关注获取更多精彩内容 为贯彻落实《国务院关于加强监管防范风险推动资本市场高质量发展的若干意 见》《中共中央办公厅 国务院办公厅关于完善中国特色现代企业制度的意见》，进一 步规范上市公司董事、高级管理人员和控股股东、实际控制人行为，提升上市公司治 理水平，中国证监会修订了《上市公司治理准则》（以下简称《治理准则》），自 2026年1月1日起施行。 本次《治理准则》的修订主要包括以下内容：一是完善董事、高级管理人员监管 制度，从任职、履职、离职等方面进行全面规范，督促董事高管忠实、勤勉地履行职 责。二是健全董事、高级管理人员激励约束机制，要求上市公司建立薪酬管理制度， 规定董事高管薪酬与公司经营业绩、个人业绩相匹配，促进董事高管和公司更好实现 利益绑定。三是规范控股股东、实际控制人行为。严格限制可能对上市公司产生重大 不利影响的同业竞争，进一步完善关联交易审议责任、决策要求。四是做好与其他规 则的衔接。根据《证券 ...

Core Viewpoint - The company is focusing on optimizing its diversified business structure by enhancing corporate governance, financing, and risk management to achieve sustainable high-quality development [1] Group 1: Business Strategy - The company aims to strengthen its internal control system to supervise and guide subsidiaries' operations and management [1] - Future plans include further optimizing the organizational structure and enhancing risk management capabilities [1] - The company intends to eliminate low-profit, high-risk, and unrelated businesses to deepen resource integration among business segments [1] Group 2: Operational Focus - The company is committed to continuously improving management systems to effectively prevent management risks [1] - There is an emphasis on optimizing internal resource allocation to support subsidiary development [1] - The goal is to lay a solid foundation for long-term high-quality development through resource integration and mutual empowerment among business units [1]

Core Viewpoint - The Supreme People's Court has released a draft interpretation of the Company Law, introducing ten special provisions aimed at addressing key issues in corporate governance, including the recovery of illegal compensation, the validity of commitments, and regulations on anti-takeover measures, which will have a profound impact on the capital market [1][2]. Group 1: Recovery of Illegal Compensation - Companies can demand the return of excessive compensation, stock, or options from directors and senior executives if there are significant violations such as false financial reporting [4][5]. - This provision aims to deter executives from engaging in fraudulent activities to inflate company performance for personal gain, as they may face significant financial repercussions [4][5]. - The enforcement of this rule is expected to reduce the likelihood of financial fraud among listed companies, as the penalties for such actions have become more severe [5]. Group 2: Invalid Commitments - The draft specifies that certain commitments made by companies, such as guaranteed returns on private placements, will be deemed invalid, aligning with the regulatory spirit of prohibiting profit transfer [9][10]. - Financial assistance provided by companies to obtain shares will also be invalidated, which is intended to prevent unfair practices that harm minority shareholders [10]. - Agreements linked to market value, such as buyback clauses or compensation agreements, will be rendered ineffective, further reducing the risk of stock price manipulation [12][13][14]. Group 3: Anti-Takeover Measures - New regulations have been introduced to prevent companies from improperly restricting shareholder rights or excluding specific individuals from holding positions through amendments to company bylaws [16][18]. - This aims to enhance corporate governance and protect the rights of minority investors, particularly in cases where companies are controlled by a few individuals [18]. Group 4: Additional Key Provisions - The draft includes provisions regarding the handling of pledged shares during performance commitments and the validity of major asset transaction contracts that lack shareholder approval [20][21]. - It clarifies the effectiveness of bondholder meeting resolutions and the litigation status of trustees in cases of default, ensuring better protection for bondholders [22][23].

Core Insights - The article discusses the five-year progress since the release of the "Opinions on Further Improving the Quality of Listed Companies" by the State Council, highlighting improvements in both the quantity and quality of listed companies in China [1][2]. Group 1: Company Quality Improvement - The number of listed companies has increased by 34.22% to 5,444 since the release of the "Opinions," while the total market capitalization has grown by 46.92% to 106.03 trillion yuan [1]. - The governance of listed companies has been enhanced through revisions to information disclosure regulations and the implementation of independent director systems, leading to more transparent and standardized operations [2][3]. - The new Company Law emphasizes the responsibilities of major shareholders and management, aiming to regulate the behavior of the "key minority" in listed companies [2][3]. Group 2: Market Structure and Investment Value - The proportion of technology companies in the A-share market has surpassed 25%, indicating a shift in market structure towards high-tech industries [1]. - The number of new listed companies in emerging industries has steadily increased, with over 90% being technology-related, reflecting a focus on innovation and high-quality growth [6]. - The total cash dividends paid by A-share listed companies reached 10 trillion yuan over the past five years, which is double the amount raised through IPOs and refinancing during the same period [7][8]. Group 3: Regulatory Enhancements - The China Securities Regulatory Commission (CSRC) has implemented measures to strengthen the management of shareholder reductions and improve corporate governance [3][4]. - A series of reforms have been introduced to enhance the effectiveness of mergers and acquisitions, with over 2,100 asset restructuring disclosures in the past year [7]. - The CSRC has adopted a "zero tolerance" approach towards major violations, significantly increasing the costs of illegal activities and improving market integrity [9][10].