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| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 29 [2018]) | | （〔2018〕29号） |
| For the purposes of further regulating the operation of listed companies, improving the corporate governance level of listed companies, protecting investors' lawful rights and interests, and promoting the steady and sound development of China's capital market, the China Securities Regulatory Commission (“CSRC”) has revised the Code of Corporate Governance of Listed Companies, which is hereby issued and shall come into force on the date of issuance. | | 为进一步规范上市公司运作，提升上市公司治理水平，保护投资者合法权益，促进我国资本市场稳定健康发展，我会修订了《上市公司治理准则》，现予公布，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| September 30, 2018 | | 2018年9月30日 |
| Code of Corporate Governance of Listed Companies | | 上市公司治理准则 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of regulating the operation of listed companies, improving the corporate governance level of listed companies, protecting investors' lawful rights and interests, and promoting the steady and sound development of China's capital market, this Code is developed under the basic principles determined in the Company Law of the People's Republic of China (hereinafter referred to as the “Company Law”), the Securities Law of the People's Republic of China, and relevant laws and administrative regulations, among others, with reference to the domestic and overseas corporate governance practice and experience. | | 第一条 为规范上市公司运作，提升上市公司治理水平，保护投资者合法权益，促进我国资本市场稳定健康发展，根据《中华人民共和国公司法》(以下简称《公司法》)、《中华人民共和国证券法》及相关法律、行政法规等确定的基本原则，借鉴境内外公司治理实践经验，制定本准则。 |
| Article 2 This Code shall apply to the companies limited by shares that are formed according to the Company Law and whose shares are listed for trading on the stock exchanges in the territory of China. | | 第二条 本准则适用于依照《公司法》设立且股票在中国境内证券交易所上市交易的股份有限公司。 |
| Listed companies shall implement the spirit set forth in this Code and improve corporate governance. Listed companies' bylaws and documents concerning governance shall satisfy the requirements of this Code. Listed companies shall be encouraged to explore and enrich their corporate governance practice and improve their corporate governance level in light of their characteristics. | | 上市公司应当贯彻本准则所阐述的精神，改善公司治理。上市公司章程及与治理相关的文件，应当符合本准则的要求。鼓励上市公司根据自身特点，探索和丰富公司治理实践，提升公司治理水平。 |
| Article 3 Listed companies shall implement the development concept of innovation, coordination, green, openness, and sharing, carry forward the excellent entrepreneurship, actively fulfill their social responsibilities, and form sound corporate governance practice. | | 第三条 上市公司应当贯彻落实创新、协调、绿色、开放、共享的发展理念，弘扬优秀企业家精神，积极履行社会责任，形成良好公司治理实践。 |
| A listed company shall implement sound, effective and transparent corporate governance, strengthen the internal and external supervision and counterbalance, protect shareholders' lawful rights and interests, ensure that shareholders are fairly treated, and respect the basic rights and interests of stakeholders, to effectively improve its overall value. | | 上市公司治理应当健全、有效、透明，强化内部和外部的监督制衡，保障股东的合法权利并确保其得到公平对待，尊重利益相关者的基本权益，切实提升企业整体价值。 |
| Article 4 Shareholders, actual controllers, directors, supervisors and senior executives of a listed company shall, according to the laws, administrative regulations, departmental rules, regulatory documents (hereinafter collectively referred to as “laws and regulations”) and self-regulation rules, exercise the rights and perform the obligations to protect the interests of the listed company. Directors, supervisors and senior executives shall keep learning, improve their capacity for fulfillment of functions, and fulfill their functions in a faithful, diligent and prudent manner. | | 第四条 上市公司股东、实际控制人、董事、监事、高级管理人员，应当依照法律、行政法规、部门规章、规范性文件(以下统称法律法规)和自律规则行使权利、履行义务，维护上市公司利益。董事、监事、高级管理人员应当持续学习，不断提高履职能力，忠实、勤勉、谨慎履职。 |
| Article 5 A listed company shall, according to the Company Law, set up a Chinese communist organization to carry out the activities of the Party. A listed company shall provide necessary conditions for the activities of the Party organization. | | 第五条 在上市公司中，根据《公司法》的规定，设立中国共产党的组织，开展党的活动。上市公司应当为党组织的活动提供必要条件。 |
| A state-controlled listed company shall, according to the Company Law and relevant provisions and in consideration of its equity structure, operation, management and other reality, include the relevant requirements for the Party building work in the bylaws. | | 国有控股上市公司根据《公司法》和有关规定，结合企业股权结构、经营管理等实际，把党建工作有关要求写入公司章程。 |
| Article 6 The CSRC and its local offices shall supervise and administer the corporate governance activities of listed companies and the conducts of relevant entities according to the law, and urge listed companies with major problems in corporate governance to take effective measures to make improvement. | | 第六条 中国证监会及其派出机构依法对上市公司治理活动及相关主体的行为进行监督管理，对公司治理存在重大问题的，督促其采取有效措施予以改善。 |
| The stock exchanges, the China Association for Public Companies and other self-regulation organizations in the securities, fund and futures industries shall, according to this Code, develop relevant self-regulation rules and strengthen the self-regulation management of listed companies. | | 证券交易所、中国上市公司协会以及其他证券基金期货行业自律组织，依照本准则规定，制定相关自律规则，对上市公司加强自律管理。 |
| The CSRC and its local offices and the relevant self-regulation organizations may assess the corporate governance conditions of listed companies, and urge them to continuously improve corporate governance. | | 中国证监会及其派出机构和有关自律组织，可以对上市公司治理状况进行评估，促进其不断改善公司治理。 |
| Chapter II Shareholders and General Meetings of Shareholders | | 第二章 股东与股东大会 |
| Section 1 Rights of shareholders | | 第一节 股东权利 |
| Article 7 Shareholders shall, according to the laws and regulations, and bylaws, enjoy rights and assume obligations. | | 第七条 股东依照法律法规和公司章程享有权利并承担义务。 |
| A listed company's bylaws, a resolution of the general meeting of shareholders, or a resolution of the board of directors shall comply with the laws and regulations and shall not deprive or restrict any lawful right of any shareholder. | | 上市公司章程、股东大会决议或者董事会决议等应当依法合规，不得剥夺或者限制股东的法定权利。 |
| Article 8 In the corporate governance, a listed company shall protect shareholders' rights according to the law, and pay attention to the protection of the lawful rights and interests of minority shareholders. | | 第八条 在上市公司治理中，应当依法保障股东权利，注重保护中小股东合法权益。 |
| Article 9 A listed company shall establish a smooth and effective communication channel with shareholders, and protect shareholders' rights to be aware of, participate in the decision-making of, and supervision over its major matters. | | 第九条 上市公司应当建立与股东畅通有效的沟通渠道，保障股东对公司重大事项的知情、参与决策和监督等权利。 |
| Article 10 A listed company shall actively pay returns to shareholders, and specify in its bylaws the methods for profit distribution, especially cash dividend policies. A listed company shall disclose the development and implementation of the cash dividend policies, and shall fully disclose the reasons, where it meets the conditions, but does not distribute cash dividends. | | 第十条 上市公司应当积极回报股东，在公司章程中明确利润分配办法尤其是现金分红政策。上市公司应当披露现金分红政策制定及执行情况，具备条件而不进行现金分红的，应当充分披露原因。 |
| Article 11 Shareholders shall have the right to protect their lawful rights through civil actions or other legal means according to the laws and administrative regulations. | | 第十一条 股东有权依照法律、行政法规的规定，通过民事诉讼或者其他法律手段维护其合法权利。 |
| Section 2 Specifications for the general meeting of shareholders | | 第二节 股东大会的规范 |
| Article 12 A listed company shall, in its bylaws, prescribe the procedures for convening, holding and voting, among others, of general meetings of shareholders. | | 第十二条 上市公司应当在公司章程中规定股东大会的召集、召开和表决等程序。 |
| A listed company shall develop the rules of procedure for general meetings of shareholders, and include them in its bylaws or annex to its bylaws. | | 上市公司应当制定股东大会议事规则，并列入公司章程或者作为章程附件。 |
| Article 13 The contents of the proposal of a general meeting of shareholders shall comply with the laws and regulations and the relevant provisions of the bylaws, fall into the scope of the functions and powers of the general meeting of shareholders, and have specific topics for discussion and resolution items. | | 第十三条 股东大会提案的内容应当符合法律法规和公司章程的有关规定，属于股东大会职权范围，有明确议题和具体决议事项。 |
| Article 14 A listed company shall, in its bylaws, prescribe the principles of the general meeting of shareholders for granting authorization to the board of directors, and the contents of authorization shall be specific and concrete. A general meeting of shareholders shall not authorize the statutory functions and powers to be exercised by the general meeting of shareholders to the board of directors. | | 第十四条 上市公司应当在公司章程中规定股东大会对董事会的授权原则，授权内容应当明确具体。股东大会不得将法定由股东大会行使的职权授予董事会行使。 |
| Article 15 A meeting of the general meeting of shareholders shall set up a meeting place, and be convened by combining on-site meeting and network voting. The time and place of an on-site meeting shall be selected by way convenient for shareholders' attendance. A listed company shall guarantee the legitimacy and effectiveness of the meetings of the general meeting of shareholders, and provide convenience for shareholders' attendance at the meetings. The general meeting of shareholders shall provide rational time of discussion for each proposal. | | 第十五条 股东大会会议应当设置会场，以现场会议与网络投票相结合的方式召开。现场会议时间、地点的选择应当便于股东参加。上市公司应当保证股东大会会议合法、有效，为股东参加会议提供便利。股东大会应当给予每个提案合理的讨论时间。 |
| A shareholder may vote on its own or entrust voting to another person according to the law, which shall have the same legal effect. | | 股东可以本人投票或者依法委托他人投票，两者具有同等法律效力。 |
| Article 16 A listed company's board of directors, independent directors and qualified shareholders may solicit voting rights at general meeting of shareholders from its shareholders. A listed company or convener of a general meeting of shareholders shall not impose any minimum shareholding requirement for the solicitation of voting rights from shareholders. | | 第十六条 上市公司董事会、独立董事和符合有关条件的股东可以向公司股东征集其在股东大会上的投票权。上市公司及股东大会召集人不得对股东征集投票权设定最低持股比例限制。 |
| Voting rights shall be solicited free of charge, and the specific voting intention and other information shall be sufficiently disclosed to the relevant shareholders. It is prohibited to solicit voting rights from shareholders with direct or indirect compensations. | | 投票权征集应当采取无偿的方式进行，并向被征集人充分披露具体投票意向等信息。不得以有偿或者变相有偿的方式征集股东投票权。 |
| Article 17 Directors and supervisors shall be elected by way of fully reflecting the opinions of minority shareholders. The general meeting of shareholders shall actively implement the cumulative voting system in the election of directors and supervisors. A listed company whose single shareholder and its person acting in concert hold 30% or more shares shall implement the cumulative voting system. A listed company implementing the cumulative voting system shall, in the bylaws, prescribe the detailed implementation rules. | | 第十七条 董事、监事的选举，应当充分反映中小股东意见。股东大会在董事、监事选举中应当积极推行累积投票制。单一股东及其一致行动人拥有权益的股份比例在30％及以上的上市公司，应当采用累积投票制。采用累积投票制的上市公司应当在公司章程中规定实施细则。 |
| Chapter III Directors and Board of Directors | | 第三章 董事与董事会 |
| Section 1 Election of directors | | 第一节 董事的选任 |
| Article 18 A listed company shall, in the bylaws, prescribe the regulated and transparent procedures for the nomination and election of directors, and ensure the openness, fairness and impartiality of the election of directors. | | 第十八条 上市公司应当在公司章程中规定规范、透明的董事提名、选任程序，保障董事选任公开、公平、公正。 |
| Article 19 A listed company shall, prior to the convening of a general meeting of shareholders, disclose the detailed materials of the director candidates, to make shareholders have sufficient understanding of the candidates. | | 第十九条 上市公司应当在股东大会召开前披露董事候选人的详细资料，便于股东对候选人有足够的了解。 |
| A director candidate shall, prior to the announcement of a notice of the general meeting of shareholders, make written commitment, agree to accept the nomination, pledge that the materials of candidate publicly disclosed are authentic, accurate and complete, and undertake that he or she will effectively perform the duties of director after being elected. | | 董事候选人应当在股东大会通知公告前作出书面承诺，同意接受提名，承诺公开披露的候选人资料真实、准确、完整，并保证当选后切实履行董事职责。 |
| Article 20 A listed company shall enter into contracts with directors, to specify the rights and obligations of the company and directors, directors' terms of office, directors' liabilities for violation of the laws and regulations and the bylaws, compensation for termination of contracts by the company in advance for some reasons, and other content. | | 第二十条 上市公司应当和董事签订合同，明确公司和董事之间的权利义务、董事的任期、董事违反法律法规和公司章程的责任以及公司因故提前解除合同的补偿等内容。 |
| Section 2 Obligations of directors | | 第二节 董事的义务 |
| Article 21 Directors shall comply with the laws and regulations and the bylaws, fulfill their duties in a faithful, diligent and prudent manner, and keep their promises. | | 第二十一条 董事应当遵守法律法规及公司章程有关规定，忠实、勤勉、谨慎履职，并履行其作出的承诺。 |
| Article 22 Directors shall guarantee that they have adequate time and energy for the fulfillment of their due duties. | | 第二十二条 董事应当保证有足够的时间和精力履行其应尽的职责。 |
| Directors shall attend meetings of the board of directors, and offer specific opinions on issues deliberated. A director that is unable to attend a meeting of the board of directors may authorize another director in writing to vote on his or her behalf, and the principal shall independently assume legal liability. No independent director shall entrust any non-independent director to vote on behalf thereof. | | 董事应当出席董事会会议，对所议事项发表明确意见。董事本人确实不能出席的，可以书面委托其他董事按其意愿代为投票，委托人应当独立承担法律责任。独立董事不得委托非独立董事代为投票。 |
| Article 23 Directors shall assume liability for the resolutions of the board of directors. Where a resolution of the board of directors violates the laws and regulations, bylaws or a resolution of a general meeting of shareholders, thereby causing serious losses to the listed company, the directors participating in the adoption of the resolution shall assume liability for compensation for the company. However, a director having offered objection that has been recorded in the minutes when voting may be exempted from liability. | | 第二十三条 董事应当对董事会的决议承担责任。董事会的决议违反法律法规或者公司章程、股东大会决议，致使上市公司遭受严重损失的，参与决议的董事对公司负赔偿责任。但经证明在表决时曾表明异议并记载于会议记录的，该董事可以免除责任。 |
| Article 24 With approval of the general meeting of shareholders, a listed company may purchase liability insurance for directors. The liability insurance coverage shall be agreed in a contract, excluding the liability arising from a director's violation of the laws and regulations, and the bylaws. | | 第二十四条 经股东大会批准，上市公司可以为董事购买责任保险。责任保险范围由合同约定，但董事因违反法律法规和公司章程规定而导致的责任除外。 |
| Section 3 Composition and duties of the board of directors | | 第三节 董事会的构成和职责 |
| Article 25 The number and personnel composition of the board of directors shall satisfy the requirements of the laws and regulations, and the professional structure shall be reasonable. Members of the board of directors shall possess the knowledge, skills and competence required for fulfilling the duties. Diversification of members of the board of directors shall be encouraged. | | 第二十五条 董事会的人数及人员构成应当符合法律法规的要求，专业结构合理。董事会成员应当具备履行职责所必需的知识、技能和素质。鼓励董事会成员的多元化。 |
| Article 26 The board of directors shall be responsible to the general meeting of shareholders, and implement the resolutions of the general meeting of shareholders. | | 第二十六条 董事会对股东大会负责，执行股东大会的决议。 |
| The board of directors shall fulfill duties according to the law, ensure that the listed company complies with the laws and regulations, and the bylaws, equally treat all shareholders, and pay attention to the lawful rights and interests of other stakeholders. | | 董事会应当依法履行职责，确保上市公司遵守法律法规和公司章程的规定，公平对待所有股东，并关注其他利益相关者的合法权益。 |
| Article 27 A listed company shall guarantee that the board of directors exercises functions and powers according to the laws and regulations, and the bylaws, and provide necessary conditions for directors' normal fulfillment of duties. | | 第二十七条 上市公司应当保障董事会依照法律法规和公司章程的规定行使职权，为董事正常履行职责提供必要的条件。 |
| Article 28 A listed company shall have a board secretary to be responsible for the preparation for general meetings of shareholders and meetings of the board of directors, document keeping, management of shareholders' materials, handling of information disclosure, investor relations and other matters. | | 第二十八条 上市公司设董事会秘书，负责公司股东大会和董事会会议的筹备及文件保管、公司股东资料的管理、办理信息披露事务、投资者关系工作等事宜。 |
| As a senior executive of the listed company, a board secretary shall have the right to attend relevant meetings, consult the relevant documents, and understand the company's financial and operation conditions, for the purposes of fulfilling duties. The board of directors and other senior executives shall support the work of the board secretary. No institution or individual shall intervene with the board secretary's normal fulfillment of duties. | | 董事会秘书作为上市公司高级管理人员，为履行职责有权参加相关会议，查阅有关文件，了解公司的财务和经营等情况。董事会及其他高级管理人员应当支持董事会秘书的工作。任何机构及个人不得干预董事会秘书的正常履职行为。 |
| Section 4 Rules of procedure of the board of directors | | 第四节 董事会议事规则 |
| ．．．．．． | | ．．．．．． |
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