Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Regulatory Rules for Board Secretaries of Listed Companies (Draft for Comments)" to enhance the governance level of listed companies by clarifying the roles and responsibilities of board secretaries [1][2]. Group 1: Regulatory Framework - The draft is the first dedicated regulatory framework for board secretaries, aiming to address issues such as unclear responsibilities, insufficient capabilities, inadequate support, and ambiguous accountability [1][2]. - The rules are designed to transform board secretaries into core components of corporate governance by restructuring their roles across various dimensions, including responsibility lists, qualification thresholds, support mechanisms, and accountability [1][2]. Group 2: Responsibilities and Governance - The rules consist of 38 articles that systematically redefine the role of board secretaries, including clarifying their responsibilities in information disclosure, compliance with governance structures, and facilitating internal and external communications [3][4]. - Board secretaries are tasked with organizing information disclosure activities, ensuring compliance with corporate governance, and maintaining effective communication with stakeholders [3][4]. Group 3: Support Mechanisms - The rules establish mechanisms for information access, operational platforms, and remedies for board secretaries, ensuring they can perform their duties effectively [4][5]. - Board secretaries are granted rights to attend meetings, review documents, and request explanations from relevant departments, embedding their roles into daily management processes [4]. Group 4: Qualification and Accountability - The rules require that board secretaries possess relevant work experience or qualifications in finance, accounting, auditing, or legal compliance, and disclose any serious violations [5][6]. - A nomination committee must review the qualifications of board secretaries, and they are prohibited from holding positions that may lead to conflicts of interest [6]. - The rules mandate the establishment of internal accountability mechanisms, regular performance evaluations, and strict penalties for non-compliance, creating a comprehensive accountability framework [6].

Core Insights - The report highlights the increasing importance of Directors and Officers Liability Insurance (D&O Insurance) as a strategic necessity for corporate governance in China, with the insurance penetration rate among A-share listed companies exceeding 30% [4][5] Group 1: Market Overview - The report provides a comprehensive analysis of the current state, challenges, and development trends of the D&O insurance market from three dimensions: risk management, legal services, and data insights [3] - Since its introduction in 2022, the report has tracked market developments for five consecutive years, offering deep insights into the industry [4] Group 2: Market Trends - By 2025, a total of 643 A-share listed companies are expected to announce their D&O insurance plans, representing a year-on-year increase of 19% [5] - The structural characteristics of the market show that companies listed on the Shenzhen Stock Exchange account for 60% of the total, with higher insurance uptake compared to those on the Shanghai Stock Exchange [5] - The manufacturing sector, particularly in high-tech fields, shows the highest enthusiasm for purchasing D&O insurance [5] - Companies with larger asset scales exhibit a stronger awareness of risk and management needs, with nearly 70% of companies valued over 50 billion yuan having D&O insurance [5] Group 3: Corporate Behavior - State-owned enterprises lead the way with a D&O insurance penetration rate exceeding 50%, while private enterprises have significant room for growth despite rapid increases in their insurance uptake [5] Group 4: Regulatory Environment - The report warns of increasing regulatory scrutiny, with a notable rise in the number of companies facing regulatory actions for violations such as information disclosure breaches and market manipulation [6] - It is anticipated that the number of investor lawsuits may significantly increase over the next three years, prompting a recommendation for companies yet to purchase insurance to seek professional brokerage assistance [6] Group 5: Expert Insights - Experts from legal, academic, and insurance fields provided valuable recommendations for risk management, emphasizing the shift from passive to proactive D&O insurance strategies [7] - The report indicates that the demand for D&O insurance is closely tied to the strengthening of corporate governance and market credibility, especially with the implementation of the new Company Law [8] Group 6: Future Projections - The report predicts a continued upward trend in the penetration rate of D&O insurance among A-share listed companies, alongside an increase in claims, which may lead to rising insurance premiums [8] - Companies are advised to act quickly to secure insurance at favorable rates, as the current premiums are at a low point [7][8]

在董事与高管层面，沪深北交易所均落实《上市公司治理准则》要求，推动上市公司制定薪酬管理制 度，确保董事、高管薪酬与公司业绩、个人绩效及长期发展相匹配。同时，细化董事、高管的忠实与勤 勉义务，明确董事、高管执行职务给公司造成损失的，应当承担赔偿责任，并加强对同业竞争、利用公 司机会等行为的披露要求。 此外，针对控股股东与实际控制人可能存在的利益冲突，沪深北交易所均对其兼任董事长与总经理的情 形提出明确约束，要求公司合理分配职权、披露安排合理性及独立性保障措施。同时，严格限制可能对 上市公司产生重大不利影响的同业竞争，并强化一般同业竞争的信息披露。 2025年12月31日，上海证券交易所、深圳证券交易所及北京证券交易所就修订股票上市规则及相关自律 监管指引公开征求意见。此次修订旨在进一步规范上市公司董事、高级管理人员及控股股东、实际控制 人等"关键少数"行为，强化董事会秘书（下称"董秘"）履职保障与职责边界，系统提升公司治理水平， 切实保护中小投资者合法权益。 在中国证监会《上市公司治理准则》《上市公司董事会秘书监管规则（征求意见稿）》等上位规则的统 筹指导下，三大交易所此次修订呈现出系统性、协同性的特点。 具体 ...

本报记者 吴晓璐 履职更有保障 2025年12月31日，为进一步规范上市公司董事会秘书履职行为，推动提升上市公司治理水平，中国证监会就《上市公司董 事会秘书监管规则（征求意见稿）》（以下简称《规则》）公开征求意见。 《规则》是首部专门针对上市公司董秘的监管规则，通过进一步厘清董秘职责范围、健全履职保障、完善任职管理、严格 责任追究等，更好地促进董秘履职尽责，助力提高上市公司治理水平。 中央财经大学资本市场监管与改革研究中心副主任李晓在接受《证券日报》记者采访时表示，《规则》是首部专门针对上 市公司董秘的监管规定，在监管层面，填补了制度空白，将散见于各个层面的监管要求系统化、统一化，提升了监管效能；从 公司层面来看，将促使上市公司完善内部控制，将"合规"基因植入企业决策层，促进提高上市公司质量；从市场来看，有助于 保护中小投资者利益，通过提升信披质量，让市场定价更有效，维护资本市场的公平与正义。 董秘职责更清晰 新"国九条"提出，加强信息披露和公司治理监管；中办、国办联合印发的《关于完善中国特色现代企业制度的意见》对完 善公司治理提出了一系列要求。 作为上市公司的"关键少数"，董秘是公司治理架构中的重要一环。经 ...

中经记者 孙汝祥 夏欣 北京报道 本次规则修订主要包括两方面内容：一是落实证监会《上市公司董事会秘书监管规则（征求意见稿）》 的要求，建立董秘聘任、履职、解聘全流程监管体系，进一步完善董秘履职保障，引导董秘更好履职， 充分发挥董秘在信息披露事务办理、公司治理、内外部沟通协调等方面的作用，推动提高上市公司质 量。 二是根据证监会《上市公司治理准则》细化董事、高管相关规定，完善董事、高管监管制度，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；健全董事、高管激励约束机 制，要求上市公司制定薪酬管理制度，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；进一步规范控股股东、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。 （编辑：罗辑 审核：夏欣 校对：颜京宁） 近日，上海证券交易所修订主板和科创板《股票上市规则》及《规范运作指引》，并向市场公开征求意 见。 上交所表示，此次修订旨在进一步规范上市公司董事、高级管理人员和控股股东、实际控制人等"关键 少数"行为，引导董秘积极履职，推动上市公司优化内部治理，切实保护中小投资者合法权 ...

Core Viewpoint - The Shanghai Stock Exchange has initiated a public opinion solicitation for revising the listing rules and operational guidelines for the main board and the Sci-Tech Innovation Board, focusing on enhancing the regulatory framework for company secretaries and improving governance standards for directors and senior management [1] Group 1: Regulatory Framework for Company Secretaries - The revision aims to establish a comprehensive regulatory framework for company secretaries, covering their appointment, performance, and dismissal processes [1] - The goal is to strengthen the support measures for company secretaries to effectively fulfill their responsibilities in information disclosure, corporate governance, and internal and external communication [1] Group 2: Governance Standards for Directors and Senior Management - The rules will refine the regulations concerning directors and senior management, ensuring comprehensive oversight from qualification requirements to daily performance and departure procedures [1] - There will be an emphasis on urging directors and senior management to adhere to their duties of loyalty and diligence [1] - Companies will be required to establish a compensation management system linking the remuneration of directors and senior management to company performance and individual achievements, promoting alignment of interests [1] - The regulations will also impose stricter constraints on controlling shareholders and actual controllers, particularly regarding actions that could significantly harm the company, such as competing in the same industry [1]

记者丨杨坪 《规则》明确了董秘任职条 件 ，将"受到中国证监会三次以上行政监督管理措施"纳入任职负 面清单；在解聘要求上，还特别将原"连续三个月以上不能履职"的董秘解聘情形缩短至一个 月，并明确董秘空缺期不得超过三个月等。 董秘制度全面升级：细化职责与强化保障 近年来，随着资本市场持续发展与公司治理实践深化，完善上市公司治理体系的重要性日益凸 显。董秘作为连接上市公司与投资者、监管机构的关键枢纽，在保障信息披露质量、促进内外 部沟通、提升公司规范运作水平方面扮演着核心角色。 编辑丨张伟贤 12月31日，中国证监会就《上市公司董事会秘书监管规则》公开征求意见。同日，深圳证券交 易所亦就主板、创业板《股票上市规则》及《规范运作指引》相关修订（以下简称《规则》） 向社会公开征求意见。 据了解，此次规则修订旨在进一步强化董事会秘书的职责定位，健全其履职保障机制，完善任 职与履职管理，并与《上市公司治理准则》做好衔接，系统加强对上市公司董事、高级管理人 员及控股股东、实际控制人的行为规范。 值得一提的是，为推动董秘依规履职，本次修订还进一步完善董秘履职保障机制。 第一，健全广泛及时的信息获取机制。 在规定董秘应当列席股 ...

董秘制度全面升级 职责清单与履职保障双强化 《上市公司董事会秘书监管规则（征求意见稿）》明确了董秘在上市公司信息披露和公司治理等方面的 责任。在原有规则基础上，本次修订就董秘职责内容作进一步细化。第一，细化董秘在组织协调信息披 露事务方面的职责。强化董秘在组织定期报告和临时报告的编制和披露，信息披露暂缓、豁免和内幕信 息管理等方面的职责，推动提升上市公司信息披露质量。第二，明确董秘在促进公司治理合规方面的职 责。进一步细化董秘在组织筹备董事会及股东会方面的职责，明确董秘应当协助审查公司章程、组织机 构设置和职权分配的合规性，发现财务信息、内部控制问题或者违法违规线索的应当及时报告等，推动 提升上市公司治理有效性。第三，强化董秘在承担内外部沟通方面的职责。进一步细化董秘在投资者关 系管理、舆情管理、股东持股管理等方面的职责安排，新增董秘为独立董事提供履职协助等职责，加强 上市公司与相关各方的沟通协调。 为推动董秘依规履职，本次修订进一步完善董秘履职保障机制。第一，健全广泛及时的信息获取机制。 在规定董秘应当列席股东会、董事会会议，有权参加高管相关会议的基础上，明确上市公司董事及其他 高管、各职能部门应当积极配合 ...

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges are revising their listing rules and operational guidelines to enhance the regulation of key personnel in listed companies, aiming to improve corporate governance and protect the rights of minority investors [2][4]. Group 1: Shanghai Stock Exchange Revisions - The Shanghai Stock Exchange is seeking public opinion on the revised listing rules for the main board and the STAR Market, focusing on the regulation of directors, senior management, and controlling shareholders [2][3]. - The revisions aim to establish a comprehensive regulatory system for the appointment, performance, and dismissal of company secretaries, enhancing their role in information disclosure and corporate governance [2]. - The rules will also refine the regulations concerning directors and senior management, ensuring their duties are performed diligently and aligning their compensation with company performance [2][3]. Group 2: Shenzhen Stock Exchange Revisions - The Shenzhen Stock Exchange is also revising its listing rules to strengthen the supervision of key personnel, including directors and senior management, in line with national guidelines [4][5]. - The revisions will clarify the responsibilities of company secretaries and ensure their integration into daily management processes, enhancing their effectiveness in governance [5][6]. - The rules will impose stricter requirements on the qualifications of company secretaries and the management of directors and senior executives, aiming to prevent unsuitable candidates from holding positions [5][6].

《规则》明确了董秘任职条件，将"受到中国证监会三次以上行政监督管理措施"纳入任职负面清单；在 解聘要求上，还特别将原"连续三个月以上不能履职"的董秘解聘情形缩短至一个月，并明确董秘空缺期 不得超过三个月等。 12月31日，中国证监会就《上市公司董事会秘书监管规则》公开征求意见。同日，深圳证券交易所亦就 主板、创业板《股票上市规则》及《规范运作指引》相关修订（以下简称《规则》）向社会公开征求意 见。 据了解，此次规则修订旨在进一步强化董事会秘书的职责定位，健全其履职保障机制，完善任职与履职 管理，并与《上市公司治理准则》做好衔接，系统加强对上市公司董事、高级管理人员及控股股东、实 际控制人的行为规范。 董秘制度全面升级：细化职责与强化保障 近年来，随着资本市场持续发展与公司治理实践深化，完善上市公司治理体系的重要性日益凸显。董秘 作为连接上市公司与投资者、监管机构的关键枢纽，在保障信息披露质量、促进内外部沟通、提升公司 规范运作水平方面扮演着核心角色。 然而，实践中仍存在董秘职责边界不清、履职保障不足及部分人员专业能力欠缺等问题。 具体来看，此次《上市公司董事会秘书监管规则（征求意见稿）》（简称《规则》）明确了 ...