On October 31st，the establishment and the first Theme Forum of the " Group of 50 in Chinese Corporate Governance " was held in Beijing, which was cohosted by Research Center for Corporate Governance and Enterprise Development of BNU and BNUBS.

 

At the meeting, the establishment of G50 was announced. G50 invited Chen Yuan, the Vice Chairman of 12th CPPCC, to be the Chief Adviser; Liu Wei, President of Renmin University of China; Yang Kaisheng, former President of Industrial and Commercial Bank of China; Ji Xiaonan, former Chairman of the Supervisory Board of Key State-owned Enterprises of the State Council; and Fu Chengyu, former Chairman of China Petrochemical Corporation to be its consultants.

 

In the forum, Liu Jipeng, Dean of Business School, CUPL; Li Weian, Dean of the Institute of Chinese Corporate Governance, NKU; He Jibao, Director of the Comprehensive Research Institute, SZSE; Song Zhiping, President of China Listed Companies Association; Gao Minghua, Director of the Research Center for Corporate Governance and Enterprise Development, BNU; Lu Tong, researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences, and Chu Xuping, former Director of research Center of State-owned Assets Supervision and Administration Commission of the State Council, were appointed as members of Academic Committee, with Song Zhiping as the Director, Gao Minghua, Chu Xuping as the Executive Directors and Gao Minghua as the Secretary-General.

 

The Secretariat of the forum was set in the Research Center of Corporate Governance and Enterprise Development of Beijing Normal University.

Photo of the guests in G50

 

Professor Gao Minghua, Director of the Research Center for Corporate Governance and Enterprise Development, BNU, presided over the opening ceremony.

 

Chen Yuan, the Vice Chairman of 12th CPPCC, made a speech through video. He said the establishment of G50 has great significance, and proposed that the forum should adhere to the problem-oriented approach and carry out pioneering research centering on the modernization of China's corporate governance system and governance capacity based on China's impressive reform practice. He also encouraged the integration of knowledge and practice and the application of knowledge to promote the theoretical research and practical innovation of Corporate governance in China into a new realm.

Vice President Chen Yuan made a speech

 

In his speech, Professor Wang Shoujun, Vice President of BNU, said that in the development process of Beijing Normal University in the new era, the research field of corporate governance has great potential. He hoped that they can work together with the forum to modernize China's corporate governance system and capacity and contribute to the reform and development of Chinese enterprises. He also expressed his sincere welcome to all the guests to come to Beijing Normal University for communication and exchange and to share wisdom and experience.

Professor Wang Shoujun made a speech

 

Mr. Song Zhiping, President of China's listed companies Association, talked about the preparation of G50. He pointed out that the three-year action plan for the reform of state-owned enterprises has been launched, and the Opinions on Further Improving the Quality of Listed Companies issued by the State Council have all focused on improving corporate governance. It can be said that it was the right time to set up G50.

Mr. Song Zhiping talked about the preparation of G50

 

Mr. Chu Xuping, former Director of the Research Center of State-owned Assets Supervision and Administration Commission of the State Council, explained the Work Guidance of G50. The "Guidance" clarified the academic, public welfare and civil nature of G50 on corporate governance in China in written form and made clear to adhere to the spirit of implementing general Secretary Xi Jinping's series of important speeches, the party's ideological line of emancipating the mind and seeking truth from facts, and the concept of serving China's corporate governance, so as to put forward basic norms for the work of the forum in the future.

Mr. Chu Xuping explained the Work Guidance of G50

 

Afterwards, the list of chief advisers and consultants of the Forum, the list of members of the Forum, the list of members in the Academic Committee, the Director, the Executive Director and the Secretary-General as well as the guidelines for the work of the forum were read out to seek advice. All the things were approved by acclamation.

 

Professor Qi Yudong, Dean of BNUBS, hosted the keynote speech unit.

 

Mr. Fu Chengyu, former Chairman of China Petrochemical Corporation, delivered the keynote speech of "Improving Corporate Governance and Promoting Healthy Development of Enterprises". He pointed out that in the current complex domestic and international environment, corporate governance was important for seeking new opportunities and opening a new chapter based on the requirements of the central government. China's modern enterprise system construction and modernization management work have made considerable progress, but are still faced with many challenges, which mainly reflected in practice and development.

Mr. Fu Chengyu delivered a keynote speech

 

Professor Zhang Renliang, President of the Hong Kong University of Education, delivered a keynote speech on "The Next Step of Corporate Governance Improvement" via online video. From the perspective of how to improve the level of corporate governance, how to strengthen the cost of violations and how to do a good job in supervision, he put forward opinions on the next improvement of corporate governance. At the same time, he mentioned that ESG should be considered in the discussion of corporate governance and social purpose and social responsibility should be part of the strategic development of the company. ESG is a topic worthy of discussion.

Professor Zhang Renliang delivered a keynote speech

 

Ji Xiaonan, former Chairman of the Supervisory Board of key State-owned Enterprises of the State Council, made a keynote speech of "Putting the Optimization of Property Rights Structure in the Basic Position of Perfecting Corporate Governance”. Centering on the relationship between property rights structure and corporate governance, he pointed out that the central government attached great importance to the reform of property rights system, and property rights structure was crucial to the institutional mechanism, including corporate governance. Whether it was the reform of state-owned enterprises' shareholding system or the reform of mixed ownership system, the essence was the reform of property right system, in which we should not only pay attention to the reform of property right system, but also pay attention to the optimization and rationality of property right structure.

Mr. Ji Xiaonan made a keynote speech

 

Professor Li Weian, Dean of the Institute of Chinese Corporate Governance, NKU, delivered the keynote speech of "Introduction and Development of Chinese Corporate Governance". He made a comprehensive analysis of Chinese corporate governance from the perspective of discipline development and the practice and application of corporate governance.

Professor Li Weian delivered a keynote speech

 

Liu Jipeng, Dean of Business School, CUPL, made the keynote speech of "Exploring Corporate Governance by Lifting the Corporate Veil". Centering on the three topics of "who owns the company", "the separation of the two rights and the two veils of the company", and "lifting the veil of the company to see the reality", he pointed out that the legal experts need to lift the second veil of the company, that is, the equity veil.

Professor Liu Jipeng delivered a keynote speech

 

Professor Chang Xiuze, China Macroeconomic Research Institute，delivered a keynote speech on "Several Problems to be Explored in the Theory of Mixed ownership Economy". Centering on ownership and corporate governance, he talked about the value grasp of mixed ownership economy and discussed the promotion of mixed reform of state-owned enterprises and issues of corporate governance from the specific investigation of the reform of state-owned enterprises in Northeast China.

Professor Chang Xiuze delivered a keynote speech

 

Liu Jipeng, Dean of Business School, CUPL, presided over the academic discussion unit.

 

More than 50 experts, scholars and entrepreneurs held a heated discussion on the three topics of "Modernization of China's corporate governance system and governance capacity", "High-quality development of listed companies" and "Building a high-end corporate governance think tank" through the combination of online and offline.

 

Mr. Deng Zhixiong, former Director of the Property Rights Administration of SASAC of the State Council, basing on the Opinions on Accelerating the Improvement of Socialist Market Economic System in the New Era , said that the new paradigm of state-owned enterprises supervision was "dual structure + double structure". The external board of directors should be established to take charge of the major decisions of enterprise strategy and investment, and the internal supervision and inspection should be carried out in a timely and effective manner.

Mr. Deng Zhixiong gave a speech

 

He Jibao, Director of the Comprehensive Research Institute, SZSE, basing on the experience and practice of listed companies in SZSE, pointed out governance problems in responsibility regulation of key minority subjects, shareholder participation and supervision mechanisms. He then suggested that the improvement of various systems can be enhanced from the following three aspects: shareholder rights protection mechanism, internal corporate governance and corporate social responsibility.

Mr. He Jibao made a speech

 

Ms. Guo Mingshe, Vice President and Secretary General of China Development Finance Promotion Association, talked about the financial forces behind China's 40 years of reform and opening up, and the ideas of Vice Chairman Chen Yuan. She then emphasized that corporate governance should be problem-oriented, development-centered, pro-front-end pragmatic, and good at summarizing and refining.

Ms. Guo Mingshe made a speech

 

Lu Tong, researcher at the Institute of World Economics and Politics, through online video, express her gratitude to the organizers for being a member of the forum, and put forward some valuable suggestions on the arrangement of the speech representatives of G50 and the meeting agenda.

Ms. Lu Tong made a speech

 

Ms. Yuan Ya, Deputy Director of the Board Office of Chengtong Fund Management Co. LTD, briefly reported her achievements in the research of sustainable development of enterprises basing on the index of sustainable development of Chinese enterprises. She pointed out that the overall performance of China's sustainable development has been rising steadily, mainly because the proportion of enterprises with good performance has been relatively stable, the proportion of enterprises with qualified performance has increased, and the proportion of enterprises needing improvement has been greatly reduced.

Ms. Yuan Ya made a speech

 

Mr. Yu Xingxi, Secretary General of Beijing Listed Companies Association, through online video, made a speech of "The key to Improving the Governance of Listed Companies Lies in the Mechanism". He pointed out that the key to improving the governance level of listed companies lies in the mechanism, and we should at least set up the compensation and punishment mechanism, incentive and restraint mechanism, mechanism which would give full play to the role of independent directors and secretary of the board of directors.

Mr. Yu Xingxi made a speech

 

Professor Zheng Zhigang, School of Finance, RUC, pointed out that the development of the financial system is diversified, so we should not simply take the regulation of the financial system as a pawnshop style. Instead, we should shift from pawnshop thinking to governance thinking, and financial regulation should place more emphasis on diversification, inclusiveness and openness.

Professor Zheng Zhigang made a speech

 

Professor Wang Shoujun, Vice President of BNU, started from his own experience in accounting and expressed his views on the relationship between accounting and corporate governance. He especially emphasized the basic role of honesty and trustworthiness in accounting and corporate governance. Only by ensuring integrity, can corporate governance be done well.

Professor Wang Shoujun made a speech

 

Finally, Mr. Chu Xuping, former Director of research Center of State-owned Assets Supervision and Administration Commission of the State Council, presided over the session of keynote speech. Professor Gao Minghua, Director of the Research Center for Corporate Governance and Enterprise Development, BNU, made a keynote speech on "The Change of Corporate Governance in China from the Perspective of 'China Listed Company Governance Sub-index (2010-2020)'". He analyzed the changes of corporate governance in China over the years and put forward corresponding policy suggestions centering on six indexes including the rights and interests protection index of small and medium-sized investors, board governance index, entrepreneur ability index, financial governance index, voluntary information disclosure index and executive compensation index as well as the total index.

Professor Gao Minghua made a speech

 

G50 is a non-profit professional high-end think tank platform of corporate governance initiated and established by more than 50 corporate governance experts from the political, academic and business sectors. The forum will be committed to implementing the central government's important thought of realizing the modernization of national governance system and governance capacity, and building a platform for the exchange of corporate governance theories and experience among government departments, research institutes and enterprises. It will also focused on corporate governance value realization methods such as high transparency, clear accountability, effective supervision and respect for stakeholders, serving the theory and practice of modern enterprise system with Chinese characteristics; It bases itself on China and aim to face the world, and promote the modernization of the governance system and governance capacity of Chinese enterprises.

 

In the future, G50 will carry out major research on corporate governance and make think tanks play a positive role in the reform and development of Chinese enterprises, Set up a platform for exchanging ideas on corporate governance, and form special research reports for reference by the central government, government departments and enterprise decision makers, carry out international academic exchanges on corporate governance, learn advanced theories and experiences of corporate governance from the world, and spread theories of modern enterprise system with Chinese characteristics, as well as assess the level of governance of China's listed companies by category, form a sub-index of governance and a quality index of listed companies, and guide enterprises to accurately improve their corporate governance.

 

Provided by Research Center for Corporate Governance and Enterprise Development, BNU