Shanghai Stock Exchange, Guidelines on the System for Management of Information Disclosure Affairs of Listed Companies

Issued: April 4 2007
Effective: As of date of issue

Main Contents: The Guidelines require that all companies complete the establishment or modification of their systems for management of information disclosure affairs no later than June 30 2007. After the establishment or modification of the system, it shall be presented to the board of directors for deliberation, and shall within five working days of the adoption of the resolution be reported to the securities regulatory authority at the place of registration and the Shanghai Stock Exchange for record filing, and shall at the same time be disclosed on the website of the Shanghai Stock Exchange.

The board of directors of listed companies shall be responsible for implementing the system for management of information disclosure affairs. The chairman of the board or the general manager shall be the primary responsible person for the implementation of the system, and the secretary to the board shall be responsible for the actual coordination (Article 7). The system for management of information disclosure affairs shall specify the workflow for internal circulation, verification and disclosure of information that has not been publicized to ensure that material information is reported at once to the secretary to the board, who shall report the same to the chairman of the board. After the chairman of the board receives the report, he shall report to the board of directors immediately and urge the secretary to the board to organize the disclosure of an ad hoc report (Article 15).