The Communist Party in China has been disclosed as being at the core of governance in more than 30 state-owned companies registered on the Hong Kong Stock Exchange, rather than the Chinese state, according to the Financial Times.
It is well known that the party plays a significant role in China’s state-owned companies, but the disclosures in articles of association brings its role “out of the shadows”, the FT reports.
The paper reports that disclosures also show that investment funds such as Fidelity, BlackRock and Schroders voted in favour of the party’s role, while others—among them Vanguard and Norges Bank—voted against.
The FT cites a BlackRock spokesperson saying the votes were part of the fund’s “engagement” and in the interests of “long-term shareholder value”.
The companies involved include the state oil company, Sinopec, and one of the wold’s largest banks, ICBC (Industrial and Commercial Bank of China).