各上市公司：
　　为推动上市公司建立和完善现代企业制度，规范上市公司运作，促进我国证券市场健康发展，现发布《上市公司治理准则》，请遵照执行。
　　上市公司治理准则
　　导言
　　为推动上市公司建立和完善现代企业制度，规范上市公司运作，促进我国证券市场健康发展，根据《公司法》、《证券法》及其它相关法律、法规确定的基本原则，并参照国外公司治理实践中普遍认同的标准，制订本准则。
　　本准则阐明了我国上市公司治理的基本原则、投资者权利保护的实现方式，以及上市公司董事、监事、经理等高级管理人员所应当遵循的基本的行为准则和职业道德等内容。
　　本准则适用于中国境内的上市公司。上市公司改善公司治理，应当贯彻本准则所阐述的精神。上市公司制定或者修改公司章程及治理细则，应当体现本准则所列明的内容。本准则是评判上市公司是否具有良好的公司治理结构的主要衡量标准，对公司治理存在重大问题的上市公司，证券监管机构将责令其按照本准则的要求进行整改。
　　第一章　股东与股东大会
　　第一节　股东权利
　　第一条　股东作为公司的所有者，享有法律、行政法规和公司章程规定的合法权利。上市公司应建立能够确保股东充分行使权利的公司治理结构。
　　第二条　上市公司的治理结构应确保所有股东，特别是中小股东享有平等地位。股东按其持有的股份享有平等的权利，并承担相应的义务。
　　第三条　股东对法律、行政法规和公司章程规定的公司重大事项，享有知情权和参与权。上市公司应建立和股东沟通的有效渠道。
　　第四条　股东有权按照法律、行政法规的规定，通过民事诉讼或其他法律手段保护其合法权利。股东大会、董事会的决议违反法律、行政法规的规定，侵犯股东合法权益，股东有权依法提起要求停止上述违法行为或侵害行为的诉讼。董事、监事、经理执行职务时违反法律、行政法规或者公司章程的规定，给公司造成损害的，应承担赔偿责任。股东有权要求公司依法提起要求赔偿的诉讼。
　　第二节　股东大会的规范
　　第五条　上市公司应在公司章程中规定股东大会的召开和表决程序，包括通知、登记、提案的审议、投票、计票、表决结果的宣布、会议决议的形成、会议记录及其签署、公告等。
　　第六条　董事会应认真审议并安排股东大会审议事项。股东大会应给予每个提案合理的讨论时间。
　　第七条　上市公司应在公司章程中规定股东大会对董事会的授权原则，授权内容应明确具体。
　　第八条　上市公司应在保证股东大会合法、有效的前提下，通过各种方式和途径，包括充分运用现代信息技术手段，扩大股东参与股东大会的比例。股东大会时间、地点的选择应有利于让尽可能多的股东参加会议。
　　第九条　股东既可以亲自到股东大会现场投票，也可以委托代理人代为投票，两者具有同样的法律效力。
　　第十条　上市公司董事会、独立董事和符合有关条件的股东可向上市公司股东征集其在股东大会上的投票权。投票权征集应采取无偿的方式进行，并应向被征集人充分披露信息。
　　第十一条　机构投资者应在公司董事选任、经营者激励与监督、重大事项决策等方面发挥作用。
　　第三节　关联交易
　　第十二条　上市公司与关联人之间的关联交易应签订书面协议。协议的签订应当遵循平等、自愿、等价、有偿的原则，协议内容应明确、具体。公司应将该协议的订立、变更、终止及履行情况等事项按照有关规定予以披露。
　　第十三条　上市公司应采取有效措施防止关联人以垄断采购和销售业务渠道等方式干预公司的经营，损害公司利益。关联交易活动应遵循商业原则, 关联交易的价格原则上应不偏离市场独立第三方的价格或收费的标准。公司应对关联交易的定价依据予以充分披露。
　　第十四条　上市公司的资产属于公司所有。上市公司应采取有效措施防止股东及其关联方以各种形式占用或转移公司的资金、资产及其他资源。上市公司不得为股东及其关联方提供担保。
　　第二章　控股股东与上市公司
　　第一节　控股股东行为的规范
　　第十五条　控股股东对拟上市公司改制重组时应遵循先改制、后上市的原则，并注重建立合理制衡的股权结构。
　　第十六条　控股股东对拟上市公司改制重组时应分离其社会职能，剥离非经营性资产，非经营性机构、福利性机构及其设施不得进入上市公司。
　　第十七条　控股股东为上市公司主业服务的存续企业或机构可以按照专业化、市场化的原则改组为专业化公司，并根据商业原则与上市公司签订有关协议。从事其他业务的存续企业应增强其独立发展的能力。无继续经营能力的存续企业，应按有关法律、法规的规定，通过实施破产等途径退出市场。企业重组时具备一定条件的，可以一次性分离其社会职能及分流富余人员，不保留存续企业。
　　第十八条　控股股东应支持上市公司深化劳动、人事、分配制度改革，转换经营管理机制，建立管理人员竞聘上岗、能上能下，职工择优录用、能进能出，收入分配能增能减、有效激励的各项制度。
　　第十九条　控股股东对上市公司及其他股东负有诚信义务。控股股东对其所控股的上市公司应严格依法行使出资人的权利，控股股东不得利用资产重组等方式损害上市公司和其他股东的合法权益，不得利用其特殊地位谋取额外的利益。
　　第二十条　控股股东对上市公司董事、监事候选人的提名，应严格遵循法律、法规和公司章程规定的条件和程序。控股股东提名的董事、监事候选人应当具备相关专业知识和决策、监督能力。控股股东不得对股东大会人事选举决议和董事会人事聘任决议履行任何批准手续；不得越过股东大会、董事会任免上市公司的高级管理人员。
　　第二十一条　上市公司的重大决策应由股东大会和董事会依法作出。控股股东不得直接或间接干预公司的决策及依法开展的生产经营活动，损害公司及其他股东的权益。
　　第二节　上市公司的独立性
　　第二十二条　控股股东与上市公司应实行人员、资产、财务分开，机构、业务独立，各自独立核算、独立承担责任和风险。
　　第二十三条　上市公司人员应独立于控股股东。上市公司的经理人员、财务负责人、营销负责人和董事会秘书在控股股东单位不得担任除董事以外的其他职务。控股股东高级管理人员兼任上市公司董事的，应保证有足够的时间和精力承担上市公司的工作。
　　第二十四条　控股股东投入上市公司的资产应独立完整、权属清晰。控股股东以非货币性资产出资的，应办理产权变更手续，明确界定该资产的范围。上市公司应当对该资产独立登记、建帐、核算、管理。控股股东不得占用、支配该资产或干预上市公司对该资产的经营管理。
　　第二十五条　上市公司应按照有关法律、法规的要求建立健全的财务、会计管理制度，独立核算。控股股东应尊重公司财务的独立性，不得干预公司的财务、会计活动。
　　第二十六条　上市公司的董事会、监事会及其他内部机构应独立运作。控股股东及其职能部门与上市公司及其职能部门之间没有上下级关系。控股股东及其下属机构不得向上市公司及其下属机构下达任何有关上市公司经营的计划和指令，也不得以其他任何形式影响其经营管理的独立性。
　　第二十七条　上市公司业务应完全独立于控股股东。控股股东及其下属的其他单位不应从事与上市公司相同或相近的业务。控股股东应采取有效措施避免同业竞争。
　　第三章　董事与董事会
　　第一节　董事的选聘程序
　　第二十八条　上市公司应在公司章程中规定规范、透明的董事选聘程序，保证董事选聘公开、公平、公正、独立。
　　第二十九条　上市公司应在股东大会召开前披露董事候选人的详细资料，保证股东在投票时对候选人有足够的了解。
　　第三十条　董事候选人应在股东大会召开之前作出书面承诺，同意接受提名，承诺公开披露的董事候选人的资料真实、完整并保证当选后切实履行董事职责。
　　第三十一条　在董事的选举过程中，应充分反映中小股东的意见。股东大会在董事选举中应积极推行累积投票制度。控股股东控股比例在30%以上的上市公司，应当采用累积投票制。采用累积投票制度的上市公司应在公司章程里规定该制度的实施细则。
　　第三十二条　上市公司应和董事签订聘任合同，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。
　　第二节　董事的义务
　　第三十三条　董事应根据公司和全体股东的最大利益，忠实、诚信、勤勉地履行职责。
　　第三十四条　董事应保证有足够的时间和精力履行其应尽的职责。
　　第三十五条　董事应以认真负责的态度出席董事会，对所议事项表达明确的意见。董事确实无法亲自出席董事会的，可以书面形式委托其他董事按委托人的意愿代为投票，委托人应独立承担法律责任。
　　第三十六条　董事应遵守有关法律、法规及公司章程的规定，严格遵守其公开作出的承诺。
　　第三十七条　董事应积极参加有关培训, 以了解作为董事的权利、义务和责任, 熟悉有关法律法规, 掌握作为董事应具备的相关知识。
　　第三十八条　董事会决议违反法律、法规和公司章程的规定，致使公司遭受损失的，参与决议的董事对公司承担赔偿责任。但经证明在表决时曾表明异议并记载于会议记录的董事除外。
　　第三十九条　经股东大会批准，上市公司可以为董事购买责任保险。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。
　　第三节　董事会的构成和职责
　　第四十条　董事会的人数及人员构成应符合有关法律、法规的要求，确保董事会能够进行富有成效的讨论，作出科学、迅速和谨慎的决策。
　　第四十一条　董事会应具备合理的专业结构，其成员应具备履行职务所必需的的知识、技能和素质。
　　第四十二条　董事会向股东大会负责。上市公司治理结构应确保董事会能够按照法律、法规和公司章程的规定行使职权。
　　第四十三条　董事会应认真履行有关法律、法规和公司章程规定的职责，确保公司遵守法律、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利益。
　　第四节　董事会议事规则
　　第四十四条　上市公司应在公司章程中规定规范的董事会议事规则，确保董事会高效运作和科学决策。
　　第四十五条　董事会应定期召开会议,并根据需要及时召开临时会议。董事会会议应有事先拟定的议题。
　　第四十六条　上市公司董事会会议应严格按照规定的程序进行。董事会应按规定的时间事先通知所有董事，并提供足够的资料，包括会议议题的相关背景材料和有助于董事理解公司业务进展的信息和数据。当2名或2名以上独立董事认为资料不充分或论证不明确时，可联名以书面形式向董事会提出延期召开董事会会议或延期审议该事项，董事会应予以采纳。
　　第四十七条　董事会会议记录应完整、真实。董事会秘书对会议所议事项要认真组织记录和整理。出席会议的董事、董事会秘书和记录人应在会议记录上签名。董事会会议记录应作为公司重要档案妥善保存，以作为日后明确董事责任的重要依据。
　　第四十八条　董事会授权董事长在董事会闭会期间行使董事会部分职权的，上市公司应在公司章程中明确规定授权原则和授权内容，授权内容应当明确、具体。凡涉及公司重大利益的事项应由董事会集体决策。
　　第五节　独立董事制度
　　第四十九条　上市公司应按照有关规定建立独立董事制度。独立董事应独立于所受聘的公司及其主要股东。独立董事不得在上市公司担任除独立董事外的其他任何职务。
　　第五十条　独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应按照相关法律、法规、公司章程的要求，认真履行职责，维护公司整体利益，尤其要关注中小股东的合法权益不受损害。独立董事应独立履行职责，不受公司主要股东、实际控制人、以及其他与上市公司存在利害关系的单位或个人的影响。
　　第五十一条　独立董事的任职条件、选举更换程序、职责等，应符合有关规定。
　　第六节　董事会专门委员会
　　第五十二条　上市公司董事会可以按照股东大会的有关决议,设立战略、审计、提名、薪酬与考核等专门委员会。专门委员会成员全部由董事组成，其中审计委员会、提名委员会、薪酬与考核委员会中独立董事应占多数并担任召集人，审计委员会中至少应有一名独立董事是会计专业人士。
　　第五十三条　战略委员会的主要职责是对公司长期发展战略和重大投资决策进行研究并提出建议。
　　第五十四条　审计委员会的主要职责是:(1)提议聘请或更换外部审计机构；(2)监督公司的内部审计制度及其实施；(3)负责内部审计与外部审计之间的沟通；(4)审核公司的财务信息及其披露；(5)审查公司的内控制度。
　　第五十五条　提名委员会的主要职责是:(1)研究董事、经理人员的选择标准和程序并提出建议；(2)广泛搜寻合格的董事和经理人员的人选；(3)对董事候选人和经理人选进行审查并提出建议。
　　第五十六条　薪酬与考核委员会的主要职责是:(1)研究董事与经理人员考核的标准，进行考核并提出建议；(2)研究和审查董事、高级管理人员的薪酬政策与方案。
　　第五十七条　各专门委员会可以聘请中介机构提供专业意见，有关费用由公司承担。
　　第五十八条　各专门委员会对董事会负责，各专门委员会的提案应提交董事会审查决定。
　　第四章　监事与监事会
　　第一节　监事会的职责
　　第五十九条　上市公司监事会应向全体股东负责，对公司财务以及公司董事、经理和其他高级管理人员履行职责的合法合规性进行监督，维护公司及股东的合法权益。
　　第六十条　监事有了解公司经营情况的权利，并承担相应的保密义务。监事会可以独立聘请中介机构提供专业意见。
　　第六十一条　上市公司应采取措施保障监事的知情权，为监事正常履行职责提供必要的协助，任何人不得干预、阻挠。监事履行职责所需的合理费用应由公司承担。
　　第六十二条　监事会的监督记录以及进行财务或专项检查的结果应成为对董事、经理和其他高级管理人员绩效评价的重要依据。
　　第六十三条　监事会发现董事、经理和其他高级管理人员存在违反法律、法规或公司章程的行为，可以向董事会、股东大会反映，也可以直接向证券监管机构及其他有关部门报告。
　　第二节　监事会的构成和议事规则
　　第六十四条　监事应具有法律、会计等方面的专业知识或工作经验。监事会的人员和结构应确保监事会能够独立有效地行使对董事、经理和其他高级管理人员及公司财务的监督和检查。
　　第六十五条　上市公司应在公司章程中规定规范的监事会议事规则。监事会会议应严格按规定程序进行。
　　第六十六条　监事会应定期召开会议，并根据需要及时召开临时会议。监事会会议因故不能如期召开，应公告说明原因。
　　第六十七条　监事会可要求公司董事、经理及其他高级管理人员、内部及外部审计人员出席监事会会议，回答所关注的问题。
　　第六十八条　监事会会议应有记录，出席会议的监事和记录人应当在会议记录上签字。监事有权要求在记录上对其在会议上的发言作出某种说明性记载。监事会会议记录应作为公司重要档案妥善保存。
　　第五章　绩效评价与激励约束机制
　　第一节　董事、监事、经理人员的绩效评价
　　第六十九条　上市公司应建立公正透明的董事、监事和经理人员的绩效评价标准和程序。
　　第七十条　董事和经理人员的绩效评价由董事会或其下设的薪酬与考核委员会负责组织。独立董事、监事的评价应采取自我评价与相互评价相结合的方式进行。
　　第七十一条　董事报酬的数额和方式由董事会提出方案报请股东大会决定。在董事会或薪酬与考核委员会对董事个人进行评价或讨论其报酬时，该董事应当回避。
　　第七十二条　董事会、监事会应当向股东大会报告董事、监事履行职责的情况、绩效评价结果及其薪酬情况，并予以披露。
　　第二节　经理人员的聘任
　　第七十三条　上市公司经理人员的聘任，应严格按照有关法律、法规和公司章程的规定进行。任何组织和个人不得干预公司经理人员的正常选聘程序。
　　第七十四条　上市公司应尽可能采取公开、透明的方式，从境内外人才市场选聘经理人员，并充分发挥中介机构的作用。
　　第七十五条　上市公司应和经理人员签订聘任合同，明确双方的权利义务关系。
　　第七十六条　经理的任免应履行法定的程序，并向社会公告。
　　第三节　经理人员的激励与约束机制
　　第七十七条　上市公司应建立经理人员的薪酬与公司绩效和个人业绩相联系的激励机制，以吸引人才，保持经理人员的稳定。
　　第七十八条　上市公司对经理人员的绩效评价应当成为确定经理人员薪酬以及其它激励方式的依据。
　　第七十九条　经理人员的薪酬分配方案应获得董事会的批准，向股东大会说明，并予以披露。
　　第八十条　上市公司应在公司章程中明确经理人员的职责。经理人员违反法律、法规和公司章程规定，致使公司遭受损失的，公司董事会应积极采取措施追究其法律责任。
　　第六章　利益相关者
　　第八十一条　上市公司应尊重银行及其它债权人、职工、消费者、供应商、社区等利益相关者的合法权利。
　　第八十二条　上市公司应与利益相关者积极合作，共同推动公司持续、健康地发展。
　　第八十三条　上市公司应为维护利益相关者的权益提供必要的条件，当其合法权益受到侵害时，利益相关者应有机会和途径获得赔偿。
　　第八十四条　上市公司应向银行及其它债权人提供必要的信息，以便其对公司的经营状况和财务状况作出判断和进行决策。
　　第八十五条　上市公司应鼓励职工通过与董事会、监事会和经理人员的直接沟通和交流，反映职工对公司经营、财务状况以及涉及职工利益的重大决策的意见。
　　第八十六条　上市公司在保持公司持续发展、实现股东利益最大化的同时，应关注所在社区的福利、环境保护、公益事业等问题，重视公司的社会责任。
　　第七章　信息披露与透明度
　　第一节　上市公司的持续信息披露
　　第八十七条　持续信息披露是上市公司的责任。上市公司应严格按照法律、法规和公司章程的规定，真实、准确、完整、及时地披露信息。
　　第八十八条　上市公司除按照强制性规定披露信息外，应主动、及时地披露所有可能对股东和其它利益相关者决策产生实质性影响的信息，并保证所有股东有平等的机会获得信息。
　　第八十九条　上市公司披露的信息应当便于理解。上市公司应保证使用者能够通过经济、便捷的方式(如互联网)获得信息。
　　第九十条　上市公司董事会秘书负责信息披露事项，包括建立信息披露制度、接待来访、回答咨询、联系股东，向投资者提供公司公开披露的资料等。董事会及经理人员应对董事会秘书的工作予以积极支持。任何机构及个人不得干预董事会秘书的工作。
　　第二节　公司治理信息的披露
　　第九十一条　上市公司应按照法律、法规及其他有关规定，披露公司治理的有关信息，包括但不限于:(1)董事会、监事会的人员及构成；(2)董事会、监事会的工作及评价；(3)独立董事工作情况及评价，包括独立董事出席董事会的情况、发表独立意见的情况及对关联交易、董事及高级管理人员的任免等事项的意见；(4)各专门委员会的组成及工作情况；(5)公司治理的实际状况，及与本准则存在的差异及其原因；(6)改进公司治理的具体计划和措施。
　　第三节　股东权益的披露
　　第九十二条　上市公司应按照有关规定，及时披露持有公司股份比例较大的股东以及一致行动时可以实际控制公司的股东或实际控制人的详细资料。
　　第九十三条　上市公司应及时了解并披露公司股份变动的情况以及其它可能引起股份变动的重要事项。
　　第九十四条　当上市公司控股股东增持、减持或质押公司股份，或上市公司控制权发生转移时，上市公司及其控股股东应及时、准确地向全体股东披露有关信息。
　　第八章　附则
　　第九十五条　本准则自发布之日起施行。

　　de of rporate ernance for Listed mpanies in China

　　Issued by:　China Securities Regulatory mmissn　State Enomic and Trade mmissn

　　January 7, 2001

　　(Zhengjianfa No.1 of 2002)

　　de of rporate ernance for Listed mpanies

　　Preface

　　In acrdance with the basic principles of the mpany Law, the Securities Law and other relevant laws and regulatns, as well as the mmonly aepted standards in internatnal rporate ernance, the de of rporate ernance for Listed mpanies (hereinafter referred to as "the de") is formulated to promote the establishment and improvement of modern enterprise system by listed mpanies, to standardize the operatn of listed mpanies and to bring forward the healthy development of the securities market of our untry.

　　The de sets forth, among other things, the basic principles for rporate ernance of listed mpanies in our untry, the means for the protectn of investors'' interests and rights, the basic behavr rules and moral standards for directors, supervisors, managers and other senr management members of listed mpanies.

　　The de is applicable to all listed mpanies within the boundary of the People''s Republic of China. Listed mpanies shall act in the spirit of the de in their efforts to improve rporate ernance. Requirements of the de shall be embodied when listed mpanies formulate or amend their articles of associatn or rules of ernance. The de is the major measuring standard for evaluating whether a listed mpany has a good rporate ernance structure, and if major problems exist with the rporate ernance structure of a listed mpany, the securities supervisn and regulatn authorities may instruct the mpany to make rrectns in acrdance with the de.

　　Chapter 1. Shareholders and Shareholders'' Meetings

　　(1) Rights of Shareholders

　　1. As the owner of a mpany, the shareholders shall enjoy the legal rights stipulated by laws, administrative regulatns and the mpany''s articles of associatn. A listed mpany shall establish a rporate ernance structure sufficient for ensuring the full exercise of shareholders'' rights.

　　2. The rporate ernance structure of a mpany shall ensure fair treatment toward all shareholders, especially minority shareholders. All shareholders are to enjoy equal rights and to bear the rresponding duties based on the shares they hold.

　　3. Shareholders shall have the right to know about and the right to participate in major matters of the mpany set forth in the laws, administrative regulatns and articles of associatn. A listed mpany shall establish efficient channels of mmunicatn with its shareholders.

　　4. Shareholders shall have the right to protect their interests and rights through civil litigatn or other legal means in acrdance with laws and administrative regulatns. In the event the resolutns of shareholders'' meeting

s or the resolutns of the board of directors are in breach of laws and administrative regulatns or infringe on shareholders'' legal interests and rights, the shareholders shall have the right to initiate litigatn to s such breach or infringement. The directors, supervisors and managers of the mpany shall bear the liability of mpensatn in cases where they vlate laws, administrative regulatns or articles of associatn and cause damages to the mpany during the performance of their duties. Shareholders shall have the right to request the mpany to sue for such mpensatn in acrdance with law.

　　(2) Rules for Shareholders'' Meetings

　　5. A listed mpany shall set out nvening and voting procres for shareholders'' meetings in its articles of associatn, including rules erning such matters as notificatn, registratn, review of proposals, voting, unting of votes, announcement of voting results, formulatn of resolutns, rerding of minutes and signatories, public announcement, etc.

　　6. The board of directors shall earnestly study and arrange the agenda for a shareholders'' meeting. During a shareholders'' meeting, each item on the agenda shall be given a reasonable amount of time for discussn.

　　7. A listed mpany shall state in its articles of associatn the principles for the shareholders'' meeting to grant authorizatn to the board of directors. The ntent of such authorizatn shall be explicit and ncrete.

　　8. Besides ensuring that shareholders'' meetings proceed legally and effectively, a listed mpany shall make every effort, including fully utilizing modern informatn technology means, to increase the number of shareholders attending the shareholders'' meetings. The time and locatn of the shareholders'' meetings shall be set so as to allow the maximum number of shareholders to participate.

　　9. The shareholders can either be present at the shareholders'' meetings in person or they may appoint a proxy to vote on their behalf, and both means of voting possess the same legal effect.

　　10. The board of directors, independent directors and qualified shareholders of a listed mpany may solicit for the shareholders'' right to vote in a shareholders'' meeting. No payments shall be made to the shareholders for such solicitatn, and adequate informatn shall be provided to persons whose voting rights are being solicited.

　　11. Iinstitutnal investors shall play a role in the appointment of mpany directors, the mpensatn and supervisn of management and major decisn-making processes.

　　(3) Related Party Transactns

　　12. Written agreements shall be entered into for related party transactns among a listed mpany and its nnected parties. Such agreements shall observe principles of equality, voluntarity, and making mpensatn for equal value. The ntents of such agreements shall be specific and ncrete. Matters such as the signing, amendment, terminatn and executn of such agreements shall be disclosed by the listed mpany in acrdance with relevant regulatns.

　　13. Efficient measures shall be adopted by a listed mpany to prevent its nnected parties from interfering with the operatn of the mpany and damaging the mpany''s interests by monopolizing purchase or sales channels. Related party transactns shall observe mmercial principles. In principle, the prices for related party transactns shall not deviate from an independent third party''s market price or charging standard. The mpany shall fully disclose the basis for pricing for related party transactns.

　　14. The assets of a listed mpany belong to the mpany. The mpany shall adopt efficient measures to prevent its shareholders and their affiliates from misappropriating or transferring the capital, assets or other resources of the mpany through varus means. A listed mpany shall not provide financial guarantees for its shareholders or their affiliates.

　　Chapter 2. Listed mpany and Its ntrolling Shareholders

　　(1) Behavr Rules for ntrolling Shareholders

　　15. During the restructuring and reanizatn of a mpany that plans to list, the ntrolling shareholders shall observe the principle of "first restructuring, then listing", and shall emphasize the establishment of a reasonably balanced shareholding structure.

　　16. During the restructuring and reanizatn of a mpany that plans to list, the ntrolling shareholders shall sever the mpany''s social functns and strip out non-operatnal assets. Non-operatnal institutns, welfare institutns and their facilities shall not be included in the listed mpany.

　　17. ntrolling shareholders'' remaining enterprises or institutns that provide services for the major business of the listed mpany may be restructured into specialized mpanies in acrdance with the principles of specializatn and market practice, and may enter into relevant agreements with the listed mpany in acrdance with mmercial principles. Remaining enterprises engaged in other businesses shall increase their capability of independent development. Remaining enterprises not capable to ntinue operatn shall exit the market, through such channels as bankruptcy, in acrdance with relevant laws and regulatns. Enterprises meeting certain requirements during restructuring may sever all their social functns and disperse surplus employees at one time and keep no remaining enterprises.

　　18. The ntrolling shareholders shall support the listed mpany to further reform labor, personnel and distributn systems, to transform operatnal and managerial mechanisms, and to establish such systems as: management selectn through bidding and mpetitn, with the chance for both promotn and demotn; employment of employees on the basis of mpetitive selectn, with the chance for both employment and terminatn of employment; inme distributn scheme that provides sufficient incentive, with the chance to both increase and decrease the remuneratn; etc.

　　19. The ntrolling shareholders owe a duty of good faith toward the listed mpany and other shareholders. The ntrolling shareholders of a listed mpany shall strictly mply with laws and regulatns while exercising their rights as investors, and shall be prevented from damaging the listed mpany''s or other shareholders'' legal rights and interests, through means such as assets restructuring, or from taking advantage of their privileged positn to gain additnal benefit.

　　20. The ntrolling shareholders shall nominate the candidates for directors and supervisors in strict mpliance with the terms and procres provided for by laws, regulatns and the mpany''s articles of associatn. The nominated candidates shall possess certain relevant professnal knowledge and the capability to make decisns or supervise. The resolutns made by the shareholders'' meetings electing personnel or the board of directors'' resolutns appointing personnel shall not be subjected to approval procres by the ntrolling shareholders. The ntrolling shareholders are forbidden to appoint senr management personnel by circumventing the shareholders'' meeting s or the board of directors.

　　21. The important decisns of a listed mpany shall be made through a shareholders'' meeting or board of directors'' meeting in acrdance with law. The ntrolling shareholders shall not directly or indirectly interfere with the mpany''s decisns or business activities nducted in acrdance with laws; nor shall they impair the listed mpany''s or other shareholders'' rights and interests.

　　(2) Independence of Listed mpany

　　22. A listed mpany shall be separated from its ntrolling shareholders in such aspects as personnel, assets and financial affairs, shall be independent in institutn and business, shall practice independent business acunting, and shall independently bear risks and obligatns.

　　23. The personnel of a listed mpany shall be independent from the ntrolling shareholders. The management, financial officers, sales officers and secretary of the board of directors of the listed mpany shall not take posts other than as a director in a ntrolling shareholder''s entities. In the case where a member of a ntrolling shareholder''s senr management ncurrently holds the positn of director of the listed mpany, such member shall ensure adequate time and energy to perform the work for the listed mpany.

　　24. The assets invested by a ntrolling shareholder in a listed mpany shall be independent, mplete and with clear indicatn of ownership. Where ntrolling shareholders invest non-cash assets into a listed mpany, ownership transfer procres shall be mpleted and explicit boundaries for such assets shall be clarified. The listed mpany shall independently register such assets, independently set up acunt for such assets, and independently carry out business acunting and management for such assets. The ntrolling shareholders shall not misappropriate or ntrol such assets or interfere with the listed mpany''s management of such assets.

　　25. A listed mpany shall establish sound financial and acunting management systems in acrdance with laws and regulatns and shall nduct independent business acunting. ntrolling shareholders shall respect the financial independence of the mpany and shall not interfere with the financial and acunting activities of the mpany.

　　26. The board of directors, the supervisory mmittee and other internal offices of a listed mpany shall operate in an independent manner. There shall be no subordinatn relatnship between, on the one hand, a listed mpany or its internal offices and, on the other hand, the mpany''s ntrolling shareholders or their internal offices, and the latter shall not give plans or instructns ncerning the listed mpany''s business operatn to the former, nor shall the latter interfere with the independent operatn of the former in any other manner.

　　27. A listed mpany''s business shall be mpletely independent from that of its ntrolling shareholders. ntrolling shareholders and their subsidiaries shall not engage in the same or similar business as that of the listed mpany. ntrolling shareholders shall adopt efficient measures to avoid mpetitn with the listed mpany.

　　Chapter 3. Directors and Board of Directors

　　(1) Electn Procres for Directors

　　28. A mpany shall establish a standardized and transparent procre for director electn in its articles of associatn, so as to ensure the openness, fairness, impartialness and independence of the electn.

　　29. Detailed informatn regarding the candidates for directorship shall be disclosed prr to the nvening of the shareholders'' meeting to ensure adequate understanding of the candidates by the shareholders at the time of voting.

　　30. Candidates for directorship shall give written undertakings to aept their nominatn, to warrant the truthfulness and mpleteness of the candidate''s informatn that has been publicly disclosed and to promise to earnestly perform their duties once elected.

　　31. The electn of directors shall fully reflect the opinns of minority shareholders. A cumulative voting system shall be earnestly advanced in shareholders'' meetings for the electn of directors. Listed mpanies that are more than 30% owned by ntrolling shareholders shall adopt a cumulative voting system, and the mpanies that do adopt such a system shall stipulate the implementing rules for such cumulative voting system in their articles of associatn.

　　32. Appointment agreements shall be entered into by a listed mpany and its directors to clarify such matters as the rights and obligatns between the mpany and the director, the term of the directorship, the director''s liabilities in case of breach of laws, regulatns or articles of associatn, and the mpensatn from the mpany in case of early terminatn of the appointment agreement for cause by the mpany.

　　(2) The Duties and Responsibilities of Directors

　　33. Directors shall faithfully, honestly and diligently perform their duties for the best interests of the mpany and all the shareholders.

　　34. Directors shall ensure adequate time and energy for the performance of their duties.

　　35. Directors shall attend the board of directors meetings in a diligent and responsible manner, and shall express their clear opinn on the ics discussed. When unable to attend a board of directors meeting, a director may authorize another director in writing to vote on his behalf and the director who makes such authorizatn shall be responsible for the vote.

　　36. The board of directors shall abide by relevant laws, regulatns, rules and the mpany''s articles of associatn, and shall strictly fulfill the undertakings they made publicly.

　　37. Directors shall earnestly attend relevant trainings to learn about the rights, obligatns and duties of a director, to familiarize themselves with relevant laws and regulatns and to master relevant knowledge necessary for acting as directors.

　　38. In cases where the resolutns of board of directors vlate laws or regulatns or a listed mpany''s articles of associatn and cause losses to the listed mpany, directors responsible for making such resolutns shall be liable for mpensatn, except those proved to have objected and the objectns of whom have been rerded in the minutes.

　　39. After approval by the shareholders'' meeting, a listed mpany may purchase liability insurance for directors. Such insurance shall not ver the liabilities arising in nnectn with directors'' vlatn of laws, regulatns or the mpany''s articles of associatn.

　　(3) Duties and mpositn of the Board of Directors

　　40. The number of directors and the structure of the board of directors shall be in mpliance with laws and regulatns and shall ensure the effective discussn and efficient, timely and prudent decisn-making process of the board of directors.

　　41. The board of directors shall possess proper professnal background. The directors shall possess adequate knowledge, skill and quality to perform their duties.

　　42. The board of directors shall be made acuntable to shareholders. A listed mpany''s rporate ernance framework shall ensure that the board of directors can exercise its power in acrdance with laws, administrative regulatns and the mpany''s articles of associatn.

　　43. The board of directors shall earnestly perform its duties as stipulated by laws, regulatns and the mpany''s articles of associatn, shall ensure that the mpany mplies with laws, regulatns and its articles of associatn, shall treat all the shareholders equally and shall be ncerned with the interests of stakeholders.

　　(4) Rules and Procre of the Board of Directors

　　44. A listed mpany shall formulate rules of procre for its board of directors in its articles of associatn to ensure the board of directors'' efficient functn and ratnal decisns.

　　45. The board of directors shall meet perdically and shall nvene interim meetings in a timely manner when necessary. Each board of directors'' meeting shall have a pre-decided agenda.

　　46. The meetings of the board of directors of a listed mpany shall be nducted in strict mpliance with prescribed procres. The board of directors shall send notice to all directors in advance, at the stipulated time, and shall provide sufficient materials, including relevant background materials for the items on the agenda and other informatn and data that may assist the directors in their understanding of the mpany''s business development. When two or more independent directors deem the materials inadequate or unclear, they may jointly submit a written request to postpone the meeting or to postpone the discussn of the related matter, which shall be granted by the board of directors.

　　47. The minutes of the board of directors'' meetings shall be mplete and aurate. The secretary of the board of directors shall carefully anize the minutes and the rerds of discussed matters. Directors that have attended the meetings and the person who drafted the minutes shall sign the minutes. The minutes of the board of directors'' meetings shall be properly maintained and stored as important rerds of the mpany, and may be used as an important basis for clarifying responsibilities of individual directors in the future.

　　48. In the case of authorizatn to the chairman of the board of directors to exercise part of the board of directors'' power of office when the board of directors is not in sessn, clear rules and principles for such authorizatn shall be stated in the articles of associatn of the listed mpany. The ntent of such authorizatn shall be clear and specific. All matters related to material interests of the mpany shall be submitted to the board of directors for llective decisn.

　　(5) Independent Directors

　　49. A listed mpany shall introduce independent directors to its board of directors in acrdance with relevant regulatns. Independent directors shall be independent from the listed mpany that employs them and the mpany''s major shareholders. An independent director may not hold any other positn apart from independent director in the listed mpany.

　　50. The independent directors shall bear the duties of good faith and due diligence toward the listed mpany and all the shareholders. They shall earnestly perform their duties in acrdance with laws, regulatns and the mpany''s articles of associatn, shall protect the overall interests of the mpany, and shall be especially ncerned with protecting the interests of minority shareholders from being infringed. Independent directors shall carry out their duties independently and shall not subject themselves to the influence of the mpany''s major shareholders, actual ntrollers, or other entities or persons who are interested parties of the listed mpany.

　　51. Relevant laws and regulatns shall be mplied with for matters such as the qualificatns, procre of electn and replacement, and duties of independent directors.

　　(6) Specialized mmittees of the Board of Directors

　　52. The board of directors of a listed mpany may establish a rporate strategy mmittee, an audit mmittee, a nominatn mmittee, a remuneratn and appraisal mmittee and other special mmittees in acrdance with the resolutns of the shareholders'' meetings. All mmittees shall be mposed solely of directors. The audit mmittee, the nominatn mmittee and the remuneratn and appraisal mmittee shall be chaired by an independent director, and independent directors shall nstitute the majority of the mmittees. At least one independent director from the audit mmittee shall be an acunting professnal.

　　53. The main duties of the rporate strategy mmittee shall be to nduct research and make remmendatns on the long-term strategic development plans and major investment decisns of the mpany.

　　54. The main duties of the audit mmittee are (1) to remmend the engagement or replacement of the mpany''s external auditing institutns; (2) to review the internal audit system and its executn; (3) to oversee the interactn between the mpany''s internal and external auditing institutns; (4) to inspect the mpany''s financial informatn and its disclosure; and (5) to monitor the mpany''s internal ntrol system.

　　55. The main duties of the nominatn mmittee are (1) to formulate standards and procres for the electn of directors and make remmendatns; (2) to extensively seek qualified candidates for directorship and management; and (3) to review the candidates for directorship and management and make remmendatns.

　　56. The main duties of the remuneratn and appraisal mmittee are (1) to study the appraisal standard for directors and management personnel, to nduct appraisal and to make remmendatns; and (2) to study and review the remuneratn policies and schemes for directors and senr management personnel.

　　57. Each specialized mmittee may engage intermediary institutns to provide professnal opinns, the relevant expenses to be borne by the mpany.

　　58. Each specialized mmittee shall be acuntable to the board of directors. All proposals by specialized mmittees shall be submitted to the board of directors for review and approval.

　　Chapter 4. The Supervisors and the Supervisory Board

　　(1) Duties and Responsibilities of the Supervisory Board

　　59. The supervisory board of a listed mpany shall be acuntable to all shareholders. The supervisory board shall supervise the rporate finance, the legitimacy of directors, managers and other senr management personnel''s performance of duties, and shall protect the mpany''s and the shareholders'' legal rights and interests.

　　60. Supervisors shall have the right to learn about the operating status of the listed mpany and shall have the rresponding obligatn of nfidentiality. The supervisory board may independently hire intermediary institutns to provide professnal opinns.

　　61. A listed mpany shall adopt measures to ensure supervisors'' right to learn about mpany''s matters and shall provide necessary assistance to supervisors for their normal performance of duties. No one shall interfere with or obstruct supervisors'' work. A supervisor''s reasonable expenses necessary to perform their duties shall be borne by the listed mpany.

　　62. The rerd of the supervisory mmittee''s supervisn as well as the results of financial or other specific investigatns shall be used as an important basis for performance assessment of directors, managers and other senr management personnel.

　　63. The supervisory board may report directly to securities regulatory authorities and other related authorities as well as reporting to the board of directors and the shareholders'' meetings when the supervisory board learns of any vlatn of laws, regulatns or the mpany''s articles of associatn by directors, managers or other senr management personnel.

　　(2) The mpositn and Steering of the Supervisory Board

　　64. Supervisors shall have professnal knowledge or work experience in such areas as law and acunting. The members and the structure of the supervisory board shall ensure its capability to independently and efficiently nduct its supervisn of directors, managers and other senr management personnel and to supervise and examine the mpany''s financial matters.

　　65. A listed mpany shall formulate in its articles of associatn standardized rules and procres erning the steering of the supervisory board. The supervisory board''s meetings shall be nvened in strict mpliance with the rules and procres.

　　66. The supervisory board shall meet perdically and shall nvene interim meetings in a timely manner when necessary. If for any reason a supervisory board meeting cannot be nvened as schled, an explanatn shall be publicly announced.

　　67. The supervisory board may ask directors, managers and other senr management personnel, internal auditing personnel and external auditing personnel to attend the meetings of supervisory board and to answer the questns that the supervisory board is ncerned with.

　　68. Minutes shall be drafted for the meetings of the supervisory board, which shall be signed by the supervisors that attended the meetings and the person who drafted the minutes. The supervisors shall have the right to request to rerd in the minutes explanatory notes to their statements in the meetings. Minutes of the meetings of the supervisory board shall be properly maintained and stored as important rerds of the mpany.

　　Chapter 5. Performance Assessments and Incentive and Disciplinary Systems

　　(1) Performance Assessment for Directors, Supervisors and Management Personnel

　　69. A listed mpany shall establish fair and transparent standards and procres for the assessment of the performance of directors, supervisors and management personnel.

　　70. The evaluatn of the directors and management personnel shall be nducted by the board of directors or by the remuneratn and appraisal mmittee of the board of directors. The evaluatn of the performance of independent directors and supervisors shall be nducted through a mbinatn of self-review and peer review.

　　71. The board of directors shall propose a scheme for the amount and method of mpensatn for directors to the shareholders'' meeting for approval. When the board of directors or the remuneratn and appraisal mmittee reviews the performance of or discusses the mpensatn for a certain director, such director shall withdraw.

　　72. The board of directors and the supervisory board shall report to the shareholder meetings the performance of the directors and the supervisors, the results of the assessment of their work and their mpensatn, and shall disclose such informatn.

　　(2) Selectn of Management Personnel

　　73. The recruiting of management personnel of a listed mpany shall be nducted in strict observatn with relevant laws and regulatns and the mpany''s articles of associatn. No institutn or individual shall interfere with a listed mpany''s normal recruiting procre for management personnel.

　　74. The recruiting of management personnel of a listed mpany shall, to the extent possible, be carried out in a fair and transparent manner, through domestic and internatnal markets for professnal management, making full use of intermediary agencies.

　　75. Employment agreements shall be entered into by a listed mpany and its management personnel to clarify each party''s rights and obligatns.

　　76. The appointment and removal of managers shall be in mpliance with legal procre and shall be publicly announced.

　　(3) Incentive and Disciplinary Systems for Management

　　77. To attract qualified personnel and to maintain the stability of management, a listed mpany shall establish rewarding systems that link the mpensatn for management personnel to the mpany''s performance and to the individual''s work performance.

　　78. The performance assessment for management personnel shall beme a basis for determining the mpensatn and other rewarding arrangements for the person reviewed.

　　79. The results of the performance assessment shall be approved by the board of directors, explained at the shareholders'' meetings and disclosed.

　　80. A listed mpany shall specify management personnel''s duties and responsibilities in its articles of associatn. If management personnel vlate laws, regulatns or the mpany''s articles of associatn and cause damages to the mpany, the board of directors of the mpany shall actively investigate and pursue such personnel''s legal liabilities.

　　Chapter 6. Stakeholders

　　81. A listed mpany shall respect the legal rights of banks and other creditors, employees, nsumers, suppliers, the mmunity and other stakeholders.

　　82. A listed mpany shall actively operate with its stakeholders and jointly advance the mpany''s sustained and healthy development.

　　83. A mpany shall provide the necessary means to ensure the legal rights of stakeholders. Stakeholders shall have opportunities and channels for redress for infringement of rights.

　　84. A mpany shall provide necessary informatn to banks and other creditors to enable them to make judgments and decisns about the mpany''s operating and financial situatn.

　　85. A mpany shall enurage employees'' feedback regarding the mpany''s operating and financial situatns and important decisns affecting employee''s benefits through direct mmunicatns with the board of directors, the supervisory board and the management personnel.

　　86. While maintaining the listed mpany''s development and maximizing the benefits of shareholders, the mpany shall be ncerned with the welfare, environmental protectn and public interests of the mmunity in which it resides, and shall pay attentn to the mpany''s social responsibilities.

　　Chapter 7. Informatn Disclosure and Transparency

　　(1) Listed mpanies' Ongoing Informatn Disclosure

　　87. Informatn disclosure is an ongoing responsibility of listed mpanies. A listed mpany shall truthfully, aurately, mpletely and timely disclose informatn as required by laws, regulatns and the mpany''s articles of associatn.

　　88. In additn to disclosing mandatory informatn, a mpany shall also voluntarily and timely disclose all other informatn that may have a material effect on the decisns of shareholders and stakeholders, and shall ensure equal aess to informatn for all shareholders.

　　89. Disclosed informatn by a listed mpany shall be easily mprehensible. mpanies shall ensure enomical, nvenient and speedy aess to informatn through varus means (such as the Inter).

　　90. The secretary of the board of directors shall be in charge of informatn disclosure, including formulating rules for informatn disclosure, receiving visits, providing nsultatn, ntacting shareholders and providing publicly disclosed informatn about the mpany to investors. The board of directors and the management shall actively support the secretary''s work. No institutns or individuals shall interfere with the secretary''s work.

　　(2) Disclosure of Informatn Regarding rporate ernance

　　91. A listed mpany shall disclose informatn regarding its rporate ernance in acrdance with laws, regulatns and other relevant rules, including but not limited to: (1) the members and structure of the board of directors and the supervisory board; (2) the performance and evaluatn of the board of directors and the supervisory board; (3) the performance and evaluatn of the independent directors, including their attendance at board of directors'' meetings, their issuance of independent opinns and their opinns regarding related party transactns and appointment and removal of directors and senr management personnel; (4) the mpositn and work of the specialized mmittees of the board of directors; (5) the actual state of rporate ernance of the mpany, the gap between the mpany''s rporate ernance and the de, and the reasons for the gap; and (6) specific plans and measures to improve rporate ernance.

　　(3) Disclosure of ntrolling Shareholder''s Interests

　　92. A mpany shall timely disclose detailed informatn about each shareholder who owns a mparatively large percentage of shares of the mpany, the shareholders who actually ntrol the mpany when acting in ncert and the mpany''s actual ntrollers in acrdance with relevant regulatns.

　　93. A listed mpany shall learn about and disclose in a timely manner, changes in the shareholding of the mpany and other important matters that may cause changes in the shareholding of the mpany.

　　94. When ntrolling shareholders increase or decrease their shareholding or pledge the mpany''s shares, or when the actual ntrol of the mpany transfers, the mpany and its ntrolling shareholders shall timely and aurately disclose relevant informatn to all shareholders.

　　Chapter 8. Supplementary Article

　　95. This de shall me into effect on the date of issuance.

　　注：英文版来源，http://www.zhai./