On The Improvement of the System of Board of Directors in China
Keywords:Board of Directors, Formalization, Improvement, China
AbstractCurrently, shareholder democracy in many countries are gaining much more attention because many factors have damaged shareholder’s rights and interest, in which is the problem of the system of board of directors when it operated, including the formalization of the board of directors, the autocracy of managers and staggered boards. To safeguard the legitimate interests of the company and minority shareholders, the system of board of directors is to be improved in following areas: defining the supervision functions and powers of the board of directors, setting up sub-committees within the board, improving the director appointing mechanism and electoral system, improving the director qualification system, abolishing the system of legal representative of company, and improving the system of duty of care and related liabilities.
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