Principles of corporate governance structure

1In May, 1999, the Council of the Organization for Economic Cooperation and Development (OECD), composed of 29 developed countries, formally adopted the Principles of Corporate Governance Structure, which was the first international standard for corporate governance structure formulated by various governments and received positive response from the international community. This principle provides reference for government departments in various countries to formulate the legal and regulatory framework of corporate governance structure, and also provides guidance for stock exchanges, investors, companies and participants. It represents the consideration of OECD member countries to establish a good corporate governance structure, and its main contents include:

(1) The framework of corporate governance structure should safeguard shareholders' rights;

(2) The framework of corporate governance structure should ensure that all shareholders, including minority shareholders and foreign shareholders, are treated equally; Shareholders' rights are damaged, and they should have the opportunity to get compensation;

(3) The framework of corporate governance structure should confirm the legitimate rights of stakeholders, encourage companies and stakeholders to actively cooperate, create wealth and employment opportunities, and maintain the financial stability of enterprises;

(4) The framework of corporate governance structure should ensure timely and accurate disclosure of any major matters related to the company, including financial status, operating status, ownership status and corporate governance status;

(5) The framework of corporate governance structure should ensure the strategic guidance of the board of directors to the company and the effective supervision of managers, and ensure that the board of directors is responsible to the company and shareholders.

As can be seen from the above points, these principles are based on different corporate governance structures. This principle fully considers the role of stakeholders in the corporate governance structure, and recognizes that the competitiveness and ultimate success of the company are the result of the synergy of stakeholders and the contributions of different resource providers (especially employees).

In fact, a successful corporate governance structure model is not limited to "shareholder governance" or "co-governance", but is formed by absorbing the advantages of both and considering the company's environment. Of course, this does not deny the theoretical classification of corporate governance structure.