Improvement Of Information Disclosure System In The Corporate Governance Code Of Listed Companies

Since the1980s, corporate governance had drawn people’s attention and raised a hot wave of global corporate governance at a fast rate. Information disclosure is an important part of corporate governance. It is an important mechanism to protect the legitimate interests of investors. The Corporate Governance Code of Listed Companies (the "Code") is one of the important rules that can regulate the information disclosure of listed companies. The Code has been more than ten years since it come into force in2002. Relevant domestic legal system and the basis environment of information disclosure of listed company have significantly changed. The problems of the Code tend to be highlighted. This article tries to analyze the relevant domestic legal system, and then tease out the problems existing in the information disclosure system in the Code. At the same time, in order to give suggestions for improving the information disclosure system in the Code, this article will absorb and draw lessons from the foreign corporate governance codes. Besides the preface and conclusion, this article is divided into3chapters.Chapter I firstly introduces the origin and development of corporate governance code of listed company, analyzes the legal nature of the Code and the position of the foreign codes. Based on these, this article suggests that the Code shall be modified to the soft law. This suggestion gives a clear direction to perfect the information disclosure system in the Code. In Subchapter3, this article analyzes and summarizes the characteristics of the information disclosure system in the Code from the perspective of the relationship between corporate governance and information disclosure. At last, this article inspects the differences and similarities of information disclosure system among the corporate governance code of various countries.Chapter Ⅱ finds out the problems in the way of inducing and summarizing the differences in information disclosure among the Code, the relevant legal system and the foreign corporate governance code. These problems include:incomplete quality requirements of information disclosure; the lack of support in the voluntary information disclosure; the narrow regulations of information disclosure in corporate government; the ambiguous regulations of information disclosure in shareholders’equity. This chapter will demonstrate the unreasonable places in the Code from the four aspects.Based on the previous chapters, Chapter III mainly puts forward the opinions to perfect the information disclosure system in the Code, aiming at the actual situation of Chinese listed companies and taking example by the newest regulations of foreign countries.