A few days ago, the Shenzhen Stock Exchange completed the 2021 annual information disclosure assessment of companies listed on the main board and ChiNext. This assessment is based on the Shenzhen Stock Exchange’s “Guidelines for the Self-discipline and Supervision of Listed Companies No. 11 – Information Disclosure Work Assessment”, and adopts a combination of company self-assessment and exchange assessment to comprehensively assess the information disclosure work of 2,553 listed companies. The number of companies whose final assessment results were A (excellent), B (good), C (qualified) and D (unqualified) were 454, 1,744, 275 and 80 respectively, accounting for 17.78%, 68.31%, 10.77%, 3.13%. The proportion of companies with assessment results of A and B increased by 3.29 percentage points compared with the previous year, and the number of companies that touched the assessment indicators of C and D decreased by 49 compared with the previous year. On the whole, 215 companies (8.42%) have been assessed as A for information disclosure for more than 3 consecutive years, 121 companies have been assessed as A for more than 5 consecutive years, and 38 companies including Ping An Bank, Shenzhen Energy, Yantian Port, Huichuan Technology, etc. It has been assessed as A for more than 10 consecutive years, and the overall quality of information disclosure by Shenzhen-listed companies has steadily improved.
The positive guiding role of information disclosure assessment is highlighted
In the information disclosure assessment work in 2021, the Shenzhen Stock Exchange will further strengthen the assessment of listed companies’ cash dividends and share repurchases, investor relations management, and fulfillment of social responsibilities, in combination with regulatory practices and investors’ concerns, and strengthen the integrity of information disclosure assessment. to the guiding role.
Incentive effect of assessment bonus items. The first is to give bonus points to companies that disclose cash dividends and share repurchase plans to guide companies to actively reward shareholders. A total of 1,698 companies disclosed annual cash dividend plans, accounting for 70% of all profitable companies, with an average dividend payout ratio of 34.8%, and 567 companies repurchased shares in 2021. The second is to give extra points to companies that take the initiative to hold investor briefings and respond to investors’ questions in a timely manner, so as to unblock the communication channels between listed companies and investors. More than 90% of listed companies held performance briefings around the theme of “Ten New Breakthroughs”, and more than 70% of the companies received this bonus. The third is to give extra points to companies that disclose social responsibility reports or ESG reports to guide companies to actively fulfill their social responsibilities. 550 companies disclosed social responsibility reports or ESG reports, an increase of more than 100 over the previous year, and 1,559 companies disclosed environmental protection, pollution prevention, resource conservation, ecological environmental protection and other related content in their annual reports, further enhancing their awareness of social responsibility. Fourth, according to the effectiveness of the company’s information disclosure, voluntary information disclosure and participation in the formulation of relevant rules for information disclosure, the company will be awarded points as appropriate. effect gradually.
Warning effect of negative indicators and deduction items. In 2021, there are still a few companies with negative indicators or deductions, reflecting the low quality of information disclosure, the lack of standardized operation and compliance awareness, and the need for further improvement in the quality of information disclosure and standardized operation. In addition to 159 companies that have been listed for less than a year, they are not allowed to be A-class in the assessment according to the rules, and another 390 companies are not allowed to be A in the assessment of indicators such as being issued a supervision letter and the vacancy of board secretary for more than 3 months. 89 companies were issued with reserved opinions, major defects in internal control, and the board secretary vacancy for more than 6 months and other C-type assessment indicators, and 38 companies were issued with D-type assessment indicators such as inability to express opinions and administrative penalties. The deduction items mainly focus on regulatory measures or disciplinary actions taken, and requests to publicly correct wrong information, etc. The number and proportion of companies that have deducted points due to the aforementioned matters decreased compared with the previous year.
Promote the improvement of the quality of listed companies with information disclosure as the core
Improving the quality of listed companies is a major decision and deployment of the Party Central Committee and the State Council, and is an inherent requirement to promote the healthy development of the capital market. The quality of information disclosure is an objective and important standard to measure the quality of listed companies. In recent years, Shenzhen Stock Exchange has adhered to information disclosure as the core, earnestly fulfilled its duties of front-line supervision services, and promoted the high-quality development of listed companies. The first is to establish a system, vigorously promote the integration of the self-regulatory rule system of listed companies, and strive to build a more concise, friendly, mature and stereotyped rule system. The second is to strengthen supervision, and timely take action against suspected hot-spot speculation, abnormal transactions, financial fraud, etc. In 2021, a total of 2,771 letters of various regulatory inquiries will be issued, giving full play to the role of regulatory inquiries to warn and correct deviations, and a total of 202 listed companies will be issued. The regulatory disciplinary decision decision will be strictly punished for those who disrupt the market order and violate regulations. The third is to focus on training, continue to carry out training for listed companies and “key minority”, covering information disclosure rules, annual report preparation, performance briefings, cases of violations of laws and regulations, etc., and comprehensively strengthen the compliance operation of listed companies and “key minority” consciousness. The fourth is to provide better services. During the epidemic, self-regulatory services will be further optimized, including extending the information disclosure period, allowing the use of electronic signatures to handle business, and supporting and encouraging market players to increase their holdings and repurchase.
In the next step, Shenzhen Stock Exchange will continue to practice the policy of “system building, non-intervention, and zero tolerance” and the requirements of “four respects and one joint effort”, adhere to information disclosure as the core, and give full play to the positive guidance and negative restraint of information disclosure assessment. , further promote scientific supervision, classified supervision, professional supervision and continuous supervision, take multiple measures to promote listed companies to improve the quality of information disclosure and standardized operation, help improve the five capabilities of listed companies for high-quality development, and strive to build a virtuous circle of capital market ecology system.