Executives at state-run China firms risk bans for losses
Friday, 12 September 2008
BEIJING, Sept 11 (AFP): Senior executives of major Chinese state enterprises may face permanent bans from management jobs if found responsible for severe losses during their tenure, state media reported.
This is part of new rules from the assets supervision and administration commission meant to ensure that the heads of China's 147 main state companies perform adequately, Xinhua news agency said Wednesday.
The commission has published a list of actions that will trigger punishments, including losses incurred during day-to-day activities such as sales, and more special circumstances like corporate restructuring.
While life-time bans from important jobs are in the severe end of the range of penalties, milder forms include bonus cuts and warnings, according to Xinhua.
This is part of new rules from the assets supervision and administration commission meant to ensure that the heads of China's 147 main state companies perform adequately, Xinhua news agency said Wednesday.
The commission has published a list of actions that will trigger punishments, including losses incurred during day-to-day activities such as sales, and more special circumstances like corporate restructuring.
While life-time bans from important jobs are in the severe end of the range of penalties, milder forms include bonus cuts and warnings, according to Xinhua.