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The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of Research Center Shanghai Stock Exchange 11-12 November 2002 Mumbia, India

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Page 1: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

The Fourth Asian Roundtable on Corporate Governance

The Recent Development of Corporate Governance in the Greater China Area

Prof. Ruyin HuDirector of Research CenterShanghai Stock Exchange

11-12 November 2002Mumbia, India

Page 2: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Development of Corporate Development of Corporate Governance in Mainland China Governance in Mainland China

Two path breaking documents:

Code of Corporate Governance enacted by CSRC and State and

Economic Trade Commission Based on a Shanghai Stock Exchange Corporate Governance Guideline

Guidelines for Introducing Independent Directors enacted by

CSRC

Page 3: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Development of Corporate Development of Corporate Governance in Mainland ChinaGovernance in Mainland China

Other developments:

Rules that target the behavior of controlling shareholders

Improvement in communications technology leads to

improvement in corporate governance

Page 4: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Development of Corporate Development of Corporate Governance in Mainland ChinaGovernance in Mainland China

Directions of improvement:

Legal infrastructure and independent judiciary Class action

Investor education

Page 5: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Development of Corporate Development of Corporate Governance in Hong KongGovernance in Hong Kong

Corporate governance culture:

Listed companies continue to be dominated by families

Pushing forward the best practices of corporate governance

by amending related rules Proposed Amendments to Listing Rules

Page 6: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Information disclosure:

Balance among three factors Frequency (concerns about short run stock price volatility)

Coverage

Timely report

Development of Corporate Development of Corporate Governance in Hong KongGovernance in Hong Kong

Page 7: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Development of Corporate Development of Corporate Governance in Hong KongGovernance in Hong Kong

Independent director:

All shareholders should have the same voting rights

Large shareholders should not be deprived of the

rights of nominating and appointing independent

directors.

Good corporate governance depends on individual

professional integrity

Page 8: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Development of Corporate Development of Corporate Governance in TaiwanGovernance in Taiwan

New publication:

Listed companies’ corporate governance practice Protect investors’ rights

Strengthen functions of the board and supervisory board

Increase transparency

Page 9: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Development of Corporate Development of Corporate Governance in TaiwanGovernance in Taiwan

Information disclosure: Six categories

Financial and investment related matters

Legal actions

Material events related to operation and production

Changes in management and board members

Decisions related to dividend and shareholders' right

Other matters that may have impacts on stock price or shareholders'

equity

Market Observation System linked with the exchange’s website

Page 10: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

Development of Corporate Development of Corporate Governance in TaiwanGovernance in Taiwan

Development of Investor Protection Law (Primary testimony passed in May 2002)

Service of consultation

Litigation of Class Action is proceeded for investors

Page 11: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

ConclusionConclusion

The role of honest and capable courts and regulators is critical.

Overemphasis on regulations and rules carries the risk of a triumph of form over substance.

Education, regulation, and enforcement are equally important.

Page 12: The Fourth Asian Roundtable on Corporate Governance The Recent Development of Corporate Governance in the Greater China Area Prof. Ruyin Hu Director of

TThank youhank you ！！TThank youhank you ！！


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