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CORPORATE GOVERNANCE IN CHINA:
THEN AND NOW
Cindy A. Schipani* and Junhai Liu**
I. A Historical Perspective: The State-Owned
Enterprise (“SOE”) ......................................................... 5
A. Traditional Model (1950s to 1984) .......................... 5
B. Transitional Model (1984 to 1993) .......................... 8
II. Modern Corporate Model (1993 - Present).................. 12
A. The Corporate Law ................................................ 13
1. Closely Held Corporations ............................... 16
a. Wholly State-Owned Corporations............. 17
b. Foreign-Invested Corporations................... 19
1. Wholly Foreign-Invested
Enterprises......................................... 20
2. Chinese-Foreign Equity Joint
Ventures............................................. 20
3. Chinese-Foreign Contractual Joint
Ventures............................................. 21
2. Publicly Held Corporations .............................. 22
B. Modern SOEs ......................................................... 22
III. Proposals for Governance Reform ............................... 28
A. Repeal of the SOEs Law........................................ 28
B. Build Autonomy ..................................................... 28
C. Redefine the Relationship Between Old and
New Corporate Bodies ........................................... 32
D. Improve the Function of the General Meeting
of Shareholders ...................................................... 33
E. Recognition of Multiple Legal Representatives.... 40
F. Improve the Role of the Board of Directors .......... 42
1. The Function of the Board of Directors ........... 42
2. Independence .................................................... 44
G. Provide Restraint and Incentive Mechanisms
for Directors and Executives ................................. 47
1. Accountability ................................................... 48
2. Compensation ................................................... 51
H. Improve the Role of the Board of Supervisors...... 53
I. The State as a Shareholder ................................... 56
1. Conceptual Orientation: Differentiating the
State's Shareholder Rights from
Traditional Property Ownership ..................... 57
2. The Limited Scope of Wholly State-Owned
Corporations...................................................... 58
3. Parent-Subsidiary Control ............................... 60
4. Transferability of State-Owned Shares........... 63
IV. Conclusion..................................................................... 66
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