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The Construction of Board of Directors of Chinese Corporate Funds

Author: LaiJiaJun
Tutor: GaoJinKang
School: Southwestern University of Finance and Economics
Course: Economic Law
Keywords: Independent directors of the company funds Company funds Governance structure
CLC: D922.291.91
Type: Master's thesis
Year: 2009
Downloads: 42
Quote: 0
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Abstract


Since the investment fund market in China since the establishment of contractual funds based model has been exposed to more and more problems. In the contractual process of the operation of the Fund, the fund managers in addition to investment purposes under the contract by the Fund, the investment scope, and laws and regulations related prohibitions limit, almost completely controls the operation of the assets of the Fund, investors fund major investment decision-making generally do not say, the lack of control of the major affairs of the Fund. Investors in the property to pay the fund manager does can achieve a better return on the reality of the temptation and delivery management lost proper control over the property of the operation of this contradiction can choose is simply decided to accept the which a fund manager contract, and no way to change their weak position. While countries by investors investor conference (or similar organizations) supervisory provisions of the behavior of the management and operation of the fund managers, but not a permanent establishment due to such organizations, their members, namely investors are mostly non-professionals Thus, this design not only the implementation of the higher costs, it is difficult to play the supervisory role of the fund manager, did not get much improvement investors vulnerable position. Faced with these deficiencies, the introduction of corporate funds in China can be described as imperative. In the company's funds, the independent director system is a core of the governance of corporate funds, so the system of independent directors on the company's funds is very important. However, the development of the research and legislation of the independent director system in China can not be a good fit company funds, because the independent directors in corporate funds in accordance with company funds the special investment company, therefore this article on the company funds establishment of the independent director system in our country is discussed and related comments. This article discusses the independent director system of corporate funds to expand from six parts. The first chapter is the introduction. Presented of the problems in this article, as well as theoretical studies of the system of independent directors of the company funds in China were analyzed. Independent directors in company funds its particularity, corporate funds as an investment company with listed companies there is a difference, we should fully understand it, and come back the system of independent directors in the company's funds establishment put forward their point of view. Then this paper a method of combining economic management theory and legal theory, China should establish a system of independent directors of the company funds and improve its system design its own proposals. Hope to be innovative the characteristics combined company funds, as well as independent directors institutional. The second chapter is the theoretical positioning of the independent director system of corporate funds. The part of the analysis of the difference between independent directors in company funds and contractual funds: 1, the two organizations subordinate different; 2, the scope of the functions of the two; 3, the independence of the two. These features combined with the independent directors of the company funds, we proceed from the purpose of the independent directors of the company funds, pointed out that the independent director system in the establishment of corporate funds in China should follow the theoretical basis points, namely: 1, the balance of powers; 2, the protection of the weaker groups. Restriction of power and the protection of the rights already can be described as the interaction dialectical unity. It is under such guidelines and the interaction of the two purposes of the establishment of the system of independent directors of the company funds in China in order to fully reflect its value. The third chapter is the design of the independent directors of the company funds foreign legislation. This part of investigation related systems of corporate funds in the United States, the United Kingdom and Japan, and ultimately for China's legislative help. Is also known as the independent director system in U.S. funds and fund independent director system of U.S. companies increasingly scientific and rational, both the independent directors to maximize the effect, but also to maximize the protection of the independence of the independent directors and their own interests, and ultimately to adequately protect the legitimate rights and interests of the fund shareholders. British company funds become additional director system, whose primary responsibility is the supervision of the operation of the fund company, supervision whether to authorize the Directors to effectively discharge their duties. If additional directors authorize the Directors defects will be responsible to be improved. In extreme cases, they can and should substitute authorize the Directors. The additional directors functionality even thing this is to authorize the Directors to include planning corporate strategy and marketing. Japanese company funds established supervisors, responsible for the supervision of the Fund's operations. Supervisors at least one more than the directors, supervisors accounted for the majority of the board of directors, in order to ensure the supervision of the director of business execution, and to compensate for the investors meeting insufficiency. Supervisors appointed for a term of two years. Board of Supervisors have strict eligibility restrictions, the negative qualifications are rather broad, somewhat similar to the independent directors of the United States. The fourth chapter is to examine the independent directors of the company funds in China to establish the existing environment. Since China has not established company funds, so it is not legislation of the independent directors in the company's funds, but the legislation of the independent director system in China, this chapter first analyzes the development and status of the independent director system in China. Combination of the foregoing analysis, pointed out that the legislation of the independent director system in China can not meet the needs of corporate funds, corporate funds in China also need to establish an independent director system. The fifth chapter is the construction of our corporate governance structure of the independent directors of the Fund. In this chapter, for our company funds, first do the analysis of the company funds established in our country. Because of the lack of corporate funds in China can be said to be the biggest obstacle to the establishment of the independent director system of corporate funds. This is caused by our SFC released after the \Only under the conditions established by the company funds, the establishment of the system of independent directors of the company funds in China can really track. Although China does not have a corporate fund and establish corporate funds have been theoretical and practical circles, certainly, and this paper also recommends that the recommendations of the Investment Fund Law \Next is perfect in aspects of company funds independent director system to put forward their own proposals: 1, composed of independent directors; 2, the election and appointment of the independent directors; 3 independent directors served as Chairman of the Board;, independent Directors annual self-evaluation and incentive; 5 separate meeting of the independent directors; 6, the staff of the independent directors; 7, the independent directors of the fund record retention; 8, the independent directors of the insurance system; 9, the self-disclosure of independent directors. The sixth chapter is the conclusion. Through this analysis, the final conclusion. With the continuous expansion of China's fund market, the establishment and operation of the company's funds is the inevitable trend of China's fund market, the company funds the establishment of the independent director system is an important cornerstone. It is not only the company funds an integral part of, is an important means to ensure that the interests of small investors.

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CLC: > Political, legal > Legal > Chinese law > Economic Law > Corporate law, company law
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