Gov't bodies to share information to enhance oversight of listed companies Monday, June 30, 2008

China will smooth the information sharing system between related departments to beef up supervision of the listed companies, Xinhua learned from the China Securities Regulatory Commission (CSRC) on Sunday.

Joint efforts will be made by twelve departments including the People's Bank of China, the China Banking Regulatory Commission to facilitate information exchange on major issues of the listed companies and better cope with the problems, according to an joint meeting held on Sunday.

The supervision system on the listed companies developed by CSRC is expected to integrate with corporate credit tracking system developed by the central bank, according to the meeting.

Monitoring a listed company's majority shareholders and their hidden controller will be focus of the efforts for the healthy development of the securities industry.

Securities scandals of listed companies have forced many high-ranking officials to face legal investigation. Wang Yi, former vice chairman of CSRC and the vice president of the China Development Bank has been detained for alleged corruption, which facilitated the illegal listing of the Pacific Securities. 

Editor: An Lu
Source: Xinhua