On May 26, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued opinions on improving the modern enterprise system with Chinese characteristics.
First, the overall requirement
is to adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as a guide, thoroughly implement the spirit of the 20th CPC Congress and the 2nd and 3rd Plenary Sessions of the 20th CPC Central Committee, completely, accurately and comprehensively implement the new development concept, adhere to the general tone of steady progress, adhere to and improve the basic socialist economic system, and strive to build a well-off society in an all-round way. We should adhere to the direction of socialist market economy reform, coordinate high-quality development and high-level security, take adherence to and strengthening the leadership of the Party as the foundation, take clear property rights, clear powers and responsibilities, separation of government from enterprises, and scientific management as the basis, focus on improving corporate governance, take reform and innovation as the driving force, carry forward entrepreneurship and speed up the construction of enterprises. Modernization provides strong support for comprehensively promoting the construction of a strong country and the great cause of national rejuvenation. In our
work, we should adhere to the Party's overall leadership, unswervingly implement the Party's line, principles and policies, promote the effective coverage of the Party's organization and work, and improve the system and mechanism for the Party organizations to play their roles. We should adhere to and implement the "two unshakable" principles, promote the complementary advantages and common development of all kinds of ownership economies, and fully stimulate the endogenous power and innovation vitality of all kinds of enterprises. Insist on promoting development through system construction, break down the obstacles of system and mechanism, promote the innovation of corporate governance structure and organizational form, improve enterprise system, support and guide all kinds of enterprises to improve the efficiency of resource utilization and management level. We should adhere to classified guidance and overall promotion, and implement policies according to the size, stage of development and nature of ownership of enterprises, so as to cultivate more dynamic, resilient and competitive modern enterprises.
The main goal is to promote qualified enterprises to establish a modern enterprise system with Chinese characteristics that suits the national conditions, conforms to the reality and meets the needs of development in about five years, comprehensively strengthen the Party building in enterprises, improve the governance structure, improve the market-oriented operation mechanism, and further improve the level of scientific management. Promote independent innovation, support industrial upgrading, and fulfill social responsibility. By 2035, the modern enterprise system with Chinese characteristics will be more perfect, and the international competitiveness of enterprises will be improved in an all-round way, laying a solid foundation for speeding up the construction of world-class enterprises.
2. Adhering to and strengthening the leadership
of the Party (1) Improving the system and mechanism of the Party's leadership of state-owned enterprises. To clarify the boundaries of Party committees (Party groups) discussing and deciding on major issues, and to improve the quality and efficiency of pre-research and discussion. Explore the effective mode of combining the principle of the Party's management of cadres and talents with the role of market mechanism.
(2) Strengthen and improve Party building in non-public enterprises. To guide and supervise enterprises to abide by laws and regulations, safeguard the legitimate rights and interests of all parties, and promote the healthy development of enterprises. In light of the actual situation, we should establish and improve the working mechanism of joint learning, communication, consultation and sincere talks between Party organizations and enterprise management. Guiding private enterprises to strengthen the construction of Party members.
3. Improving the corporate governance structure
(3) Improving the property rights structure of enterprises. Respect the property rights of independent legal persons of enterprises, and form an enterprise property rights system with clear ownership, reasonable structure and smooth circulation. State-owned enterprises should gradually adjust and optimize the ownership structure according to their functional orientation, and form a diversified ownership structure, standardized shareholder behavior, effective internal constraints, efficient and flexible operation mechanism. Private enterprises are encouraged to build a concise, clear and penetrable ownership structure.
(Four) improve the corporate governance of state-owned enterprises. We will accelerate the establishment and improvement of a corporate governance mechanism with statutory powers and responsibilities, transparent powers and responsibilities, coordinated operation and effective checks and balances, and strengthen the basic role of articles of association in corporate governance. Party committees (Party groups) play a leading role in directing, managing the overall situation and ensuring implementation. The shareholders' meeting is the authority of the company. The shareholders shall exercise their voting rights in accordance with the proportion of capital contribution and the articles of association, and shall not interfere with the daily operation of the enterprise beyond the provisions of the articles of association. The board of directors plays the role of setting strategies, making decisions and preventing risks, promotes the organic connection between the delegation of authority by the group headquarters and the implementation of the functions and powers of the board of directors of subsidiary enterprises in batches and classifications, and standardizes the implementation of the authorization system from the board of directors to the managers. We should improve the evaluation and incentive and restraint mechanism of external directors, and implement the right to know, vote, supervise and suggest external directors. Managers play the role of seeking management, grasping implementation and strengthening management, and comprehensively promote tenure system and contractual management. State-owned enterprises are encouraged to implement the management responsibilities of managers in a wider range, hierarchical and classified manner, referring to the tenure system and contractual management mode of managers.
(5) Supporting private enterprises to optimize their corporate governance structure. Private enterprises are encouraged to adopt various organizational forms such as partnership and company system according to the actual situation, improve internal governance rules, formulate standardized articles of association, maintain the consistency between articles of association and investment agreements, and standardize the behavior of controlling shareholders and actual controllers. We will support and guide private enterprises to improve their governance structure and management system, and encourage qualified private enterprises to standardize the formation of shareholders'meetings, boards of directors and managers. Family enterprises are encouraged to innovate their management mode, organizational structure and corporate culture, and gradually establish a modern enterprise system.
(6) Give full play to the role of capital market in promoting the improvement of corporate governance. Strengthen the good faith obligation of controlling shareholders to the company, and support listed companies to introduce institutional investors with a shareholding ratio of more than 5% as active shareholders. Strictly implement the independent director system of listed companies, and set up an audit committee with a majority of independent directors and a special meeting mechanism for independent directors. We will improve the information disclosure system in the field of corporate governance of listed companies and promote the scientific nature of decision-making and management.
4. Improving the scientific management level
of enterprises (7) Strengthening strategic management. We should guide enterprises to scientifically formulate development strategies and plans that are integrated into the new development pattern, and enhance their ability to allocate resources. Strengthen the linkage between strategic planning and annual plan, investment plan, financial budget, tenure performance appraisal, annual performance appraisal, etc. Guiding enterprises to clarify their main responsibilities based on strategic orientation, promoting the concentration of technology, talent, capital and other elements to the main business, and preventing blind diversification and disorderly expansion.
(8) Strengthen internal management. Promote the group headquarters to guide the affiliated enterprises to strengthen the construction of management system and the management of related party transactions. Enterprises are encouraged to set up independent internal control and legal institutions to improve management efficiency. We should guide private enterprises to improve their internal anti-corruption system and establish a strict audit supervision system and financial and accounting system.
(9) Strengthen risk management. State-owned enterprise group companies should establish and improve multi-level risk early warning and prevention and disposal mechanisms to prevent domestic and foreign investment and operational risks. Private enterprises are encouraged to establish internal risk provention and control and risk early warning mechanism, and the requirements of risk provention and control are embedded in all aspects of operation and management.
(10) Strengthen scientific and democratic management. Enterprises are encouraged to implement comprehensive budget management and performance appraisal of all staff, reasonably control the management level and legal person level, and promote the deep integration of digital technology and enterprise production and operation management. On the premise of ensuring security, we should strengthen enterprise data governance and data circulation application capabilities, and promote the development and utilization of data resources. We will improve the democratic management system of enterprises with workers'congresses as its basic form, and adhere to and improve the system of workers' directors. We should give full play to the role of trade unions and other mass organizations, actively implement the collective wage consultation system, and establish a collective consultation mechanism that is in line with the actual situation of enterprises and is operable.
5. Improving the incentive and innovation system
of enterprises (11) Creating innovative organizational forms of enterprises. Promote enterprises to introduce or build a number of new R & D institutions and technology transfer service institutions, and implement collaborative innovation cooperation. Promote large enterprises to optimize procurement standards, upgrade technical standards, achieve supply chain interoperability, open innovative resources to small and medium-sized enterprises, and provide technology traction and transformation support. Encourage enterprises to innovate and start businesses, and enhance their core competitiveness.
(Twelve) improve the efficient allocation mechanism of innovation elements. We will improve the open enterprise talent system and improve the two-way flow mechanism of scientific research personnel between enterprises and universities and scientific research institutes. We will improve the management system of enterprise technology transformation and support leading enterprises in the industry to provide technical services such as concept verification, pilot test, testing and certification for small and medium-sized enterprises. We will accelerate the reform of scientific research institutes transformed from state-owned enterprises and carry out pilot reforms to empower scientific and technological achievements in accordance with regulations. All kinds of financial institutions are encouraged to give full play to their unique advantages and develop financial products suitable for the characteristics of light assets of science and technology enterprises.
(Thirteen) improve the incentive mechanism of innovation orientation. Encourage enterprises to focus on medium and long-term value creation, give project teams full autonomy, and effectively use a variety of ways to strengthen incentives. Promote qualified enterprises to establish intellectual property operation institutions.
6. Establish and improve the system
of corporate social responsibility and corporate culture (14) Improve the system of corporate social responsibility. Promote the integration of the concept of corporate social responsibility into the whole process of production and operation, and guide enterprises to operate in accordance with the law, honesty and trustworthiness. Support enterprises to actively contribute to green development, comprehensive rural revitalization, social welfare, cultural heritage and other undertakings.
(Fifteen) improve the enterprise income distribution system. Promote enterprises to improve the reasonable wage growth mechanism, establish a scientific salary and performance appraisal system for senior managers, and reasonably determine the salary level of senior managers. We will deepen the reform of the wage distribution system in state-owned enterprises and implement the periodic management of the total wage budget in qualified state-owned enterprises. Consolidate the achievements of the reform of the salary system for the heads of state-owned enterprises, rationally determine and strictly regulate the salaries, allowances and subsidies for the heads of state-owned enterprises at all levels. Promote listed companies to carry out medium and long-term incentives and formulate stable and long-term cash dividend policies.
(16) Cultivating excellent corporate culture. Enterprises are encouraged to apply such excellent traditional Chinese cultural concepts as honesty and trustworthiness, profit by righteousness, integrity and innovation to the practice of enterprise management and integrate them into corporate governance. Enterprises should be guided to strive to be a model of patriotism, dedication, law-abiding management, entrepreneurship and innovation, and return to society. Support enterprises to integrate cultural construction into the whole process of strategic management, production and operation, staff training, assessment and evaluation.Supporting enterprises, trade associations, chambers of Commerce, universities and scientific research institutes to promote the improvement of modern enterprise management theory. Shaping the image of Chinese enterprises and strengthening and expanding national brands.
7. Optimizing the comprehensive supervision and service system
of enterprises (17) Improving the comprehensive supervision system of enterprises. Strengthen the cross-sectoral joint supervision of business operations, enhance the stability and predictability of regulatory systems and policies, and enhance the level of regulatory informatization. We will improve the enterprise credit commitment system and promote the implementation of hierarchical and classified supervision according to the credit status. We should improve financial supervision, build a "firewall" for industrial capital and financial capital, strengthen capital adequacy management and corporate governance supervision, strictly control liquidity risks, implement the overall consolidated management of financial holding companies, and strengthen the regulation and restraint of shareholders'behavior. Strictly guard against and strictly control the financial fraud of enterprises.
(Eighteen) improve the supervision system of state-owned assets. We should focus on capital management, improve the supervision of state-owned assets, and realize the preservation and appreciation of state-owned assets. We will improve the functional definition and classification guidelines of state-owned enterprises, deepen classification authorization and decentralization, optimize classification supervision and assessment, and guide state-owned enterprises to focus on intrinsic value and long-term value. Strengthen the sense of responsibility and responsibility restraint of state-owned enterprises in operation and investment.
(Nineteen) improve the enterprise service system. Promote the reform of business license related to enterprises by classification. We will improve the market access system, optimize market exit mechanisms such as cancellation, and promote the coordination and unification of regional and industrial policies, standards and rules related to enterprises. We will improve the mechanism of direct and quick enjoyment of enterprise-related support policies and "exemption from application and enjoyment". Support enterprises to improve the education and training system for senior managers.
8. Safeguard measures
and departments in all regions should implement the opinions in accordance with the actual situation. Enterprises should have a deep understanding of the importance of improving the modern enterprise system with Chinese characteristics, implement the main responsibility, and promote high-quality development through enterprise system innovation. We will improve relevant laws and regulations, promote the revision of the Law on State-owned Assets of Enterprises, and promote enterprises to operate and manage according to law. Standardize the practice of professional institutions such as accounting, consulting, law and credit rating, strengthen the supervision of professional institutions, give full play to their role of practice supervision and professional services, and maintain a good market environment of fair competition, integrity and norms. Strengthen the publicity of practical exploration and successful experience of modern enterprise system, summarize a number of typical experiences of Party building in enterprises, and promote a number of typical practical cases of corporate governance.
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