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The holding and shareholding companies of COSCO Group have set up perfect mechanism for board of directors and opinions-expressing of shareholders, in complete compliance with the Corporate Act in China or in their located countries or regions. For example, as the controlling shareholder of the listed companies, the group company strictly adheres to the Code of Corporate Governance for Listed Companies, separating from the listed companies in staff, assets, finance, institution and business and implementing the separate accounting and verification while separately assuming responsibilities and risks; controlled shareholders and their functional departments have no reporting relationships with listed companies and their functional departments, nor they will issue any plans or indirections to listed companies and their branches on the business of listed companies or impact the independence of their operation and management in any way; COSCO strictly executes its right as an investor in the controlled listed companies and will not damage the legal rights and interests of listed companies and other shareholders by using such ways as asset restructuring, will not seek additional interest by using its special position; strictly conforms to the laws, rules and the regulations of the Corporate Act for nominating candidates of directors and supervisors of listed companies; will not conduct any approval procedure against the personnel selection resolution and the personnel recruitment of Board of Directors at the shareholder meeting; will not appoint or dismiss any executives of listed companies beyond the shareholdermeeting and board of directors, will not directly or indirectly intervene in the company's decision-making and the production and business activities according to laws, will not damage the interests of companies and other shareholders.
The holding and shareholding companies as well as some limited liability companies of COSCO Group also formulated the independent director system, with the proportion of listed companies' independent directors accounting for one third or more of the regulated total director number according to laws. Moreover, in auditing committee, nominating committee, compensation and evaluation committee, independent directors account for a large percentage and act as callers. Material affiliated transactions, employing or dismissing an accounting company will be delivered to the Board of Directors only upon the approval of over a half of independent directors.
In addition, listed companies establish and improve the investor relationship management system, set up the investor relationship department and actively arrange the investor relationship management tasks. They improve the quality of the information disclosure of listed companies, proactively disclose the information and treat the company's all shareholders fairly, don't make selective information disclosure, enhance the communication and the exchange with investors especially public investors through multiple ways; set up dedicated consulting hot line for investors, design an investor relationship page on the company's website, regularly hold meetings with public investors and answer the questions in time concerned by public investors. |
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| All COSCO's subsidiaries establish labor unions, and the chairman of the labor union, being the member of the company's decision-making executives, represents employees to take part in the company's critical decisions; all units regularly hold the employee representative meeting that is the basic way for enterprise to implement the democratic management and is an agency for employees to execute their democratic management rights. Correctly handle the interest relationships among the state, the enterprise and the employees, execute rights according to laws to safeguard the positions of employees as the masters to motivate their enthusiasm. Employee representative conference sets several special working committees (teams). When the conference is under way, they are mainly responsible for participating in administration to develop related proposals and review the related issues submitted to the employee representative conference. After the conference, their primary task is to deploy targeted democratic management activities to check and urge related departments to execute the resolutions of the employee representative conference, listen to and respond to the ideas, requirements and suggestions of employees. They also hold activities to ask for reasonable suggestions, further improving the organizational structure and rules & regulations for the reasonable suggestion activities. |
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The mission of COSCO is to become a world leading company in shipping, logistics, ship-building & ship-repairing services by maintaining trustworthy relationships with our customers, employees and partners, yielding best returns for shareholders, society and environment.
The value of COSCO is ¨°Harmonious Development, Benefiting Human Beings¨®.
The 11th Five-Year Plan for COSCO Enterprise Culture Construction is prepared based on the COSCO 11th Five-Year Plan, defining the guiding thought, basic principles, objectives, tasks and measures of constructing the enterprise culture in the next five years. Enterprise culture will play its role in boosting the production and operation, driving the enterprise's constantly healthy and harmonious development and laying a solid foundation on spiritual basis and providing cultural guarantee for "building an ever-lasting COSCO". The overall goal of COSCO's enterprise culture construction is as follows: make joint efforts in the whole group to reinforce the content construction of the enterprise culture, promote the organic unification of the enterprise culture in form and content, |
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| propel the harmoniousness of spirit culture, behavior culture and material culture, enable COSCO's culture philosophy to become the regulation of the enterprise and the self-motivated behavior of employees, further enhance the controlling capability and influence of the group's culture, achieve balanced development for the enterprise culture construction among different member units, form unique and positive enterprise culture that not only inherits COSCO's excellent culture tradition but also reflect the spirit of the times in accordance with COSCO's development strategy during the 11th-Five Plan, thus laying a solid cultural basis for building ¨°an ever-lasting COSCO¨®.
The goal includes COSCO Group's environmental protection criteria, highlighting comprehensive management, resource treasure, environmental protection, employee reliability. In the course of business operation, COSCO Group applies itself to environmental protection and global resource cherishing. As a ¨°social responsibility undertaker¨®, the group supports and participates in ecological protection activities, initiatively improve enterprises' ecologica environment. |
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| ¡ö Procedure and supervision for management of directors and supervisor |
Subsidiaries of COSCO establish their respective Boards of Directors in the light of Modern Enterprise System. The directors are under the administration of the group company according to the Corporation Act. The Boards of Directors of different subsidiaries vary with each other according to the business nature.
Focusing on the enhancement of state-owned investors' administration and supervision functions, COSCO carries out innovation for internal supervision mechanism and system to ensure state-owned investors' efficient administration and supervision. The subsidiary companies in China are under the ¨°Four in One¨® supervision system of disciplinary inspection, supervision, auditing and board of supervisors. COSCO has established the Procedures for Management of Decision-making Solution Design, Rules of Procedure for President Official Business Meeting, Procedure for Supervision and Management, and Internal Auditing Procedure, and carries out administration and supervision according to the national law and code and the Interim Measures for Management on Senior Executives of COSCO.
COSCO has constituted the Regulation on Auditing for Economic Post Liability of Senior Executives of COSCO Group's Wholly-owned and Holding Companies, to audit the economic liability of major senior company executives in their tenure, improve company operation through auditing suggestions, in a bid to realize internal supervision. |
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