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2022年中国公司投后管理报告(英文版)

金融2022-12-23富达国际周***

AI智能总结

China's journey towards good corporate governance and sustainable growth. The report highlights key developments and challenges in the area of corporate governance, including the increasing importance of environmental, social, and governance (ESG) considerations in investment decision-making. It also discusses the role of investors in promoting better corporate governance practices and the challenges they face in doing so. The report emphasizes the importance of collaboration between investors, companies, and regulators in driving progress towards a more sustainable and responsible investment landscape in China. Overall, the report provides valuable insights into the current state of corporate governance in China and the potential for further progress in the coming years.

November2022 Gainingtraction FidelityInternationalChinaStewardshipReport2022 PreparedincooperationwithZDProxyShareholderServices FFidelity ThisjisforinvestmentprofessionalsonlyandshouldnotberelieduponbyprivoteinvestorsINTERNATIONAL AboutFidelityInternational FidelityInternationaloffersinvestmentsolutionsandservicesandretirementexpertisetomorethan2.8 thinkgenerationallyandinvestforthelongterm.Operatinginmorethan25locationsandwith$613.3 billionintotalassets*,ourclientsrangefromcentralbanks,sovereignwealthfunds,largecorporates, financialinstitutions,insurersandwealthmanagers,toprivateindividuals. OurWorkplace&PersonalFinancialHealthbusinessprovidesindividuals,advisers,andemployerswithaccesstoworld-classinvestmentchoices,third-partysolutions,administrationservicesandpensionguidance.TogetherwithourInvestmentSolutions&Servicesbusiness,weinvests459.9billiononbehalf ofourclients. *Dataasat30September2022.Readmoreatfidelityinternational.com AboutZDProxyShareholderServices Foundedin2016,ZDProxyShareholderServicesisthefirstdomesticproxyadvisoryfirminChina.Asapioneerinthefield,ZDhasprovidedproxyadvicecoveringover800A-sharelistedcompaniesfora clienteleofinstitutionalinvestorsthatoverseeatotalof$20trillioninassetsglobally Sinceitsinception,ZDhasbeencommittedtobuildingtrustandsafeguardingclients'long-term interests.Workingcloselywithinstitutionalinvestors,ZDstrivestobringChina'scorporategovernance andsustainablegrowthtoahigherlevel. Readmoreatzdproxy.com Preface SmallstepscountinChinastewardshipevolution WelcometothesecondeditionoftheChinaStewardshipReport.Likethefirstreporttwoyearsago,the2022studywasproducedjointlybyFidelityInternationalandZDProxyShareholderServices.Inthefollowingpageswedocumentand analysetheprogressweareseeingonthegroundinChina-sometimesslowandfaltering,sometimes quickanddramatic-whenitcomestoshareholderstewardshipintheworld'ssecond-biggesteconomy Globally,stewardshipisplayinganincreasinglykeypartofsustainablecorporategrowth,with shareholderseffectingchangesthroughvotingandengagement.Ithasbecomeaconsensusamonginstitutionalinvestorstodevelopsystematicstewardshipapproaches. AsChina'scapitalmarketsevolve,wearehappytoseeariseinregulatorysupportforenhancing stewardshippractices,aswellasapickupinvotingratesatshareholdermeetings. Whilecontrollingshareholderswithoutsizedswayremainakeyrisktocorporategovernanceatmany Chinesefirms,minorityinvestorscanstillprevail-especiallyiftheyworktogether.Inmostcompanies,the combinedstakeofallnon-controllingholdersexceeds50percent,leavingroomforanengagedblock ofvoterstoinfluencecorporateaffairs.Inaddition,Chineseregulatorsrequirevotingforawiderrange ofcorporatedecisionsthaninmanyothercountries.Thishelpsboostthecaseforinvestorsparticipation ingovernancethroughvotinginChina. AfirmadvocateforESGinvesting,FidelityInternationalhasformulateditsownsustainableinvestingprinciplesandguidelines.Sincemid-2021,wehavebeenapplyingourvotessystematicallyoncompany resolutionsaroundtheworld.WecanattesttotherisingwillingnessamongChinesefirmstoheed investorcallsforESGimprovement. EverysmallstepcountsinChina'sstewardshipdevelopment.Eachresponsiblevoteorsinceredialogue willaddupovertimetomakeadifference.Webelievetoday'sconcertedeffortsofinvestors,companies andregulatorsarepavingthewayforstewardshippracticestoflourishinChina,addingtothehealthy growthofthecountry'scapitalmarkets. FloraWang HeadofStewardship,Asia,FidelityInternational Activeshareholdervotesimpactcorporate governanceinChina ItisourgreathonourtojoinhandswithFidelityInternationalagainto co-publishthis2022ChinaStewardshipReportandshareourlatestinsightsonthevotingpracticesof shareholdersintheChineseA-sharemarketoverthepastthreeyears.AsChina'sfirstproxyadvisory firm,ZDProxyisdeeplyrootedinthishighlysophisticatedmarketandiscommittedtoprovidingin- depth,professionalproxyvotingadviceforinstitutionalinvestorsabroardandathome.Wehave witnessedfirsthandthegradualchangeamonginstitutionalinvestorsinChinaastheywentfrom"votingwiththeirfeet"to"votingwiththeirhands." Foralongtime,A-sharecorporategovernancewasmarkedby'oneshareholderdominance,with casesofcontrollingshareholdersencroachingonminorityinterestsoccurringfromtimetotime. However,afteryearsdedicatedtoworkingonvotingservices,weareexcitedtodaytoseeinstitutionalinvestorsincreasinglywieldingtheirpowerofvotingrightstomakeanimpact.Byactivelyengagingwithcompaniesandfirmlyvotingagainstthem,investorshavesuccessfullyprotectedtheirshareholderinterests.Thesestewardshippracticeshaveservedtomonitoranddisciplinelistedcompaniesagainst TheChinesegovernmenthasbeenadvocatingandleadingthewaytowardsitsstatedgoalofimproving shareholdersrightstovote,question,andoffersuggestions.Undeniably,alongsideregulatorysupport,investorsandothermarketparticipantsallhavetheirpartstoplay.AtZDProxy,wehopetomakeourcontributionasanindependentvotingadvisorytohelpimprovethequalityoflistedcompanies. LingFang CEOandPartner,ZDProxy Contents Introduction06 Part1:Shareholdersleanintomeetingsandvotes08 Part2:Fourcasestudiesofactivevoting14 Part3

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