为完善北京首都开发股份有限公司（以下简称"首开股份"、"本公司"或 "公司"）风险管理体系，保障公司和投资者的权益，促进公司董事、监事、高级 管理人员在其职责范围内更充分地行使权利和履行职责，根据《中华人民共和国 公司法》《上市公司治理准则》等有关规定，公司于2025年8月25日召开第十届董 事会第四十七次会议、第十届监事会第十四次会议，审议了《关于购买董责险的 议案》。因该事项与公司全体董事、监事及高级管理人员（以下简称"董监高"） 存在利害关系，因此全体董事、监事在审议该事项时回避表决，同意直接提交公 司股东会审议。现将有关事项公告如下： 险公司协商确定的范围为准）； 股票代码：600376 股票简称：首开股份 编号：临 2025-067 北京首都开发股份有限公司 关于购买董责险的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为提高决策效率，董事会提请股东会授权公司经营层办理董责险购买的相关 事宜(包括但不限于确定被投保人范围、确定保险公司、确定保险金额、保险费 及其他保险条款、选择及聘任保险经纪公司或其他中介机构 ...

董责险投保热情持续升温。 7月1日，新修订的《中华人民共和国公司法》（下称"新公司法"）施行满一周年。一年来，董责险作为 上市公司治理的重要组成部分，市场规模显著扩大。据《国际金融报》记者不完全统计，今年上半年， 已有280余家A股上市公司发布拟购买或续保董责险的相关公告。董责险逐渐成为上市公司改善公司治 理和风险控制的"标配"。 在业内人士看来，新公司法的施行，为董责险市场发展提供了强有力的法律基础与制度保障。公司实控 人与董监高的法律责任风险进一步上升，相关主体对于转移其责任风险的投保需求也同步提高。 超280家上市公司投保 董责险，全称为董事、监事及高管责任保险，是以董事及高级管理人员对公司及第三人承担民事赔偿责 任为保险标的的一种职业责任保险。 中国企业资本联盟副理事长柏文喜在接受记者采访时分析称，对于企业而言，董责险可为管理层在履职 过程中可能面临的民事赔偿责任提供经济保障，从而降低企业因高管责任问题而面临的财务风险。同 时，引入董责险有助于完善企业的风险管理体系，促使企业更加注重内部控制和合规管理。在当前监管 趋严、高管责任风险上升的背景下，董责险也可作为企业吸引和留住优秀管理人才的重要福利措施， ...

本报记者 冷翠华 今年7月1日，新公司法施行满一周年。一年来，作为企业风险减量的重要工具，董责险市场规模持 续增长，日益成为上市公司高管履职的"安全阀"。从职能角度来看，董责险的"保单价值"已从单纯的风 险转嫁工具逐渐进阶为公司治理工具之一。 然而，与成熟市场80%以上的渗透率相比，我国董责险市场仍处于发展初期，面临市场认知不足、 信息披露不完善、投资者对董责险的态度分歧较大等挑战。 多位受访人士对《证券日报》记者表示，董责险市场的持续完善，需通过建立强制信息披露制度、 加强人才培养等措施，进一步发挥董责险在风险转移、公司治理等方面的价值。 此外，有一个数据对比或许能够从一个侧面降低市场对于上市公司购买董责险"动机"的担忧——数 据显示，信披评级为A级（最优类）的上市公司投保董责险的比例达42.8%，远高于市场平均水平的 28.4%，央企上市公司的董责险投保率更是高达60.6%。 新公司法催热董责险 董责险，全称董事、监事及高级管理人员责任保险，旨在为公司管理层在履职过程中因工作疏忽等 原因而可能面临的民事赔偿责任提供保障。 今年以来，上市公司对董责险的采购热情不减。近日，海联讯、新时达等上市公司发布拟购买董 ...

对此，陈辉表示，当前A股市场董责险风险评估方式亟需升级，不能再停留于传统因子定价阶段，应借 助大模型与机器学习技术，推动评估机制智能化、精细化。他认为，保险公司不仅要发挥"事后赔付"功 能，更要在"事前预警""事中干预"上深度绑定客户，帮助企业在治理环节实现真正的价值重塑。 同时，信息披露制度的不健全，也制约了董责险市场的良性发展。目前多数公司仅在首次采购董责险时 发布公告，对保额、费率、理赔情况等关键信息缺乏持续披露。对外经济贸易大学保险学院教授王国军 建议，监管部门可借鉴香港市场经验，推动建立强制性披露制度，将董责险内容纳入定期报告，从而提 升市场透明度和投资者信任度。王国军表示，董责险不能被简单视为合规的"遮羞布"，而应作为企业提 升治理结构、承担社会责任的积极信号。 新修订的公司法实施满一周年之际，董责险市场正在悄然发生结构性变化。多项数据显示，越来越多的 上市公司将董事、监事及高级管理人员责任保险(董责险)纳入风险管理"标配"。据不完全统计，截至今 年7月中旬，已有300余家A股上市公司披露了董责险投保计划，市场渗透率正加快接近30%，与2019年 不足8%的水平相比增长明显。尽管董责险热度不断升温 ...

Core Insights - The enthusiasm for purchasing Directors and Officers Liability Insurance (D&O insurance) among listed companies remains high, with 287 companies announcing their plans to purchase D&O insurance as of August 5 this year [2][3] - The introduction of the revised Company Law on July 1 last year has provided a legal basis for the popularization of D&O insurance, encouraging companies to insure their directors [2][3] Group 1: D&O Insurance Market Trends - In July alone, 13 companies announced their D&O insurance plans, indicating a strong trend in the market [2] - A report predicts that 475 A-share listed companies will disclose their D&O insurance plans in 2024, representing a 34% year-on-year increase [3] - The D&O insurance coverage rate among A-share companies has increased from less than 8% at the end of 2019 to 28.4% by the end of May this year [3] Group 2: Benefits and Implications - Companies primarily purchase D&O insurance to protect the legal rights of their directors, supervisors, and senior management, thereby enhancing their risk control systems [3] - The introduction of insurance mechanisms can increase the certainty of compensation for investors in securities litigation cases, as the insurance company will cover losses caused by negligence or oversight by directors [4] - The D&O insurance does not cover intentional illegal acts or criminal behavior by directors and officers [4]

Core Viewpoint - The enthusiasm for purchasing Directors and Officers Liability Insurance (D&O Insurance) among listed companies remains high, with 287 companies announcing their plans to buy D&O Insurance as of August 5 this year, indicating a growing trend in risk management practices [1][2]. Group 1: D&O Insurance Market Trends - In July alone, 13 companies announced their D&O Insurance plans, reflecting a continued interest in enhancing risk control systems [1]. - The number of A-share listed companies disclosing D&O Insurance purchases is expected to reach 475 in 2024, representing a 34% year-on-year increase [2]. - The D&O Insurance coverage rate among A-share companies has risen from less than 8% at the end of 2019 to 28.4% by the end of May this year [2]. Group 2: Legal and Regulatory Context - The implementation of the revised Company Law on July 1 last year has provided a legal foundation for the promotion of D&O Insurance, encouraging companies to purchase this insurance and requiring them to report to shareholders after obtaining or renewing coverage [1]. - The revised Company Law explicitly recognizes the D&O Insurance system, which has contributed to its increasing popularity among companies [1]. Group 3: Benefits and Implications for Companies - Companies primarily purchase D&O Insurance to protect the legal rights of their directors, supervisors, and senior management, thereby facilitating their responsibilities and improving risk management [2]. - The insurance mechanism enhances the certainty of compensation for investors in securities litigation cases, which often involve numerous claimants and substantial claims [2]. - D&O Insurance does not cover intentional illegal acts or criminal behavior by directors and officers, focusing instead on negligence or oversight [2].

南方财经全媒体记者 孙诗卉 业内认为，相比监事会，审计委员会制度使监督者更加接近决策中心，具有明显的信息优势。同时，借 助于外部董事制度，提高了监督者的独立性，可以有效制衡公司内部人的决策管理，实现监督。因此， 审计委员会并不是独立的外部监督，而是内嵌在公司经营管理决策中的监督，相较于监事会而言，具有 更加便利的监督条件和制度优势。 "董监高"责任敞口催生保险新需求 随着新公司法的落地，传统"三会一层"架构正被更精简高效的治理模式取代。 7月30日，中国太保发布第十届董事会第十五次会议决议公告，宣布审议并通过了不再设立监事会相关 事项的议案。而在之前，已有四家保险公司宣布不再设立监事会。7月2日，大家保险集团发布公告，不 再设立监事会，监事会各监事已辞任；6月23日，泰康保险发布公告，公司不再设立监事会，第三届监 事会各监事自动离任；更早之前，中国人保、日本财险也已经相继宣布撤销监事会。 监事会逐步退出历史舞台 2024年7月1日，新修订的公司法正式实施。新公司法指出，国有独资公司在董事会中设置由董事组成的 审计委员会行使本法规定的监事会职权的，不设监事会或者监事；有限责任公司和股份有限公司可以按 照公司章程 ...

Core Viewpoint - The traditional "supervisory board" structure in Chinese companies is being replaced by a more efficient governance model, particularly with the implementation of the new Company Law, which allows for the establishment of audit committees within the board of directors to assume the functions of the supervisory board [1][2][3]. Group 1: Changes in Governance Structure - Several insurance companies, including China Pacific Insurance and others, have announced the abolition of their supervisory boards, aligning with the new Company Law [1][2]. - The new Company Law, effective July 1, 2024, permits state-owned companies to set up audit committees composed of directors to perform the duties of the supervisory board, eliminating the need for a supervisory board [2]. - Major state-owned banks and other financial institutions have also followed suit, announcing the dissolution of their supervisory boards, with their functions being transferred to the audit committees [2]. Group 2: Implications of the New Governance Model - The removal of the supervisory board is driven by policy changes and the need for cost and efficiency optimization, as it reduces management layers and associated costs [3]. - The audit committee, which is typically composed of independent directors, is expected to enhance oversight by being closer to decision-making processes, thus improving information access and independence compared to the supervisory board [3]. - The new governance structure aims to address issues of insufficient independence and limited information access that were prevalent in the supervisory board system [3]. Group 3: Impact on Directors and Officers Liability Insurance - The new Company Law has significantly increased the liability risks for directors and senior executives, making them jointly liable for damages caused by intentional misconduct or gross negligence [4]. - The law allows companies to purchase liability insurance for directors, which is a new legislative development aimed at protecting them from increased risks [4]. - Following the implementation of the new Company Law, there has been a notable increase in the market for directors and officers liability insurance, with over 270 A-share listed companies announcing their intention to purchase such insurance in the first half of the year [4][5].

Group 1 - The core viewpoint is that the demand for Directors and Officers (D&O) insurance among A-share listed companies is increasing, driven by market awareness and new legal regulations [2][4][5] - As of July 18, 2025, over 300 listed companies have disclosed their intention to purchase D&O insurance, maintaining a level similar to the previous year [3][4] - The D&O insurance penetration rate in A-share listed companies has risen from less than 8% at the end of 2019 to 28.4% by the end of May 2025, indicating significant growth but still leaving room for improvement compared to mature markets [2][4][5] Group 2 - The average premium for D&O insurance is typically in the range of hundreds of thousands, with common policy limits of 50 million or 100 million [3] - The new Company Law has formally established the D&O insurance system, encouraging companies to purchase this insurance and mandating reporting to shareholders [4][5] - The insurance market is experiencing a downward trend in D&O insurance rates, currently estimated to be below 5‰, primarily due to irrational competition [2][6][7] Group 3 - The insurance industry is facing challenges in pricing and claims capabilities due to the competitive market environment, necessitating improvements in risk assessment and underwriting principles [2][7][8] - Companies are increasingly recognizing the importance of D&O insurance as a risk management tool, especially in light of heightened regulatory scrutiny and potential litigation risks [5][6] - The D&O insurance market is expected to see further growth, with projections indicating that the overall penetration rate could exceed 30% in the near future [4][5]

Core Viewpoint - The newly revised Company Law in China has led to a significant increase in the number and coverage rate of Directors and Officers Liability Insurance (D&O insurance) among listed companies, with expectations for further growth by the end of the year [1][2]. Group 1: Increase in D&O Insurance Adoption - Nearly 300 listed companies have disclosed plans to purchase D&O insurance this year, with coverage expected to exceed 30% by year-end [1][2]. - The number of companies purchasing D&O insurance has surged due to heightened awareness of legal risks and increased accountability for executives [2][4]. - As of May 2025, the D&O insurance penetration rate among A-share listed companies has risen from less than 8% at the end of 2019 to 28.4% [3][6]. Group 2: Legal and Regulatory Influences - The revised Company Law, effective from July 1, 2024, explicitly encourages companies to purchase D&O insurance and mandates reporting to shareholders, providing a legal foundation for its adoption [3][4]. - Stricter regulatory requirements and a growing focus on corporate governance and ESG (Environmental, Social, and Governance) factors have contributed to the increased purchase of D&O insurance [4][5]. Group 3: Market Potential and Challenges - Despite the growth, the current D&O insurance coverage rate among A-share listed companies remains low, indicating substantial room for market penetration [5][6]. - Factors such as budget constraints, lack of risk awareness, and a tendency to underestimate potential risks hinder further adoption of D&O insurance among some companies [5][6]. - If the coverage rate reaches 85% by 2030, the total D&O insurance premiums could amount to 7.62 billion yuan from 2021 to 2030 [6]. Group 4: Claims and Coverage Limitations - D&O insurance typically covers claims arising from negligence or improper conduct by executives, but does not cover intentional illegal acts such as fraud [7]. - Understanding the policy terms and the specific risks covered is crucial for companies when purchasing and utilizing D&O insurance [7].