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上市公司治理准则(中英) 
出处:法律顾问网·涉外www.flguwen.com     时间:2011/2/26 17:40:00

上市公司治理准则(中英)  

            首页企业设立企业融资企业治理合同管理知识产权税务策划劳动权益债务追讨破产清算诉讼仲裁法律顾问

      
            您现在的位置: 湖南企业律师网-湖南中小企业网-湖南并购律师-湖南法律顾问网 >> 企业治理 >> 企业治理结构 >> 企业治理正文 

      上市公司治理准则(中英)

      作者:佚名    企业治理来源:本站原创    点击数:1018    更新时间:2010-7-2   

      导言
        为推动上市公司建立和完善现代企业制度,规范上市公司运作,促进我国证券市场健康发展,根据《公司法》、《证券法》及其它相关法律、法规确定的基本原则,并参照国外公司治理实践中普遍认同的标准,制订本准则。
        本准则阐明了我国上市公司治理的基本原则、投资者权利保护的实现方式,以及上市公司董事、监事、经理等高级管理人员所应当遵循的基本的行为准则和职业道德等内容。
        本准则适用于中国境内的上市公司。上市公司改善公司治理,应当贯彻本准则所阐述的精神。上市公司制定或者修改公司章程及治理细则,应当体现本准则所列明的内容。本准则是评判上市公司是否具有良好的公司治理结构的主要衡量标准,对公司治理存在重大问题的上市公司,证券监管机构将责令其按照本准则的要求进行整改。
        第一章 股东与股东大会
        第一节 股东权利
        第一条 股东作为公司的所有者,享有法律、行政法规和公司章程规定的合法权利。上市公司应建立能够确保股东充分行使权利的公司治理结构。
        第二条 上市公司的治理结构应确保所有股东,特别是中小股东享有平等地位。股东按其持有的股份享有平等的权利,并承担相应的义务。
        第三条 股东对法律、行政法规和公司章程规定的公司重大事项,享有知情权和参与权。上市公司应建立和股东沟通的有效渠道。
        第四条 股东有权按照法律、行政法规的规定,通过民事诉讼或其他法律手段保护其合法权利。股东大会、董事会的决议违反法律、行政法规的规定,侵犯股东合法权益,股东有权依法提起要求停止上述违法行为或侵害行为的诉讼。董事、监事、经理执行职务时违反法律、行政法规或者公司章程的规定,给公司造成损害的,应承担赔偿责任。股东有权要求公司依法提起要求赔偿的诉讼。
        第二节 股东大会的规范
        第五条 上市公司应在公司章程中规定股东大会的召开和表决程序,包括通知、登记、提案的审议、投票、计票、表决结果的宣布、会议决议的形成、会议记录及其签署、公告等。
        第六条 董事会应认真审议并安排股东大会审议事项。股东大会应给予每个提案合理的讨论时间。
        第七条 上市公司应在公司章程中规定股东大会对董事会的授权原则,授权内容应明确具体。
        第八条 上市公司应在保证股东大会合法、有效的前提下,通过各种方式和途径,包括充分运用现代信息技术手段,扩大股东参与股东大会的比例。股东大会时间、地点的选择应有利于让尽可能多的股东参加会议。
        第九条 股东既可以亲自到股东大会现场投票,也可以委托代理人代为投票,两者具有同样的法律效力。
        第十条 上市公司董事会、独立董事和符合有关条件的股东可向上市公司股东征集其在股东大会上的投票权。投票权征集应采取无偿的方式进行,并应向被征集人充分披露信息。
        第十一条 机构投资者应在公司董事选任、经营者激励与监督、重大事项决策等方面发挥作用。
        第三节 关联交易
        第十二条 上市公司与关联人之间的关联交易应签订书面协议。协议的签订应当遵循平等、自愿、等价、有偿的原则,协议内容应明确、具体。公司应将该协议的订立、变更、终止及履行情况等事项按照有关规定予以披露。
        第十三条 上市公司应采取有效措施防止关联人以垄断采购和销售业务渠道等方式干预公司的经营,损害公司利益。关联交易活动应遵循商业原则,
      关联交易的价格原则上应不偏离市场独立第三方的价格或收费的标准。公司应对关联交易的定价依据予以充分披露。
        第十四条 上市公司的资产属于公司所有。上市公司应采取有效措施防止股东及其关联方以各种形式占用或转移公司的资金、资产及其他资源。上市公司不得为股东及其关联方提供担保。
        第二章 控股股东与上市公司
        第一节 控股股东行为的规范
        第十五条 控股股东对拟上市公司改制重组时应遵循先改制、后上市的原则,并注重建立合理制衡的股权结构。
        第十六条 控股股东对拟上市公司改制重组时应分离其社会职能,剥离非经营性资产,非经营性机构、福利性机构及其设施不得进入上市公司。
        第十七条 控股股东为上市公司主业服务的存续企业或机构可以按照专业化、市场化的原则改组为专业化公司,并根据商业原则与上市公司签订有关协议。从事其他业务的存续企业应增强其独立发展的能力。无继续经营能力的存续企业,应按有关法律、法规的规定,通过实施破产等途径退出市场。企业重组时具备一定条件的,可以一次性分离其社会职能及分流富余人员,不保留存续企业。
        第十八条 控股股东应支持上市公司深化劳动、人事、分配制度改革,转换经营管理机制,建立管理人员竞聘上岗、能上能下,职工择优录用、能进能出,收入分配能增能减、有效激励的各项制度。
        第十九条 控股股东对上市公司及其他股东负有诚信义务。控股股东对其所控股的上市公司应严格依法行使出资人的权利,控股股东不得利用资产重组等方式损害上市公司和其他股东的合法权益,不得利用其特殊地位谋取额外的利益。
        第二十条 控股股东对上市公司董事、监事候选人的提名,应严格遵循法律、法规和公司章程规定的条件和程序。控股股东提名的董事、监事候选人应当具备相关专业知识和决策、监督能力。控股股东不得对股东大会人事选举决议和董事会人事聘任决议履行任何批准手续;不得越过股东大会、董事会任免上市公司的高级管理人员。
        第二十一条 上市公司的重大决策应由股东大会和董事会依法作出。控股股东不得直接或间接干预公司的决策及依法开展的生产经营活动,损害公司及其他股东的权益。
        第二节 上市公司的独立性
        第二十二条 控股股东与上市公司应实行人员、资产、财务分开,机构、业务独立,各自独立核算、独立承担责任和风险。
        第二十三条 上市公司人员应独立于控股股东。上市公司的经理人员、财务负责人、营销负责人和董事会秘书在控股股东单位不得担任除董事以外的其他职务。控股股东高级管理人员兼任上市公司董事的,应保证有足够的时间和精力承担上市公司的工作。
        第二十四条 控股股东投入上市公司的资产应独立完整、权属清晰。控股股东以非货币性资产出资的,应办理产权变更手续,明确界定该资产的范围。上市公司应当对该资产独立登记、建帐、核算、管理。控股股东不得占用、支配该资产或干预上市公司对该资产的经营管理。
        第二十五条 上市公司应按照有关法律、法规的要求建立健全的财务、会计管理制度,独立核算。控股股东应尊重公司财务的独立性,不得干预公司的财务、会计活动。
        第二十六条 上市公司的董事会、监事会及其他内部机构应独立运作。控股股东及其职能部门与上市公司及其职能部门之间没有上下级关系。控股股东及其下属机构不得向上市公司及其下属机构下达任何有关上市公司经营的计划和指令,也不得以其他任何形式影响其经营管理的独立性。
        第二十七条 上市公司业务应完全独立于控股股东。控股股东及其下属的其他单位不应从事与上市公司相同或相近的业务。控股股东应采取有效措施避免同业竞争。
        第三章 董事与董事会
        第一节 董事的选聘程序
        第二十八条 上市公司应在公司章程中规定规范、透明的董事选聘程序,保证董事选聘公开、公平、公正、独立。
        第二十九条 上市公司应在股东大会召开前披露董事候选人的详细资料,保证股东在投票时对候选人有足够的了解。
        第三十条 董事候选人应在股东大会召开之前作出书面承诺,同意接受提名,承诺公开披露的董事候选人的资料真实、完整并保证当选后切实履行董事职责。
        第三十一条 在董事的选举过程中,应充分反映中小股东的意见。股东大会在董事选举中应积极推行累积投票制度。控股股东控股比例在30%以上的上市公司,应当采用累积投票制。采用累积投票制度的上市公司应在公司章程里规定该制度的实施细则。
        第三十二条 上市公司应和董事签订聘任合同,明确公司和董事之间的权利义务、董事的任期、董事违反法律法规和公司章程的责任以及公司因故提前解除合同的补偿等内容。
        第二节 董事的义务
        第三十三条 董事应根据公司和全体股东的最大利益,忠实、诚信、勤勉地履行职责。
        第三十四条 董事应保证有足够的时间和精力履行其应尽的职责。
        第三十五条 董事应以认真负责的态度出席董事会,对所议事项表达明确的意见。董事确实无法亲自出席董事会的,可以书面形式委托其他董事按委托人的意愿代为投票,委托人应独立承担法律责任。
        第三十六条 董事应遵守有关法律、法规及公司章程的规定,严格遵守其公开作出的承诺。
        第三十七条 董事应积极参加有关培训, 以了解作为董事的权利、义务和责任, 熟悉有关法律法规, 掌握作为董事应具备的相关知识。
        第三十八条 董事会决议违反法律、法规和公司章程的规定,致使公司遭受损失的,参与决议的董事对公司承担赔偿责任。但
      经证明在表决时曾表明异议并记载于会议记录的董事除外。
        第三十九条 经股东大会批准,上市公司可以为董事购买责任保险。但董事因违反法律法规和公司章程规定而导致的责任除外。
        第三节 董事会的构成和职责
        第四十条 董事会的人数及人员构成应符合有关法律、法规的要求,确保董事会能够进行富有成效的讨论,作出科学、迅速和谨慎的决策。
        第四十一条 董事会应具备合理的专业结构,其成员应具备履行职务所必需的的知识、技能和素质。
        第四十二条 董事会向股东大会负责。上市公司治理结构应确保董事会能够按照法律、法规和公司章程的规定行使职权。
        第四十三条 董事会应认真履行有关法律、法规和公司章程规定的职责,确保公司遵守法律、法规和公司章程的规定,公平对待所有股东,并关注其他利益相关者的利益。
        第四节 董事会议事规则
        第四十四条 上市公司应在公司章程中规定规范的董事会议事规则,确保董事会高效运作和科学决策。
        第四十五条 董事会应定期召开会议,并根据需要及时召开临时会议。董事会会议应有事先拟定的议题。
        第四十六条 上市公司董事会会议应严格按照规定的程序进行。董事会应按规定的时间事先通知所有董事,并提供足够的资料,包括会议议题的相关背景材料和有助于董事理解公司业务进展的信息和数据。当2名或2名以上独立董事认为资料不充分或论证不明确时,可联名以书面形式向董事会提出延期召开董事会会议或延期审议该事项,董事会应予以采纳。
        第四十七条 董事会会议记录应完整、真实。董事会秘书对会议所议事项要认真组织记录和整理。出席会议的董事、董事会秘书和记录人应在会议记录上签名。董事会会议记录应作为公司重要档案妥善保存,以作为日后明确董事责任的重要依据。
        第四十八条 董事会授权董事长在董事会闭会期间行使董事会部分职权的,上市公司应在公司章程中明确规定授权原则和授权内容,授权内容应当明确、具体。凡涉及公司重大利益的事项应由董事会集体决策。
        第五节 独立董事制度
        第四十九条 上市公司应按照有关规定建立独立董事制度。独立董事应独立于所受聘的公司及其主要股东。独立董事不得在上市公司担任除独立董事外的其他任何职务。
        第五十条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应按照相关法律、法规、公司章程的要求,认真履行职责,维护公司整体利益,尤其要关注中小股东的合法权益不受损害。独立董事应独立履行职责,不受公司主要股东、实际控制人、以及其他与上市公司存在利害关系的单位或个人的影响。
        第五十一条 独立董事的任职条件、选举更换程序、职责等,应符合有关规定。
        第六节 董事会专门委员会
        第五十二条 上市公司董事会可以按照股东大会的有关决议,设立战略、审计、提名、薪酬与考核等专门委员会。专门委员会成员全部由董事组成,其中审计委员会、提名委员会、薪酬与考核委员会中独立董事应占多数并担任召集人,审计委员会中至少应有一名独立董事是会计专业人士。
        第五十三条 战略委员会的主要职责是对公司长期发展战略和重大投资决策进行研
        究并提出建议。
        第五十四条 审计委员会的主要职责是:(1)提议聘请或更换外部审计机构;(2)监督公司的内部审计制度及其实施;(3)负责内部审计与外部审计之间的沟通;(4)审核公司的财务信息及其披露;(5)审查公司的内控制度。
        第五十五条 提名委员会的主要职责是:(1)研究董事、经理人员的选择标准和程序并提出建议;(2)广泛搜寻合格的董事和经理人员的人选;(3)对董事候选人和经理人选进行审查并提出建议。
        第五十六条 薪酬与考核委员会的主要职责是:(1)研究董事与经理人员考核的标准,进行考核并提出建议;(2)研究和审查董事、高级管理人员的薪酬政策与方案。
        第五十七条 各专门委员会可以聘请中介机构提供专业意见,有关费用由公司承担。
        第五十八条 各专门委员会对董事会负责,各专门委员会的提案应提交董事会审查决定。
        第四章 监事与监事会
        第一节 监事会的职责
        第五十九条 上市公司监事会应向全体股东负责,对公司财务以及公司董事、经理和其他高级管理人员履行职责的合法合规性进行监督,维护公司及股东的合法权益。
        第六十条 监事有了解公司经营情况的权利,并承担相应的保密义务。监事会可以独立聘请中介机构提供专业意见。
        第六十一条 上市公司应采取措施保障监事的知情权,为监事正常履行职责提供必要的协助,任何人不得干预、阻挠。监事履行职责所需的合理费用应由公司承担。
        第六十二条 监事会的监督记录以及进行财务或专项检查的结果应成为对董事、经理和其他高级管理人员绩效评价的重要依据。
        第六十三条 监事会发现董事、经理和其他高级管理人员存在违反法律、法规或公司章程的行为,可以向董事会、股东大会反映,也可以直接向证券监管机构及其他有关部门报告。
        第二节 监事会的构成和议事规则
        第六十四条 监事应具有法律、会计等方面的专业知识或工作经验。监事会的人员和结构应确保监事会能够独立有效地行使对董事、经理和其他高级管理人员及公司财务的监督和检查。
        第六十五条 上市公司应在公司章程中规定规范的监事会议事规则。监事会会议应严格按规定程序进行。
        第六十六条 监事会应定期召开会议,并根据需要及时召开临时会议。监事会会议因故不能如期召开,应公告说明原因。
        第六十七条 监事会可要求公司董事、经理及其他高级管理人员、内部及外部审计人员出席监事会会议,回答所关注的问题。
        第六十八条 监事会会议应有记录,出席会议的监事和记录人应当在会议记录上签字。监事有权要求在记录上对其在会议上的发言作出某种说明性记载。监事会会议记录应作为公司重要档案妥善保存。
        第五章 绩效评价与激励约束机制
        第一节 董事、监事、经理人员的绩效评价
        第六十九条 上市公司应建立公正透明的董事、监事和经理人员的绩效评价标准和程序。
        第七十条 董事和经理人员的绩效评价由董事会或其下设的薪酬与考核委员会负责组织。独立董事、监事的评价应采取自我评价与相互评价相结合的方式进行。
        第七十一条 董事报酬的数额和方式由董事会提出方案报请股东大会决定。在董事会或薪酬与考核委员会对董事个人进行评价或讨论其报酬时,该董事应当回避。
        第七十二条 董事会、监事会应当向股东大会报告董事、监事履行职责的情况、绩效评价结果及其薪酬情况,并予以披露。
        第二节 经理人员的聘任
        第七十三条 上市公司经理人员的聘任,应严格按照有关法律、法规和公司章程的规定进行。任何组织和个人不得干预公司经理人员的正常选聘程序。
        第七十四条 上市公司应尽可能采取公开、透明的方式,从境内外人才市场选聘经理人员,并充分发挥中介机构的作用。
        第七十五条 上市公司应和经理人员签订聘任合同,明确双方的权利义务关系。
        第七十六条 经理的任免应履行法定的程序,并向社会公告。
        第三节 经理人员的激励与约束机制
        第七十七条 上市公司应建立经理人员的薪酬与公司绩效和个人业绩相联系的激励机制,以吸引人才,保持经理人员的稳定。
        第七十八条 上市公司对经理人员的绩效评价应当成为确定经理人员薪酬以及其它激励方式的依据。
        第七十九条 经理人员的薪酬分配方案应获得董事会的批准,向股东大会说明,并予以披露。
        第八十条 上市公司应在公司章程中明确经理人员的职责。经理人员违反法律、法规和公司章程规定,致使公司遭受损失的,公司董事会应积极采取措施追究其法律责任。
        第六章 利益相关者
        第八十一条 上市公司应尊重银行及其它债权人、职工、消费者、供应商、社区等利益相关者的合法权利。
        第八十二条 上市公司应与利益相关者积极合作,共同推动公司持续、健康地发展。
        第八十三条 上市公司应为维护利益相关者的权益提供必要的条件,当其合法权益受到侵害时,利益相关者应有机会和途径获得赔偿。
        第八十四条 上市公司应向银行及其它债权人提供必要的信息,以便其对公司的经营状况和财务状况作出判断和进行决策。
        第八十五条 上市公司应鼓励职工通过与董事会、监事会和经理人员的直接沟通和交流,反映职工对公司经营、财务状况以及涉及职工利益的重大决策的意见。
        第八十六条 上市公司在保持公司持续发展、实现股东利益最大化的同时,应关注所在社区的福利、环境保护、公益事业等问题,重视公司的社会责任。
        第七章 信息披露与透明度
        第一
      节 上市公司的持续信息披露
        第八十七条 持续信息披露是上市公司的责任。上市公司应严格按照法律、法规和公司章程的规定,真实、准确、完整、及时地披露信息。
        第八十八条 上市公司除按照强制性规定披露信息外,应主动、及时地披露所有可能对股东和其它利益相关者决策产生实质性影响的信息,并保证所有股东有平等的机会获得信息。
        第八十九条 上市公司披露的信息应当便于理解。上市公司应保证使用者能够通过经济、便捷的方式(如互联网)获得信息。
        第九十条 上市公司董事会秘书负责信息披露事项,包括建立信息披露制度、接待来访、回答咨询、联系股东,向投资者提供公司公开披露的资料等。董事会及经理人员应对董事会秘书的工作予以积极支持。任何机构及个人不得干预董事会秘书的工作。
        第二节 公司治理信息的披露
        第九十一条 上市公司应按照法律、法规及其他有关规定,披露公司治理的有关信息,包括但不限于:(1)董事会、监事会的人员及构成;(2)董事会、监事会的工作及评价;(3)独立董事工作情况及评价,包括独立董事出席董事会的情况、发表独立意见的情况及对关联交易、董事及高级管理人员的任免等事项的意见;(4)各专门委员会的组成及工作情况;(5)公司治理的实际状况,及与本准则存在的差异及其原因;(6)改进公司治理的具体计划和措施。
        第三节 股东权益的披露
        第九十二条 上市公司应按照有关规定,及时披露持有公司股份比例较大的股东以及一致行动时可以实际控制公司的股东或实际控制人的详细资料。
        第九十三条 上市公司应及时了解并披露公司股份变动的情况以及其它可能引起股份变动的重要事项。
        第九十四条 当上市公司控股股东增持、减持或质押公司股份,或上市公司控制权发生转移时,上市公司及其控股股东应及时、准确地向全体股东披露有关信息。
        第八章 附则
        第九十五条 本准则自发布之日起施行。
        Code of Corporate Governance for Listed Companies in China
        Issued by:
        China Securities Regulatory Commission
        State Economic and Trade Commission
        January 7, 2001
        (Zhengjianfa No.1 of 2002)
        Code of Corporate Governance for Listed Companies
        Preface
        In accordance with the basic principles of the Company Law, the
      Securities Law and other relevant laws and regulations, as well as the
      commonly accepted standards in international corporate governance, the
      Code of Corporate Governance for Listed Companies (hereinafter referred to
      as "the Code") is formulated to promote the establishment and improvement
      of modern enterprise system by listed companies, to standardize the
      operation of listed companies and to bring forward the healthy development
      of the securities market of our country.
        The Code sets forth, among other things, the basic principles for
      corporate governance of listed companies in our country, the means for the
      protection of investors'' interests and rights, the basic behavior rules
      and moral standards for directors, supervisors, managers and other senior
      management members of listed companies.
        The Code is applicable to all listed companies within the boundary of
      the People''s Republic of China. Listed companies shall act in the spirit
      of the Code in their efforts to improve corporate governance. Requirements
      of the Code shall be embodied when listed companies formulate or amend
      their articles of association or rules of governance. The Code is the
      major measuring standard for evaluating whether a listed company has a
      good corporate governance structure, and if major problems exist with the
      corporate governance structure of a listed company, the securities
      supervision and regulation authorities may instruct the company to make
      corrections in accordance with the Code.
        Chapter 1. Shareholders and Shareholders'' Meetings
        (1) Rights of Shareholders
        1. As the owner of a company, the shareholders shall enjoy the legal
      rights stipulated by laws, administrative regulations and the company''s
      articles of association. A listed company shall establish a corporate
      governance structure sufficient for ensuring the full exercise of
      shareholders'' rights.
        2. The corporate governance structure of a company shall ensure fair
      treatment toward all shareholders, especially minority shareholders. All
      shareholders are to enjoy equal rights and to bear the corresponding
      duties based on the shares they hold.
        3. Shareholders shall have the right to know about and the right to
      participate in major matters of the company set forth in the laws,
      administrative regulations and articles of association. A listed company
      shall establish efficient channels of communication with its shareholders.
        4. Shareholders shall have the right to protect their interests and
      rights through civil litigation or other legal means in accordance with
      laws and administrative regulations. In the event the resolutions of
      shareholders'' meeting
      s or the resolutions of the board of directors are in breach of laws and
      administrative regulations or infringe on shareholders'' legal interests
      and rights, the shareholders shall have the right to initiate litigation
      to stop such breach or infringement. The directors, supervisors and
      managers of the company shall bear the liability of compensation in cases
      where they violate laws, administrative regulations or articles of
      association and cause damages to the company during the performance of
      their duties. Shareholders shall have the right to request the company to
      sue for such compensation in accordance with law.
        (2) Rules for Shareholders'' Meetings
        5. A listed company shall set out convening and voting procedures for
      shareholders'' meetings in its articles of association, including rules
      governing such matters as notification, registration, review of proposals,
      voting, counting of votes, announcement of voting results, formulation of
      resolutions, recording of minutes and signatories, public announcement,
      etc.
        6. The board of directors shall earnestly study and arrange the agenda
      for a shareholders'' meeting. During a shareholders'' meeting, each item
      on the agenda shall be given a reasonable amount of time for discussion.
        7. A listed company shall state in its articles of association the
      principles for the shareholders'' meeting to grant authorization to the
      board of directors. The content of such authorization shall be explicit
      and concrete.
        8. Besides ensuring that shareholders'' meetings proceed legally and
      effectively, a listed company shall make every effort, including fully
      utilizing modern information technology means, to increase the number of
      shareholders attending the shareholders'' meetings. The time and location
      of the shareholders'' meetings shall be set so as to allow the maximum
      number of shareholders to participate.
        9. The shareholders can either be present at the shareholders'' meetings
      in person or they may appoint a proxy to vote on their behalf, and both
      means of voting possess the same legal effect.
        10. The board of directors, independent directors and qualified
      shareholders of a listed company may solicit for the shareholders'' right
      to vote in a shareholders'' meeting. No payments shall be made to the
      shareholders for such solicitation, and adequate information shall be
      provided to persons whose voting rights are being solicited.
        11. Iinstitutional investors shall play a role in the appointment of
      company directors, the compensation and supervision of management and
      major decision-making processes.
        (3) Related Party Transactions
        12. Written agreements shall be entered into for related party
      transactions among a listed company and its connected parties. Such
      agreements shall observe principles of equality, voluntarity, and making
      compensation for equal value. The contents of such agreements shall be
      specific and concrete. Matters such as the signing, amendment, termination
      and execution of such agreements shall be disclosed by the listed company
      in accordance with relevant regulations.
        13. Efficient measures shall be adopted by a listed company to prevent
      its connected parties from interfering with the operation of the company
      and damaging the company''s interests by monopolizing purchase or sales
      channels. Related party transactions shall observe commercial principles.
      In principle, the prices for related party transactions shall not deviate
      from an independent third party''s market price or charging standard. The
      company shall fully disclose the basis for pricing for related party
      transactions.
        14. The assets of a listed company belong to the company. The company
      shall adopt efficient measures to prevent its shareholders and their
      affiliates from misappropriating or transferring the capital, assets or
      other resources of the company through various means. A listed company
      shall not
      provide financial guarantees for its shareholders or their affiliates.
        Chapter 2. Listed Company and Its Controlling Shareholders
        (1) Behavior Rules for Controlling Shareholders
        15. During the restructuring and reorganization of a company that plans
      to list, the controlling shareholders shall observe the principle of
      "first restructuring, then listing", and shall emphasize the establishment
      of a reasonably balanced shareholding structure.
        16. During the restructuring and reorganization of a company that plans
      to list, the controlling shareholders shall sever the company''s social
      functions and strip out non-operational assets. Non-operational
      institutions, welfare institutions and their facilities shall not be
      included in the listed company.
        17. Controlling shareholders'' remaining enterprises or institutions
      that provide services for the major business of the listed company may be
      restructured into specialized companies in accordance with the principles
      of specialization and market practice, and may enter into relevant
      agreements with the listed company in accordance with commercial
      principles. Remaining enterprises engaged in other businesses shall
      increase their capability of independent development. Remaining
      enterprises not capable to continue operation shall exit the market,
      through such channels as bankruptcy, in accordance with relevant laws and
      regulations. Enterprises meeting certain requirements during restructuring
      may sever all their social functions and disperse surplus employees at one
      time and keep no remaining enterprises.
        18. The controlling shareholders shall support the listed company to
      further reform labor, personnel and distribution systems, to transform
      operational and managerial mechanisms, and to establish such systems as:
      management selection through bidding and competition, with the chance for
      both promotion and demotion; employment of employees on the basis of
      competitive selection, with the chance for both employment and termination
      of employment; income distribution scheme that provides sufficient
      incentive, with the chance to both increase and decrease the remuneration;
      etc.
        19. The controlling shareholders owe a duty of good faith toward the
      listed company and other shareholders. The controlling shareholders of a
      listed company shall strictly comply with laws and regulations while
      exercising their rights as investors, and shall be prevented from damaging
      the listed company''s or other shareholders'' legal rights and interests,
      through means such as assets restructuring, or from taking advantage of
      their privileged position to gain additional benefit.
        20. The controlling shareholders shall nominate the candidates for
      directors and supervisors in strict compliance with the terms and
      procedures provided for by laws, regulations and the company''s articles
      of association. The nominated candidates shall possess certain relevant
      professional knowledge and the capability to make decisions or supervise.
      The resolutions made by the shareholders'' meetings electing personnel or
      the board of directors'' resolutions appointing personnel shall not be
      subjected to approval procedures by the controlling shareholders. The
      controlling shareholders are forbidden to appoint senior management
      personnel by circumventing the shareholders'' meetings or the board of
      directors.
        21. The important decisions of a listed company shall be made through a
      shareholders'' meeting or board of directors'' meeting in accordance with
      law. The controlling shareholders shall not directly or indirectly
      interfere with the company''s decisions or business activities conducted
      in accordance with laws; nor shall they impair the listed company''s or
      other shareholders'' rights and interests.
        (2) Independence of Listed Company
        22. A listed company shall be separated from its controlling
      shareholders in such aspects as personnel, ass
      ets and financial affairs, shall be independent in institution and
      business, shall practice independent business accounting, and shall
      independently bear risks and obligations.
        23. The personnel of a listed company shall be independent from the
      controlling shareholders. The management, financial officers, sales
      officers and secretary of the board of directors of the listed company
      shall not take posts other than as a director in a controlling
      shareholder''s entities. In the case where a member of a controlling
      shareholder''s senior management concurrently holds the position of
      director of the listed company, such member shall ensure adequate time and
      energy to perform the work for the listed company.
        24. The assets invested by a controlling shareholder in a listed company
      shall be independent, complete and with clear indication of ownership.
      Where controlling shareholders invest non-cash assets into a listed
      company, ownership transfer procedures shall be completed and explicit
      boundaries for such assets shall be clarified. The listed company shall
      independently register such assets, independently set up account for such
      assets, and independently carry out business accounting and management for
      such assets. The controlling shareholders shall not misappropriate or
      control such assets or interfere with the listed company''s management of
      such assets.
        25. A listed company shall establish sound financial and accounting
      management systems in accordance with laws and regulations and shall
      conduct independent business accounting. Controlling shareholders shall
      respect the financial independence of the company and shall not interfere
      with the financial and accounting activities of the company.
        26. The board of directors, the supervisory committee and other internal
      offices of a listed company shall operate in an independent manner. There
      shall be no subordination relationship between, on the one hand, a listed
      company or its internal offices and, on the other hand, the company''s
      controlling shareholders or their internal offices, and the latter shall
      not give plans or instructions concerning the listed company''s business
      operation to the former, nor shall the latter interfere with the
      independent operation of the former in any other manner.
        27. A listed company''s business shall be completely independent from
      that of its controlling shareholders. Controlling shareholders and their
      subsidiaries shall not engage in the same or similar business as that of
      the listed company. Controlling shareholders shall adopt efficient
      measures to avoid competition with the listed company.
        Chapter 3. Directors and Board of Directors
        (1) Election Procedures for Directors
        28. A company shall establish a standardized and transparent procedure
      for director election in its articles of association, so as to ensure the
      openness, fairness, impartialness and independence of the election.
        29. Detailed information regarding the candidates for directorship shall
      be disclosed prior to the convening of the shareholders'' meeting to
      ensure adequate understanding of the candidates by the shareholders at the
      time of voting.
        30. Candidates for directorship shall give written undertakings to
      accept their nomination, to warrant the truthfulness and completeness of
      the candidate''s information that has been publicly disclosed and to
      promise to earnestly perform their duties once elected.
        31. The election of directors shall fully reflect the opinions of
      minority shareholders. A cumulative voting system shall be earnestly
      advanced in shareholders'' meetings for the election of directors. Listed
      companies that are more than 30% owned by controlling shareholders shall
      adopt a cumulative voting system, and the companies that do adopt such a
      system shall stipulate the implementing rules for such cumulative voting
      system in their articles of association.
        32. A
      ppointment agreements shall be entered into by a listed company and its
      directors to clarify such matters as the rights and obligations between
      the company and the director, the term of the directorship, the
      director''s liabilities in case of breach of laws, regulations or articles
      of association, and the compensation from the company in case of early
      termination of the appointment agreement for cause by the company.
        (2) The Duties and Responsibilities of Directors
        33. Directors shall faithfully, honestly and diligently perform their
      duties for the best interests of the company and all the shareholders.
        34. Directors shall ensure adequate time and energy for the performance
      of their duties.
        35. Directors shall attend the board of directors meetings in a diligent
      and responsible manner, and shall express their clear opinion on the
      topics discussed. When unable to attend a board of directors meeting, a
      director may authorize another director in writing to vote on his behalf
      and the director who makes such authorization shall be responsible for the
      vote.
        36. The board of directors shall abide by relevant laws, regulations,
      rules and the company''s articles of association, and shall strictly
      fulfill the undertakings they made publicly.
        37. Directors shall earnestly attend relevant trainings to learn about
      the rights, obligations and duties of a director, to familiarize
      themselves with relevant laws and regulations and to master relevant
      knowledge necessary for acting as directors.
        38. In cases where the resolutions of board of directors violate laws or
      regulations or a listed company''s articles of association and cause
      losses to the listed company, directors responsible for making such
      resolutions shall be liable for compensation, except those proved to have
      objected and the objections of whom have been recorded in the minutes.
        39. After approval by the shareholders'' meeting, a listed company may
      purchase liability insurance for directors. Such insurance shall not cover
      the liabilities arising in connection with directors'' violation of laws,
      regulations or the company''s articles of association.
        (3) Duties and Composition of the Board of Directors
        40. The number of directors and the structure of the board of directors
      shall be in compliance with laws and regulations and shall ensure the
      effective discussion and efficient, timely and prudent decision-making
      process of the board of directors.
        41. The board of directors shall possess proper professional background.
      The directors shall possess adequate knowledge, skill and quality to
      perform their duties.
        42. The board of directors shall be made accountable to shareholders. A
      listed company''s corporate governance framework shall ensure that the
      board of directors can exercise its power in accordance with laws,
      administrative regulations and the company''s articles of association.
        43. The board of directors shall earnestly perform its duties as
      stipulated by laws, regulations and the company''s articles of
      association, shall ensure that the company complies with laws, regulations
      and its articles of association, shall treat all the shareholders equally
      and shall be concerned with the interests of stakeholders.
        (4) Rules and Procedure of the Board of Directors
        44. A listed company shall formulate rules of procedure for its board of
      directors in its articles of association to ensure the board of
      directors'' efficient function and rational decisions.
        45. The board of directors shall meet periodically and shall convene
      interim meetings in a timely manner when necessary. Each board of
      directors'' meeting shall have a pre-decided agenda.
        46. The meetings of the board of directors of a listed company shall be
      conducted in strict compliance with prescribed procedures. The board of
      directors shall send notice to all directo
      rs in advance, at the stipulated time, and shall provide sufficient
      materials, including relevant background materials for the items on the
      agenda and other information and data that may assist the directors in
      their understanding of the company''s business development. When two or
      more independent directors deem the materials inadequate or unclear, they
      may jointly submit a written request to postpone the meeting or to
      postpone the discussion of the related matter, which shall be granted by
      the board of directors.
        47. The minutes of the board of directors'' meetings shall be complete
      and accurate. The secretary of the board of directors shall carefully
      organize the minutes and the records of discussed matters. Directors that
      have attended the meetings and the person who drafted the minutes shall
      sign the minutes. The minutes of the board of directors'' meetings shall
      be properly maintained and stored as important records of the company, and
      may be used as an important basis for clarifying responsibilities of
      individual directors in the future.
        48. In the case of authorization to the chairman of the board of
      directors to exercise part of the board of directors'' power of office
      when the board of directors is not in session, clear rules and principles
      for such authorization shall be stated in the articles of association of
      the listed company. The content of such authorization shall be clear and
      specific. All matters related to material interests of the company shall
      be submitted to the board of directors for collective decision.
        (5) Independent Directors
        49. A listed company shall introduce independent directors to its board
      of directors in accordance with relevant regulations. Independent
      directors shall be independent from the listed company that employs them
      and the company''s major shareholders. An independent director may not
      hold any other position apart from independent director in the listed
      company.
        50. The independent directors shall bear the duties of good faith and
      due diligence toward the listed company and all the shareholders. They
      shall earnestly perform their duties in accordance with laws, regulations
      and the company''s articles of association, shall protect the overall
      interests of the company, and shall be especially concerned with
      protecting the interests of minority shareholders from being infringed.
      Independent directors shall carry out their duties independently and shall
      not subject themselves to the influence of the company''s major
      shareholders, actual controllers, or other entities or persons who are
      interested parties of the listed company.
        51. Relevant laws and regulations shall be complied with for matters
      such as the qualifications, procedure of election and replacement, and
      duties of independent directors.
        (6) Specialized Committees of the Board of Directors
        52. The board of directors of a listed company may establish a corporate
      strategy committee, an audit committee, a nomination committee, a
      remuneration and appraisal committee and other special committees in
      accordance with the resolutions of the shareholders'' meetings. All
      committees shall be composed solely of directors. The audit committee, the
      nomination committee and the remuneration and appraisal committee shall be
      chaired by an independent director, and independent directors shall
      constitute the majority of the committees. At least one independent
      director from the audit committee shall be an accounting professional.
        53. The main duties of the corporate strategy committee shall be to
      conduct research and make recommendations on the long-term strategic
      development plans and major investment decisions of the company.
        54. The main duties of the audit committee are (1) to recommend the
      engagement or replacement of the company''s external auditing
      institutions; (2) to review the internal audit system and its execution;
      (3) to oversee the in
      teraction between the company''s internal and external auditing
      institutions; (4) to inspect the company''s financial information and its
      disclosure; and (5) to monitor the company''s internal control system.
        55. The main duties of the nomination committee are (1) to formulate
      standards and procedures for the election of directors and make
      recommendations; (2) to extensively seek qualified candidates for
      directorship and management; and (3) to review the candidates for
      directorship and management and make recommendations.
        56. The main duties of the remuneration and appraisal committee are (1)
      to study the appraisal standard for directors and management personnel, to
      conduct appraisal and to make recommendations; and (2) to study and review
      the remuneration policies and schemes for directors and senior management
      personnel.
        57. Each specialized committee may engage intermediary institutions to
      provide professional opinions, the relevant expenses to be borne by the
      company.
        58. Each specialized committee shall be accountable to the board of
      directors. All proposals by specialized committees shall be submitted to
      the board of directors for review and approval.
        Chapter 4. The Supervisors and the Supervisory Board
        (1) Duties and Responsibilities of the Supervisory Board
        59. The supervisory board of a listed company shall be accountable to
      all shareholders. The supervisory board shall supervise the corporate
      finance, the legitimacy of d,irectors, managers and other senior management
      personnel''s performance of duties, and shall protect the company''s and
      the shareholders'' legal rights and interests.
        60. Supervisors shall have the right to learn about the operating status
      of the listed company and shall have the corresponding obligation of
      confidentiality. The supervisory board may independently hire intermediary
      institutions to provide professional opinions.
        61. A listed company shall adopt measures to ensure supervisors'' right
      to learn about company''s matters and shall provide necessary assistance
      to supervisors for their normal performance of duties. No one shall
      interfere with or obstruct supervisors'' work. A supervisor''s reasonable
      expenses necessary to perform their duties shall be borne by the listed
      company.
        62. The record of the supervisory committee''s supervision as well as
      the results of financial or other specific investigations shall be used as
      an important basis for performance assessment of directors, managers and
      other senior management personnel.
        63. The supervisory board may report directly to securities regulatory
      authorities and other related authorities as well as reporting to the
      board of directors and the shareholders'' meetings when the supervisory
      board learns of any violation of laws, regulations or the company''s
      articles of association by directors, managers or other senior management
      personnel.
        (2) The Composition and Steering of the Supervisory Board
        64. Supervisors shall have professional knowledge or work experience in
      such areas as law and accounting. The members and the structure of the
      supervisory board shall ensure its capability to independently and
      efficiently conduct its supervision of directors, managers and other
      senior management personnel and to supervise and examine the company''s
      financial matters.
        65. A listed company shall formulate in its articles of association
      standardized rules and procedures governing the steering of the
      supervisory board. The supervisory board''s meetings shall be convened in
      strict compliance with the rules and procedures.
        66. The supervisory board shall meet periodically and shall convene
      interim meetings in a timely manner when necessary. If for any reason a
      supervisory board meeting cannot be convened as scheduled, an explanation
      shall be publicly announced.
        67. The supervisory board may ask directo
      rs, managers and other senior management personnel, internal auditing
      personnel and external auditing personnel to attend the meetings of
      supervisory board and to answer the questions that the supervisory board
      is concerned with.
        68. Minutes shall be drafted for the meetings of the supervisory board,
      which shall be signed by the supervisors that attended the meetings and
      the person who drafted the minutes. The supervisors shall have the right
      to request to record in the minutes explanatory notes to their statements
      in the meetings. Minutes of the meetings of the supervisory board shall be
      properly maintained and stored as important records of the company.
        Chapter 5. Performance Assessments and Incentive and Disciplinary
Systems
        (1) Performance Assessment for Directors, Supervisors and Management
      Personnel
        69. A listed company shall establish fair and transparent standards and
      procedures for the assessment of the performance of directors, supervisors
      and management personnel.
        70. The evaluation of the directors and management personnel shall be
      conducted by the board of directors or by the remuneration and appraisal
      committee of the board of directors. The evaluation of the performance of
      independent directors and supervisors shall be conducted through a
      combination of self-review and peer review.
        71. The board of directors shall propose a scheme for the amount and
      method of compensation for directors to the shareholders'' meeting for
      approval. When the board of directors or the remuneration and appraisal
      committee reviews the performance of or discusses the compensation for a
      certain director, such director shall withdraw.
        72. The board of directors and the supervisory board shall report to the
      shareholder meetings the performance of the directors and the supervisors,
      the results of the assessment of their work and their compensation, and
      shall disclose such information.
        (2) Selection of Management Personnel
        73. The recruiting of management personnel of a listed company shall be
      conducted in strict observation with relevant laws and regulations and the
      company''s articles of association. No institution or individual shall
      interfere with a listed company''s normal recruiting procedure for
      management personnel.
        74. The recruiting of management personnel of a listed company shall, to
      the extent possible, be carried out in a fair and transparent manner,
      through domestic and international markets for professional management,
      making full use of intermediary agencies.
        75. Employment agreements shall be entered into by a listed company and
      its management personnel to clarify each party''s rights and obligations.
        76. The appointment and removal of managers shall be in compliance with
      legal procedure and shall be publicly announced.
        (3) Incentive and Disciplinary Systems for Management
        77. To attract qualified personnel and to maintain the stability of
      management, a listed company shall establish rewarding systems that link
      the compensation for management personnel to the company''s performance
      and to the individual''s work performance.
        78. The performance assessment for management personnel shall become a
      basis for determining the compensation and other rewarding arrangements
      for the person reviewed.
        79. The results of the performance assessment shall be approved by the
      board of directors, explained at the shareholders'' meetings and
disclosed.
        80. A listed company shall specify management personnel''s duties and
      responsibilities in its articles of association. If management personnel
      violate laws, regulations or the company''s articles of association and
      cause damages to the company, the board of directors of the company shall
      actively investigate and pursue such personnel''s legal liabilities.
        Chapter 6. Stakeholders
        81. A listed company shall res
      pect the legal rights of banks and other creditors, employees, consumers,
      suppliers, the community and other stakeholders.
        82. A listed company shall actively cooperate with its stakeholders and
      jointly advance the company''s sustained and healthy development.
        83. A company shall provide the necessary means to ensure the legal
      rights of stakeholders. Stakeholders shall have opportunities and channels
      for redress for infringement of rights.
        84. A company shall provide necessary information to banks and other
      creditors to enable them to make judgments and decisions about the
      company''s operating and financial situation.
        85. A company shall encourage employees'' feedback regarding the
      company''s operating and financial situations and important decisions
      affecting employee''s benefits through direct communications with the
      board of directors, the supervisory board and the management personnel.
        86. While maintaining the listed company''s development and maximizing
      the benefits of shareholders, the company shall be concerned with the
      welfare, environmental protection and public interests of the community in
      which it resides, and shall pay attention to the company''s social
      responsibilities.
        Chapter 7. Information Disclosure and Transparency
        (1) Listed Companies'' Ongoing Information Disclosure
        87. Information disclosure is an ongoing responsibility of listed
      companies. A listed company shall truthfully, accurately, completely and
      timely disclose information as required by laws, regulations and the
      company''s articles of association.
        88. In addition to disclosing mandatory information, a company shall
      also voluntarily and timely disclose all other information that may have a
      material effect on the decisions of shareholders and stakeholders, and
      shall ensure equal access to information for all shareholders.
        89. Disclosed information by a listed company shall be easily
      comprehensible. Companies shall ensure economical, convenient and speedy
      access to information through various means (such as the Internet).
        90. The secretary of the board of directors shall be in charge of
      information disclosure, including formulating rules for information
      disclosure, receiving visits, providing consultation, contacting
      shareholders and providing publicly disclosed information about the
      company to investors. The board of directors and the management shall
      actively support the secretary''s work. No institutions or individuals
      shall interfere with the secretary''s work.
        (2) Disclosure of Information Regarding Corporate Governance
        91. A listed company shall disclose information regarding its corporate
      governance in accordance with laws, regulations and other relevant rules,
      including but not limited to: (1) the members and structure of the board
      of directors and the supervisory board; (2) the performance and evaluation
      of the board of directors and the supervisory board; (3) the performance
      and evaluation of the independent directors, including their attendance at
      board of directors'' meetings, their issuance of independent opinions and
      their opinions regarding related party transactions and appointment and
      removal of directors and senior management personnel; (4) the composition
      and work of the specialized committees of the board of directors; (5) the
      actual state of corporate governance of the company, the gap between the
      company''s corporate governance and the Code, and the reasons for the gap;
      and (6) specific plans and measures to improve corporate governance.
        (3) Disclosure of Controlling Shareholder''s Interests
        92. A company shall timely disclose detailed information about each
      shareholder who owns a comparatively large percentage of shares of the
      company, the shareholders who actually control the company when acting in
      concert and the company''s actual controllers in accordance with relevant
      regulati
      ons.
        93. A listed company shall learn about and disclose in a timely manner,
      changes in the shareholding of the company and other important matters
      that may cause changes in the shareholding of the company.
        94. When controlling shareholders increase or decrease their
      shareholding or pledge the company''s shares, or when the actual control
      of the company transfers, the company and its controlling shareholders
      shall timely and accurately disclose relevant information to all
      shareholders.
        Chapter 8. Supplementary Article
        95. This Code shall come into effect on the date of issuance


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