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CIMC tops list for corporate governance

(CE.net)
Updated: 2007-04-19 14:13

Shenzhen-listed China International Marine Containers (Group) Ltd (CIMC) was crowned the best corporate governance performer among the top 100 Chinese public companies in a rating released in Beijing yesterday.

The rating assessed the corporate governance performance of the top 100 companies listed in Shanghai, Shenzhen and Hong Kong. These companies, chosen by market value, come from 29 industries including finance, communications, power generation and logistics.

The report, co-released by global risk management consulting firm Protiviti, the Chinese Academy of Social Sciences and the National School of Administration, said the overall corporate governance standard in Chinese public companies has improved, thanks to a better regulatory environment and a successful share restructure reform.

"The ongoing securities reform, starting from 2005, has shown a clear impact on the corporate governance of public firms, especially State-owned companies," said Liu Jianxin, president of Protiviti Greater China.

Most Chinese companies, after their share reform, have established investor relationship departments in the past one or two years.

According to the report, 72 of the top 100 listed firms have strengthened information disclosure through their websites.

Shanghai-listed Baoshan Iron & Steel Co Ltd, or Baosteel, and Hong Kong-listed Aluminum Corporation of China Ltd, or Chalco, were ranked second and third. Both companies are State-owned flagships in their respective industries.