Core Viewpoint - The independent director system for listed companies in China is undergoing a significant transformation, with new regulations aimed at enhancing shareholder representation and governance structures [1][2]. Group 1: Regulatory Changes - The "Management Measures for Independent Directors of Listed Companies" was officially introduced in August 2023, allowing investor protection agencies to publicly solicit shareholder rights and nominate independent directors [1][2]. - This regulatory change aims to amplify the voices of minority shareholders, particularly those who have historically been silent [1]. Group 2: Practical Implementation - The China Securities Investor Services Center has successfully transitioned the new system from concept to practice, with five successful independent director nominations planned from 2024 to 2026 across various companies and ownership structures [1][3]. - The nomination process has evolved to include "joint action" strategies, expanding the backgrounds of independent directors from industry experience to accounting expertise [1][4]. Group 3: Challenges and Participation - Despite a high approval rate of over 99% for the five nominations, actual participation from investors remains limited, with the highest number of participants in a single case being only 17 [2][9]. - The low engagement reflects a "free-rider" mentality among minority shareholders, indicating a need for improved investor education and participation mechanisms [2][9]. Group 4: Governance Impact - The involvement of the China Securities Investor Services Center is seen as a way to internalize external market supervision, enhancing the independence and representativeness of independent directors [5][6]. - The successful nominations have begun to demonstrate a potential shift in corporate governance, allowing for a more balanced representation of shareholder interests within company boards [4][6]. Group 5: Future Directions - The center aims to continue refining the independent director nomination process while addressing practical challenges such as the 1% shareholding requirement for proposal submissions [8][9]. - Experts suggest that regulatory adjustments may be necessary to facilitate the nomination process and encourage broader participation from minority shareholders [8][9].

Core Insights - The independent director system for listed companies in China is undergoing a significant transformation, with the introduction of the "Management Measures for Independent Directors of Listed Companies" in August 2023, which allows investor protection agencies to publicly solicit shareholder rights and nominate independent directors [1][2] Group 1: Key Developments - The new regulations aim to enhance the representation of minority shareholders, particularly those who have been historically silent [1] - The China Securities Investor Services Center has successfully implemented this system in five cases over a year and a half, covering various ownership structures and regions [1][4] - The evolution of the nomination process has shown a clear trend towards "joint action" and an expansion of the backgrounds of independent directors from industry experience to accounting expertise [2][4] Group 2: Challenges and Responses - Despite a high approval rate of over 99% for the shareholder meetings regarding the nominated independent directors, the actual participation of investors in the solicitation process remains limited, highlighting the ongoing issue of minority shareholders' "free-riding" mentality [2][10] - The operational challenges faced by the China Securities Investor Services Center include the difficulty in uniting shareholders who hold more than 1% of shares to exercise their voting rights [9][10] - Recommendations have been made to improve investor participation through education and the establishment of efficient online authorization systems [10] Group 3: Governance Implications - The involvement of the China Securities Investor Services Center in nominating independent directors represents a shift from external oversight to internal participation in corporate governance [7][8] - The selection of independent directors has focused on their professional qualifications and experience, which is expected to enhance the effectiveness of corporate governance [5][8] - The successful nomination of independent directors is seen as a step towards empowering minority shareholders and improving the balance of power within corporate boards [7][8]

Core Viewpoint - The article discusses the nomination of independent director candidate Lin Jing by the China Securities Investor Services Center to the board of Fujian Sangang Min Guang Co., Ltd, in line with the reform of the independent director system as per the State Council's guidelines [1] Group 1 - The China Securities Investor Services Center is promoting a market-oriented and legal approach to the nomination of independent directors [1] - Fujian Sangang Min Guang has announced a shareholder meeting to review the independent director nomination proposal [1] - The center encourages investors to participate in the public solicitation of voting rights to support Lin Jing's candidacy [1] Group 2 - Investors can find details on how to participate in the public solicitation by reviewing the announcement [1] - If investors miss the opportunity to participate in the public solicitation, they can still vote in favor of the proposal to ensure its successful passage [1]

据悉，三钢闽光已发布审议独立董事选任议案的股东会公告。中证投服中心呼吁广大投资者积极参与本 次公开征集活动，将表决权委托给中证投服中心，助力独立董事候选人林兢顺利通过股东会审议。投资 者可通过查看征集公告了解参与公开征集的具体方式；若未能及时参与公开征集，也可自行投赞成票， 支持本次议案顺利通过。(完) 中新网北京1月5日电 (记者 陈康亮)记者5日自中证中小投资者服务中心有限责任公司(下称中证投服中 心)获悉，近日，为落实国务院办公厅《关于上市公司独立董事制度改革的意见》，依据《上市公司独 立董事管理办法》，中证投服中心秉持市场化、法治化的原则，向福建三钢闽光股份有限公司(简称三 钢闽光)董事会提名独立董事候选人林兢，并就独立董事选任议案向全体股东公开征集表决权。 ...

Group 1 - The core viewpoint of the article is the nomination of independent director candidate Lin Jing by the China Securities Investor Services Center to the board of Fujian Sangang Min Guang Co., Ltd. as part of the implementation of the State Council's reform opinions on independent director systems [1] - This marks the fifth case where an investor protection organization has publicly nominated an independent director and solicited investor voting rights [1] - The company has announced a shareholders' meeting to review the independent director nomination proposal, encouraging investors to participate in the public solicitation activity [1] Group 2 - The China Securities Investor Services Center calls on investors to actively participate in the public solicitation and to delegate their voting rights to support the independent director candidate Lin Jing [1] - Investors can view the solicitation announcement for specific participation methods, and those who miss the public solicitation can still vote in favor of the proposal [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the Company Law and related guidelines to enhance the governance structure of listed companies, particularly focusing on the role and effectiveness of audit committees [1][2]. Group 1: Audit Committee Guidelines - The China Listed Companies Association (CLCA) has issued the "Guidelines for the Work of Audit Committees of Listed Companies," effective from June 6, 2025, to provide guidance for the effective operation of audit committees [1]. - The audit committee serves as a key platform for independent directors, playing a crucial role in supervising financial information, internal controls, and both internal and external audit processes [1]. - The guidelines were developed after extensive research and consultations with independent directors, listed companies, market institutions, experts, and regulatory bodies, ensuring a comprehensive approach to defining the responsibilities and operational requirements of audit committees [1]. Group 2: Implementation and Compliance - Following the implementation of the guidelines, they will work in conjunction with the "Guidelines for the Performance of Independent Directors" (revised in 2024) to better align the practices of listed companies with the latest legal requirements for audit committees [1]. - The CLCA plans to enhance training and publicity to help listed companies and audit committee members understand and implement the new rules effectively [2]. - The guidelines will serve as a critical basis for evaluating the performance of independent directors and the governance of listed companies, with measures in place to address non-compliance by companies and relevant personnel [2].

● 本报记者 乔翔 中证中小投资者服务中心日前宣布，为落实国务院办公厅《关于上市公司独立董事制度改革的意见》， 依据《上市公司独立董事管理办法》，向上峰水泥董事会提名独立董事候选人杜健，并就独立董事选任 议案向全体股东公开征集表决权。这是中证投服中心继2024年6月成功为第一医药公开提名独立董事之 后，推进的第二单公开提名上市公司独立董事个案。 专家认为，作为依法设立的投资者保护机构，中证投服中心此次行动紧密呼应《关于上市公司独立董事 制度改革的意见》提出的"鼓励投资者保护机构等主体依法通过公开征集股东权利的方式提名独立董 事"要求并深度介入提名环节，探索不同于以往由上市公司董事会等提名的新的提名方式，有利于拓宽 独立董事提名来源，完善独立董事选任机制，促进独立董事更好发挥作用，维护上市公司特别是中小股 东的合法权益。 此次中证投服中心的实践，则是在秉持市场化、法治化原则的基础上，对上述政策的又一次认真贯彻落 实。中国政法大学教授、博士生导师李东方表示："此前仅董事会、监事会、持股1%以上的股东具有独 立董事提名权，改革后，作为依法设立的投资者保护机构，中证投服中心也可以采用公开征集股东权利 的方式提名独立董 ...