Enterprise Financial Management Association of China

Enterprise Financial Management
Associationof China

The Enterprise Financial Management Association of China is a national-level association for enterprise
financial management, established with the approval of the Premier of the State Council of the People's
Republic of China and registered with the Ministry of Civil Affairs of China.

Missions of the Enterprise Financial Management Association of China

1. Formulating Enterprise Financial Management Guidelines

The Guidelines for Enterprise Financial Management are formulated to improve the capability and performance of enterprise financial management. The guidelines, based on the realities of Chinese enterprises and advanced practices and experiences of international counterparts, are composed of three parts, i.e. the Framework, Specific Projects and Application Guides.

The Framework is the general requirements of enterprise financial management and governs Specific Projects and Application Guides. The exposure draft of the Framework is already published

The Specific Projects, derived from the Framework, are financial management subjects categorized in accordance with financial management areas.

The Application Guides are financial management practices of generic significance and with reference values, which are summarized on actual experiences of enterprises in specific projects.

2. Developing Enterprise Financial Management Talent Pool

The Enterprise Financial Management Talent Pool is jointly developed by the Association and the National Human Resources Flow Center of the Ministry of Human Resources and Social Security. The Talent Pool is designed on the basis of the Outline for Medium and Long Term Development of Human Resources of China (2010-2020) and aimed to build a human resources service system for 20 million financial management personnel around the country to the caliber as generally accepted by human resources investors and markets and required by financial management personnel for capability improvement. It endeavors to improve the performance and capabilities of enterprise financial management personnel and serves as a channel for these personnel at different professional grades to achieve career success.

The Talent Pool is mainly comprised of the modules of evaluation, capability improvement, flow and integrity archiving.

3. Carrying out Studies on Enterprise Financial Management Index

The Enterprise Financial Management Index is a data analysis system with micro and macro views, based on the systematic study of monthly tax returns of each enterprise.

The Index is composed of four parts including performance index, competitiveness index, industry development index and economic operation index. It will play a guiding role in enterprises’ healthy development and the state macro-economic modulation.

4. Carrying out International Exchanges and Cooperation

In an age of global economic integration, inclusiveness has become an international consensus. Strengthening studies on international congruence of financial management practices as required by international investment and trade activities is one of the major tasks of financial management organizations.

The Enterprise Financial Management Association of China will collaborate with institutions of different countries sharing the same visions and meet the needs of domestic and foreign enterprises in their international investments and trades.

Honorary President

Mr. Li Jinhua

Vice Chairman, the 11th National Committee of the Chinese People’s Political Consultative Conference,
Ex-Auditor General of the National Audit Office of China

President

Mr. Li Yongyan

President of Beijing Institute of Finance and Taxation

Vice Presidents

Mr. Hao Ruyu

Member of the Standing Committee,
Vice Chairman of the Financial and Economic Committee,
National People’s Congress

Mr. Xu Shanda

Ex-Vice Administrator,
State Administration of Taxation

Mr. Shi Jiliang

Ex-Vice President, People’s Bank of China,
Ex-Vice Chairman, China Bank Regulatory Commission

Mr. Liu Yun

Member of the Party Leadership Panel, General Accountant,
China Petrochemical Corporation (Sinopec)

Mr. Liu Yuting

Ex-Director General of Accounting Administration Department and Enterprise Department, Ministry of Finance

Mr. Guo Zeguang

President, Shanxi University of Finance and Economics

Secretary General

Mr. Zhuang Lei

Ex-Deputy Secretary General, Enterprise Financial Management Association

Expert Committee of Enterprise Financial Management Association of China

Chairman:

Prof. Li Yongyan President, Enterprise Financial Management Association of China, Leading Member of the Talent Pool of Chinese Enterprise Financial Management

Vice Chairmen:

Mr. Hao Ruyu Member of the Standing Committee, Vice Chairman of Financial and Economic Committee, National People’s Congress, Tutor for Doctorate Studies

Mr. Wang Luolin Ex-Executive Vice President, Academy of Social Science of China, Tutor for Doctorate Studies

Mr. Liu Heng Consultant of the State Council, Tutor for Doctorate Studies

Prof. Li Chongan Member of the Standing Committee, Vice Chairman of Legal Affairs Committee, The 11th National People’s Congress, Tutor for Doctorate Studies

Mr. Liu Yuting Ex-Director General of Accounting Administration Department and Enterprise Department, Ministry of Finance, Tutor for Doctorate Studies

Talent Evaluation Committee of Enterprise Financial Management Association of China

Chairman:

Mr. Li Jinhua

Vice Chairman of the 11th National Committee of Communist Party Political Consultative Conference, Ex-Auditor General of the National Audit Office, Honorary President of Enterprise Financial Management Association of China

Vice Chairmen:

Prof. Li Yongyan

President of Enterprise Financial Management Association of China, Leading Member of the Talent Pool of Chinese Enterprise Financial Management

Mr. Hao Ruyu

Member of the Standing Committee, Vice Chairman of Financial and Economic Committee, National People’s Congress

Mr. Liu Heng

Consultant of the State Council, Tutor for Doctorate Studies

Member in Chief:

Mr. Hao Ruyu (with concurrent posts above)

Members:

Ms. Shen Ying

Member of the Party Committee and General Accountant, State-owned Assets Supervision and Administration Commission

Mr. Chen Jun

Secretary General, Technical Committee on National Human Resources Service Standardization

Mr. Liu Yun

Member of the Party Panel, General Accountant, China Petrochemical Corporation Leading Member of the Talent Pool of Chinese Enterprise Financial Management

Mr. Li Shouwu

Deputy General Manager, General Accountant, China South Industries Group Corporation, Leading Member of the Talent Pool of Chinese Enterprise Financial Management

Mr. Jiang Zhanhua

General Accountant, China Coal Technology and Engineering Group, Leading Member of the Talent Pool of Chinese Enterprise Financial Management

Mr. Wang Jianjun

Deputy General Accountant, China Southern Air Group, Chairman of China Southern Air Group Finance Co.ltd., Leading Member of the Talent Pool of Chinese Enterprise Financial Management

Mr. Yang Jiantao

Chief Partner of Rui Hua Accounting Firm, Leading Member of the Talent Pool of Chinese Enterprise Financial Management

Prof. Wang Hua

President, Guang Dong Finance and Economics University, Tutor for Doctorate Studies

Prof. Yang Canming

President, Zhongnan University of Economics and Law, Tutor for Doctorate Studies

Prof. Li Weian

President, Tianjin University of Finance and Economics, Tutor for Doctorate Studies

Mr. Ding Zhongming

President, Anhui University of Finance and Economics, Tutor for Doctorate Studies

Prof. Song Donglin

President, Jilin University of Finance and Economics, Tutor for Doctorate Studies

Prof. Du Jinzhu

President, Inner Mongolia University of Finance and Economics, Tutor for Doctorate Studies

Prof. Sun Fangcheng

President, Chongqing Technology and Business University, Tutor for Doctorate Studies

Prof. Wu Zhongxin

President, Hunan University of Finance and Economics, Tutor for Doctorate Studies

Prof. Yang Shizhong

Capital University of Economics and Business, Tutor for Doctorate Studies

Prof. Xie Zhihua

Vice President, Beijing Technology and Business University, Tutor for Doctorate Studies

Prof. Chen Hong

Vice President, Yunnan University of Finance and Economics, Tutor for Doctorate Studies

Prof. Shen Fuping

Vice President, Hebei University of Economics and Business, Tutor for Doctorate Studies

Organization & Structure

Articles of Association

Chapter 1 General Provisions

Article 1 The name of the association is called the Enterprise Financial Management Association of China (hereinafter referred to as the Association).

Article 2 The Association is a national-level specialized non-profit public institution formed by enterprises and non-profit institutions engaged in enterprise financial management. It is a social legal entity.

Article 3 Objectives of the Association are: to provide specialized services to all members of the Association and the public in compliance with the state policies and the orientation of socialist market economy, serve to the development of a disciplined market mechanism and modern corporate system, promote innovations in enterprise financial management system, work on modern enterprise financial management standards, regulate enterprise financial management activities, comprehensively improve the overall quality of enterprise financial management personnel, and bring the role of financial management in corporate operations into a full play. The Association complies with the Constitutions, state laws, regulations and state policies, and uphold ethics and social morality.

Article 4 The Association is subject to professional instructions and supervision by the Ministry of Civil Affairs which is its registration authority and regulatory body.

Article 5 The location of the Association is Beijing.

Chapter 2 Scope of Business

Article 6 The Association’s businesses include:

  • 1. Studying and instituting related policies and self-disciplinary mechanism on enterprise financial management, assisting government departments in regulating enterprise financial management activities, and improving enterprises’ financial management capability and performance.
  • 2. Carrying out researches and studies and communicating to relevant government departments important information about and claims on enterprise financial management;
  • 3. Assisting government departments in developing and implementing enterprise financial management standards and evaluations, carrying out enterprise financial management status reviews, and participating in the policy formulation and implementation of the Chief Financial Officer system;
  • 4. Carrying out capability reviews and accreditation services for enterprise financial management personnel with the approval of related government departments;
  • 5. Providing consulting services on enterprise financial management and carrying out theoretical studies, academic exchanges and cooperation;
  • 6. Delivering training programs, fostering enterprise financial management leading talents and promoting the development of the talent pool for financial management talents;
  • 7. Compiling and publishing journals and magazines, and writing text books according to related rules;
  • 8. Carrying out international exchanges and cooperation, participating in the continuous convocation of international financial reporting standards, and attending and organizing international conferences and activities as required;
  • 9. Undertaking any work approved or commissioned by government departments;
  • 10. Dealing with other matters related to the strengthening of enterprise financial management.

Chapter 3 Membership

Article 7 The membership of the Association includes two types: institutional membership and individual membership.

Article 8 The following conditions shall be met for those to become members of the Association:

  • 1. Upholding the Articles of Association;
  • 2. Willing to join in the Association, conscientiously fulfilling member obligations ;
  • 3. Having a certain degree of influence in areas of the Association’s business;
  • 4. Having had a long term of services or experiences.

Article 9 The admission procedures include:

  • 1. Submitting applications by applicants;
  • 2. Approving by the Governing Board or Standing Board of the Association;
  • 3. Awarding membership certificates by institutions authorized by the Governing Board or Standing Board.

Article 10 Members shall have the following rights:

  • 1. To elect, be elected and vote;
  • 2. To participate, with privileged terms, in training programs, study tours, research activities and seminars organized by the Association;
  • 3. To access, with privileged terms, journals and other information prepared and printed by the Association and publish articles and findings of research and study on the Association’s publications;
  • 4. To make suggestions and opinions to the Association, and to supervise activities of the Association;
  • 5. To join in the Association voluntarily and withdraw from it freely.

Article 11 Members have the following obligations:

  • 1. To comply with the Articles of the Association and implement the resolutions of the Association;
  • 2. To maintain the legitimate interests and reputation of the Association;
  • 3. To complete assignments from the Association and participate in activities organized by the Association;
  • 4. To attend training programs for a certain number of hours every year to master forward-looking financial management methods, based on the needs of enterprises;
  • 5. To pay membership fees as required.

Article 12 Members withdrawing from the Association shall inform the Association of their withdrawal requests in written forms and return their membership certificates to the Association. Members having not fulfilled their obligations for a year are deemed automatic withdrawal.

Article 13 Members in severe violation of the Articles shall be deprived of their membership by a vote of the Governing Board or Standing Board.

Chapter 4 Governance Structure

Article 14 The supreme authority of the Association is the General Assembly which exercises the following powers:

  • 1. To formulate and revise the Articles of Association;
  • 2. To elect and remove members of the Governing Board;
  • 3. To deliberate on reports of the Governing Board and supervisory board;
  • 4. To formulate and revise standards on membership fees;
  • 5. To deliberate on work plans and development programs of the Association;
  • 6. To resolve on significant alterations or terminations;
  • 7. To resolve on other significant matters.

Article 15 The General Assembly shall only be convened with an attendance of more than two-thirds of the members and resolutions thereof shall only be effective on a favorable vote by more than half of the attending members.

Article 16 One term of the General Assembly is five years. Termination in advance or extension of terms, as the case may exceptionally require, shall be voted by the Governing Board, filed to the regulatory authority for review and approved by the registration department. The extension of a term shall not exceed one year.

Article 17 The Association shall set up the Governing Board. The Governing Board is the executive body of the General Assembly, which presides over the routine work during the recess of the Assembly and is accountable to the Assembly. Candidates for the first term of the Governing Board shall be nominated by the Preparatory Committee of the Association. On change of terms, candidates for the next term shall be nominated by the Governing Board of the previous term.

Article 18 The Governing Board shall exercise the following powers:

  • 1. To execute resolutions of the Assembly;
  • 2. To elect and remove the President, Vice Presidents, the Secretary General and Governing Board members;
  • 3. To prepare and convene the General Assembly;
  • 4. To report to the General Assembly on its work and financial status;
  • 5. To resolve on admission and removal of members;
  • 6. To resolve on the creation, alteration and cancellation of departments, subsidiaries, representative offices and entities;
  • 7. To resolve on the recruitment of Deputy Secretary Generals and directors of departments;
  • 8. To resolve on the creation of and candidates for honorary posts;
  • 9. To lead departments of the Association in carrying out their work;
  • 10. To formulate internal rules and regulations;
  • 11. To resolve on other significant matters.

Article 19 The Governing Board meetings shall only be convened with an attendance of more than two-thirds of the board members and resolutions thereof shall only be effective on a favorable vote by more than half of the attending members.

Article 20 The Governing Board meeting shall be convened at least once a year and in exceptional cases meetings can be conducted through telecommunications.

Article 21 The Association shall set up the Standing Governing Board, members of which are elected by members of the Governing Board and shall not exceed one-third of the number of the Governing Board members. During the recess of the Governing Board, the Standing Board shall exercise the powers specified in items 1, 3, 5, 6, 7, 8, 9 of Article 18 and is accountable to the Governing Board.

Article 22 The Standing Board meetings shall only be convened with an attendance of more than two-thirds of the board members and resolutions thereof shall only be effective on a favorable vote by more than half of the attending members.

Article 23 The Standing Board meeting shall be convened at least once in six months and in exceptional cases meetings can be conducted through telecommunications.

Article 24 Candidates for the President, Vice Presidents and the Secretary General shall meet the following conditions:

  • 1. Adhering to the state fundamental principles and policies and having good political qualities;
  • 2. Being devoted to financial management work and having major influence in the business areas of the Association;
  • 3. Being of age below 70 and on full-time service for the Secretary General;
  • 4. Being of good health and able to work normally;
  • 5. Having never been deprived of political rights on criminal penalty;
  • 6. Having full capability for civil conducts.

Article 25 If the ages of candidates for the President, Vice Presidents or the Secretary General exceed the prescribed year limit for office, it shall be voted by the Governing Board, filed to the regulatory authority for review and approved by the registration department before the candidates assume offices.

Article 26 The President, Vice Presidents and the Secretary General shall have one term of five years and each can only serve two consecutive terms at the most. Extension of terms, as the case may exceptionally require, shall be supported by favorable votes of two-thirds of the General Assembly representatives, filed to the regulatory authority for review and approved by the registration department.

Article 27 The President is the legal representative of the Association. In exceptional circumstances, the Secretary General, entrusted by the President and endorsed by the Governing Board, can act as the legal representative after a review by the regulatory authority and the approval by the registration department.
The legal representative shall sign important documents on behalf of the Association.
The legal representative of the Association shall not concurrently take other posts as a legal representative of other social entities.

Article 28 The President of the Association shall exercise the following powers:

  • 1. To call and chair the General Assembly, the Governing Board meetings and the Standing Board meetings;
  • 2. To follow up the implementation of resolutions passed by the General Assembly and the Board meetings;
  • 3. To participate in important activities of external and international relations on behalf of the Association;

Article 29 The Secretary General of the Association shall exercise the following powers:

  • 1. To manage the routine work of the Association, administer the implementation of the annual work plan;
  • 2. To coordinate the work of departments, representative offices and entity operations;
  • 3. To nominate candidates for deputy secretary generals and heads of departments, subsidiaries, representative offices and entity operations for the Governing Board or the Standing Governing Board to decide on;
  • 4. To determine the recruitment of full-time personnel for departments, representative offices and entity operations;
  • 5. To manage other routine work and matters commissioned by the Governing Board.

Chapter 5 Asset Management

Article 30 Sources of funding for the Association include:

  • 1. Membership fees;
  • 2. Donations;
  • 3. Financial aids from government and other institutions;
  • 4. Income from operations and services within the approved scope of business;
  • 5. Interest receipts;
  • 6. Other legal income.

Article 31The Association shall impose membership fees according to related state regulations.

Article 32 The operation funds of the Association shall be used for businesses defined by the Articles of Association and for the development of the Association, but not for distribution among members.

Article 33 The Association shall establish a rigorous financial management system to ensure that accounting information is compliant, truthful, accurate and complete.

Article 34 The Association has in place specialized accountants with professional credentials. A person on accounting post shall not concurrently hold the post of cashier. Accounting personnel shall do accounting work and perform a supervisory role through accounts. When accounting personnel are on job transfers or leaving their posts, handover procedures shall be followed and completed.

Article 35 Asset management of the Association shall follow the financial management rules and practices specified by the government and be subject to supervision by the General Assembly and finance departments. Funds from state allocations, public donations or aides shall be subject to audit by audit institutions and the results shall be publicized in a appropriate manner.

Article 36 Before a new governing board is in office or the legal representative is replaced, the accounts of the Association shall be audited by the audit institution accepted by its registration department.

Article 37 The assets of the Association shall not be encroached on, embezzled or misappropriated by any institutions or individuals.

Article 38 Salaries, insurance and other benefits for full-time staff of the Association shall be regulated in light of the standards applicable to non-profit institutions of the state.

Chapter 6 Revision of Articles

Article 39 Revisions of the Article shall be deliberated on in the General Assembly after a vote of the Governing Board.

Article 40 The revised Article shall be submitted to the registration department for approval within 15 days after the approval by the General Assembly and go into effect thereafter.

Chapter 7 Termination Procedures

Article 41 A termination motion may be raised by the Governing Board if the Association has come to dissolution on accomplishment of its missions or requires deregistration in the case of merging or demerging.

Article 42 A termination motion shall be voted by the General Assembly and filed to the regulatory authority for review and approval.

Article 43 Before termination, a liquidation group shall be set up under the instructions of relevant authorities to clear all unsettled claims and liabilities and deal with other matters arising from the termination. During the liquidation period, no activities other than liquidation shall be carried out.

Article 44 The Association shall come to its termination after deregistration procedures are completed with the registration department.

Article 45 Residual assets after the termination of the Association shall be used in businesses related to the missions of the Association in accordance with relevant state regulations and under the supervision of the registration department.

Chapter 8 Supplementary Provisions

Article 46 The Article is passed by a vote of the first plenary session of the General Assembly on December 2, 2014.

Article 47 The right to interpretation of the Article rests with the Association.

Article 48 The Article comes into effect on the date of approval by the registration department.