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SHANGHAI: Gui Minjie, vice-chairman of the China Securities Regulatory Commission (CSRC), yesterday laid down the main regulatory thrusts for the development of the stock market.

Speaking at the "OECD-China Policy Dialogue on Corporate Governance" in Shanghai, Gui said: "We will take more active measures to supervise listed company's management in view of China's specific situation. There still exist many problems in the stock market, such as the abuse of power by controlling shareholders and falsified or belated disclosure of market-sensitive information."

He also said the CSRC will continue to promote stock option schemes as an incentive to corporate executives. Such incentives, said Gui, can help strengthen the "foundation" of corporate management.

In addition, he said, the CSRC will seek to incorporate the experience of effective management by publicly listed companies into the regulatory framework.

"Judicial remedy and legal procedures need to be improved, with strong emphasis on the responsibility of directors, management and controlling shareholders," said Gui.

The CSRC will actively promote the judicial remedy mechanism, with reference to international practices, to protect shareholder rights and interests.

Gui said the CSRC will fine-tune the merger and acquisition regulations as well. A well-established and active corporate control system, he said, can help promote proper management in the best interests of shareholders.

The CSRC is trying for a major management restructuring at listed companies, with the aim of protecting shareholder interests.

Gui said the CSRC will try to attract more institutional investors, including pension funds, insurance companies and qualified foreign institutional investors, who can help monitor the performance of publicly traded companies in which they invest. "I hope these institutional investors will vote with their hands and not with their feet," he said.

(China Daily 03/30/2007 page14)

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