On May 30, Xinhua, the official media of the Communist Party of China (CPC), published the Opinions on Strengthening Party Leadership in Improving Corporate Governance of Central Enterprises issued by the General Office of the CPC.
According to the report, the General Office of the CPC Central Committee recently issued the Opinions on Strengthening Party Leadership in Improving Corporate Governance of Central Enterprises (hereinafter referred to as “Opinions”).
The Opinions state that the implementation of Xi Jinping’s requirement of “adhering to the Party’s leadership of state-owned enterprises must be consistent”…” It clarifies the powers and responsibilities of the party committees (party groups) of central enterprises in all aspects of decision-making, implementation and supervision, and the way they work.”
The Opinions also state that “Party committees (party groups) of central enterprises… has a statutory status in the corporate governance structure.”
The report stated that the Opinions also “clarify the scope of responsibilities of the Party Committee (Party Group) of central enterprises in discussing and deciding major matters, standardize the requirements and procedures for the Party Committee (Party Group) to study and discuss major business management matters, clarify the way in which the Party Committee (Party Group) plays a role in the decision-making authorized by the Board of Directors and the General Manager’s General Meeting, and strengthen the responsibilities of the Party Committee (Party Group) in the implementation and supervision of the link… Institutional arrangements were made.”
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