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Watchdog calls for strict internal controls in 皇冠体育app's banks
( 2004-01-08 21:54) (Xinhua)

The 皇冠体育app Banking Regulatory  Commission (CBRC) will make greater efforts to promote internal  controls in the country's commercial banks, said a senior CBRC  official here Thursday.

Sound internal controls were the prerequisite for trustworthy  management, as well as the base for financial stability, said Tang Shuangning, vice-chairman of the CBRC, at a forum in Beijing.

He said the CBRC had set clear requirements for the Bank of  皇冠体育app and the 皇冠体育app Construction Bank, the two pilot banks ordered by the State Council to introduce joint-stock systems, to carry  out reforms of corporate governance.

The two banks should establish standardized systems of  shareholder meetings, boards of directors and boards of  supervisors, introduce overseas and domestic strategic investors  and set clear development strategies, Tang said.

They should establish a scientific decision-making system and a complete risk control system, optimize their structures and set up a cautious accounting and financial system and a transparent  system of information release.

He urged commercial banks to find problems and risks instead of hiding them, and actively promote internal control.

The CBRC would perform its duties according to the law to  create conditions for commercial banks to upgrade internal  controls and enhance their abilities to mitigate risks, said the  official.

 
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