上市公司治理准则

上市公司治理准则中英文对照

中文: 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

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、 第二十八条

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 以上的上市公司，应当采用累积投票制。采用累积投票

30%

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 名或 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

2 2

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：（ ）提议聘请或更换外部审计机构；（ ）监督公司

12

的内部审计制度及其实施；（ ）审核公司的财务信息及其 ）负责内部审计与外部审计之间的沟通；（

披露；（ ）审查公司的内控制度。

43

5

第五十五条 提名委员会的主要职责是：（ ）研究董事、经理人员的选择标准和程序并提出

1

建议；（ ）广泛搜寻合格的董事和经理人员的人选；（ ）对董事候选人和经理人选进行审查并提出建

议。

23

第五十六条 薪酬与考核委员会的主要职责是：（ ）研究董事与经理人员考核的标准，进行

1

考核并提出建议；（ ）研究和审查董事、高级管理人员的薪酬政策与方案。

2

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

存。

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

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

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

福利、环境保护、公益事业等问题，重视公司的社会责任。

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 第八十七条

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：（ ）董事会、监事会的人员及构成；（ ）董事会、监事会的工作及评价；（ ）独立董事工

1 2 3

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；（ ）各专门委员会的组成及工作情况；（ ）公司治理的实际状况，及与本

准则存在的差异及其原因；（ ）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

4 5

6

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。

英文：

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

enterpri system by listed companies, to standardize the operation of listed companies and to

bring forward the healthy development of the curities market of our country.

The Code ts 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 nior 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 curities 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 exerci of

shareholders'' rights.

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 bad on the shares they hold.

2. Shareholders shall have the right to know about and the right to participate in

major matters of the company t forth in the laws, administrative regulations and articles of

association. A listed company shall establish efficient channels of communication with its

shareholders.

3. 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'' meetings 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 cas where they

violate laws, administrative regulations or articles of association and cau 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 t 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

to grant authorization to the board of directors. The content of

shareholders'' meeting

such authorization shall be explicit and concrete.

8. Besides ensuring that shareholders'' meetings proceed legally

listed company shall make every effort, including fully utilizing

technology means, to increa the number of shareholders attending

meetings. The time and location of the shareholders'' meetings shall be

t so as to allow the maximum number of shareholders to participate.

and effectively, a

modern information

the shareholders''

9. The shareholders can either be prent at the shareholders'' meetings in person or they

may appoint a proxy to vote on their behalf, and both means of voting posss 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 who 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 process.

(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 obrve 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 disclod 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 purcha or sales channels. Related party transactions shall

obrve 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 disclo the basis for pricing for related party transactions.

14. The asts 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, asts 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 obrve 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 ver the company''s social functions and strip out non- operational

asts. Non-operational institutions, welfare institutions and their facilities shall not be

included in the listed company.

17. Controlling shareholders'' remaining enterpris or institutions that provide rvices

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 enterpris

engaged in other business shall increa their capability of independent development. Remaining

enterpris not capable to continue operation shall exit the market, through such channels as

bankruptcy, in accordance with relevant laws and regulations. Enterpris meeting certain

requirements during restructuring may ver all their social functions and disper surplus

employees at one time and keep no remaining enterpris.

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 lection through bidding and

competition, with the chance for both promotion and demotion; employment of employees on the

basis of competitive lection, with the chance for both employment and termination of

employment; income distribution scheme that provides sufficient incentive, with the chance to

both increa and decrea 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 asts 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 posss certain relevant

professional knowledge and the capability to make decisions or supervi. 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 nior 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 parated from its controlling shareholders in such aspects

as personnel, asts 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 cretary 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 ca where a member of a controlling shareholder''s nior

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 asts 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 asts into a listed company, ownership transfer procedures shall be completed

and explicit boundaries for such asts shall be clarified. The listed company shall

independently register such asts, independently t up account for such asts, and

independently carry out business accounting and management for such asts. The controlling

shareholders shall not misappropriate or control such asts or interfere

with the listed company''s management of such asts.

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 disclod 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 disclod and to promi 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. Appointment 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 ca of breach of laws, regulations or

articles of association, and the compensation from the company in ca of early termination of

the appointment agreement for cau 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 discusd. 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 themlves with relevant laws and

regulations and to master relevant knowledge necessary for acting as directors.

38. In cas where the resolutions of board of directors violate laws or regulations or a

listed company''s articles of association and cau loss to the listed company, directors

responsible for making such resolutions shall be liable for compensation, except tho 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 purcha

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 posss proper professional background. The directors shall

posss 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 exerci 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 predecided 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 nd notice to all directors

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 cretary of the board of directors shall carefully organize the minutes and the records of

discusd 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 ud as an important basis

for clarifying responsibilities of individual directors in the future.

48. In the ca of authorization to the chairman of the board of directors to exerci part

of the board of directors'' power of office when the board of directors is not in ssion, 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 themlves 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 compod 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 rearch 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 overe the interaction 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 ek

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 nior management personnel.

57. Each specialized committee may engage intermediary institutions to provide professional

opinions, the relevant expens 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 supervi the corporate finance, the legitimacy of directors, managers

and other nior 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 expens 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 ud as an important basis for performance asssment

of directors, managers and other nior management personnel.

63. The supervisory board may report directly to curities 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 nior 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 nior

management personnel and to supervi 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 directors, managers and other nior 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 personwho drafted the

minutes. The supervisorsshall 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 shallbe properly maintained and storedas important records of the

company.

Chapter 5. Performance Asssments and Incentive and Disciplinary Systems

(1) Performance Asssment for Directors, Supervisors and Management Personnel

69. A listed company shall establish fair and transparent standards and procedures for the

asssment 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 lf-review and peer review.

71. The board of directors shall propo 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 discuss 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 asssment of

their work and their compensation, and shall disclo such information.

(2) Selection of Management Personnel

73. The recruiting of management personnel of a listed company shall be conducted in strict

obrvation 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 u 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 asssment 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 asssment shall be approved by the board of

directors, explained at the shareholders'' meetings and disclod.

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 cau 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 respect 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