Sinopec Corporation of China - Setting Standards in Corporate Governance


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Case Details:

Case Code : CGOV003
Case Length : 20 Pages
Period : 2002 - 2003
Pub Date : 2005
Teaching Note :Not Available
Organization : Sinopec
Corporation
Industry : Petroleum and Petrochemicals
Countries : China

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Please note:

This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Winning Laurels in Corporate Governance Contd...

Reinforcing Sinopec's commitment to follow the best corporate governance practices, Chen Ge, Secretary to the Board of Directors, Sinopec, said, "Sinopec is committed to the fair treatment of all shareholders and our corporate governance policies are in line with Chinese and international standards. We believe Sinopec has one of the strongest corporate organizations in China and is at the forefront in the adoption and implementation of meaningful governance policies."5

Sinopec's Corporate Management Structure

Sinopec diligently followed all the guidelines for information disclosure laid down by the 'Code of Corporate Governance for Listed Companies' (CCGLC) in China (Refer Exhibit IV). The CCGLC was formulated by China Securities and Regulatory Commission (CSRC). Sinopec had framed its code of corporate governance (CCG) based on the following:

• Company Law of the People's Republic of China (CLPRC);
• State Economic and Trade Commission (SETC) laws;
• Obligatory provisions for the Articles of Association (AoA) of foreign listed companies;
• Directives for the AoA of listed companies;
• Other controlling regulations where Sinopec was listed.

In China, the Board of Directors (BoD) and the Supervisory Committee (SC) were empowered with the monitoring and the implementation of a company's CCG.

Explaining the emphasis on CCG laid down by Sinopec, Chen Tonghai (Tonghai), Chairman, Sinopec, said, "Since established in year 2000, the company has made great efforts in carrying out in-depth reformative measures and improving corporate governance under the leadership of the First Session of the Board of Directors."6

Excerpts >>


5]  As quoted in the article, "Sinopec Posts Corporate Governance Fact Sheet," posted on www.sinopec.com.cn, July 23, 2003.

6] As quoted in the "Chairman's Address," by Chen Tonghai, posted on www.sinopec.com.cn,
August 22, 2003.

 

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