In order to implement the spirit of the Party's 20th National Congress, on the afternoon of December 10, 2022, "the Third Theme Forum of China Corporate Governance 50 Forum (CCG50) and the 16th China's Corporate Governance Forum -- ESG and High-quality Development of Chinese Enterprises Seminar" was successfully held online.

　　

The forum is co-sponsored by the China Corporate Governance 50 Forum, CITIC Reform and Development Research Foundation, Corporate Governance and Enterprise Development Research Center of Beijing Normal University, and BNUBS. It is organized by the Research Center of Corporate Governance and Enterprise Development of Beijing Normal University, and Rothman Consulting (China) Co., LTD., under the guidance of China Association of Listed Companies.

The Forum released three latest research results on corporate governance conducted by Professor Gao Minghua, Director of the Research Center for Corporate Governance and Enterprise Development of Beijing Normal University and Executive director of the Academic Committee of the China Corporate Governance 50 Forum: China Listed Companies Quality /ESG Index Report No.2 (2022), China Listed Companies Governance Sub-Index Report No.21 (2022), China Financial Listed Companies Governance Index Report No.3 (2022). Chinese Listed Companies Quality /ESG Index Report No.2 (2022) is the first publicly published ESG evaluation report for all A-share listed companies in China. And China Listed Companies Governance Sub-Index Report No.21 (2022) has been published consecutively 21, and has built the largest Chinese listed companies governance sub-index database in China.

At the same time, the "Top 100 ESG List of China's Listed Companies in 2022", "Top 10 ESG List of China's Listed Companies in typical Industries in 2022" and "Top 100 Entrepreneurs (General managers) List of China's Listed companies in 2022" were released.

Experts at the conference delivered keynote speeches and heated discussions on "ESG and High-quality Development of Chinese Enterprises"

Kong Dan, chairman of the CITIC Reform and Development Research Foundation, former chairman of CITIC Group and consultant of the China Corporate Governance 50 Forum, pointed out in his speech that achieving the unity of corporate development and social responsibility should become the basic concept of a mature enterprise. We should perfect the organizational structure of corporate governance, but more importantly, we should perfect the mechanism that makes the organizational structure of corporate governance play a role.

Song Zhiping, president of China Association of Listed Companies, President of China Enterprise Reform and Development Society, and director of the Academic Committee of China Corporate Governance 50 Forum, pointed out in his speech that we should firmly grasp the main line of "improving the quality of listed companies" and solve practical problems of corporate governance, and build a group of listed companies with better structure, better ecology, improved overall quality and better match with the national economy.

Qi Yudong, Dean of BNUBS and expert of the China Corporate Governance 50 Forum, pointed out in his speech that the era of digital economy ushered in the birth of digital enterprises, the way of stakeholders' participation in corporate governance has also changed, and corporate governance should and must change accordingly.

Ji Xiaonan, former chairman of the Board of Supervisors of key large state-owned enterprises under The State Council and adviser to the China Corporate Governance 50 Forum, pointed out in his speech that the construction of the board of directors should be taken as the focus to improve the governance structure and governance mechanism of state-owned enterprises. It is necessary to accurately understand the core role of the board of directors in corporate governance and truly implement the authority and governance mechanism of the board of directors.

Zhuang Congsheng, former vice chairman of the All-China Federation of Industry and Commerce and special expert of the Talent Pool for Political participation and deliberation of the CPPCC National Committee, pointed out in his speech that private enterprises must unswervingly follow the development path of "specialization, refinement, specialty and originality" if they want to improve their core competitiveness in the fierce and cruel market competition and make their enterprises "do fine, do excellent and do long".

Huang Yuncheng, former head of China Securities Regulatory Commission and chairman of Academic Advisory Committee of China Association of Listed Companies, pointed out in his speech that ownership structure is an important foundation of corporate governance structure, and reasonable ownership structure is helpful for listed companies to improve the level of internal control, improve the company's internal monitoring mechanism, and increase the market value of listed companies.

Li Weian, Dean of the China Corporate Governance Research Institute of Nankai University, former president of Tianjin Normal University and member of the Academic Committee of the China Corporate Governance 50 Forum, pointed out in his speech that the core of the deepening reform of enterprises is the reform of corporate governance. We need to improve the emergency management mechanism, improve the capacity of emergency management, enhance the autonomy of listed companies, improve the effectiveness of corporate governance, and reduce the friction cost of governance rules and the violation cost of delayed disclosure of major information.

Shi Donghui, former director of the Institute of Capital Research of Shanghai Stock Exchange, professor of the Oceanwide Institute of International Finance of Fudan University, and expert member of the China Corporate Governance 50 Forum, pointed out in his speech that, when designing the ESG pricing system, firstly, the core meaning of international ESG should be continued, and the international mainstream ESG evaluation system should be appropriately expanded; Second, based on the characteristics of the domestic market, the indicators within the basic framework should be adjusted to supplement the evaluation system.

Xiang Anbo, deputy director of the Enterprise Research Institute of the Development Research Center of The State Council, pointed out in his speech that from a global perspective, corporate governance has been developing towards autonomy and flexibility. In line with this trend, Chinese companies should pay more attention to mechanisms rather than institutions, and balance the effectiveness of governance with the cost of governance.

Lu Tong, director of the Corporate Governance Research Center of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences and member of the Academic Committee of the China Corporate Governance 50 Forum, pointed out in his speech that ESG is a set of tool system to implement the concept of green and sustainable development. Therefore, the majority of investors are advocated to practice the investment concept of ESG.

Huang Qing, secretary of the Board of Directors of China Shenhua Energy Co., LTD., and expert member of China Corporate Governance 50 Forum, pointed out in his speech that CSR and ESG used to be two parallel lines, respectively emphasizing other responsibilities except economic responsibilities from the perspective of capital users -- enterprises and capital providers -- financial institutions. Now the two are merging. In a sense, ESGs are poised to replace CSR.

Chu Xuping, former director of the Research Center of State-owned Assets Supervision and Administration Commission of the State Council and executive director of the Academic Committee of the China Corporate Governance 50 Forum, pointed out in his speech that ESG stands for sustainability and represents deep thinking and long-term consideration of the economic and social development of today's world. It considers the vision, which is the overall optimal, the value, the enterprise sustainable development and win the ultimate goal in the competition. Therefore, ESG should become the standard of all excellent enterprises.

Cheng Yuan, managing director of Russell Rothman Greater China, pointed out in his speech that there should be more talents with ESG concept on the board of directors and senior executives. He also pointed out that sustainable development should be a real part of the core leadership of enterprises, so as to help enterprises complete the transformation of strategy and operations, and enterprises can become a truly sustainable enterprise.

Chen Feng, visiting scholar of Harvard University and young expert committee member of China Corporate Governance 50 Forum, pointed out in his speech that because information disclosure has mandatory and voluntary, and the voluntary information disclosure degree is different, therefore, there is no small difficulty in the ESG evaluation value of China's listed companies.

Gao Minghua, director of the Corporate Governance and Enterprise Development Research Center of Beijing Normal University and executive director and Secretary general of the Academic Committee of the China Corporate Governance 50 Forum, pointed out in the summary of the conference that the broad sense of corporate governance based on stakeholder theory has included almost all the content of ESG. The selection of ESG evaluation index system should adhere to the four principles of science, availability, comparability and sustainability. If the index data are not available, comparable and sustainable, it will mislead the decision-making of enterprises, investors and governments.

The conference was broadcast live by Phoenix Finance. Nearly 50 mainstream media, including Xinhua News Agency, People's Daily Online, China.org.cn, Economic Information Daily, China Securities Journal, Shanghai Securities Journal, Securities Daily, Securities Times, China Business News, Financial Times, Economic Observer, Toutiao, National Business Daily, and Securities Market Red Weekly, covered the meeting.

　　

About China Corporate Governance 50 Forum (CCG50) : "China Corporate Governance 50 Forum" is a non-profit corporate governance professional high-end think tank platform initiated by more than 50 corporate governance experts in the political, academic and business circles. The forum is committed to deeply implementing the central government's important ideas of modernizing the national governance system and governance capacity, and build a platform for the exchange of corporate governance theories and experience among government departments, research institutes and enterprises. It is committed to studying ways to realize the value of corporate governance, such as high transparency, clear accountability, effective supervision and respect for stakeholders, to serve the theory and practice of modern enterprise system with Chinese characteristics; We are committed to modernizing the governance system and capacity of Chinese enterprises based on China and facing the world.

The secretariat of the China Corporate Governance 50 Forum is located at the Research Center for Corporate Governance and Enterprise Development, Beijing Normal University, website :www.CCG50.org.cn