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《Journal of Nanjing University(Philosophy,Humanities and Social Sciences)》 2006-03
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On Independent Directors' Responsibilities and Restrictions of Listed Companies

WU Jian-bin (School of Laws, Nanjing University,Nanjing 210093, China)  
When China Securities Regulatory Commission required the practice of independent director system, no specifications were made for independent directors' responsibilities and restrictions. A heated nation-wide argument of the responsibilities and restrictions was, however, brought forth when Lu Jiahao, an independent director of ST Zheng Baiwen, made a legal complaint against China Securities Regulatory Commission for an unreasonable fine of RMB$100,000 as a punishment of his financial cheating. The new Company Law guarantees more chances for lodging an appeal, and the issue of responsibilities and restrictions will soon become sharp. Since the functions and responsibilities of independent directors are different from those of other directors, it is both unfair and unreasonable to punish them over-strictly and over-severely. Instead, their responsibilities should be properly mitigated. Japan's modification of laws, especially its 2005 Company Law, provides experience for reference.
【Fund】: 南京大学“985”哲学社会科学创新基地特别项目
【CateGory Index】: D922.291.91
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