Guangdong Bureau urges listed companies in the jurisdiction to improve the governance mechanism and treat all investors fairly.

In accordance with the work deployment of the China Securities Regulatory Commission's "Fairness by Your Side" investor protection special activity, since this year, the Guangdong Bureau has promoted listed companies by urging listed companies in its jurisdiction to improve the voting mechanism and dividend policy, optimize the appeal handling mechanism, 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 right to participation of small and medium-sized investors

A sound and effective voting mechanism is a direct way for investors to participate in the governance of listed companies and realize the protection of their rights and interests. To this end, at the beginning of the year, the Guangdong Bureau organized staff to conduct a comprehensive investigation on the construction of mechanisms such as separate vote counting, soliciting voting rights, and online voting for small and medium-sized investors in the articles of association of listed companies in the jurisdiction, and to some listed companies that have not established and improved the above-mentioned governance mechanisms. The company made a notification. 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 revisions of relevant regulations and policies such as the "Guidelines for the Articles of Association of Listed Companies", and urge listed companies in the jurisdiction to take the opportunity of convening the 2014 annual general meeting of shareholders to complete the company The revision of the articles of association and related systems will improve the mechanisms for small and medium investors to count votes separately, solicit voting rights, and online voting rights, and effectively protect the right all investors. Up to now, 124 of the 218 listed companies in the jurisdiction have revised their articles of association, 11 have been approved by the board of directors, and the remaining 83 have proposed revision plans.

2. implement the cash dividend policy to effectively 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 have not clearly stipulated the priority of cash dividends and stock dividends, the profit distribution policy and the decision-making procedures and mechanisms for its adjustment, the form of profit distribution and the interval between cash dividends, And the specific conditions of cash dividends. In response to the problems found in the investigation, the Guangdong Bureau issued a special document urging listed companies to conduct self-examination of the profit distribution related system again in accordance with the requirements of the ''Guidelines for the Supervision of Listed Companies No. 3-Cash Dividends of Listed Companies'' and other documents, and carry out provisions that do not meet the requirements. Revise and improve, and guide listed companies to increase the level of cash dividends. According to statistics, 172 listed companies have implemented or planned to implement cash dividends in the jurisdiction this year, accounting for 80% of the total number of listed companies in the jurisdiction, with a total dividend of 32.4 billion billion yuan, an increase of 33.8 percent over the same period last year.

3. strengthen the supervision of the implementation of commitments, timely investigation and punishment of breach of trust

Strengthening the integrity supervision of listed companies will help to consolidate the foundation of corporate governance operation, and the Guangdong Bureau will, in accordance with the relevant requirements of the construction of the capital market integrity database of the CSRC, timely and dynamically update the public commitment information of the new and changed performance of listed companies in the jurisdiction, and improve the integrity supervision database of listed companies. Effectively strengthen the supervision of the fulfillment of commitments, and list 32 listed companies and 42 commitments that are still within the commitment fulfillment period as continuous key concerns. Since the beginning of this year, a total of 6 listed companies in the jurisdiction have been urged to fulfill in the form of cash or equity. Performance compensation commitments; in response to the breach of trust of a company's controlling shareholder who failed to transfer its famous series of trademarks to a listed company within the commitment period, take administrative supervision measures to issue warning letters to the relevant controlling shareholders to urge timely rectification.

4. optimize the dispute handling mechanism and smooth the channels for investors' demands

In the daily supervision, the Guangdong Bureau continues to urge the listed companies in the jurisdiction to assume the primary responsibility for handling investor complaints. On the basis that the listed companies in the jurisdiction have fully established an investor complaint handling system, the newly listed companies are urged to establish an investor complaint handling system in a timely manner and publicize it on the company's website through e-mail, telephone reminders, appointment talks, etc. Select 45 newly listed companies, suspend trading due to planning major issues, and involve more complaints and reports of listed companies to conduct spot checks on the investor relations management work, focusing on the company's hotline, e-mail response and company website construction, and supervise and rectify individual companies with deficiencies to ensure convenient and smooth communication channels for investors of listed companies. In response to reports and complaints that can be mediated, the "Key Points for Mediation and Handling of Reports and Complaints Involving Listed Companies in the Jurisdiction" have been formulated to guide listed companies to reconcile with investors on their own and resolve conflicts and disputes in a timely and efficient manner.

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