Recently, Shenzhen Stock Exchange (SZSE) made amendments to the Appraisal Measures for Information Disclosure of Listed Companies (hereinafter referred to as the Appraisal Measures) and optimized the announcement appraisal method in a move to better adapt to the development of capital market and the change in supervision trends, further improve the appraisal system for listed companies’ information disclosure and facilitate listed companies and interested principals to do well in information disclosure.
According to a principal from SZSE, the adjustment involves routine announcement disclosure, business handling and full flow of information disclosure negative list, further highlights the overall performance appraisal of information disclosure and improves the comprehensive appraisal mechanism that takes listed companies as the core and covers companies’ controlling shareholder, de facto controller, directors, supervisors, senior management and key personnel of information disclosure. On the one hand, SZSE optimizes the announcement appraisal method. Appraisal items are consolidated and scoring flexibility is increased to reflect the appraisal result in a more reasonably way. In addition, supervision is intensified over input mistakes of key dada in announcements and extreme events like operational risks. Also, scoring weight of important and complicated announcements on extraordinary matters is stressed to ensure fair and rational appraisal result. On the other hand, SZSE amends the appraisal content and negative list indicators in the Appraisal Measures. In view of the new situations of capital market and the supervision practices and considering the influence of different companies’ information disclosure difference on appraisal result, SZSE brings the following factors into appraisal: the ratio of disclosure supplements or changes, the degree of cooperation by shareholders and other information disclosure obligors, the protection of investors’ rights and interests, and the extent of cooperation by companies or their interested personnel in developing regulatory work, and the administrative regulatory measures taken by securities regulatory bureaus.
The SZSE principal said that in order to leave listed companies a proper transitional period, the amended appraisal mechanism will be applied from the appraisal year of 2017 onward and stressed that information disclosure systems are the cornerstone of securities market. Listed companies and interested information disclosure obligors should further enhance their awareness and strictly perform their obligation according to securities laws and regulations and the rules of exchange to deliver sound performance and improve quality in the information disclosure of listed companies.
