《规则》明确，基金管理人应当制定代表基金行使表决权的制度和流程，至少包括以下内容：表决 的启动条件、决策机制和行使流程；表决的授权管理；关注的表决事项；表决赞成、弃权、反对的标 准。 《规则》共6章27条，从总则、制度要求和参与机制、表决权的行使、内部控制、信息披露和自律 管理、附则等全链条规范明确了公开募集证券投资基金管理人参与上市公司治理的方式及工作流程。 业内人士表示，《规则》是中国证监会5月7日发布的《推动公募基金高质量发展行动方案》的关键 性配套制度，标志着监管机构在基金管理人参与上市公司治理方面提出了更为系统、明确且具操作性的 要求，是中国资本市场"尽责管理"体系建设迈出的关键一步。 提出至少三个层面的硬性要求 中基协表示，为促进公开募集证券投资基金管理人积极、规范参与上市公司治理，保护基金份额持 有人合法权益，对《基金管理公司代表基金对外行使投票表决权工作指引》进行了修订，形成《公开募 集证券投资基金管理人参与上市公司治理管理规则》。 《规则》明确了基金管理人参与上市公司治理的总体原则，即应遵循"基金份额持有人利益优先、 不谋求控制、防范利益冲突、专业独立判断、守法合规"五大原则。 "机构投资者 ...

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 ...