Shanghai Stock Exchange Seeks Public Comments on Revising Main Board and Science and Technology Innovation Board Stock Listing Rules and Guidelines to Standardize Operation

The Zhitong Finance App learned that on December 31, the Shanghai Stock Exchange solicited public comments on revising the Main Board and Science and Technology Innovation Board stock listing rules and standardized operating guidelines. This rule revision mainly includes two aspects: First, implementing the requirements of the Securities Regulatory Commission's “Supervisory Rules for Board Secretaries of Listed Companies (Draft for Comments)”, establishing a full-process supervision system for the appointment, performance and dismissal of directors and secretaries, further improving the performance of directors' duties, guiding directors to perform their duties better, giving full play to the role of directors' secretaries in handling information disclosure matters, corporate governance, and internal and external communication and coordination, and promoting the improvement of the quality of listed companies. Second, refine the relevant regulations for directors and executives in accordance with the Securities Regulatory Commission's “Governance Guidelines for Listed Companies”, improve the supervisory system for directors and executives, carry out comprehensive regulations in terms of appointment, performance, and separation, and urge directors and executives to perform their duties faithfully and diligently; improve the incentive and restraint mechanism for directors and executives, require listed companies to formulate remuneration management systems, stipulate that directors' and executives' remuneration matches the company's operating performance and personal performance; further regulate the behavior of controlling shareholders and actual controllers, and strictly limit the possibility Peer competition that has a significant adverse effect on listed companies.

The original text is as follows:

Shanghai Stock Exchange Seeks Public Comments on Revising Main Board and Science and Technology Innovation Board Stock Listing Rules and Guidelines to Standardize Operation

Recently, under the overall guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange revised the “Stock Listing Rules” and “Standardized Operation Guidelines” of the Main Board and the Science and Technology Innovation Board, and publicly solicited comments from the market. The purpose of this revision is to further regulate the “key minority” behavior of directors, senior managers, controlling shareholders, and actual controllers of listed companies, guide directors and secretaries to actively perform their duties, promote the optimization of internal governance of listed companies, and effectively protect the legitimate rights and interests of small and medium-sized investors.

This rule revision mainly includes two aspects: First, implementing the requirements of the Securities Regulatory Commission's “Supervisory Rules for Board Secretaries of Listed Companies (Draft for Comments)”, establishing a full-process supervision system for the appointment, performance and dismissal of directors and secretaries, further improving the performance of directors' duties, guiding directors to perform their duties better, giving full play to the role of directors' secretaries in handling information disclosure matters, corporate governance, and internal and external communication and coordination, and promoting the improvement of the quality of listed companies. Second, refine the relevant regulations for directors and executives in accordance with the Securities Regulatory Commission's “Governance Guidelines for Listed Companies”, improve the supervisory system for directors and executives, and comprehensively regulate employment, performance, and separation, and urge directors and executives to perform their duties faithfully and diligently; improve incentives and restraint mechanisms for directors and executives, require listed companies to formulate remuneration management systems, stipulate that directors' and executives' remuneration matches the company's operating performance and personal performance; further regulate the behavior of controlling shareholders and actual controllers; further regulate the behavior of controlling shareholders and actual controllers, and strictly limit the potential for major restrictions on listed companies Adverse effects Peer competition.

Valuable comments from all parties in the market are welcome. The Shanghai Stock Exchange will further revise and improve the relevant rules based on public consultation and release them in due course.

This article was compiled from the “Shanghai Stock Exchange” WeChat account. Zhitong Finance Editor: Liu Jiayin.