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Chinese Public Procurator Appointed as Independent Director of SOE
Li Changsen, vice-director of the Anti-Corruption Bureau of the Tiexi District in Shenyang, capital of northeast China's Liaoning Province, has recently been appointed the independent director of the board of a local state-owned enterprise (SOE), the Shengyang Airblower Manufacturing Corp Ltd.
This marks the beginning of a new system to curb corruption in China's state-owned enterpises. It is the first time ever in China that a public procurator has held a concurrent post as an independent director in a state -owned enterprise. This independent director, or externa l director, bears no responsibility for shareholders and takes no actual position in the company.
According to Wang Qun, head of the Tiexi District People's Procuratorate, this system may enable the procuratorate to know more about the internal affairs of state-owned enterprises, detect and eliminate possible corruption at an early stage, greatly facilitating the anti-corruption work.
Deng Changhui, manager of the Shenyang Airblower Manufacturing Corp Ltd., expressed his appreciation of this initiative, saying that it will make the board's decision more reasonable and legitimate, and prevent the directors from committing corruption. So far, some other large and medium-sized state-owned enterprises in this district have also applied for the local procuratorate to send public procurators to work as independent directors.
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