CBIRC Evaluates Corporate Governance of Bancassurance Entities
The China Banking and Insurance Regulatory Commission (CBIRC) publishes results of the evaluation of the corporate governance of bancassurance institutions. The key focus areas of the assessment include shareholder governance, board governance, internal risk control, related party transactions, and market restraints. The evaluation results highlight that the awareness of corporate governance in the banking and insurance industry has gradually increased, with development of corporate governance and related reforms having achieved certain results. The evaluation also identified certain issues still require attention.
About 1,857 institutions, including 1,673 commercial banks and 184 insurance institutions, participated in the evaluation. Out of this, 1,100 institutions (or 59.24%) have been rated as C-level (qualified), 366 institutions (or 19.71%) have been rated as B-level (good), 253 institutions (or 13.62%) were rated as D-level (weak), 138 institutions (or 7.43%) were rated as E-level (poor), and no institution was rated as A-level (excellent) institution. In the next step, CBIRC will continue to do follow-up work such as requesting participating institutions to rectify problems found, strengthen the application of evaluation results, continue to strengthen and improve corporate governance supervision, and promote corporate governance reforms of bancassurance institutions.
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Keywords: Asia Pacific, China, Banking, Insurance, Corporate Governance, Governance, Internal Control, ESG, CBIRC
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