funroulette| Rare! A-share companies pay dividends and solicit opinions from minority shareholders
LatelyFunrouletteThe dividend of listed companies has attracted much attention.
Recently, in A shares,FunrouletteA small number of companies have openly solicited opinions from minority shareholders on the profit distribution plan for 2023. This is a relatively rare phenomenon in the whole market. "enhance the transparency of the company's profit distribution and protect the interests of shareholders, especially minority shareholders," the announcement said.
The rules of cash dividends of listed companies point out that before the shareholders' meeting considers the specific plans for cash dividends, they should fully listen to the opinions and demands of minority shareholders. Recently, the CSRC has made a series of arrangements for dividends of listed companies.
Solicit opinions from minority shareholders
Recently, Soochow Securities (601555) issued an announcement on matters related to the profit distribution plan for the year 2023.
According to the announcement, according to the opinions of the General Office of the State Council on further strengthening the Protection of the legitimate Rights and interests of medium and small investors in the Capital Market, China Securities Regulatory Commission guidelines No. 3 on the Supervision of listed companies-Cash dividends of listed companies, Shanghai Stock Exchange guidelines on self-discipline Supervision of listed companies No. 1-standardize Operation and the relevant provisions and requirements of the articles of Association of the Company In order to further do a good job in the company's profit distribution in 2023, enhance the transparency of the company's profit distribution, and protect the interests of shareholders, especially minority shareholders, we now solicit opinions from shareholders on the company's profit distribution plan for 2023.
The announcement said that the deadline for soliciting opinions is April 24, 2024.Funroulette: 00 . Shareholders of the company can feedback their opinions to the company by e-mail or fax, and please provide proof of shareholder identity and proof of shareholding at the same time.
Chinese reporters from brokerages have noticed that very few listed companies have issued similar announcements in the A-share market this year. On April 15, Ruitai Xincai issued a notice to solicit investors' opinions on the profit distribution plan for 2023. On April 13th, Jiangsu Cathay Pacific (002091) issued the announcement of soliciting investors' opinions on the profit distribution plan for 2023.
The reporter combed and found that, including the above three companies, only 17 listed companies issued similar announcements to solicit opinions from minority shareholders on the profit distribution plan for 2023. Only nine minority shareholders have been consulted on the distribution of profits in 2022. The related situation in 2021 is 10.
As far as the brokerage industry is concerned, in addition to Soochow Securities, the last similar announcement was Societe Generale Securities (601377) in February 2017. At that time, Societe Generale Securities issued a notice to solicit investors' opinions on matters related to the 2016 profit distribution plan.
According to the notice, according to the notice of the China Securities Regulatory Commission on matters related to the further implementation of Cash dividends of listed companies, listed companies Regulatory guidelines No. 3-listed companies Cash dividends, Fujian Securities Regulatory Bureau of China Securities Regulatory Commission on matters related to further implementation of Cash dividends notice, Shanghai Stock Exchange guidelines on Cash dividends of listed companies and articles of Association of companies In order to further strengthen communication and exchanges with investors, fully listen to the opinions and demands of investors, especially medium and small investors, enhance the transparency of the decision-making of the company's profit distribution plan, and protect the interests of the broad masses of investors, especially medium and small investors, we are now soliciting opinions from the majority of investors on matters related to the company's annual profit distribution in 2016.
Encourage more dividends
The Chinese reporter of the securities firm noted that the Securities Regulatory Commission's Regulatory guidelines No. 3 on the Supervision of listed companies-Cash dividends of listed companies (2023), which was based on the announcement of Soochow Securities, pointed out: "before the shareholders' meeting deliberates the specific plan for cash dividends, listed companies should take the initiative to communicate and communicate with shareholders, especially minority shareholders, through various channels, and fully listen to the opinions and demands of minority shareholders. Respond promptly to questions of concern to minority shareholders.
The requirement was amended by the SFC at the end of 2023 in three main aspects:
First, we should further clearly encourage the orientation of cash dividends and promote the improvement of the level of dividends. Strengthen disclosure requirements for companies that do not pay dividends and other institutional constraints to urge dividends. Focus on supervision and attention to companies with more financial investment but low level of dividends, urge them to improve the level of dividends and focus on the main business.
The second is to simplify the procedure of medium-term dividend and promote the further optimization of the way and rhythm of dividend. Companies are encouraged to increase the frequency of dividends if conditions permit.
The third is to strengthen the restriction on enterprises with abnormally high proportion of dividends and guide reasonable dividends. It is emphasized that when formulating the cash dividend policy, listed companies should comprehensively consider their own profit level, capital expenditure arrangement and debt repayment ability, taking into account investor returns and corporate development.
On April 12, the exchange also openly solicited opinions on the revision of the stock listing rules, in which the dividend regulations were optimized.
Strong restraint measures shall be taken for substandard dividends. The focus is to include companies that have not paid dividends for many years or whose dividends are too low in the implementation of other risk warnings (ST). In terms of the motherboard, ST shall be implemented for companies that meet the basic conditions for dividends, and the total cumulative cash dividends in the last three fiscal years are less than 30% of the average annual net profit, and the cumulative dividend amount is less than 50 million yuan. For Science and Technology Innovation Board, taking into account the characteristics of different sectors and differences in companies, the absolute value of dividends will be adjusted to 30 million yuan. At the same time, Science and Technology Innovation Board, which accounts for more than 15% of the cumulative R & D investment in the last three fiscal years or more than 300 million yuan in the last three fiscal years, can be exempted from implementing ST. The repurchase cancellation amount shall be included in the calculation of the cash dividend amount. This adjustment is scheduled to be implemented from January 1, 2025, when the "last three fiscal years" correspond to 2022 to 2024.