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.
Related Links (in Chinese)
Keywords: Asia Pacific, China, Banking, Insurance, Corporate Governance, Governance, Internal Control, ESG, CBIRC
Previous ArticleBundesbank Publishes Reporting Updates in November 2021
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.