229 provincial-level officials told to quit companies
                 English.news.cn | 2014-07-23 11:23:27 | Editor: Lu Hui

BEIJING, July 23 (Xinhua) -- A total of 229 officials at provincial or ministerial level have been told to quit companies where they hold concurrent posts, according to government figures released on Wednesday.

In a move designed to restrict conflicts of interest through such arrangements, the Organization Department of the Communist Party of China Central Committee issued a circular in October to ban leading government and Party officials from working for outside companies.

Following the circular, a special inspection has been conducted and 40,700 leading officials, including 229 at provincial or ministerial level, were found to have extra jobs such as independent directors or supervisors at public companies, according to the department.

All the provincial-level officials have been told to quit the companies and to date 173 have finished resignation procedures, it said in a statement.

The rest have also handed in their resignations but have to remain at the companies for a while before successors are found, as company law stipulates.

The Organization Department pledged to press the officials to resign and closely monitor their resignation procedures.

Banning higher-level officials from businesses has helped to build a sound market order, according to the statement.

It explained that current regulations do not rule out retired officials working for companies unrelated to their previous positions.

However, they must obtain relevant authorities' approval and should not receive any kind of payment or subsidies from the companies, it said.

To better implement the regulations, the department will issue another detailed directive soon and the public is also invited to blow the whistle on violations.

Previous media reports revealed that the regulation has resulted in "an exodus" of independent directors from listed companies.

(To stay up to date with the latest China news, follow XHNews on Twitter at http://www.twitter.com/XHNews and Xinhua News Agency on Facebook at http://www.facebook.com/XinhuaNewsAgency.)

分享
Central authorities demand lasting work style revamp
CPC demands continued fight against undesirable work styles
Chinese leaders say no end to improve work style
CPC discipline agency invites public to disclose slack work styles
Suzhou loosens home purchase-limit policy
Suzhou loosens home purchase-limit policy
China Textile, Apparel Trade Show kicks off in New York
China Textile, Apparel Trade Show kicks off in New York
Citizens go to water park under heat warning alert in China's Jiangxi
Citizens go to water park under heat warning alert in China's Jiangxi
Typhoon Matmo approaches Fujian, Zhejiang Province
Typhoon Matmo approaches Fujian, Zhejiang Province
Daughter mourns for father killed in Israeli airstrike
Daughter mourns for father killed in Israeli airstrike
Kerry attends joint press conference in Egypt
Kerry attends joint press conference in Egypt
Presidents of EC, Dominican Republic, Haiti attend press conference
Presidents of EC, Dominican Republic, Haiti attend press conference
Palestinian protestors clash with Israeli soldiers in Bethlehem
Palestinian protestors clash with Israeli soldiers in Bethlehem
Back to Top Close
010020070750000000000000011102351335046371