With the deepening of the socialist market economic system with Chinese characteristics and the demand for optimal allocation of state-owned assets,the governance mechanism of wholly state-owned companies is in urgent need of reform.The manager-centrism model in the operation of wholly state-owned companies is not conducive to scientific deci-sion-making,governance checks and balances,market innovation and sustainable development of the company due to the ad-ministrative nature of governance,centralization of power,business stability maintenance,and short-sighted decision-mak-ing.From the perspective of internationalized development of market economy,board-centrism is a reasonable choice,which helps ensure the preservation and appreciatio of state-owned assets,improve the efficiency of corporate governance and pro-mote market-oriented scientific decision-making.Therefore,the Company Law revised and adopted in 2023 not only strengthens the central governance idea of the board of directors of wholly state-owned companies in terms of macro-legisla-tive objectives and concepts,but also gives more provisions and breakthroughs in terms of specific institutional arrangements such as the company's operating powers and proportionate obligations and liabilities.Of course,there is still room for improve-ment in this trend.Therefore,the program of strengthening the centrism of the board of directors of wholly state-owned companies aims to build an efficient and scientific corporate governance framework,which requires the adjustment of the insti-tuitional power allocation model that is homogenized with that of ordinary company,the clarification of the boundaries of the powers of the state-owned company and its executive representative agency,the highlighting of the core position of the board of directors in operation,especially in independent economic decision-making,and the commitment to fostering and improve the market for professional managers.To this end,in the realization of the system,we can establish special legislation to regu-late the organizational form of wholly state-owned companies,characterize the positioning of the powers of the various organi-zational bodies,give the board of directors a high degree of economic decision-making powers,and establish a supporting pro-fessional manager selection system of the wholly state-owned company.
Wholly State-Owned CompaniesManager-CentrismBoard-CentrismCompany Law
万方数据
维普
