SOE expenses clean-up
(Xinhua)
Updated: 2006-06-08 16:41
The Chinese government has ordered state-owned enterprise bosses to draw up
and implement rules on business expenses for managerial staff by next
year.
The State-owned Assets Supervision and Administration Commission
(SASAC) has instructed the 167 central SOEs that the rules should improve the
transparency and administration of managers' business expenses.
SOE
managers have so far operated without explicit regulations and their expense
accounts, including expenditure on receptions, gifts and transport, have been
notoriously opaque and arbitrary.
The rules were intended to help improve
corporate governance of SOEs, said an SASAC official.
The document aimed
to encourage SOEs to take the first steps to setting up a regulation
framework.
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