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State Council Sends Board of Supervisors to Key State-Owned Financial Institutions
To ensure the security of state-owned assets, the State Council recently sent board of supervisors to key state-owned financial institutions to exercise, on behalf of the State, supervision over the quality of the assets of State-owned financial institutions and the situation regarding the preservation and increment of State assets.
The Board of Supervisors of State-Owned Financial Institutions ("Board" for short), centered on financial supervision and in accordance with relevant laws, administrative regulations and relevant rules of the Ministry of Finance, exercises supervision over the financial activities of policy-related banks, financial assets management companies, securities companies, insurance companies and other financial institutions, as well as over the managerial actions of board chairmen, presidents (managers) of banks and other main responsible members.
The relationship between the board of supervisors and the State-owned financial institutions is one between the supervisor and the supervised. The board does not participate and intervene in the decision making and the operation and management of the financial institutions.
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