Xinhua News Agency, May 30, good equity incentive arrangements are conducive to enhancing the attractiveness of enterprises to talents and promoting the “big cake” of enterprises and employees. In the current state-owned enterprise reform process, equity incentives, a typical market-based incentive method, are gaining increasing attention.
The State-owned Assets Supervision and Administration Commission of the State Council issued the “Guidelines for the Implementation of Equity Incentives for Listed Companies Holding by Central Enterprises” on the 30th, which systematically integrates past policies, summarizes and summarizes practical experience, and refines from the micro-operation level The guidance provides an accurate and clear reference for the implementation of equity incentives by listed companies of central enterprises.
In terms of equity incentives, central companies have listed and controlled domestic and overseas listed companies for more than 10 years of practical exploration.
Since its establishment, the SASAC has successively issued a number of documents, including the “Notice on Further Doing a Good Job in Equity Incentives for Listed Companies Holding by Central Enterprises” issued in November last year “Indicates that the policy system for this reform has been basically finalized.
Statistics show that in recent years, the number of stock incentives implemented by centrally controlled listed companies has grown rapidly. There are currently 119 listed companies controlled by 53 central enterprises Effectively implemented equity incentives .
“Equity incentive mechanism has provided a boost to the development of the enterprise, and obvious performance can be seen from the performance.” Yi Yi, who has long been engaged in executive compensation and corporate governance consulting Ni Bojian, Global Partner of Anhewitt Consulting, said.
According to him, A-share listed companies that have implemented equity incentives have achieved a compound annual growth rate of 11.8% in net profit since the implementation of the equity incentive program, which has maintained continuous stability High-speed growth.
In 2013, China Construction Group implemented the first phase of the restricted stock plan based on the overall listed Chinese building as the platform, and became the first pilot company to launch a restricted stock incentive plan unit. Up to now, three stocks have been granted, accumulating a total of 2879 people (4342 person-times), and the granted stocks account for 2.5% of the total share capital.
In the view of Shan Guangxiu, general manager of China Construction Group ’s Human Resources Department, continuous equity incentives for listed companies have injected momentum into the high-quality development of enterprises. “Leading teams at all levels and core key talents pay more attention to the achievement of mid- and long-term unlocked performance while paying attention to the current assessment indicators, and the company’s financial growth is more stable.” Shan Guangxiu said.
Although the relevant reforms have made significant progress, overall, at present, less than 30% of the domestic and foreign listed companies controlled by central enterprises have implemented equity incentives, and the reform coverage still needs to be improved.
Some responsible persons of state-owned enterprises told reporters that equity incentive policies are highly policy-oriented and professional. At the same time, the implementation of equity incentives by state-owned enterprises needs to consider whether the policy is properly grasped and the process is in compliance 1. Whether the use of tools is scientific and other factors, there are still some plugs and difficulties in implementing the reform.
Zheng Peimin, Chairman of Shanghai Rongzheng Investment Consulting Co., Ltd. said that the guidelines issued this time focused on the main points of the equity incentive plan, assessment system, management methods and implementation procedures, etc. In terms of details, refine the rules and improve the operability, it is expected to promote more central and local state-owned enterprises to implement equity incentive reform.
It is worth noting that the guidelines clarify the audit responsibility for the specific implementation plan of equity incentives in the central enterprise group company, giving enterprises more flexibility and fully reflecting the state-owned asset supervision The policy orientation of “live” and “managed well”.
Relevant person in charge of the SASAC said that they will guide central enterprises to actively perform their main responsibilities, promote eligible listed companies to carry out equity incentives in a scientific, efficient and standardized manner, and accelerate the establishment of sound coverage Positive incentive mechanism for the backbone of enterprise management and core scientific research and technical personnel.
“China Construction Group currently owns 7 listed companies. After the guidelines are implemented, we will make good use of the policy dividends to accelerate the implementation of equity incentives for eligible subsidiaries.” Shan Guangxiu said that the company will also make good use of a variety of medium- and long-term incentive tools including stock options, technology-based enterprise equity and dividend incentives, to fully mobilize the enthusiasm and creativity of various personnel and promote high-quality development of the enterprise.
Industry experts anticipate that under the background of accelerated state-owned enterprise reforms, the accelerated expansion of equity incentive reforms of listed companies controlled by state-owned enterprises will inject new impetus into the development of China ’s state-owned enterprises. Will promote the capital market to release new dividends.
(Originally titled “Guidelines for Equity Incentives for Central Enterprises” Come Out “to Promote Further Reform Coverage”)