By Xinting Jia
Corporate governance has turn into a loved ones time period and traders internationally are tough extra transparency and responsibility from controllers of indexed organizations. the present assets increase that has been pushed by way of hovering call for from China has introduced China’s indexed assets businesses into concentration. a few of these businesses are starting to be recognized the world over, similar to Sinopec, PetroChina, CNOOC (in the oil undefined) and CHALCO (aluminium); yet their governance constructions are frequently no longer popular. This e-book explores the company governance of those indexed businesses. in comparison with the governance of worldwide businesses, corresponding to BHP Billiton, Rio Tinto, Shell, Shevron, the governance of China’s assets businesses has specified features.
While the authors concentration is at the governance of assets businesses in China, this ebook additionally tackles modern problems with source protection and environmental swap that are heavily regarding the depletion of the world’s normal resources. Case stories of alternative overseas assets giants comparable to BHP Billiton, Rio Tinto, Shell and Chevron are supplied to reinforce our figuring out of the variations that exist among them and chinese language assets businesses. This ebook might be of curiosity to the company group and to these readers who're attracted to China and its governance similar issues.
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Additional info for Corporate Governance and Resource Security in China: The Transformation of China's Global Resources Companies
TCL Communication Equipment Corporation Limited, 2003: 12) TCL has three independent directors, and one of them is an accounting professional. All three directors have faithfully, honestly and diligently fulfilled their duties and attended the board and the shareholders’ meetings; safeguarded the company and the shareholders’ interest. Acting as independent experts, independent directors have also advised the The Regulatory Environment of Listed Companies in China 27 company on issues such as related party transactions and other crucial decisions.
Remuneration of senior management teams of these companies as well as that of their employees should strictly follow government policy. Unplanned bonuses are prohibited. 4. All income, assets, accounts receivable and payable and cash income should be fully reflected in the accounts. Keeping ‘off the books’ or secret accounts (zhang wai zhang) and ‘secret money jar’ (xiao jin ku) are prohibited. 5. Ethical practices of accounting professionals should be respected. Nobody has the right to order accounting professionals to make false fi nancial statements.
Apart from the period 1949–1952, which was categorized as the economic recovery period, and the period 1963–1965, the adjustment period for the national economy (State-owned Assets Supervision and Administration Commission of the State Council, 2004), economic development in China since 1949 was mainly directed by the government’s five-year plans. Among them, the sixth five-year plan (1981–1985) was the fi rst five-year The Regulatory Environment of Listed Companies in China 13 plan formulated after China adopted its open door policy in 1978; and it was not until the ninth five-year plan (1996–2000) that the “establishment of modern enterprises system and a socialist market economy” was raised as one of the important tasks.