Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the Corporate Governance Code to enhance the governance level of listed companies, effective from January 1, 2026, in response to government directives aimed at risk prevention and high-quality capital market development [1][2]. Group 1: Key Changes in Governance Code - The revised code includes comprehensive regulations on the roles and responsibilities of directors and senior management, ensuring they perform their duties faithfully and diligently [1]. - It establishes a remuneration management system that aligns the compensation of directors and senior management with the company's operational performance and individual achievements, promoting better alignment of interests [1]. - The code imposes stricter regulations on the behavior of controlling shareholders and actual controllers, limiting significant adverse impacts from competition and enhancing the responsibilities and decision-making requirements for related party transactions [1]. - It ensures coordination with other regulations, improving the clarity of shareholder rights and the responsibilities of the board's nomination and remuneration committees [1]. Group 2: Implementation and Feedback - The CSRC has previously solicited public opinions on the governance code, receiving overall positive feedback on the direction and content of the revisions [2]. - The CSRC will focus on the implementation of the governance code, encouraging listed companies to continuously improve their modern corporate systems and operational standards [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Corporate Governance Guidelines for Listed Companies," which will take effect on January 1, 2026, aiming to enhance corporate governance and compliance among listed companies [1][2]. Summary by Sections Revision Objectives - The revision aims to implement directives from the State Council and the Central Committee regarding risk prevention and the promotion of high-quality capital market development [1]. Key Changes in the Guidelines - **Regulation of Directors and Senior Management**: The guidelines will comprehensively regulate the appointment, performance, and departure of directors and senior management, ensuring they fulfill their duties faithfully and diligently [1]. - **Incentive and Restraint Mechanisms**: Companies are required to establish a compensation management system that aligns the remuneration of directors and senior management with the company's operational performance and individual achievements, promoting better alignment of interests [1]. - **Regulation of Controlling Shareholders and Actual Controllers**: The guidelines impose strict limitations on potential adverse impacts from competing businesses and enhance responsibilities regarding related party transactions [1]. - **Coordination with Other Regulations**: The guidelines will be aligned with existing laws and regulations, such as the Securities Law and the Independent Director Management Measures, to improve the coherence of corporate governance rules [1][2].

中新社北京10月17日电 (记者陈康亮)中国证监会17日发布消息称，为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》(下称《治理准则》)，自2026年1月1日起施行。 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。(完) （文章来源：中国新闻网） 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。 ...

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Core Points - The China Securities Regulatory Commission (CSRC) has officially finalized the revised Corporate Governance Code, which will take effect on January 1, 2026, focusing on enhancing the regulatory framework for directors and senior management, as well as standardizing the behavior of controlling shareholders and actual controllers [2] Group 1: Enhancements to Director and Senior Management Regulation - The revised code emphasizes a comprehensive regulatory system for directors and senior management, covering appointment, performance, and departure [3] - It specifies the qualifications for directors and the responsibilities of the nomination committee to prevent unqualified individuals from being appointed [3] - The code requires enhanced disclosure obligations for directors and senior management regarding conflicts of interest and competition with the company [4] - Companies must conduct thorough reviews of departing directors to ensure they fulfill their obligations and responsibilities [4] Group 2: Alignment of Compensation with Performance - A significant highlight of the revised code is the establishment of a compensation management system that aligns the remuneration of directors and senior management with the company's operational and individual performance [6] - Companies must disclose reasons if the average performance-based compensation for directors and senior management does not decrease when the company transitions from profit to loss or experiences a larger loss compared to the previous fiscal year [6] - Special compensation mechanisms may be applied for R&D companies that are in loss during their initial public offering, allowing for flexibility in performance linkage [6] Group 3: Regulation of Controlling Shareholders and Actual Controllers - The revised code further regulates the behavior of controlling shareholders and actual controllers by limiting competitive activities that could adversely affect the company [8] - It mandates strict adherence to decision-making procedures and information disclosure obligations for related party transactions [9] - The code aims to protect the legitimate rights and interests of minority shareholders by preventing the misuse of control by major shareholders [10]

10月17日晚间，证监会修订发布《上市公司治理准则》（以下简称《治理准则》），并宣布新规将自 2026年1月1日起正式施行。 新规要求上市公司建立薪酬管理制度，确保董事、高管的薪酬与公司经营业绩、个人绩效紧密挂钩，实 现激励与约束的平衡。同时，鼓励建立薪酬递延支付和追索扣回机制，旨在杜绝短期行为，促使管理层 与公司长期发展利益绑定。 核心内容三：规范控股股东与实际控制人行为。 针对市场关切的利益输送问题，新规严格限制可能对上市公司产生重大不利影响的同业竞争，并强化了 对非重大同业竞争的信息披露要求，以增强透明度。此外，还进一步明确了董事会对关联交易的识别与 审议责任，从源头上防范不当关联交易。 核心内容四：做好规则衔接，提升体系协调性。 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"的行为， 全面提升上市公司治理水平，筑牢资本市场健康发展的基石。 本次《治理准则》的修订是对现行规则的全面升级与完善。证监会表示，随着市场发展及相关法律法规 的更新，为进一步督促公司管理层勤勉尽责，防范大股东滥用控制权损害公司及中小股东利益，强化 对"关键少数"的监督与约束显得尤为紧迫。 聚焦 ...

Core Viewpoint - The revised Corporate Governance Code aims to enhance the governance level of listed companies in China, focusing on the behavior of key stakeholders such as directors, senior management, and controlling shareholders, to protect the interests of minority shareholders and ensure the healthy development of the capital market [4][5]. Summary by Key Sections Key Content 1: Improvement of Director and Executive Supervision - The new regulations establish a comprehensive framework for the appointment, performance, and departure of directors and executives, emphasizing the need for strict qualification reviews and enhanced disclosure requirements regarding conflicts of interest [6][7]. Key Content 2: Establishment of Incentive and Restraint Mechanisms - Listed companies are required to create a compensation management system that aligns the remuneration of directors and executives with the company's performance and individual contributions, promoting long-term interests over short-term gains [7]. Key Content 3: Regulation of Controlling Shareholders and Actual Controllers - The new rules impose strict limitations on potential conflicts of interest and require enhanced transparency regarding related party transactions, aiming to prevent improper dealings that could harm the company [8]. Key Content 4: Coordination of Regulatory Rules - The revised code ensures alignment with existing laws and regulations, enhancing the clarity of shareholder rights and responsibilities of board committees, thereby improving the overall governance framework [9]. Implementation and Transition - The China Securities Regulatory Commission (CSRC) has engaged with the market to gather feedback on the revisions, allowing ample time for companies to adjust their internal systems before the new rules take effect on January 1, 2026 [10].

来源｜央视新闻 编辑｜瑜见 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。 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 。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the Corporate Governance Code, which will take effect on January 1, 2026, aiming to enhance the governance of listed companies and protect the interests of minority shareholders [1]. Summary by Key Areas Improvement of Board and Executive Supervision - The new regulations establish comprehensive guidelines for the appointment, performance, and departure of directors and executives, emphasizing the need for strict qualification reviews and enhanced disclosure of conflicts of interest [1]. - Companies are required to arrange for accountability measures for executives upon their departure, ensuring a review of their duties during their tenure [1]. Establishment of Incentive and Restraint Mechanisms - Listed companies must create a compensation management system that aligns executive pay with company performance and individual contributions, promoting a balance between incentives and constraints [2]. - The regulations encourage deferred compensation and clawback mechanisms to discourage short-termism and align management interests with long-term company growth [2]. Regulation of Controlling Shareholders and Actual Controllers - The new rules impose strict limitations on potential conflicts of interest and require enhanced disclosure of non-material competitive activities to improve transparency [3]. - The responsibilities of the board in identifying and reviewing related party transactions have been clarified to prevent improper dealings from the outset [3]. Coordination of Rules and Systematic Improvement - The new regulations ensure alignment with existing laws such as the Securities Law and the Management Measures for Independent Directors, enhancing the overall regulatory framework [4]. - The CSRC has allowed a transition period for companies to adjust their internal systems in light of the new Corporate Governance Code, providing ample preparation time before the implementation date [4].

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。 【纠错】 【责任编辑:赵文涵】 治理准则致力于提升上市公司治理的有效性、透明度，全面规定了上市公司治理的基本架构、各组 织机构的运行规则以及关键人的行为规范，也对保护股东权利、鼓励机构投资者参与、维护利益相关者 权益、积极履行社会责任、强化信息披露等提出明确要求，为上市公司相关各方参与治理活动提供了基 本规范，为上市公司规范运作搭建了基准架构，是上市公司治理监管制度体系中的一项基础规则。 在业内人士看来，本次围绕健全董事高管激励约束机制，规范控股股东、实际控制人行为等方面进 行修订，具有较强问题导向，标志着上市公司治理监管制度的进一步升级，为提升上市公司治理水平夯 实了制度根基，凸显了规范的公司治理在提高上市公司质量、防范打击违法违规、保护投资者权益方面 的重要基础作用。 新华社北京10月17日电（记者刘羽佳、刘慧）记者10月17日从中国证监会获悉，为进一步规范上市 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》，自2026年1月1日起施行。 本次治理准则 ...