Ascertaining the notion of board accountability in Chinese listed companies

Keay, Andrew and Zhao, Jingchen 2016, Ascertaining the notion of board accountability in Chinese listed companies, Hong Kong law journal, vol. 46, pp. 671-708.

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Title Ascertaining the notion of board accountability in Chinese listed companies
Author(s) Keay, AndrewORCID iD for Keay, Andrew
Zhao, Jingchen
Journal name Hong Kong law journal
Volume number 46
Start page 671
End page 708
Total pages 37
Publisher Sweet & Maxwell Asia
Place of publication Hong Kong
Publication date 2016-03-01
ISSN 0378-0600
Summary Accountability is a concept that has been frequently referred to in Anglo-Americansystems and in the OECD’s corporate governance documents, as well as in the Englishtranslations of corporate governance documents from non-English speakingjurisdictions. It is in the Anglo-American literature, in particular, where the word findsprominence. It has been suggested in China that accountability is one of the basicprinciples of corporate governance that needs to be consistently enforced. But doesthis mean that board accountability, as it has been provided for in the Anglo-Americansystem, is actually an element of Chinese corporate governance? If not, should it beadopted? Or should China develop a concept that is more appropriately included as acritical part of its own particular corporate governance needs? The paper aims toaddress these matters in order to ascertain where Chinese corporate governance standson accountability as far as the boards of large listed companies are concerned, and whatit should do. We opine that while there are elements of accountability in Chinesecorporate governance, it does not have the form of accountability embraced in Anglo-American systems. But, it is argued, as China moves from having a system totally basedon administrative governance to one that is based more on economic governance thekind of approach that applies in Anglo-American jurisdictions is likely to become morerelevant. Within a hybrid corporate governance system combining elements of bothadministrative and economic governance, we develop a unique “wenze system” withforms and characters of accountability that is likely to develop to address the needs ofcorporate governance in China and the fostering of its listed companies.
Language eng
Field of Research 180109 Corporations and Associations Law
1801 Law
Socio Economic Objective 970118 Expanding Knowledge in Law and Legal Studies
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Hong Kong Law Journal
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