CBIRC Issues Measures for Corporate Governance of Banks and Insurers
CBIRC published measures to strengthen the supervision of corporate governance of banking and insurance institutions. The measures apply to commercial banks and commercial insurance institutions established in accordance with the law in China, including large state-owned commercial banks, joint-stock commercial banks, urban commercial banks, private banks, rural commercial banks, foreign banks, insurance group (holding) companies, insurance companies, mutual insurance companies, and captive companies. The measures shall be implemented as of the date of promulgation. Additionally, CBIRC published questions and answers (Q&A) related to the measures.
The key topics covered in the measures include general rules, evaluation content and methods, evaluation procedures and division of labor, evaluation results and applications, supplementary rules, and evaluation tables for corporate governance of commercial banks and insurance institutions. The evaluation content of the measures mainly includes eight aspects: party leadership, shareholder governance, board governance, supervisory board and senior management governance, internal risk control, connected transaction governance, market discipline, and other stakeholder governance. CBIRC will use the results of corporate governance supervision and evaluation as an important basis for allocating regulatory resources, taking regulatory actions, and strengthening the evaluation of the assessment results in areas such as market access, on-site inspection and approval, and regulatory rating.
Related Links (in Chinese)
Effective Date: Promulgation Date
Keywords: Asia Pacific, China, Banking, Insurance, Governance, CBIRC
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