First, the legal level, mainly the Company Law and the Securities Law. The purpose of the company law is to "standardize the organization and behavior of the company, protect the legitimate rights and interests of the company, shareholders and creditors, maintain social and economic order and promote the development of the socialist market economy". The company law has the most basic provisions on the establishment of the company, the shareholders' meeting, the board of directors and the board of supervisors, which can be said to be the basic law of corporate governance. The Securities Law mainly regulates the governance of listed companies by stipulating information disclosure, requiring "listed companies, shareholders and related information disclosure obligors to disclose information truthfully, accurately, completely, timely and fairly" and optimizing the governance system of listed companies.
The second is departmental regulations, departmental normative documents and industry regulations. For example, Article 14 of the Measures for the Administration of Initial Public Offering and Listing requires that "the issuer has established and improved the systems of shareholders' meeting, board of directors, board of supervisors, independent directors and secretary of the board of directors according to law, and relevant institutions and personnel can perform their duties according to law." Another example is the revised Corporate Governance Guidelines for Listed Companies issued by the CSRC in September 2065438+2008, which is a special normative document for corporate governance of listed companies. In addition, the relevant industry regulations issued by the exchange are also of practical significance for improving the governance of listed companies.