Industrial and Commercial Bank of China
A minor comment
For reasons I do not need to discuss I find myself reading the annual report of Industrial and Commercial Bank of China - the world’s biggest bank.
Sure there are greater than 6 trillion of assets (in USD). I just thought you should see how it is managed.
This is a direct quote from the Chairman’s letter:
In the past year, we adhered to the guidance of the Party building theory and exercising rigorous corporate governance. We carried out thematic education and united the whole Bank under the guidance of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. We remain committed to “Two Affirmations” and “Two Upholds” implemented them to the letter. We earnestly rectified problems discovered during central inspections, audits, and supervisions, resolutely fought corruption, and unceasingly conducted full and rigorous Party self-governance to forge a clean ICBC. We pushed forward the organic integration between the Party’s leadership and corporate governance. The newly revised Articles of Association has been approved by the regulatory authority and come into effect, and the governance system of a modern financial enterprises with Chinese characteristics continued to be improved.
No further comment is required.
John
Reminds me of a similar section in HSBC's most recent report:
"In the past year, we steadfastly adhered to the guidance of proper British decorum and exercised rigorous queue management protocols. We carried out mandatory tea breaks and united the whole Bank under the wisdom of His Majesty King Charles III's Thoughts on Sustainable Banking with British Characteristics for a Modern Era. We remain committed to the "Two Queues" (one for deposits, one for withdrawals) and "Two Polite Nods" (upon entering and exiting any branch) and implemented them to the letter.
We earnestly rectified problems discovered during royal inspections, afternoon audits, and supervision by the Beefeaters, resolutely fought against the serving of subpar scones, and unceasingly conducted full and rigorous self-governance over proper tea-steeping times to forge a properly civilized HSBC. We pushed forward the organic integration between the Crown's guidance and corporate governance, ensuring all meetings begin precisely at teatime.
The newly revised Articles of Association, approved by the Master of the Royal Mint while wearing his ceremonial robes at the Tower of London, has come into effect, and our governance system of a modern financial enterprise with distinctly British characteristics (including mandatory bowler hats for all board members) continued to be improved. God Save the King, and may all our ledgers remain as orderly as the changing of the guard."
ChatGPT's attempt to clarify the statement did not improve the readablity
"Over the past year, we have adhered to the principles of Party building and maintained strict corporate governance. Guided by the thematic education inspired by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we united the entire Bank in pursuing excellence. We steadfastly upheld the “Two Affirmations” and “Two Upholds,” ensuring their full and accurate implementation.
We diligently addressed issues identified during central inspections, audits, and supervisory reviews, taking a firm stance against corruption and consistently advancing comprehensive and rigorous Party self-governance to maintain the integrity of ICBC. We reinforced the integration of Party leadership with corporate governance to foster a cohesive and efficient system.
The regulatory authority has approved and enacted our newly revised Articles of Association, which marks a significant step in enhancing the governance framework of a modern financial enterprise with distinct Chinese characteristics."