State-owned Assets Supervision and Administration Commission said: Increase the degree of authorization and delegation of state-controlled listed companies

time:2023-01-28 04:09:13 source:clevelanddrifters.com author:Technology stocks
State-owned Assets Supervision and Administration Commission said: Increase the degree of authorization and delegation of state-controlled listed companies

On September 1, the State-owned Assets Supervision and Administration Commission held a special promotion meeting to consolidate and deepen the reform of state-owned enterprises in three years to make up for weaknesses. Weng Jieming, deputy director of the State-owned Assets Supervision and Administration Commission, said that it is necessary to work hard on the breadth and depth of the professional integration of central enterprises. Promote state-controlled listed companies to become pioneers and examples of market-oriented operation mechanisms, and increase the degree of authorization and decentralization of listed companies. Explore the integration space With the three-year reform of state-owned enterprises entering the final stage, the professional integration of central enterprises has accelerated significantly. Weng Jieming emphasized that it is necessary to work hard on the strength, breadth and depth of the professional integration of central enterprises. It is necessary to actively explore the integration space between central enterprises and central and local governments across enterprises, levels and regions, and promote the optimal allocation of resources in a wider range. It is necessary to strengthen the deep integration after integration and fully release the dividends of integrated operation. The State-owned Assets Supervision and Administration Commission previously stated that it will carry out in-depth integration of the same business or homogeneous business among enterprises, in key areas such as inspection and testing, medical health, equipment manufacturing, artificial intelligence, new energy, cloud computing, steel, and logistics, and strategic and forward-looking. Emerging industries will accelerate the cultivation of first-class enterprises with strong competitiveness and excellent resource allocation. "This year is the final year of the three-year reform of state-owned enterprises, and it is expected that there will be more reorganization and integration of state-owned enterprises within the year." Li Kongyi, an analyst at Shanxi Securities, said that in the field of state-owned enterprise reform, the reorganization and integration of state-owned enterprises is still "the highlight". Restructuring in fields such as energy, automobiles, transportation, and military industries will accelerate. Wang Lei, a researcher at Zhongtai Securities, predicts that, driven by policies, the power central enterprise group will further systematically sort out the resources at hand, and gradually inject existing unlisted high-quality assets into listed companies according to the actual situation, or seek separate listing. Encouraging benchmarking and catching up and improving the quality of state-controlled listed companies is an important part of the three-year reform of state-owned enterprises. Weng Jieming said that it is necessary to promote listed companies to become pioneers and examples of market-oriented management mechanisms. All the market-oriented mechanism reform tasks required by the three-year action, listed companies should take the lead in completing them with high quality. Support and encourage listed companies and leading companies in the same industry to benchmark and catch up in an all-round way in terms of performance and efficiency. In terms of improving the governance mechanism, Weng Jieming said that it is necessary to continue to vigorously promote listed companies with state-owned shareholders holding more than 50% of the shares, introduce active shareholders with 5% or more shares to participate in corporate governance, and support active shareholders to nominate director candidates to participate in the decision-making of listed companies. . Encourage central enterprises and central and local governments to participate in the improvement of corporate governance as active shareholders through subscription of shares, share swaps and other methods. At the same time, it is necessary to increase the authorization and decentralization of state-controlled listed companies, and state-controlled shareholders should perform their duties as investors in accordance with the law and regulations according to the proportion of their capital contribution and the company's articles of association, and not interfere with the operating autonomy of listed companies through administrative means. Chen Guo, chief strategy officer of China Securities, believes that the reform of listed companies controlled by state-owned enterprises in the next two years will create greater value for investors. Those listed companies controlled by state-owned enterprises that have problems such as weak business synergy, long management chain, lack of sustainable operation ability, long-term loss of financing function, and risk of losing control and loss of control will likely usher in spin-off and reorganization. Improving the coverage of incentives and promoting the implementation of medium and long-term incentives for state-owned enterprises is an important starting point for deepening the reform of state-owned enterprises in recent years. Weng Jieming emphasized that it is necessary to improve the coverage, flexibility and matching degree of medium and long-term incentives for state-owned enterprises. Combined with the actual situation of the unit, various incentive policies and tools are used more innovatively and flexibly, so that the policy can benefit more key personnel. At the same time, strengthen the precise incentives for scientific and technological innovation talents. It is necessary to give more incentive resources to the backbone talents of scientific and technological innovation who play an important role in creating a source of original technology, building a long modern industrial chain, and carrying out key core technology research, and give full play to the role of precise drip irrigation and leverage. Medium- and long-term incentives have become a necessary "sharp weapon" for state-owned and central enterprises to attract talents and activate enterprises. The relevant person in charge of China Energy Construction Group said that the group has established a "3+2" medium and long-term incentive mechanism, and introduced systems such as restricted stock incentive plans, equity and dividend incentives for technology-based enterprises, excess profit incentive total salary sharing, and virtual equity co-investment. The 2021 incremental profits of the nine subsidiaries that implement incentives will account for 41% of the group's total incremental profits, and the role of incentives and leverage is fully demonstrated. The relevant person in charge of China Southern Airlines Group introduced that the group issued the "Incentive Mechanism Work Guidelines" to fully implement medium and long-term incentive tools such as employee stock ownership, excess profit sharing, job dividends, and project dividends in subsidiaries, and a total of more than 800 people have been motivated. Experts believe that with the completion of the three-year action plan for the reform of state-owned enterprises within this year, the reform of state-owned enterprises will be further deepened in various fields and at all levels, and the depth of the promotion of medium- and long-term incentives for state-owned enterprises, especially equity incentives, will be further enhanced.

(Responsible editor:Trend)

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