Recently, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council released the list of Model State-Owned Enterprises in Corporate Governance, among which China Duty Free under the Group is listed.
In 2021, SASAC under the State Council organized state-owned enterprises (SOE) and local SASAC authorities to select models for SOE enterprise governance to accelerate the establishment of modern enterprise system with Chinese characteristics. After enterprise application, experts review and opinions solicitation, 28 group companies and 60 subsidiaries of group companies under direct management of the central government, and 57 local SOE companies are chosen in a selected collection of candidates that are highly aware of the importance of corporate governance, and have distinctive characteristics and strong willingness to reform, among which CTG Duty-Free is listed as a subsidiary of central enterprises and the only one engaging in tourism services. The listing represents SASAC's high recognition of the company's governance level and reform achievements. Next the Group and CTG Duty-Free will act on the requirements of SASAC to further improve the governance to better play the role as a model enterprise. With CTG Duty-Free as a starting point, the governance expertise will be promoted across the group, so as to turn the institutional advantages into governance potency and enhance endogenous driving force for reform to help achieve the Group development goals.(Strategic Investment and Enterprise Management Department, CTG Duty-Free)