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Codes of Ethics and CSR in China

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CSR and Codes of Business Ethics in the USA, Austria (EU) and China and their Enforcement in International Supply Chain Arbitrations

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Abstract

This section covers China with the exception of Hong Kong. In comparison with Austrian and in particular with US law, Chinese law leans the most towards the Stakeholder Theory of Corporate Governance.

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Notes

  1. 1.

    OECD, Corporate Governance of Listed Companies in China. Self-Assessment by the China Securities Regulatory Commission (2011) p. 95, https://www.oecd.org/corporate/ca/corporategovernanceprinciples/48444985.pdf (last accessed on 21 February 2020).

  2. 2.

    Examples for such projects are public sewage treatment, public refuse treatment, comprehensive development and utilization of methane, technologies alteration for energy-saving and emission reduction, seawater desalination projects, etc.

  3. 3.

    PwC, The People’s Republic of China Tax Fact and Figures 2019, p. 7, https://www.pwccn.com/en/tax/publications/people-republic-of-china-tax-facts-2019.pdf (last accessed on 21 February 2020).

  4. 4.

    Company Law of the People‘s Republic of China (last revised in 2018).

  5. 5.

    Li-Wen Lin, Corporate Social Responsibility in China: Window Dressing or Structural Change, 28 Berkeley J. Int’l. Law (2010) p. 64 (p. 70).

  6. 6.

    Li-Wen Lin, 28 Berkeley J. Int’l. Law (2010) p. 96; Sui/Yang/Zhang, Is Corporate Social Responsibility Used to Mask Corporate Speculation? Evidence from Emerging China, Sustainability 2019, 11, 3375.

  7. 7.

    Li-Wen Lin, 28 Berkeley J. Int’l. Law (2010) p. 68 et sqq.

  8. 8.

    The Chinese Code of Corporate Governance for Listed Companies can be accessed at http://www.csrc.gov.cn/pub/csrc_en/laws/rfdm/DepartmentRules/201904/P020190415336431477120.pdf.

  9. 9.

    See Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China (2018) p. 25, https://www.acga-asia.org/specialist-research.php (last accessed on 20 February 2020).

  10. 10.

    Article 2 of the CCCG.

  11. 11.

    Article 2 of the CCCG.

  12. 12.

    Lin Lin, Code of Corporate Governance: Lessons from Singapore to China (July 2019) p. 5; https://www.researchgate.net/publication/335965311_Code_of_Corporate_Governance_Lessons_from_Singapore_to_China (last accessed on 23 February 2020).

  13. 13.

    Item 5 of CSRC Announcement [2008] No. 27, http://www.csrc.gov.cn/pub/csrc_en/laws/overRule/Announcement/200807/t20080724_71014.html (last accessed on 23 February 2020).

  14. 14.

    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 25, https://www.acga-asia.org/specialist-research.php.

  15. 15.

    The Shenzhen 100 Index comprises the 100 largest and most liquid A-share stocks listed and trading on the Shenzhen Stock Exchange. See Shenzhen 100 Index, http://www.cnindex.com.cn/docs/jj_399330_e.pdf (last accessed on 22 May 2020).

  16. 16.

    All stocks from the SSE Corporate Governance board compose the constituents of the SSE Corporate Governance Index. Ping An Insurance (Group) Company of China Ltd. (for further details on this company see below Sect. ‎5.3.3) is the top constituent of the SSE Corporate Governance Index. PetroChina Company Limited (see below in Sect. ‎5.3.1) is a constituent of this index as well. See SSE Corporate Governance Index, http://www.csindex.com.cn/en/indices/index-detail/000019 (last accessed on 22 May 2020).

  17. 17.

    Ioannou/Serafeim, The Consequences of Mandatory Corporate Sustainability Reporting (2017) p. 9 et sq., https://pdfs.semanticscholar.org/f44a/77e9799017edb8a2a90e00b2c2ba742ea2f2.pdf (last accessed on 21 February 2020); Li-Wen Lin, 28 Berkeley J. Int’l. Law (2010) p. 77; Rezaee/Tsui/Cheng/Zhou, Business Sustainability in Asia. Compliance, Performance, and Integrated Reporting & Assurance (2019) p. 94; BSD Consulting, Sustainability Reporting Standards in China (19 April 2016), http://www.bsdconsulting.com/de/insights/article/sustainability-reporting-standards-in-china (last accessed on 28 February 2020).

  18. 18.

    Shenzhen Stock Exchange Social Responsibility Instructions to Listed Companies (25 September 2006), https://sseinitiative.org/wp-content/uploads/2019/12/en-SZSE-Rules.pdf (last accessed on 21 February 2020).

  19. 19.

    The SSE Notice and the SSE Guidelines can be accessed at http://www.sse.com.cn/lawandrules/sserules/listing/stock/c/c_20150912_3985851.shtml.

  20. 20.

    Lu, Corporate Social and Environmental Responsibility. Another Road to China’s Sustainable Development (2019) p. 261; OECD, Corporate Governance of Listed Companies in China. Self-Assessment by the China Securities Regulatory Commission, p. 100, https://www.oecd.org/corporate/ca/corporategovernanceprinciples/48444985.pdf.

  21. 21.

    China Railway Group Limited 2018 ESG Report, p. 23, http://www.crecg.com/english/resource/cms/article/4051/10070723/2019052417220772882.pdf (last accessed on 21 February 2020).

  22. 22.

    China Railway Group Limited 2018 ESG Report, p. 23, http://www.crecg.com/english/resource/cms/article/4051/10070723/2019052417220772882.pdf.

  23. 23.

    Noronha, Corporate Social Disclosure. Critical Perspectives in China and Japan (2015) p. 37 et sq.

  24. 24.

    China Securities Index Company, Methodology of SSE Social Responsibility Index, http://english.sse.com.cn/indices/indices/list/indexmethods/c/000048_000048hbooken_EN.pdf (last accessed on 21 February 2020); OECD, Corporate Governance of Listed Companies in China. Self-Assessment by the China Securities Regulatory Commission, p. 100, https://www.oecd.org/corporate/ca/corporategovernanceprinciples/48444985.pdf.

  25. 25.

    Responsibility Index (Index Information, Constituents List), http://www.csindex.com.cn/en/indices/index-detail/0?indx_sname=%E8%B4%A3%E4%BB%BB%E6%8C%87%E6%95%B0 (last accessed on 21 February 2020).

  26. 26.

    Li-Wen Lin, 28 Berkeley J. Int’l. Law (2010) p. 77.

  27. 27.

    The SASAC Guidelines can be accessed at http://en.sasac.gov.cn/2011/12/06/c_313.htm (last accessed on 28 February 2020).

  28. 28.

    SASAC, Guidelines to the State-Owned Enterprises Directly under the Central Government, http://en.sasac.gov.cn/2011/12/06/c_313.htm; Li-Wen Lin, 28 Berkeley J. Int’l. Law (2010) p. 72 et sq.

  29. 29.

    SASAC, Guidelines to the State-Owned Enterprises Directly under the Central Government, http://en.sasac.gov.cn/2011/12/06/c_313.htm.

  30. 30.

    SASAC, Guidelines to the State-Owned Enterprises Directly under the Central Government, http://en.sasac.gov.cn/2011/12/06/c_313.htm; Li-Wen Lin, 28 Berkeley J. Int’l. Law (2010) p. 73.

  31. 31.

    Li-Wen Lin, 28 Berkeley J. Int’l. Law (2010) p. 73 et sq.

  32. 32.

    Li-Wen Lin, Legal Transplants through Private Contracting: Codes of Vendor Conduct in Global Supply Chains as an Example, in Tomasic/Wolff (Ed.), Commercial Law in East Asia (2016) p. 187 (p. 215).

  33. 33.

    Rezaee/Tsui/Cheng/Zhou, Business Sustainability in Asia. Compliance, Performance, and Integrated Reporting & Assurance, p. 92; Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 131, https://www.acga-asia.org/specialist-research.php; Meng Liu, Is Corporate social responsibility China’s secret weapon? (17 March 2015), https://www.weforum.org/agenda/2015/03/is-corporate-social-responsibility-chinas-secret-weapon/ (last accessed on 28 February 2020).

  34. 34.

    Ribeiro/Hui, Corporate governance and directors‘ duties in China: overview (1 June 2019) p. 3, https://uk.practicallaw.thomsonreuters.com/4-502-3042?transitionType=Default&contextData=(sc.Default)&firstPage=true&bhcp=1 (last accessed on 29 February 2020).

  35. 35.

    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 57, https://www.acga-asia.org/specialist-research.php.

  36. 36.

    For more detailed information on the difference between executive and non-executive directors see Deloitte, The different types of directors (2014), https://www2.deloitte.com/za/en/pages/governance-risk-and-compliance/articles/the-different-types-of-directors.html (last accessed on 29 February 2020).

  37. 37.

    Articles 46, 109 and 113 of the Chinese Company Law; Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 55, https://www.acga-asia.org/specialist-research.php.

  38. 38.

    Article 117 of the Chinese Company Law.

  39. 39.

    Article 53 of the Chinese Company Law.

  40. 40.

    Article 53 of the Chinese Company Law.

  41. 41.

    Article 117 of the Chinese Company Law.

  42. 42.

    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 71, https://www.acga-asia.org/specialist-research.php.

  43. 43.

    OECD, Corporate Governance of Listed Companies in China. Self-Assessment by the China Securities Regulatory Commission, p. 79, https://www.oecd.org/corporate/ca/corporategovernanceprinciples/48444985.pdf.

  44. 44.

    Article 53 of the Chinese Company Law.

  45. 45.

    OECD, Corporate Governance of Listed Companies in China. Self-Assessment by the China Securities Regulatory Commission, p. 3, https://www.oecd.org/corporate/ca/corporategovernanceprinciples/48444985.pdf; Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 88, https://www.acga-asia.org/specialist-research.php.

  46. 46.

    Article 34 of the CCCG provides that “[a] listed company should introduce independent directors to its board in accordance with relevant regulations. An independent director should not hold any concurrent position other than a member of a board committee in the listed company.”

  47. 47.

    The CSRC Guidelines can be accessed at http://www.csrc.gov.cn/pub/csrc_en/newsfacts/release/200708/t20070810_69191.html (last accessed on 29 February 2020).

  48. 48.

    Part III of the CSRC Guidelines.

  49. 49.

    Article 45 of the CCCG sets forth that “[t]he supervisory board should be composed of such members and be structured in such a way that enables the board of supervisors to perform its duties independently and effectively.” However, the CCCG does not require a certain number of independent supervisors and does not prescribe independence criteria for supervisors (apart from the requirement that supervisors should not be directors or senior executives of the listed company).

  50. 50.

    Article 117 of the Chinese Company Law only sets forth that directors and senior officers may not serve as supervisors.

  51. 51.

    Pursuant to Article 45 of the CCCG, a listed company may (not shall) introduce external supervisors.

  52. 52.

    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 74, https://www.acga-asia.org/specialist-research.php.

  53. 53.

    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 39, https://www.acga-asia.org/specialist-research.php.

  54. 54.

    Revised and adopted at the19th National Congress of the Communist Party of China on October 24, 2017. The CCPC can be accessed at http://www.xinhuanet.com/english/special/2017-11/03/c_136725945.htm (last accessed on 2 March 2020).

  55. 55.

    Laband, Fact Sheet: Communist Party Groups in Foreign Companies in China, China Business Review (31 May 2018), https://www.chinabusinessreview.com/fact-sheet-communist-party-groups-in-foreign-companies-in-china/ (last accessed on 2 March 2020).

  56. 56.

    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 41 et sqq., https://www.acga-asia.org/specialist-research.php.

  57. 57.

    Foreign Investment Law of the People’s Republic of China (adopted at the Second Session of the 13th National People's Congress on 15 March 2019), http://www.fdi.gov.cn/1800000121_39_4872_0_7.html (last accessed on 2 March 2020).

  58. 58.

    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 40 et sqq., https://www.acga-asia.org/specialist-research.php.

  59. 59.

    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 45 et sq., https://www.acga-asia.org/specialist-research.php; European Union Chamber of Commerce in China, Chamber Stance on the Governance of Joint Ventures and the Role of Party Organisations (3 November 2017), https://www.europeanchamber.com.cn/en/press-releases/2583/chamber_stance_on_the_governance_of_joint_ventures_and_the_role_of_party_organisations (last accessed on 2 March 2020).

  60. 60.

    Wu/Patel, Adoption of Anglo-American Models of Corporate Governance and Financial Reporting in China (2015) p. 193.

  61. 61.

    Article 89 of the CCCG.

  62. 62.

    The Rules Governing the Listing of Stocks on Shanghai Stock Exchange (revised in 2019) can be accessed at http://english.sse.com.cn/start/rules/sse/public/c/4938268.pdf (last accessed on 3 March 2020).

  63. 63.

    PetroChina, Company Profile, http://www.petrochina.com.cn/ptr/gsjj/gsjs_common.shtml (last accessed on 7 March 2020).

  64. 64.

    PetroChina’s Code of Ethics for Senior Management, http://www.petrochina.com.cn/ptr/gszljg/201404/5c428c2ae85a41d5b0cab72a2c720e29.shtml (last accessed on 7 March 2020).

  65. 65.

    The Code of Ethics of Employees of PetroChina Company Limited can be accessed at http://www.petrochina.com.cn/ptr/gszljg/201404/292b63834ea44c23a31424cddc676ad4.shtml (last accessed on 7 March 2020).

  66. 66.

    PetroChina, Significant Differences in Corporate Governance Practices for Purposes of Sect. 303A.11 of the New York Stock Exchange Listed Company Manual, http://www.petrochina.com.cn/ptr/gszljg/201404/3838e392900c42ebb3205885c5f7ea0f.shtml (last accessed on 7 March 2020).

  67. 67.

    PetroChina’s Code of Ethics for Senior Management, http://www.petrochina.com.cn/ptr/gszljg/201404/5c428c2ae85a41d5b0cab72a2c720e29.shtml.

  68. 68.

    PetroChina’s Code of Ethics of Employees of PetroChina Company Limited, http://www.petrochina.com.cn/ptr/gszljg/201404/292b63834ea44c23a31424cddc676ad4.shtml.

  69. 69.

    PetroChina 2019 Annual Report, p. 57 et sq., http://www.petrochina.com.cn/ptr/ndbg/202004/a11e316ca2bd49bab9e2a55a58c02add/files/3a74f5fb90284053ac786919340f41b0.pdf (last accessed on 16 May 2020).

  70. 70.

    PetroChina 2019 Environmental, Social and Governance Report, p. 15, http://www.petrochina.com.cn/ptr/xhtml/images/2019kcxfzbgen.pdf (last accessed on 16 May 2020).

  71. 71.

    PetroChina 2019 Annual Report p. 57 et sqq., http://www.petrochina.com.cn/ptr/ndbg/202004/a11e316ca2bd49bab9e2a55a58c02add/files/3a74f5fb90284053ac786919340f41b0.pdf.

  72. 72.

    PetroChina 2018 Environmental, Social and Governance Report, p. 12, http://www.petrochina.com.cn/ptr/xhtml/images/2018kcxfzbgen.pdf (last accessed on 16 May 2020).

  73. 73.

    PetroChina 2019 Environmental, Social and Governance Report, p. 16, http://www.petrochina.com.cn/ptr/xhtml/images/2019kcxfzbgen.pdf.

  74. 74.

    PetroChina 2018 Environmental, Social and Governance Report, p. 5, http://www.petrochina.com.cn/ptr/xhtml/images/2018kcxfzbgen.pdf.

  75. 75.

    PetroChina 2019 Environmental, Social and Governance Report, p. 17, http://www.petrochina.com.cn/ptr/xhtml/images/2019kcxfzbgen.pdf.

  76. 76.

    PetroChina 2019 Environmental, Social and Governance Report, p. 77 et sq., http://www.petrochina.com.cn/ptr/xhtml/images/2019kcxfzbgen.pdf.

  77. 77.

    PetroChina 2019 Environmental, Social and Governance Report, p. 32 et sq., http://www.petrochina.com.cn/ptr/xhtml/images/2019kcxfzbgen.pdf.

  78. 78.

    Huawei, Corporate Introduction, https://www.huawei.com/us/about-huawei/corporate-information (last accessed on 9 March 2020).

  79. 79.

    Huawei Investment & Holding Co., Ltd. 2019 Annual Report, p. 145 et sqq., https://www-file.huawei.com/-/media/corporate/pdf/annual-report/annual_report_2019_en.pdf?la=en (last accessed on 16 May 2020).

  80. 80.

    Huawei, Business Ethics, https://www.huawei.com/en/about-huawei/sustainability/win-win-development/develop_honesty (last accessed on 9 March 2020). The Huawei Business Conduct Guidelines are unfortunately not available on Huawei’s homepage.

  81. 81.

    Huawei Statement on Modern Slavery, https://huawei.eu/sites/default/files/docs/Huawei_MSA-Statement_Signed_June2018.pdf (last accessed on 9 March 2020).

  82. 82.

    Huang, Built on Value. The Huawei Philosophy of Finance Management (2019) p. 374; Huawei Investment & Holding Co., Ltd. 2019 Annual Report, p. 153, https://www-file.huawei.com/-/media/corporate/pdf/annual-report/annual_report_2019_en.pdf?la=en.

  83. 83.

    Huawei Investment & Holding Co., Ltd. 2019 Annual Report, p. 151 et sqq., https://www-file.huawei.com/-/media/corporate/pdf/annual-report/annual_report_2019_en.pdf?la=en.

  84. 84.

    Tian Tao/De Cremer/Wu Chunbo, Huawei Leadership, Culture, and Connectivity (2016).

  85. 85.

    Huawei Investment & Holding Co., Ltd. 2019 Annual Report, p. 157, https://www-file.huawei.com/-/media/corporate/pdf/annual-report/annual_report_2019_en.pdf?la=en.

  86. 86.

    Huawei Supplier Social Responsibility Code of Conduct, https://www.huawei.com/en/about-huawei/sustainability/win-win-development/develop_supplychain/huawei-supplier-social-responsibility-code-of-conduct (last accessed on 9 March 2020).

  87. 87.

    Huawei 2018 Sustainability Report, p. 86 et sqq., https://www-file.huawei.com/-/media/corporate/pdf/sustainability/2018/2018-csr-report-en.pdf?la=en (last accessed on 9 March 2020).

  88. 88.

    Huawei’s Enterprise Business Group is one of Huawei’s three primary business units (operating segments). The other two operating segments are the Carrier Network Business Group and the Consumer Business Group. See Huawei Investment & Holding Co., Ltd. 2019 Annual Report, p. 104, https://www-file.huawei.com/-/media/corporate/pdf/annual-report/annual_report_2019_en.pdf?la=en.

  89. 89.

    Huawei Code of Conduct for Partners, https://e.huawei.com/at/partner/partner-program/code-of-conduct-for-partners (last accessed on 9 March 2020).

  90. 90.

    Huawei 2018 Sustainability Report, p. 94 et sq., https://www-file.huawei.com/-/media/corporate/pdf/sustainability/2018/2018-csr-report-en.pdf?la=en.

  91. 91.

    About Ping An, https://www.pingan.cn/en/about/index.shtml (last accessed on 11 March 2020).

  92. 92.

    To Be an Active Global Influencer. Ping An 2019 Sustainability Report, p. 9, http://www.pingan.com/app_upload/images/info/upload/2a9a2d56-88f3-451f-af2e-e3e6c19d2483.pdf (last accessed on 11 March 2020).

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    Ping An Annual Report 2019, p. 100, https://www.pingan.cn/en/ir/financial-report.shtml (last accessed on 16 May 2020).

  95. 95.

    Ping An Business Code of Conduct, http://download.pingan.com.cn/pingancn/ESG/CodeofConduct.pdf (last accessed on 11 March 2020).

  96. 96.

    It should be mentioned that religion, race or politics are not expressly mentioned.

  97. 97.

    Ping An Business Code of Conduct, http://download.pingan.com.cn/pingancn/ESG/CodeofConduct.pdf.

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    Ping An Business Code of Conduct, http://download.pingan.com.cn/pingancn/ESG/CodeofConduct.pdf.

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    To Be an Active Global Influencer. Ping An 2019 Sustainability Report, p. 53, http://www.pingan.com/app_upload/images/info/upload/2a9a2d56-88f3-451f-af2e-e3e6c19d2483.pdf.

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    Ping An’s Sustainable Supply Chain Policy, http://download.pingan.com.cn/pingancn/ESG/SustainableSupplyChain.pdf (last accessed on 11 March 2020).

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    Ping An Business Code of Conduct, http://download.pingan.com.cn/pingancn/ESG/CodeofConduct.pdf.

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    To Be an Active Global Influencer. Ping An 2019 Sustainability Report, p. 52, http://www.pingan.com/app_upload/images/info/upload/2a9a2d56-88f3-451f-af2e-e3e6c19d2483.pdf.

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    To Be an Active Global Influencer. Ping An 2019 Sustainability Report, p. 17, http://www.pingan.com/app_upload/images/info/upload/2a9a2d56-88f3-451f-af2e-e3e6c19d2483.pdf.

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    To Be an Active Global Influencer. Ping An 2019 Sustainability Report, p. 47, http://www.pingan.com/app_upload/images/info/upload/2a9a2d56-88f3-451f-af2e-e3e6c19d2483.pdf.

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    To Be an Active Global Influencer. Ping An 2019 Sustainability Report, p. 81 et sqq., http://www.pingan.com/app_upload/images/info/upload/2a9a2d56-88f3-451f-af2e-e3e6c19d2483.pdf.

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    Asian Corporate Governance Association, Awakening Governance. The evolution of corporate governance in China, p. 136, https://www.acga-asia.org/specialist-research.php.

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  117. 117.

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    Adolf Peter

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Peter, A. (2021). Codes of Ethics and CSR in China. In: CSR and Codes of Business Ethics in the USA, Austria (EU) and China and their Enforcement in International Supply Chain Arbitrations. Springer, Singapore. https://doi.org/10.1007/978-981-33-6073-0_5

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