Transcript 上市之后——持续义务

POST ADMISSION - CONTINUING OBLIGATIONS
Introduction
The directors of a company admitted to trading on AIM are required to ensure that the company complies with a range of "continuing obligations"
imposed by FSMA, the general law and perhaps most importantly the AIM Rules for Companies.
General Obligations following Admission of the Company's Shares to AIM.
Principles of Disclosure
The Company must take reasonable care to ensure that any information it notifies is not misleading, false or deceptive and does not omit anything
important.
Notification of Major New Developments
The Company must notify a Regulatory Information Service without delay of any new developments in its financial condition, its sphere of activity,
the performance of its business, or its expectation of its performances, which are not public knowledge and which would be likely to lead to a
substantial movement in the price of its shares trading on AIM.
Notification of Information Regarding Directors' Dealings
The Company must notify a Regulatory Information Service of any information disclosed to the Company concerning directors, their spouses and
children's dealings in shares in the Company.
Notification of Information Regarding Interests in the Company's Share Capital
The Company must notify a Regulatory Information Service of any information disclosed to the Company concerning holdings of 3 per cent or more
of the issued share capital of the Company without delay following receipt of any such disclosure.
Notification of Resignation, Appointment or Removal of Directors
The Company must notify a Regulatory Information Service of the resignation or removal of any director or the appointment of any new Director
giving in the case of an appointment full details of the new director, including past directorships.
Substantial Transactions
The Company must notify a Regulatory Information Service without delay of any substantial transaction (i.e. broadly speaking a sale or acquisition
of a company or assets amounting to 10 per cent or more of the net assets, profits or gross capital of the Company).
Related Party Transactions
The Company must notify a Regulatory Information Service of any transaction entered into by the Company with a related party (which includes a
director or a shareholder holding over 10% of the issued shares or an associate of either) broadly speaking amounting to 5% or more of the net
assets, profits or gross capital of the Company.
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上市之后——持续义务
引言
AIM上市公司董事必须确保公司符合《金融服务与市场法》、一般法律以及（也许是最重要的）《AIM上市公司规则》规定的一系列“持续义务”。
公司在AIM上市后的一般义务
信息披露原则
公司必须尽其合理的注意，确保其所通告的任何信息都不是误导性的、虚假的或欺骗性的并且没有遗漏任何重要的信息。
重大新情况通告
当那些不为公众所知且有可能导致公司AIM上市的股票价格剧烈波动的有关公司财务状况、经营范围、经营业绩或业绩预测发生新情况时，公司必须毫
不迟疑地发出监管资讯服务通告。
董事交易信息通告
公司必须就其已知的有关董事及其配偶、子女买卖本公司股票的信息发布监管资讯服务通告。
公司股本利益信息通告
公司必须就其已知的有关股东持有公司已发行股本3%或以上的信息，毫不迟延地发出监管资讯服务通告。
董事辞职、任命或解聘通告
公司必须就董事的辞职、解聘或新董事任命发布监管信息服务通告；在任命新董事的情况下，还应通告该名新董事的详细信息，包括其以前担任过的董
事职位。
重大交易
对于任何重大交易（一般来说，即交易额达到或超过公司净资产、利润或总资产10% 的出售或收购其他公司或资产的交易），公司必须毫不迟延地发出
监管资讯服务通告。
关联交易
一般来说，公司必须就其与关联方（包括公司董事或持有公司已发行股票10%以上的股东或这两者的关联方）之任何交易额达到或超过公司净资产、利
润或总资产5% 的交易，发布监管资讯服务通告。
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POST ADMISSION - CONTINUING OBLIGATIONS
Publication of Annual Audited Accounts and Interim Report
The Company must publish annual audited accounts within six months of the end of the financial period of the Company including the name and address of both
the nominated adviser and broker, and must notify a Regulatory Information Service of the publication of the annual audited accounts. It must also prepare a halfyearly report within three months of the end of the relevant period.
Making Available Copies of Notifications to the Public
The Company must make copies of any notification to a Regulatory Information Service (and any documents referred to in such announcement) available to the
public at an address in the United Kingdom specified in the announcement for at least a month from the date of the announcement. The Company may elect to use a
web site to make the announcement available.
Company Information Disclosure
Rule 26 of the AIM Rules requires a Company to make certain information available free of charge on its website, including:
names and biographical details of its directors;
its current constitutional documents;
the number of AIM securities in issue and the percentage of AIM securities that are not in public hands, together with the identity and percentage holdings of any
person holding more that 3% of the Company's securities;
its most recent annual report and half yearly, quarterly or similar reports published since the last annual report;
all notifications made in the last 12 months;
its most recent admission documents together with any circulars or similar publications sent to shareholders within the past 12 months; and
details of its nominated adviser and other key advisers.
Reverse Takeover
In the case of a reverse takeover by the Company (i.e. an acquisition or series of acquisitions in a 12 month period of companies or assets which, broadly speaking
exceeds 100% of the net assets, profits or gross capital of the Company) the London Stock Exchange will normally suspend trading in the Company's shares on
AIM and the Company must send an explanatory circular to its shareholders and seek the prior approval of its shareholders in general meeting.
If shareholder approval is given and the transaction is completed, the admission of the Company's shares to trading on AIM will be discontinued and if the enlarged
Company wishes its shares to be re-admitted it will be required to reapply for admission to trading on AIM.
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上市之后——持续义务
公布年度审计报表和中期报告
公司必须在每个财政年度结束后6个月内公布年度审计报表，其中应包括指定保荐人和经纪人的名称和住所，并且应就其年度审计报表的公布发出监管
资讯服务通告。公司还必须在每半个财政年度结束后的3个月内发布一个半年报告。
提供公众可获得的通告副本
公司必须就其发布的监管资讯服务通告（以及通告中所援引的任何文件）提供公众可获得的复印件，该复印件必须在通告中指定的英国境内的地址提供
，且自通告发布之日起就须提供，持续时间为至少一个月。公司可以选择以网站的形式提供公众可获得的通告复印件。
公司信息披露
AIM上市公司规则第26条要求公司在其网站上免费公布特定信息，包括：
董事姓名及其履历；
其现有的组建文件；
已发行的AIM证券的数量和不为公众所持有的AIM证券所占的比例，以及任何持有公司证券3%以上的股东的身份及其持股比例；
最近一期的年度报告及其之后已发布的半年报、季度报或类似报告；
过去12个月中发布的所有通告；
其最近的上市报告书以及过去12个月内发给股东的任何通知或类似通告；和
其指定保荐人及其他主要顾问的详细信息。
反向收购
在反向收购（一般来说，即一次性或在12个月的期间内分次收购其他公司或资产的交易额超过公司净资产、利润或总资产的100%）的情况下，伦敦证券
交易所通常会暂停该公司股票在AIM市场的交易，公司必须就该收购向股东发出解释性通知并在股东大会上获得事先批准。
如果收购获得了股东批准并完成，该公司在AIM市场上交易的股票将被停牌。如果扩张后的公司希望其股票重新上市交易，其必须重新申请在AIM上市
。
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POST ADMISSION - CONTINUING OBLIGATIONS
Disposals Resulting in a Fundamental Change of Business
Any disposal by the Company which results in a "fundamental change of business" must be conditional on the consent of the shareholders given in a
general meeting, notified to a Regulatory Information Service without delay and accompanied by a circular setting out particulars of the disposal and
other information specified by the AIM Rules for Companies and convening the general meeting. There will be "fundamental change of business" if a
disposal, when aggregated with any other disposals over the previous 12 months, exceeds 75% in any of the class tests specified under the AIM
Rules for Companies. If the effect of the disposal is to divest the Company of all, or substantially all, of its trading business the Company will be
treated as an investing company and the relevant notice and circular must also state its investing policy going forwards. The Company must then
make an acquisition constituting a reverse takeover or otherwise implement the investing strategy approved at the general meeting to the satisfaction
of the London Stock Exchange within 12 months of receiving the shareholders consent.
Sanctions
If the London Stock Exchange considers that the Company has contravened any of the AIM Rules for Companies, it may fine or censure the
Company, publish the fact that the Company has been fined or censured or suspend trading in or cancel the admission of the Company's securities to
trading on AIM.
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上市之后——持续义务
导致业务重大变化的出售
任何导致“公司业务重大变化”的出售交易都必须事先获得股东大会的同意，并且毫不迟延地发布监管资讯服务通告和详细通知，该详细通知中应详细
披露该出售交易细节、AIM上市公司规则规定的其他信息，和股东大会召集情况。如果一次出售交易与过去12个月内其他任何出售交易的累计交易额按
照AIM上市公司规则规定的任何测试标准计算均超过75%，就构成“公司业务的重大变化”。如果出售交易的效果是剥离了公司所有（或绝大部分的）经营
性业务，该公司将被作为投资公司对待，其相关通知和通告必须阐明其现行的投资策略。随后，公司必须在获得股东大会同意后的12个月内完成反向收
购，或者按照伦敦证券交易所的要求执行其获得股东大会批准的投资策略。
制裁
如果伦敦证券交易所认为公司违反了AIM上市公司规则的任何规定，其将对该公司进行罚款或谴责，并公布该公司已被罚款或谴责的事实，或将该公司
在AIM市场上交易的证券停牌或摘牌。
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POST ADMISSION - CONTINUING OBLIGATIONS
Dealings by Directors and Others in Quoted Shares
Disclosure of Directors' and Connected Persons' Dealings
The Company must notify the London Stock Exchange of any dealings in the Company's shares by Directors and dealings by other persons deemed to be connected
with a Director. These include connected companies and trusts. In addition, companies admitted to AIM must notify the grant or acceptance of options in respect of
the Company's securities to or by a Director, his immediate family or a connected company or trust as well as the exercise of, and dealings in, options and other
similar rights and obligations (including traded options) by such persons.
Restrictions on Dealings
The freedom of directors and certain employees of companies admitted to AIM to deal in the company's quoted securities is restricted in a number of ways by statute,
in the form of the Criminal Justice Act 1993, which imposes prohibitions on "insider dealing", creating criminal penalties for individuals who contravene these
provisions, and by Rule 21 of the AIM Rules for Companies.
Rule 21 states that "an AIM company must ensure that its directors and applicable employees do not deal in any of its AIM Securities during a close period". Even if
a Director would not be prohibited by law from dealing in a company's shares, there may be circumstances when it would be undesirable for him to do so to protect
both the Company and himself against misinformed criticism.
Best practice is for a director not to deal in securities of the Company at any time without receiving clearance to do so from the Chairman or other designated
director. Rule 21 prohibits dealings during a "close period" which includes when the director is in possession of unpublished price-sensitive information. A director
must not be given clearance to deal in a close period or when any matter exists which constitutes unpublished price sensitive information (whether or not the director
is aware of the matter) and the dealing would take place after the time when it has become reasonably practicable that an announcement will be required.
A "close period" is the period of two months immediately preceding the publication of the Company's annual results or, if shorter the period from the year end to the
time of publication and (if the Company reports half yearly) the equivalent period preceding the interim report or (if the Company reports on a quarterly basis) the
period of 1 month or, if shorter, the period from the end of the quarter to the time of announcement, when a Director is presumed to be in the possession of
unpublished price-sensitive information regarding such results.
These restrictions on dealings in the Company's shares also apply to the grant or acceptance of options, to the exercise of options and to dealings in options by
directors and extend to dealings of all such types by members of the director's immediate family and connected companies and trusts. A director must ensure no
dealings take place by such persons at times when he himself would be prohibited from dealing.
Although not required, it is advisable for the Company to keep a written record of all notifications and clearances to deal.
Misleading Statements
Care must be taken by a company (as well as by individuals) to ensure that it does not make a misleading statement at any time. This criminal offence involves a
person inducing others to deal by:
making a statement which he knows is materially misleading, false or deceptive;
dishonestly concealing any material facts; or
recklessly making (whether dishonestly or not) a statement, promise or forecast which is materially misleading, false or deceptive.
Companies should note that they can also face sanctions if they commit market abuse including market manipulation (see section entitled "Continuing obligations for
individuals").
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上市之后——持续义务
董事和其他人的上市股票交易
董事和其关联方交易的披露
公司必须就董事及其关联方买卖本公司股票的情况报告伦敦证券交易所。这些关联方包括关联公司和信托。另外，AIM上市公司必须将有关本公司证券之期权授予董事
、其直系亲属或关联公司或信托的情况，或上述期权被上述人员所接受的情况进行报告，上述人员行使或交易期权和其他类似权利和义务（包括已经交易的期权）的情况
也须报告。
交易限制
AIM上市公司的董事及特定雇员买卖本公司证券的权利受到法律以及AIM上市公司规则第21条的诸多限制。1993年刑事审判法禁止“内幕交易”并对违反者设定刑事处
罚。）
第21条规定：“AIM公司必须确保其董事和相关雇员不在禁止交易期内买卖本公司的任何AIM证券。”即使法律不禁止董事买卖本公司股票，在某些情况下，出于保护公司
及其本人免受非难之考虑，董事也可能会不愿意这样做。
最佳做法是：在没有获得董事长或其他指定董事无异议确认的情况下，董事最好在任何时候都不要买卖本公司股票。第21条规定的“禁止交易期”包括董事掌握的尚未公
开之股价敏感信息的期间。无论是在禁止交易期内，还是在未公开的股价敏感信息（无论董事是否知道）存续期间，都不能授予董事买卖本公司股票的无异议确认。只有
在上述期间过后的合适时间，董事才能交易本公司股票，并且需要公告。
“禁止交易期”是指，公司公布年度报告的前2个月或从年末至年报公布之日的期间（如果年报在2个月内公布），和（在半年报的情况下）中期报告公布前的相应期间，或（
在季报的情况下）季报公布前的1个月或季度末至季报公布之日的期间（如果季报在1个月内公布）。在此期间，董事被认为掌握了有关这些报告的、尚未公开的股价敏感
信息。
上述对于公司股票买卖的限制，同样适用于有关董事期权的授予或接受、行权和交易，并且对于董事直系家属成员及其关联公司和信托所进行的所有上述类型的交易同
样适用。董事必须确保在其自身被禁止交易的期限内，上述人员也不得进行交易。
尽管没有强制性规定，但对公司来说保留所有通知和交易之无异议确认的书面记录是明智之举。
误导性陈述
公司（以及个人）必须小心谨慎以确保其在任何时候都不会做出任何误导性陈述。如果一方通过以下方式引诱他方进行交易可以构成刑事犯罪：
作出一个其明知是严重误导、虚假或欺骗性的陈述；
不诚实地隐瞒任何重大事实；或
草率地作出（无论诚实与否）严重误导、虚假或欺骗性的陈述、承诺或预测
公司必须意识到其同样可能因市场滥用行为包括市场操纵行为（见“个人持续义务”部分）而面临制裁。
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POST ADMISSION - CONTINUING OBLIGATIONS
Non-Legal Considerations
In addition to the legal requirements and requirements of the AIM Rules for Companies, the Directors must consider how to approach corporate governance
issues. Best practice for AIM companies is to comply with the guidelines published by the Quoted Companies Alliance (the "QCA Guidelines") and with the Combined
Code insofar as they are applicable to it.
Key Provisions of the Combined Code
Structure of the Board
The Combined Code stresses the need for a company to have an effective Board to control and lead the activities of the company. In order to achieve these
objectives, recommendations are made pertaining to the structure and make-up of the Board, and in particular, the roles of the chairman and chief executive and the
composition of the Board. The Board should include a balance of executive and non-executive directors, and in particular, independent non-executive directors.
Management of the Board
There are requirements concerning the management of the Board and measures considered necessary to improve its effectiveness. These include the need for
regular Board meetings, a formal written schedule of matters reserved to it for decision and a clear division of responsibility within the Board.
The non-executive directors should have separate meetings without the presence of executive directors and at least once a year without the chairman present.
Board appointments
There are requirements for a formal, rigorous and transparent procedure for the appointment of new directors to the Board and the Combined Code recommends that
a nomination committee should be established to lead the process for Board appointments and make recommendations to the Board. The composition of this
committee is advised to consist of a majority of independent non-executive directors. Board appointments should be made on merit and against objective
criteria. Care should be taken to ensure that appointees have enough time to devote to the job. The Board should further satisfy itself that plans are in place for
orderly succession of appointments to the board and to senior management to maintain an appropriate balance of skills and experience within the company.
Information and Professional Development
The Combined Code requires that the Board be supplied with accurate, timely and clear information to allow it to discharge its duties. All new directors should receive
an induction upon joining the Board and should regularly update their skills and the knowledge and familiarity of the company required to fulfil their role both on the
Board and on Board Committees.
Performance Evaluation
The Combined Code recommends that the Board should undertake a formal and rigorous annual evaluation of its own performance and that of its committees and
individual directors. The individual evaluations should show whether each director continues to contribute effectively and to demonstrate commitment to the role.
Re-election
It is recommended that all directors should be submitted for election by the shareholders at the first Annual General Meeting following their appointment, and reelection thereafter at intervals of no more than three years, subject to continued satisfactory performance. The Board should ensure planned and progressive
refreshing of the Board. The Combined Code also sets out guidance on the re-election of non-executive directors.
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上市之后——持续义务
非法律考量
除了法律和AIM上市公司规则的规定外，董事还须考虑如何解决公司治理的问题。对于AIM公司来说，最好是遵循上市公司联盟公布的指导方针（“上市公司联盟指导方
针”），如果适用的话，最好也遵循《联合准则》。
《联合准则》的主要规定
董事会结构
联合准则强调公司需要一个强有力的董事会来控制和领导公司的活动。为了达到上述目的，联合准则对董事会的结构和组成，尤其是董事长和首席执行官的角色以及董
事会的构成，提出了建议。董事会成员中执行董事和非执行董事（尤其是独立非执行董事）的人数应达到平衡。
董事会管理
就董事会的管理和为了提高其效率所需采取的措施方面，也有一些规定。包括：董事会需要召开例行会议，提交董事会决议的事项需要有书面议题，以及董事会内部清晰
的职责分工。
非执行董事还应当在执行董事不在场的情况下另行召开会议，并且至少一年一次在董事长不在场的情况下独立召开会议。
董事会任命
对于新董事的任命，有一套正式、严格和透明的程序性规定。联合准则建议应当设立一个提名委员会，负责组织董事会任命工作并向董事会推荐合适的候选人。该委员会
的构成最好以独立非执行董事为主。董事会任命应当以候选人的资历以及客观标准为准。需要注意的是，要确认被任命者有足够的时间致力于这份工作。董事会还应当
确保已有一个适当的计划，来实现董事会和高级管理层的有序继任，以确保公司高层始终拥有适当的技能和经验来管理公司。
信息及专业发展
联合准则规定董事会必须获得其履行职责所需的准确、及时和清楚的信息。所有新董事在加入董事会时都必须有一个就职仪式，并且应当不断地更新其技能、知识和对
公司的了解，以履行其在董事会和各个委员会的职责。
绩效考评
联合准则建议董事会对其自身、其各个委员会以及各个董事的绩效进行正式和严格的年度考评。个人考评应当显示是否每位董事都为公司作出了持续有效的贡献以及是
否对其职责表现出持续的热忱。
重新选举
联合准则建议所有的董事都应当在其获得任命后的首次年度股东大会上提交选举，并且在其后每3年内（以其是否有持续良好的绩效为依据）进行重新选举。董事会应当
确保有计划地逐步更新董事会成员。联合准则还对非执行董事的重选制定了指导方针。
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POST ADMISSION - CONTINUING OBLIGATIONS
Remuneration
The Combined Code recommends that companies establish a remuneration committee made up of non-executive directors. The function of such a committee would
be to implement a formal and transparent policy for fixing directors' remuneration. The Combined Code recommends that the level of such remuneration should be
sufficient to attract, retain and motivate directors of the quality required to run the company successfully, without being unnecessarily high, and be structured so as to
link rewards to corporate and individual performance.
Audit and financial controls
The Board should maintain a sound system of internal control in order to safeguard shareholders' investments and the company's assets. An annual review of the
internal control should take place, the results of which should be reported to shareholders. The company should establish an audit committee with defined terms of
reference, made up entirely of non-executive directors, which should operate as a sub-committee to the board and have functions such as monitoring and reviewing
the internal audit controls and making recommendations for improvement.
Relations with Shareholders/Investors
The Combined Code emphasises that the Board as a whole has a responsibility for ensuring that a satisfactory dialogue with shareholders takes place and that there
is a mutual understanding of objectives. The Combined Code recommends that the Board should use the AGM to communicate with investors and to encourage their
participation.
Remuneration Committee
The chairman of the Board may sit on (but not chair) the remuneration committee where he or she was considered to be independent when appointed
chairman. However, the chairman should sit on the committee as an additional director, and not as one of the recommended minimum number of independent
directors.
Voting and Disclosure of Voting
The Company must now include a "vote withheld" box on all general meeting proxy forms and publish the results of resolutions voted on a show of hands. The
number of valid proxy appointments, votes for, votes against and votes withheld must be disclosed on the Company's website as soon as reasonably practicable after
a vote has taken place.
11
上市之后——持续义务
薪酬
联合准则建议公司建立一个由非执行董事组成的薪酬委员会。该委员会的职责是制定一个正式且透明的政策来确定董事薪酬。联合准则建议董事薪酬应当既能吸引、留
住并激励那些能够成功经营公司的优秀董事又不必过于铺张，并且应当将奖金与公司及其个人的绩效挂钩。
审计和财务控制
董事会应当建立并维持一个健全的内控系统以保护股东投资和公司资产。应当对内控系统进行年度审查，审查结果应当向股东报告。公司应当设立一个完全由非执行董
事组成的、拥有明确授权范围的审计委员会，该委员会以董事会的下属委员会的形式运作，执行监督、检查内部审计控制系统以及提出改进建议等职能。
股东/投资者关系
联合准则强调董事会（作为一个整体）有责任确保其与股东之间的良好沟通，并就目标达成相互理解。联合准则建议董事会利用年度股东大会与投资者进行交流并鼓励他
们参与。
薪酬委员会
如果董事长在获得任命时被认为是独立的，其可以在薪酬委员会中占有一个席位（但不作为委员会主席）。然而，董事长应当作为薪酬委员会的额外董事，而不是作为联
合准则所建议的非独立董事最低人数中的一员。
投票及其披露
现在，公司必须在其股东大会的代理委任书上设置“投票保留”一栏，并公布举手表决的决议结果。有效的代理委任、赞成、反对和保留的票数，应尽快于投票之后的合理
时间内，在公司网站上披露。
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POST ADMISSION - CONTINUING OBLIGATIONS
Key Provisions of the QCA Guidelines
Matters Reserved for the Board
There should be a formal schedule of matters reserved for the Board's decision, for example, issues regarding management structure and appointments, strategic
and policy considerations, transaction policy and finance.
Timely Information
The Board should be supplied in a timely manner with information (including regular management financial information) in a form and of a quality to enable it to
discharge its duties.
Internal Controls Review
The Board should, at least annually, conduct a review of the effectiveness of the group's system of internal controls (including financial, operational and compliance
controls and risk management systems) and report to shareholders that they have done so.
Chairman and Chief Executive
The roles of chairman and chief executive should not be held by a single individual. If the chairman is also the chief executive, there should be a clear explanation of
how other board procedures provide protection against the risks of concentration of power within the Company.
Independent non-executive directors
The Company should have at least two non-executive directors (one of whom may be the chairman) and the Board should not be dominated by one person or group
of people.
Re-election of directors
All Directors should be submitted for re-election at regular intervals, subject to continued satisfactory performance. The Board should ensure planned and progressive
refreshing of the Board.
Audit Committee
The Board should establish an audit committee of at least two members, who should all be independent non-executive directors.
Remuneration Committee
The Board should establish a remuneration committee of at least two members, who should all be independent non-executive directors.
Nomination Committee
Recommendations for appointments to the Board should be made by a nomination committee (or the Board as a whole) after due evaluation.
Dialogue with shareholders
The Company should maintain a dialogue with shareholders based upon the mutual understanding of objectives. The Board as a whole has responsibility for
ensuring that a satisfactory dialogue with shareholders takes place.
13
上市之后——持续义务
《上市公司联盟指导方针》的主要规定
董事会决议事项
提交董事会决议的事项应当有书面议题，例如：与管理层结构及任命、战略和政策的考量、交易策略以及财务有关的事项。
及时的信息
董事会必须及时获得正式、可靠的信息（包括定期经营财务信息）以履行其职责。
内控审查
董事会至少应对内控系统（包括财务、经营和合规控制以及风险管理系统）的有效性进行年度审查并向股东报告。
董事长和首席执行官
董事长和首席执行官不应由同一人担任。如果董事长兼任首席执行官，则应当清楚地解释董事会的其他程序如何防范公司内部权力过于集中的风险。
独立非执行董事
公司应当至少有两名非执行董事（其中一人可以是董事长），董事会不应受控于某一个个人或团体。
董事重新选举
所有的董事都应当（以其是否有持续良好的绩效为依据）定期重选。董事会应确保有计划地逐步更新董事会成员。
审计委员会
董事会应设立一个审计委员会，该委员会由至少2名独立非执行董事组成。
薪酬委员会
董事会应设立一个薪酬委员会，该委员会由至少2名独立非执行董事组成。
提名委员会
任命董事的建议应由提名委员会（或整个董事会）在适当考评后提出。
股东关系
公司与股东应以就目标达成相互理解为基础进行沟通。董事会（作为一个整体）有责任确保其与股东之间的良好沟通。
14
POST ADMISSION - CONTINUING OBLIGATIONS
Key Provisions of the Policies and Guidelines of the Investor Protection Committees of the Association of British Insurers and The
National Association of Pension Funds
Subject to certain exceptions, a company cannot generally allot and issue new shares in the company for cash unless:
they have first been offered on a pre-emptive basis to its existing shareholders pro rata to their existing holdings
or
the existing shareholders have waived their rights of pre-emption by passing a special resolution to this effect. The authority contained in any such
resolution can endure for a maximum period of 5 years before needing to be renewed. However it is more usual to seek authority to allot and issue
shares on a non pre-emptive basis at each Annual General Meeting of a public company.
The Investor Protection Committees of the Association of British Insurers and The National Association of Pension Funds (IPCs) currently advise their
members to vote against resolutions seeking disapplication in respect of more than 5% of the issued ordinary share capital as shown by the latest
published annual accounts. These bodies also expect companies to observe cumulative limits on the number of shares issued for cash otherwise
than pro rata to shareholders, which is currently 7.5% of issued ordinary share capital over a 3 year period. Specific shareholder approval for non preemptive cash issues falling outside these guidelines will, therefore, be necessary.
15
上市之后——持续义务
英国保险业协会投资者保护委员会与国家退休基金协会的政策和指导方针的主要规定
除了某些例外情形，公司通常不能广泛地配发或发行以现金认购的新股，除非：:
按照现有股东的持股比例，授予其优先认购相同比例新股的权利
或者
现有股东以特别决议的形式放弃其优先认购权。该类决议的有效期最多不超过5年，除非在有效期内得以更新。然而，公众公司每年在年度股东大会上
报请通过配发或发行（无优先认购权）的新股，十分常见。
如果拟发行新股超过已发行普通股总股本（以最近一期公布的年度报表为准）的5%，则英国保险业协会投资者保护委员会和国家退休基金协会如今建议
他们的成员投票反对企图不遵守上述规则的提议。这些机构还希望公司遵守累计发行（现金认购）股票数量（按比例配售给股东的除外）的上限规定，现
行的上限为3年内不得超过已发行普通股总股本的7.5%。超出这些指导方针范畴的无优先购买权（现金认购）股票发行需要得到股东的明确批准。
16
Contact details
Allenby Capital Limited
Claridge House, 32 Davies Street, Mayfair
London W1K 4ND
Tel +44 (0)20 3328 5656
Email: [email protected]
www.allenbycapital.com
17
All investments are speculative and are liable to fluctuate in value. It
should not be assumed that the value of investments will always rise. Past
performance will not necessarily be repeated and is no guarantee of
success