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Over RMB70 Billion State Assets Authorized
Fifteen state-owned enterprises with an estimated total of over 70 billion yuan of assets in Guangzhou, provincial capital of Guangdong, will undertake a series of reforms, as is reported.
An annual salary system for board chairmen and general managers in these 15 enterprises will be established and their income are mainly formed of three parts, namely, basic annual salary, salary in connection with profits realized by enterprises and their own shares in enterprises.
Relations defined as authorizing/authorized and supervising/supervised parties between these enterprises and the Management Committee of State-owned Assets or other relevant governmental departments are going to be forged. That means there exist no administrative links between the two sides and governmental departments will have no managerial power or direct control over working assets of the state.
The Guangzhou Management Committee of State-owned Assets will check up and make appraisal of these enterprises' operation every year and make final decisions to mete out punishment or grant rewards.
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