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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Excerpts Contd...
Board and SC Meetings
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The board meetings were held four times in a year. These included an annual
meeting, an interim results meeting, and two quarterly results meeting. The
board met in December every year for a year-end scrutiny meeting. The
extraordinary board meetings were conducted through telephone, video
conferencing, and written resolutions.
A meeting that required the compulsory physical presence of all the directors
was held half-yearly. Information about, and notice of a board meeting was
furnished to the directors 10 days prior to the scheduled meeting, in order to
give them ample time to prepare for the meeting...
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Secretary of the BoD
According to Article 119 of Sinopec's AoA, the company must appoint a secretary
to the BoD, who should be a senior official of the company. Sinopec had
formulated 'Work Regulations for the Secretary of the Board' (WRSB) to
support the company's management and make provisions for information
disclosure...
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Sinopec's Executive Compensation Plan (ECP)
The 'Executive Compensation Plan' (ECP) at Sinopec was designed by an
autonomous consulting company, proposed by the company's BoD and approved by
the shareholders (in September 2000). The ECP was developed in such a way as
to link the financial interests of senior managers with Sinopec's operating
results and stock price performance. All the senior executives of Sinopec
and its subsidiaries were covered under the ECP. The senior executives
included the president, the CFO, the secretary of the BoD, the
vice-presidents, the BoD, and the supervisors... |
The Future Plans
Upto late 2003, Sinopec continued to get awards and recognition for its
corporate governance practices. In September 2003, Euromoney ranked Sinopec
first among fifteen 'best corporate governance companies' in China.' Euromoney
ranked Sinopec best on five corporate governance related factors - ownership
transparency and rights, financial transparency, board structure and process,
stakeholders' relations, and alignment of managerial interests...
Exhibits
Exhibit I: Sinopec's Financial Report (First Half 2003)
(Prepared in Accordance with IFRS)
Exhibit Ii: Corporate Governance Awards/Recognitions for Sinopec
Exhibit Iii: Corporate Management Structure of Sinopec
Exhibit Iv: Information Disclosure Regarding Corporate Governance
Exhibit V: Duties and Responsibilities of Supervisory Board
Exhibit Vi: Duties and Responsibilities of Directors
Exhibit Vii: Classification of Independent Directors
Exhibit Viii: Powers & Functions of Independent Directors at Sinopec
Exhibit Ix: Powers & Functions of the SGM
Exhibit X: Special Resolutions of The BoD
Exhibit Xi: Functions of the Secretary of the BoD
Exhibit Xii: Powers & Functions of the President
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