Sustainable development
Our company has ranked among the top 100 Chinese listed companies in terms of internal control.
Release time:
2013-10-16 15:24
Recently, the Internal Control Index Research Team at Xiamen University evaluated and analyzed the 2012 internal control levels of a total of 2,114 listed companies on China’s main board and SME board. They also released the China Listed Companies’ Internal Control Evaluation Report and the List of Top 100 Enterprises in Internal Control. Thanks to its outstanding performance in internal control, Qizheng Tibetan Medicine has made it onto the list of China’s Top 100 Enterprises in Internal Control.
Based on the “Basic Norms for Internal Control in Enterprises” and its “Supporting Guidelines,” as well as taking into account relevant laws and regulations—including the “Guidelines for Internal Control of Listed Companies of the Shenzhen Stock Exchange,” the “Guidelines for Internal Control Systems of Listed Companies of the Shanghai Stock Exchange,” the “Corporate Governance Code for Listed Companies,” the “Company Law of the People’s Republic of China,” the “Securities Law of the People’s Republic of China,” and the “Guidelines for Articles of Association of Listed Companies”—and drawing upon commonly used assessment methodologies both domestically and internationally, our research team completed China’s first index for internal control of listed companies in 2010. This index has become one of the authoritative tools for understanding and evaluating the level of internal control in Chinese listed companies.
As a research outcome of the Ministry of Education’s Key Research Base for Humanities and Social Sciences’ major project, “Evaluation and Index Study on Internal Control of Chinese Listed Companies,” and the National Natural Science Foundation’s key project, “Research on the Information Ecological Environment and the Effectiveness of Corporate Internal Control,” this research report has attracted widespread attention. It has been fully reprinted and reported by mainstream financial media such as the Shanghai Securities Journal and Hexun.com.
As China’s largest modern manufacturer of Tibetan medicine, the company has always attached great importance to the development of its internal control system. In 2012, in response to requirements from regulatory authorities and the company’s own development needs, the company initiated the construction of its internal control system. It established the Qizheng Tibetan Medicine Internal Control Project Team, comprising the Board of Directors, the Supervisory Board, the Audit Department, and various business-specific internal control teams. PwC was selected through a tender process to carry out the internal control system development for the company. Through this project, the company has cultivated and built up a pool of specialized professionals in internal control and risk management, providing strong support for the company’s management transformation and enhancement as well as for the implementation of its strategic initiatives. Looking ahead, the company will continue to strengthen its internal oversight mechanisms to promote its sustained, healthy, stable, and rapid development.
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