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The Shanghai Stock Exchange (SSE) has recently established the Listed Companies’ Information Disclosure Consultation Committee (the “Consultation Committee” for short), which is the SSE’s innovative measure based on the actual requirement of scientific development of the capital market, so as to give full play to the role of the market mechanism.
Sticking to strict, fair, and efficient law enforcement is the significant foundation for stimulating market vitality, regulating market order, and promoting sound and steady operation of the capital market. Besides, regulation on information disclosure of listed companies is also a significant part in the system of inspection and law enforcement on the whole. Facing an increasingly complicated market environment, as well as new features and problems in listed companies’ information disclosure, the SSE has been constantly improving pertinence and effectiveness for information disclosure, while centering on the core responsibility of regulation on information disclosure, on the basis of urging listed companies to perform information disclosure in compliance with relevant rules and regulations. Establishment of the Consultation Committee is another measure of the SSE after launching the direct channel for information disclosure and the SSE e-interaction platform, which aims at giving full play to the strength of the market, hear more advices and suggestions from all market participants, enhance quality of listed companies’ information disclosure, explore to build a more objective and independent evaluation mechanism for self-regulatory supervision over listed companies’ information disclosure, facilitate building of creditability on the capital market, protect legal rights and interests of investors, in a bid to create a more open, impartial, and fair market environment.
As the appointment system is adopted in the Consultation Committee, term of one session of the Consultation Committee will be 2 years, with 30 to 50 members at each session. The 1st session of the Consultation Committee was established on November 28, 2013, which consists of members mainly from security companies, fund companies, assets management companies, accounting firms, law firms, consultation companies, news media, as well as colleges and research institutions, manifesting objectiveness and independence, professional authority, high representativeness, and all-round background of the Consultation Committee.
The Consultation Committee’s work responsibilities mainly involve 4 aspects as follows:
First, it assesses quality of the SSE-listed companies’ information disclosure, and issues independent and objective evaluation report.
Second, it assesses regulatory measures and effects of the SSE-listed companies’ information disclosure, and issues relevant independent report.
Third, it carries out follow-up evaluation on the regulatory system, mechanism, and procedures of information disclosure of the capital market, and provides professional advice for major problems in the SSE’s regulation on information disclosure.
Fourth, it studies the latest trend in regulation on information disclosure both at home and abroad, as well as the problems in listed companies’ information disclosure, conducts in-depth explorations and studies for development trend of regulation on information disclosure, in addition to providing relevant suggestions on policies for the SSE.
Attachment: List of Members of the 1st Session of the Consultation Committee (with all names in random order):
Lu Zefeng, Xu Ming, Shi Duoli, Lin Yongfeng, Lu Wendao, Suo Lihui, Yang Xiaotao, Jin Xiaobin, Wu Fei, Luo Binhua, Han Xianwang, Xue Zhen, Qiu Guogen, Ou Haitao, Zhou Chuangen, Cheng Xiaoming, Shen Hongshan, Lin Jianhua, Liu Dali, Dai Dingyi, Luo Yucheng, Li Dan, Zhou Hua, Lin Yixiang, Lian Chunhui, Huang Junfeng, Wang Lu, Zhu Li, Wang Hong, Yang Yudong, Li Jing, Pan Qing, Xie Weiqun, Chen Jie, Peng Bing, Ye Lin, Zhu Ciyun, Gao Minghua, Li Ruoshan, Luo Peixin, and Chen Xinyuan.
