It was not until 1999 was it included in the documents of the Fourth Plenary Session of the 15th National Congress of CPC. We still have a lot to learn on this subject. Initially, the emphasis was on guarding the owners’ interests, making profit for owners, as well as setting up a good check and balance relationship and structure.
Then, corporate governance was translated as corporate governance structure in Chinese, emphasizing the importance of a good structure. Even though each country has its country-specific corporate governance stemming from its cultural tradition and legal system, some common elements are the most important and most basic. These common elements are included in two very important OECD documents that are worth our attention and research.