State-owned companies in Shanxi province are to keep the public informed of important quarterly, mid-year and yearly financial information, according to a newly-released regulation.
In accordance with the Measures about Releasing Major Financial Information of State-Owned Companies in Shanxi Province (Trial), such companies are required to release many kinds of information on a yearly basis, including major accounting data, financial indicators, senior manager appointments and salaries, as well as the salaries of ordinary employees.
They are also required to offer information about the conditions of companies, including business goals, major investments, sales and environmental protection.
Information such as business expenses should be made public as well. It is made clear in the regulation that the use and maintenance of cars for senior managers, travel subsidies as well as the budget of communication and training and actual expenses in such aspects should be made open to the public.
Information should be made public on the websites of either the investor or the State-owned companies or through news organizations, according to the provincial government.
Edited by Michael Thai