168 SOEs ordered to install CFOs
(Xinhua)
Updated: 2006-05-14 08:28 Each of China's 168 central State-owned
enterprises (SOEs) has been instructed to appoint a chief finance officer (CFO)
by the State-owned Assets Supervision and Administration Commission.
The commission issued a document on Sunday prescribing the appointment,
qualifications, duties and rights of CFOs in SOEs.
CFOs are to have the right to participate in major proceedings, oversee the
implementation of major decisions and regulations, suggest fiscal personnel and
jointly authorize major expenditure items.
They are also responsible for the financial management of the company and to
ensure the accuracy of financial information.
China's Accounting Law issued in 1999 requires large and medium-sized SOEs to
appoint CFOs, but many central SOEs have been slow to do so.
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