Recently, CCB formally enacted the Executives Accountability Rules in order to improve the accountability system, raise the sense of management responsibility and leadership of executives, especially the senior executives and promote their faithful fulfillment of functions. It is a major measure of CCB after its IPO to improve corporate governance structure, strengthen management, reinforce incentives and discipline and strive towards the goal of growing into a leading international commercial bank. According to the Rules, the executives who commit mistakes in decision-making, have low efficiency, make management mistakes, make HR promotional mistakes, loose credibility or breach the duty of preventing and investigating law cases will be held accountable and those who have serious breach of duty must take the blame and resign.
Earlier CCB formulated the Rules on Measures Dealing with the Breach of Duty of Staffs which serves as the basis of the accountability system of all CCB staffs including the senior executives. Later the headquarters developed the Rules on Investigating and Affixing the Responsibilities of the Executives of Organizations Where Law Cases Occur and the Executives of Higher Level Organizations, stipulating that the executives who breach their duties of preventing and investigating law cases should take the blame and resign. In response to the new situation after its IPO, CCB develops the Executives Accountability Rules to improve the accountability system of executives.
The Rules prescribes such accountability methods as taking the blame and resigning, ordering to resign, dismissing, changing job position, imperative talks, writing self-criticism, correction and circulation of notice of criticism. According to the Rules, the executives of CCB at all levels should be held responsible for not only the law cases in their own organizations and lower-level organizations but also the failure to realize business plans or objectives. For serious law cases the executives should take the blame and resign. The Rules expands the scope for which the executives should be accountable from violating of rules to breach of duty and from law cases to poor performance. In addition to disciplinary punishment and economic penalty, it adds such punishment as taking the blame and resigning and ordering to resign.
Some experts say that the Rules of CCB expands the accountability scope and measures, intensifies the efforts and standardizes the process. It is a breakthrough of the executives’ accountability system for businesses, especially the financial institutions. The Rules further improves the accountability system of CCB and will help enhance the sense of management responsibility and leadership of executives, especially the senior executives and promote their faithful fulfillment of functions.
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