Establish New System for Authorized Operation of State-owned Capital to Support New Development of Financial Institutions

2019-05-14 Clicks: Size: big medium small

According to the decision and arrangement of the CPC Shanghai Municipal Committee and the Shanghai Municipal People's Government, SIG has enhanced political stance, perseveringly served Shanghai's major development strategies, and played a positive role in the development of a "Five Centers", the integrated development of the Yangtze River Delta and other major strategies of Shanghai.
The Shanghai Municipal Commission of State-owned Assets Supervision and Administration (SHSASAC) issued Document No. 402 in late 2018, authorizing SIG to perform the responsibility of state-owned capital supervision over three financial institutions: Shanghai Pudong Development Bank Co., Ltd., Guotai Junan Securities Co., Ltd. and Shanghai Rural Commercial Bank Co., Ltd. (SRCB). According to the arrangement, SIG has given overall consideration to the requirements of the reform of the system for authorized operation and management of state-owned capital and the supervision over pilot financial holding companies, effectively performed the shareholder's rights and responsibilities under the guidance of SHSASAC, intensified control and enhanced effects to serve the overall interests of state-owned capital and enterprise reform and development.
SIG has released the Trial Implementation Plan of Shanghai International Group for Performing the Shareholder's Rights and Responsibilities for Invested Enterprises, the Trial Implementation Rules of Shanghai International Group Co., Ltd. for Authorized Control of Category B Management Institutions and other regulations, continued to strengthen communication with the three financial institutions, and performed the shareholder's rights and responsibilities related to capital management, including investment planning, financial management and state-owned property right changes; has designated departments and assigned specific tasks, and intensified support to and coordination of major matters of the three financial institutions, including the listing of SRCB and SRCB's capital increase for 10 rural banks; has maintained close communication with SHSASAC, and synchronized the information monitoring and data submission of the three financial institutions.
The measures above has enabled SIG to perform the shareholder's rights and responsibilities more efficiently in making decisions on major matters of the three financial institutions, shareholder day-to-day management and other aspects. At the next stage, SIG will continue to strengthen exchanges and coordination, further improve the efficiency in shareholder management, and support the continuous and steady development of the three financial institutions.

 

 

 

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