Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Regulatory Rules for Secretaries of the Board of Directors of Listed Companies (Draft for Public Comment)" to enhance the governance level of listed companies, alongside the Shenzhen Stock Exchange's revision of its listing rules [1][5]. Group 1: Enhancements to Secretary Responsibilities - The revisions focus on upgrading the duties of the secretary, including detailed responsibilities in organizing information disclosure, promoting compliance in corporate governance, and enhancing internal and external communication [2][3]. - A robust mechanism for the secretary's performance is established, ensuring timely information access and embedding the secretary's role into daily management processes [2][3]. Group 2: Board and Executive Management Regulations - The revisions impose stricter qualifications for secretaries, requiring at least five years of relevant work experience or professional certifications [3]. - The nomination committee's responsibilities are reinforced to prevent unsuitable candidates from being appointed, considering the board's composition and expertise [3]. Group 3: Strengthening Oversight of Board and Executives - The revisions detail the diligence and loyalty obligations of board members, including the need for thorough information gathering and conflict of interest disclosures [4]. - A mechanism for regular evaluation and accountability of the secretary's performance is mandated, with provisions for immediate replacement in cases of negligence [4]. Group 4: Regulation of Major Shareholders and Controllers - New rules require that major shareholders or controllers who also serve as the chairman and CEO must have clearly defined power distribution and disclosure practices [4]. - Restrictions are placed on similar or related business activities that could adversely affect the company, enhancing transparency in competitive disclosures [4]. Group 5: Importance of High-Quality Governance - High-quality governance is deemed essential for the stable operation of the capital market, with the secretary playing a crucial role in maintaining the integrity of information disclosure and facilitating effective communication [5][6]. - The revisions aim to address existing issues such as unclear responsibilities and inadequate support for secretaries, thereby enhancing their ability to fulfill their roles effectively [6].

每经编辑｜段炼 据证监会发布12月31日消息，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，中国证监会起草了《上市公司董事会秘书监管规 则（征求意见稿）》（以下简称《规则》），现向社会公开征求意见。 《规则》共三十八条，主要内容如下： 一是明确职责范围。细化董事会秘书在信息披露、公司治理、内外部沟通等方面的具体职责。 二是健全履职保障。从信息获取、履职平台、履职救济等多方面提供保障，促进董事会秘书充分依法履职。 三是完善任职管理。提升董事会秘书任职的专业素养及合规要求，禁止可能有职责冲突的兼任。要求提名委员会对董事会秘书任职资格进行审查。 四是强化责任追究。要求上市公司内部定期开展履职评价和内部追责；对上市公司出现违法违规但董事会秘书未勤勉尽责的，严格采取监管措施或者实施 处罚。 欢迎社会各界提出宝贵意见，中国证监会将根据公开征求意见情况，进一步完善后按程序发布实施。 全文如下： 上市公司董事会秘书监管规则 (征求意见稿) 第一条 为了规范上市公司董事会秘书行为,促进和保 障董事会秘书积极履行职责,推动提高上市公司质量,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 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for the "Regulatory Rules for the Secretaries of the Board of Directors of Listed Companies," prompting the Shanghai and Shenzhen Stock Exchanges to seek public opinion on revisions to stock listing rules and operational guidelines. Group 1: Regulatory Framework - The main focus of the rule revisions includes establishing a comprehensive regulatory system for the appointment, performance, and dismissal of board secretaries, enhancing their role in information disclosure, corporate governance, and internal and external communication [1][2] - The revisions aim to refine regulations concerning directors and senior executives, ensuring their duties are performed diligently and faithfully, and aligning their compensation with company performance [1][2] Group 2: Responsibilities and Management - The responsibilities of board secretaries are being reinforced, with an emphasis on their role in coordinating information disclosure and promoting compliance in corporate governance [2] - There is a requirement for board secretaries to be integrated into daily management processes, ensuring collaboration with directors, senior executives, and various departments [2] - The qualifications for board secretaries are being strictly defined, necessitating relevant work experience, and the procedures for appointing and dismissing directors and senior executives are being standardized to prevent unsuitable candidates from holding positions [2] Group 3: Accountability and Independence - Companies are required to establish mechanisms for monitoring the performance of directors and senior executives, including incentive structures that align their interests with those of the company [2] - Regulations are being put in place to ensure the independence of listed companies, with specific guidelines to prevent significant adverse impacts from related party competition [2]

人民财讯12月31日电，为规范上市公司董事、高级管理人员和控股股东、实际控制人等"关键少数"行 为，促进和保障董事会秘书积极履职，提升上市公司治理水平，优化上市公司合并机制，切实保护中小 投资者合法权益，上海证券交易所修订形成了《上海证券交易所股票上市规则（征求意见稿）》《上海 证券交易所科创板股票上市规则（征求意见稿）》《上海证券交易所上市公司自律监管指引第1号—— 规范运作（征求意见稿）》《上海证券交易所科创板上市公司自律监管指引第1号——规范运作（征求 意见稿）》。现向社会公开征求意见，意见反馈截止时间为2026年1月14日。 ...

证监会表示，将根据公开征求意见情况，进一步完善后按程序发布实施。 证监会12月31日消息，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 证监会起草了《上市公司董事会秘书监管规则（征求意见稿）》，现向社会公开征求意见。 《规则》共三十八条，主要内容如下：一是明确职责范围。细化董事会秘书在信息披露、公司治理、内 外部沟通等方面的具体职责。二是健全履职保障。从信息获取、履职平台、履职救济等多方面提供保 障，促进董事会秘书充分依法履职。三是完善任职管理。提升董事会秘书任职的专业素养及合规要求， 禁止可能有职责冲突的兼任。要求提名委员会对董事会秘书任职资格进行审查。四是强化责任追究。要 求上市公司内部定期开展履职评价和内部追责；对上市公司出现违法违规但董事会秘书未勤勉尽责的， 严格采取监管措施或者实施处罚。 ...

高质量的上市公司是资本市场稳定运行的基石。良好的公司治理不仅能够促进企业持续健康发展，也是 探索完善中国特色现代企业制度的重要组成部分和理论实践。提升上市公司治理水平不仅是推动上市公 司高质量发展的关键因素，对于整个资本市场的改革发展稳定也有重要意义。一直以来，深交所高度重 视提升上市公司治理水平，持续优化相关制度规则，多措并举加强"关键少数"监管。为适应上市公司治 理实践中出现的新情况新问题新要求，中国证监会于2025年10月修订发布《上市公司治理准则》，将于 2026年1月1日起正式施行;拟发布《上市公司董事会秘书监管规则》，就董秘职责定位、任职资格与任 免管理、履职保障等作全面规范。为切实做好与上位规则的衔接落实，深交所同步就《股票上市规则》 等4件业务规则进行了修订。 本次修订内容主要包括：一是强化董秘职责定位。细化董秘在组织协调公司信息披露事务、促进公司治 理合规和推动内外部有效沟通等方面职责。二是健全董秘履职保障。要求将董秘履职嵌入公司日常经营 管理流程，明确董事、高管、各职能部门等应当积极配合董秘履职，完善履职不畅的报告机制等。三是 完善董事、高管任职管理。严格董秘任职资格，要求董秘应当具备履职 ...

经济观察网 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，中国证监会起 草了《上市公司董事会秘书监管规则（征求意见稿）》（以下简称《规则》），现向社会公开征求意 见。《规则》共三十八条，主要内容如下：一是明确职责范围。细化董事会秘书在信息披露、公司治 理、内外部沟通等方面的具体职责。二是健全履职保障。从信息获取、履职平台、履职救济等多方面提 供保障，促进董事会秘书充分依法履职。三是完善任职管理。提升董事会秘书任职的专业素养及合规要 求，禁止可能有职责冲突的兼任。要求提名委员会对董事会秘书任职资格进行审查。四是强化责任追 究。要求上市公司内部定期开展履职评价和内部追责；对上市公司出现违法违规但董事会秘书未勤勉尽 责的，严格采取监管措施或者实施处罚。 ...

Group 1: Corporate Governance - The report covers 5,012 A-share listed companies in China that are listed before January 1, 2024, and have not delisted by September 30, 2025 [1] - 58.7% of companies have their largest shareholder or controlling shareholder holding between 20% and 50% of shares, while 10.64% have less than 20% [1] - 41.3% of companies have institutional investors holding more than 5% of shares, while 0.02% have no institutional investor holdings [1] Group 2: Board Composition - Over 70% of companies have boards consisting of either 7 or 9 members, with 43.22% having 9 members and 29.19% having 7 members [2] - 62.04% of boards include 1-2 female directors, with the maximum number of female directors being 7 [2] - 64.37% of boards have members with both accounting and legal backgrounds [2] Group 3: Operational Standards and Investor Protection - 98.34% of companies reported no non-operational fund occupation by controlling shareholders or related parties in 2024 [2] - 91.61% of companies had related party transaction costs accounting for less than 10% of total costs in 2024 [3] - Over 90% of companies held performance briefings to communicate directly with investors, with 93.79% conducting annual report briefings [3] Group 4: Financial Performance and Shareholder Returns - The total cash dividend for 2024 is reported at 2.4 trillion yuan, with 9 companies distributing over 50 billion yuan and 33 companies over 10 billion yuan [3] - Among 4,445 companies listed for over three years, 2,447 have consistently paid dividends over the past three years [3] - 38.51% of companies have conducted stock buybacks in the last three years, with 28.03% having done so once [3]

12月29日，中国上市公司协会发布的2025年上市公司治理情况报告显示，从现金分红来看，截至2025年 6月30日，2024年度公司现金分红总额为2.4万亿元。截至2024年末，在4445家上市满三年的公司中， 2447家近三年连续现金分红；在3569家上市满五年的公司中，1681家近五年连续现金分红，其中210家 近五年分红连续增长。 该报告研究对象为2024年1月1日前上市且截至2025年9月30日未退市的沪深A股上市公司，合计5012 家。 报告显示，从股权集中度来看，第一大股东/控股股东（含一致行动人）持股比例在20%至50%的公司数 量占比最高，合计达58.7%；持股比例低于20%的占10.64%。从机构投资者持股情况来看，机构投资者 持股比例（剔除第一大股东）高于5%的公司占比41.3%，0.02%的公司机构投资者持股比例为0。从股权 质押情况来看，73.48%的公司控股股东或第一大股东股权质押比例小于10%；71.50%的公司前十大股东 股权质押比例合计小于10%。 2024年度股东会的召开时间较为规范，98.82%的公司严格遵从6月30日这一关键时间节点，仅有极少数 （1.18%）在6月30日 ...

Core Insights - The report indicates a positive trend in corporate governance among Chinese listed companies, highlighting improvements in shareholder return mechanisms and overall governance practices [4] Group 1: Cash Dividends - As of June 30, 2025, the total cash dividends for the fiscal year 2024 amounted to 2.4 trillion yuan [1] - Among 4,445 companies listed for over three years, 2,447 have consistently paid cash dividends over the past three years [1] - Of the 3,569 companies listed for over five years, 1,681 have consistently paid dividends over the last five years, with 210 companies showing continuous growth in dividends [1] Group 2: Shareholding Structure - Companies where the largest shareholder holds between 20% and 50% of shares account for 58.7%, while those with less than 20% ownership represent 10.64% [1] - 41.3% of companies have institutional investors holding more than 5% of shares, while 0.02% have no institutional ownership [1] - 73.48% of companies have less than 10% of shares pledged by the controlling or largest shareholder [1] Group 3: Board Meetings and Governance - 98.82% of companies held their annual shareholder meetings by June 30, 2024, with only 1.18% occurring afterward [2] - 87.90% of companies have established a separate board office, and attendance rates for board meetings are high, with 96.79% of directors attending 95% to 100% of meetings [2] - Only 1.26% of companies had proposals rejected during board meetings, with the most common rejection being related to "executive appointments and compensation" [2] Group 4: Audit and Financial Reporting - 99.96% of companies disclosed their 2024 annual audit reports, with 96.43% receiving standard unqualified opinions [3] - 98.34% of companies reported no non-operational fund occupation by controlling shareholders or related parties in 2024 [3] - Over 90% of companies actively engaged with investors through earnings briefings, with 93.79% holding such meetings [3] Group 5: Expert Commentary - The report is seen as a significant reference for the positive trends in corporate governance, emphasizing the strengthening of shareholder return mechanisms [4] - It is suggested that regulatory bodies should focus on enhancing the effectiveness of corporate governance, particularly addressing issues like related-party transactions and internal supervision [4]