Home » In 2021 China’s listed company governance index and green governance index released

In 2021 China’s listed company governance index and green governance index released

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On September 25, the 11th International Symposium on Corporate Governance with the theme of “Post-epidemic Era: Green Governance” hosted by the China Institute of Corporate Governance of Nankai University and Nankai University Business School, with the China Association of Listed Companies as the guiding unit Held in Tianjin. Li Wei’an, Chair Professor of Nankai University and Dean of the China Institute of Corporate Governance, released the 2021 China Listed Corporate Governance Index (CCGI) and the 2021 China Listed Company Green Governance Index (CGGI) at the meeting.

The evaluation sample size of China’s listed company governance index is 4134, including 1963 listed companies on the main board, 947 listed companies on the SME board, 887 listed companies on the ChiNext board, 215 listed companies on the Science and Technology Innovation Board, and 122 listed companies in the financial industry. .

According to the results of the governance evaluation of listed companies in China, the increase in 2021 is 0.56, reaching a new level. The governance level of listed companies continued to improve from 2003 to 2021. After the callback in 2009, after the financial crisis, it tended to rise year by year, and reached a new high of 64.05 in 2021, an increase of 14.43 from 49.62 in 2003.shareholderGovernance dimensions, managerial governance dimensions, information disclosure dimensions and stakeholder governance dimensions all showed an upward trend, while the board governance dimension declined slightly, and the supervisory board governance dimension remained the same as the previous year.

The evaluation results show that: the level of corporate governance has been significantly improved, and the effectiveness of governance has shortcomings; the leading role of governance benchmarking companies has increased, and the governance level of newly listed companies is low; the governance level of privately-held listed companies exceeds that of state-owned holdings, the rights and interests of small and medium shareholders are protected, and the quality of information disclosure , Stakeholder coordination capabilities, etc.; the governance of the board of directors of state-controlled listed companies continues to lag behind that of private holdings, and strengthening the supervision and incentives of directors has become the key; the governance of financial institutions has declined, and the governance gap between state-controlled financial institutions and private holdings has widened ; The reform of the GEM registration system has shown results, and connected transactions on the science and technology innovation board have increased; in response to the impact of the epidemic, the stakeholder concept has been further promoted and deepened.

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Based on the results of the governance evaluation of 4134 listed companies this year, in order to further improve the governance level of my country’s listed companies, the Corporate Governance Evaluation Task Force of the China Institute of Corporate Governance puts forward the following countermeasures: First, strengthen the independent governance of listed companies and enhance the effectiveness of corporate governance; Second, fully implement the registration system and improve the corporate governance standards for listing; third, lower the entry threshold for the mixed reform of privately-owned listed companies, and speed up the introduction of economic governance mechanisms; fourth, crack down on the directors of state-controlled companiesExecutivesIt is difficult to build a de-administrative incentive system; fifth, to prevent the governance risks of financial institutions, it is necessary to introduce unified financial institution governance standards; sixth, to improve corporate governance supervision under the registration system, and promote scientific and technological innovation sector companies from Entrance governance is transformed to process governance; seventh, green governance is fully implemented, leading the upgrade of corporate social responsibility to green governance.

In addition, this conference also released the 2021 China Listed Companies Green Governance Evaluation Index, which is the first research and development of the China Academy of Corporate Governance and has issued three consecutive China Listed Companies Green Governance Indexes in 2018, 2019, and 2020. Re-application of the evaluation system. The evaluation index system is guided by governance thinking, and sets up 12 governance elements and 36 sub-elements from the four dimensions of green governance structure, green governance mechanism, green governance efficiency, and green governance responsibility, to provide a comprehensive overview of the status of green governance of listed companies in China , Systematic evaluation. The overall evaluation sample is 1112, including 701 on the main board, 188 on the SME board, 99 on the ChiNext board, 21 on the Science and Technology Innovation Board, and 103 on the financial industry. The results of the green governance evaluation of listed companies in 2021 show that the average value of the green governance index of listed companies is 56.13, which is an increase of 0.35 from 55.78 in 2020. From the perspective of the four dimensions, the average value of green governance responsibility is 59.33, and the second highest dimension of green governance efficiency is 57.43. The average value of green governance mechanism and green governance structure is relatively low, only 56.38 and 55.81, reflecting Listed companies are relatively weak in terms of green governance mechanism and top-level structure design, and there is still much room for improvement.

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The evaluation results show that green governance is on the rise year by year, but the development of various dimensions is uneven; the green governance mechanism has improved significantly, driven by green operations and green investment and financing; green governance efficiency has improved, but green energy conservation and green recycling have declined; green Governance responsibilities have been slightly improved, but green information disclosure still needs to be improved; state-controlled listed companies have better green governance performance than privately-owned listed companies, but the gap has further narrowed; the green governance index of listed companies on the ChiNext and Science and Technology Innovation Board has increased significantly, while listed financial Institutional green governance needs to be improved. Based on the above green governance evaluation results, in order to improve the level of green governance of listed companies in China, the Green Governance Evaluation Task Force of the China Academy of Corporate Governance puts forward the following six countermeasures: First, improve the green governance structure and mechanism, and guide the practice of green governance Transformation of “endogenous embeddedness”; second, strengthen the supply of green governance systems, and improve the level of green governance of listed companies based on guidelines; third, improve the efficiency of state-owned enterprises’ green innovation, and accelerate the transformation and application of green innovation results; fourth, promote green financial institutions Governance transformation, coordinate the supervision of green governance in the financial industry; fifth, upgrade green information disclosure requirements, and improve the quality of green information disclosure by listed companies; sixth, continue to promote the green governance index, and practice the organic combination of value investment and green governance.

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It is understood that the China Listed Corporate Governance Index, which was developed by the China Institute of Corporate Governance of Nankai University and was the first to be released in China and known as the “barometer” of the governance status of listed companies, has been released for 19 consecutive years since 2003, with a total of 42303 The sample companies carried out governance evaluations. The index has a wide range of influences at home and abroad, and has been fully affirmed by relevant departments such as the State-owned Assets Supervision and Administration Commission of the State Council, China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission, and has been widely used by academia and practice circles. The CCTV 50 Index (index code: 399550), the CCTV Governance Leading Index (index code: 399554), and the Green Governance Index of the Institute of Corporate Governance (index code: 980058) developed based on the index were launched on June 6, 2012 and 2013. It will be listed or launched on the Shenzhen Stock Exchange on June 6 and September 28, 2020. The Chinese listed company governance index is also used in the evaluation of corporate governance in Shenzhen and other regions, realizing the transformation from scientific research results to practical applications.

(Source: Securities Daily)

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