BEIJING, Dec. 31 — The China Securities Regulatory Commission (CSRC) on Wednesday began soliciting public opinion on draft regulations for the supervision of the board secretaries of listed companies.
These would be the country’s first specialized regulations targeting board secretaries specifically, aimed at standardizing their conduct further and improving the governance of listed companies, according to the CSRC.
The draft rules clarify the scope of duties for board secretaries, detailing specific responsibilities related to information disclosure, corporate governance, and internal and external communication.
To facilitate the lawful performance of these duties, the rules would also provide guarantees in areas such as information access, remedies, and platforms for duty performance.
In terms of appointment management, the regulations raise requirements for professional competence and compliance. They prohibit concurrent positions that could create a conflict of duty, and require board nomination committees to review candidate qualifications.
On accountability, the rules mandate that listed companies conduct regular performance evaluations and internal accountability inspections.
They also stipulate that strict regulatory measures or penalties should be imposed on board secretaries that fail to exercise due diligence in cases where a listed company is found to have violated regulations and laws.(Namibia Daily News/Xinhua)
