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Central Bank Governor encourages Employee Stockholding
www.chinanews.cn 2006-05-25 16:03:54
Chinanews, May 25 - Shareholding reform is the main direction of
financial reforms and employee shareholding system is one of the
important reform measures. Yesterday, China's central bank governor Zhou
Xiaochuan publicly encouraged state-owned banks to implement long-term
employee stock ownership incentive programs.
Zhou Xiaochuan indicated that the reform of Chinese enterprises is in the
direction of shareholding reform, corporate governance is the core
content of shareholding reform and one essential element in corporate
governance is how the interests of relevant parties are properly dealt
with.
Zhou Xiaochuan said that on the question of employee stock ownership,
there was a period of chaos in China regarding this issue in the 1990's.
At that time, the so-called employee stock and original shares have no
clear delineation under any system. As a result, control or placement of
employee stocks was basically in the hands of insiders. Since there were
no requisite legal procedures, the result was massive corruption and
bribery. Today, these conditions have changed, company laws are clearer
and the markets have begun to mature.
At present, a large number of Chinese financial institutions are carrying
out shareholding reforms, with state-owned bank shareholding reform
making important strides and insurance companies and securities firms all
pursuing this line of work. "In the midst of this corporate shareholding
reform, some companies have proposed employee stock ownership plans."
Zhou Xiaochuan said.
Zhou Xiaochuan indicated that according to international experience,
employee stock ownership facilitates staff retention as well as insider
control, not to mention raising risk awareness. Therefore, these employee
stock plans can help the healthy development of technology firms,
talent-dependent organizations as well as knowledge-based enterprises.
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