Core Viewpoint - The introduction of the "Rules" by the Asset Management Association of China is a timely measure that provides systematic guidance for public funds to engage in corporate governance, enhancing the role of institutional investors in the capital market [1][2]. Group 1: Regulatory Framework - The "Rules" establish new requirements for public funds regarding their participation in corporate governance, including mechanisms for exercising voting rights, internal controls, information disclosure, and self-regulation [1]. - The "Rules" serve as a self-regulatory framework that clarifies the role of public funds as "active shareholders," filling existing regulatory gaps and promoting long-term investment and value creation [2][3]. Group 2: Industry Transformation - The implementation of the "Rules" is expected to shift the focus of the public fund industry from short-term performance and scale growth to long-term returns and value creation, aligning with national strategies for high-quality economic development [2]. - Enhanced transparency in information disclosure will standardize the actions of fund managers and increase accountability, fostering a healthier investment culture and boosting investor confidence in public funds [2]. Group 3: Company Initiatives - The company has a strong foundation in governance and responsibility management, supported by its parent organizations, which emphasize corporate governance and ESG issues [4]. - Prior to the "Rules," the company had already integrated ESG principles into its strategy and established a comprehensive framework for responsible management, aiming to become a leader in the domestic ESG investment field [4][5]. Group 4: Future Outlook - Moving forward, the company plans to fully integrate the "Rules" into its strategic planning and daily operations, enhancing its research capabilities, decision-making processes, and communication with listed companies [6]. - The collective efforts of the public fund industry and the effective implementation of the "Rules" are anticipated to create a healthier, more transparent, and vibrant capital market ecosystem, ultimately benefiting investors with sustainable and high-quality long-term returns [6].

Core Viewpoint - The China Securities Investment Fund Industry Association has released new rules to enhance the participation of public funds in corporate governance, marking a significant step towards a more responsible management system in China's capital market [1][3][6]. Group 1: New Rules Overview - The new rules consist of six chapters and 27 specific regulations covering institutional requirements, practical implementation, information disclosure, and self-regulation [3][4]. - Fund managers are required to continuously monitor the operational status of invested companies, focusing on sustainability, financial health, and the protection of minority shareholders [3][4]. - Fund managers must actively exercise voting rights for companies where their funds hold 5% or more of the circulating shares, particularly on thirteen important matters [3][8]. Group 2: Internal Control and Disclosure - Fund managers are mandated to establish internal structures and controls to prevent conflicts of interest and insider trading risks, including appointing dedicated personnel for governance tasks [4][6]. - The rules require annual disclosure of voting activities on the fund's official website, enhancing transparency and accountability in fund management [4][7]. Group 3: Industry Reactions - The new rules are seen as a comprehensive upgrade from previous guidelines, emphasizing the role of public funds as "active owners" and promoting long-term investment behaviors [5][6]. - Industry experts believe the rules will lead to a more systematic and regulated approach to corporate governance, encouraging funds to invest in well-governed companies [6][8]. - The implementation of these rules is expected to attract long-term foreign capital by aligning domestic practices with international standards [7][8].

Core Viewpoint - The introduction of the new rules by the China Securities Investment Fund Industry Association marks a significant reform in China's capital market, aiming to enhance the governance of listed companies by public fund managers [1][4]. Group 1: Regulatory Framework - The new rules consist of 6 chapters and 27 articles, detailing the participation of public fund managers in corporate governance, including principles such as prioritizing the interests of fund shareholders and preventing conflicts of interest [1][2]. - The rules require fund managers to improve their internal governance frameworks, including establishing policies for participating in corporate governance and creating systems for exercising shareholder rights [2][3]. Group 2: Voting Obligations - Fund managers are mandated to exercise voting rights when their managed funds hold at least 5% of a company's circulating shares, covering thirteen key matters in shareholder meetings [3]. - The rules impose a requirement for fund managers to publicly disclose their voting activities annually, enhancing transparency and accountability [3][4]. Group 3: Market Impact - The new regulations are expected to strengthen the internal motivation of fund managers to engage in corporate governance, aligning more closely with practices in mature markets [4][5]. - The expansion of public funds, which have grown from 7 trillion yuan to 8.3 trillion yuan since September of the previous year, indicates an increasing influence of these funds in corporate governance [3][4].

大型LP在选聘被动策略管理人时，尽责管理占到较大的考核比重。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 回顾2024年，A股监管部门发布了一系列政策法规以推动资本市场的高质量发展，国务院出台的 新"国九条"与证监会、沪深交易所等的配套措施将共同形成"1+N"政策体系。这一定程度上对A股的 公司治理及股东尽责管理提出了进一步要求。 作为ESG投资中的重要一环，尽责管理（Stewardship）在全球海外市场已有几十年发展历史，但A 股市场对其的认知仍处于相对早期。2018年A股被纳入MSCI指数体系及近年来A股被动投资产品规 模的扩大，都推动了A股机构投资者对尽责管理的关注与研究。 近日，IPO早知道对话了「紫顶股东服务」创始合伙人 唐淑薇，她分享了对A股公司治理的观察以及 股东尽责管理对公司估值的影响。 紫顶股东服务（下称"紫顶"）向机构投资者提供针对A股上市公司治理分析与投票咨询，客户包括诸 多境内外知名资产管理机构。 唐淑薇表示，海外投资者在做尽责管理时，若以他们的标准来评价A股公司治理事项，会存在偏差， 鉴于此，紫顶希望能提供更符合A股实际情况的建议来帮助资管机构更好地行 ...