The Information Disclosure Responsibility Of The Directors Of Listed Companies

Because of violating the Delisting Files in 2014 signed by China Securities Regulatory Commission.*ST Boyuan is the first company in Chinese stock market which is delisted by SSE.The board of directors of *ST Boyuan said they cannot guarantee the truthfulness,accuracy and completness of its information disclosure files in its 2014 company annual report. This article discusses the infomation disclosure responsibilities of the board of directors of listed companies.*ST Boyuan was not the only company which violated the information disclosure rules in Chinese stock market. CSRC punished 26 cases in 2015,The most typical cases of which were “Sinovel case”“Wanjiang Logistics case” “Qingniao case”“Dayuan shares case” and etc. Defining the information disclosure responsibilities of the directors has a great influence in helping protecting the interests of investors.This article discusses the legal bases of this resbosibilities of the directors of listed companies by referring to the Securities Act of 1933 and The Securities Exchange Act of 1934.Besides,This article also uses the theoy to respond to the the main problems of the case.At last,Advices on improvement of tne system of information disclosure are presented.