Companies

SOE supervisor vows to boost transparency

(Xinhua)
Updated: 2011-05-23 09:26

BEIJING -- China's State-owned enterprises (SOEs) supervisor on Saturday said it would work to make the SOEs management more transparent after China's top auditor publicized irregularities among a number of famed SOEs.

The release of the audit results will help the public to monitor the SOEs and help the SOEs to redress loopholes, said the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council in a statement on its website.

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The supervisor said the SOEs have made progresses in management, risk controls and social responsibilities in the past years, but they still lag far behind top-level international enterprises and should take advantage of the disclosures to enact further changes, the statement said.

Heads of the enterprises will be asked to take the lead in saving, fighting against squandering, controlling "irrational spending" and reducing management costs so that limited funds and resources can be invested in enterprise development, the statement said.

The National Audit Office (NAO) on May 20 publicized some irregularities and disciplinary violations in the financial statements of 17 SOEs for the 2009 fiscal year.

By March this year, 735 cases of irregularities have been corrected and 65 people responsible for the irregularities or violations have been punished, according to the office.

Last year, the NAO audited the financial statements of 17 centrally-administered SOEs, including CNOOC, CHALCO, COSCO and China Unicom, primarily for the 2009 fiscal year.