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Social responsibility
Guangdong Bureau urges listed companies in the jurisdiction to improve governance mechanisms and treat all investors fairly
Release Time：2019-04-25
In accordance with the work arrangements of the CSRC's "Fairness by Your Side" Investor Protection Special Activity, the Guangdong Bureau has promoted listed companies through measures such as urging listed companies in the jurisdiction to improve voting mechanisms and dividend policies, optimize appeal processing mechanisms, and earnestly fulfill public commitments. Improve the governance mechanism, treat the interests and demands of all investors fairly, and let investors truly feel that "fairness is around."
1. Improve the voting mechanism to protect the participation rights of small and medium investors
A sound and effective voting mechanism is a direct way for investors to participate in the governance of listed companies and protect their rights and interests. To this end, at the beginning of the year, the Guangdong Bureau organized its staff to conduct a comprehensive investigation on the establishment of mechanisms for individual voting, solicitation of voting rights, and online voting for small and medium investors in the articles of association of listed companies in the jurisdiction. The company made a report. At the same time, it also specially compiled and issued the "Securities and Futures Legal Work Newsletter (Corporate Governance Special Issue)" to publicize the latest amendments to the "Guidelines for the Articles of Association of Listed Companies" and other relevant laws and policies, and urge listed companies in the jurisdiction to take the 2014 annual general meeting of shareholders as an opportunity to complete the company's articles of association In conjunction with the revision of related systems, improve the mechanisms for small and medium investors to count individual votes, collect voting rights, and online voting to effectively protect the rights of all investors to participate in management decision-making. Up to now, 124 of the 218 listed companies in the jurisdiction have revised the company’s articles of incorporation, 11 revision proposals have been approved by the board of directors, and the remaining 83 have all proposed revision plans.
2. Implement the cash dividend policy and earnestly return investors
Since the beginning of this year, the Guangdong Bureau has conducted a comprehensive investigation and found that some listed companies in the jurisdiction did not clearly stipulate the priority of cash dividends and stock dividends, profit distribution policies and their adjustment decision-making procedures and mechanisms, the form of profit distribution, and the interval between cash dividends in accordance with the regulatory guidelines. , And the specific conditions for cash dividends. In response to the problems found in the investigation, the Guangdong Bureau issued a special document to urge listed companies to conduct self-inspection of relevant profit distribution systems in accordance with the "Guidelines for the Supervision of Listed Companies No. 3-Cash Dividends of Listed Companies" and other documents, and conduct non-compliance with the provisions Revised and improved to guide listed companies to increase the level of cash dividends. According to statistics, there are 172 listed companies that have implemented or intend to implement cash dividends in the jurisdiction this year, accounting for 80% of the total number of listed companies in the jurisdiction. The total dividends are 32.4 billion yuan, an increase of 33.8% year-on-year.
3. Strengthen the supervision of the fulfillment of promises and promptly investigate and deal with breaches
Strengthening the integrity supervision of listed companies will help to consolidate the foundation for corporate governance operations. In accordance with the relevant requirements of the China Securities Regulatory Commission’s capital market integrity database construction, the Guangdong Bureau will timely and dynamically update the public commitment information of new listed companies in the jurisdiction and changes in performance, and improve listed companies Integrity supervision database. Effectively strengthen the supervision of the implementation of commitments, list 32 listed companies and 42 commitments that are still within the commitment period as continuous key concerns. Since the beginning of this year, a total of 6 listed companies in the jurisdiction have been urged to perform their commitments in cash or equity. In response to the breach of trust of a company’s controlling shareholder who did not transfer its famous series of trademarks to a listed company within the promised period, the relevant controlling shareholder was taken to issue a warning letter for administrative supervision measures to urge timely rectification.
4. Optimize the dispute resolution mechanism and unblock investor appeal channels
The Guangdong Bureau continues to urge the listed companies in the jurisdiction to assume the primary responsibility for investor complaint handling in daily supervision. On the basis of the comprehensive establishment of investor complaint handling systems for listed companies in the jurisdiction, it supervises new listings through email, telephone reminders, interviews and conversations, etc. The company has established a timely investor complaint handling system and publicized it on the company's website. Select 45 newly-listed companies, suspended trading due to major events, and involve more complaints and reports on the investor relations management work of listed companies, focusing on checking the company’s hotline, e-mail response and company website construction. Individual companies have supervised and urged rectification to ensure convenient and smooth communication channels for investors in listed companies. Regarding mediationable reports and complaints, the "Key Points for Mediation and Handling of Reports and Complaints Involving Listed Companies in the Jurisdiction" was formulated to guide listed companies to reconcile themselves with investors and resolve conflicts and disputes in a timely and efficient manner.
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