The chief accountant of the State Power Investment Corporation was changed, and Yang Ya was appointed as a full-time outside director of the central enterprise

The chief accountant of the State Power Investment Group Co., Ltd. (hereinafter referred to as the State Power Investment Group Co., Ltd.), a large-scale power generation central enterprise, was changed. The Paper (www.thepaper.cn) learned that on the afternoon of June 12, the State Power Investment Group held an enlarged meeting of its leadership team and informed the Central Organization Department of the decision of the Central Organization Department on Chen Xi's appointment as chief accountant and member of the party group of the State Power Investment Group Co., Ltd.

On the same day, the State-owned Assets Supervision and Administration Commission of the State Council announced the appointment of 4 full-time outside directors of central enterprises. According to State-owned Assets Renzi [2020] No. 49, Yang Ya, who previously served as a member of the party group, deputy general manager and chief accountant of the State Power Investment Group, was appointed as a full-time outside director of the central enterprise.

What is the position of "full-time outside director"?

What is the position of a full-time outside director of a central enterprise? This can be traced back to the Measures for the Administration of Full-time Outside Directors of Central Enterprises piloted by the State-owned Assets Supervision and Administration Commission (SASAC) in October 2009. According to the relevant provisions of the document, full-time outside directors refer to those appointed and hired by the SASAC to serve as outside directors in pilot enterprises on the board of directors. Full-time outside directors shall not hold other positions in the enterprise in which they are employed during their term of office, nor shall they hold offices in units other than the enterprise in which they are employed.

In addition, the position of full-time outside director is included in the list of job titles of enterprise leaders managed by the party committee of the SASAC, and is managed according to the current head of the central enterprise; full-time outside directors enjoy the same political treatment as the heads of central enterprises in terms of reading documents and participating in relevant meetings and activities; the selection, evaluation, incentive and training of full-time outside directors are the responsibility of the SASAC. One of the basic requirements for a full-time outside director is to "have more than 10 years of experience in business management or related work, or have expertise in strategic management, capital operation, law and other aspects, and achieve good work performance." ”

To put it simply, the purpose of establishing an outside director system is to break the pattern that the board of directors of state-owned enterprises is controlled by all insiders of the enterprise, and to institutionally constrain the power of senior executives of state-owned enterprises.

According to the Economic Observer in 2009, as early as the beginning of the establishment of the SASAC, Li Rongrong, the first director of the SASAC, said, "In the future, the supervision of state-owned enterprises by the SASAC will be mainly carried out through the board of directors." After the completion of the board of directors of a state-owned enterprise, the SASAC will appoint representatives of directors in the capacity of investors to jointly manage the state-owned enterprises with other directors in accordance with the requirements of the Company Law. At that time, the board of directors of central enterprises was gradually established, but the ideal of directly dispatching directors by the SASAC was not realized. Some state-owned asset experts believe that the emergence of full-time outside directors can be regarded as the SASAC focusing on cultivating its own team of directors, and the intention of "cultivating its own family" is obvious, "full-time outside directors should also consider the interests of the SASAC more in decision-making in the future." ”

The report also said that according to relevant sources of the Saous Assets Supervision and Administration Commission, when the SASAC formulated the policy, they already had the right person in their minds - the deputy general level leaders of many central enterprises.

With the deepening of the reform of state-owned enterprises, the 2017 Guiding Opinions of the General Office of the State Council on Further Improving the Governance Structure of State-Owned Enterprises proposed that by 2020, one of the goals of this round of state-owned enterprise reform is to "fully establish a board of directors with a majority of outside directors in wholly state-owned and wholly-owned companies, and state-controlled enterprises to implement the system of sending outside directors and complete the reform of the expatriate board of supervisors." ”

Today, there is not much time left to accomplish these goals. At the same time, the guidance also requires "broadening the sources of outside directors, expanding the team of full-time outside directors, selecting a number of current heads of state-owned enterprises to be transferred to full-time outside directors, and regularly reporting on the performance of outside directors." ”

According to the surging news, the three people who were recently appointed as full-time outside directors of central enterprises with Yang Ya were: Zhang Baolin, former deputy general manager of China North Industries Group and former chairman of Changan Automobile, Yang Qingting, former member of the party group and deputy general manager of China Huadian Group, and Chen Xu, former deputy general manager and member of the party group of China Electronics.

Yang Yaqi people

Speaking of yang ya, who is now 57 years old, who is in charge of this new job.

Before becoming deputy general manager, chief accountant and member of the party group of in August 2018, Yang Ya held a long-term position in the financial department of China Three Gorges Group and its predecessor China Three Gorges Corporation. He has successively served as the deputy director and director of the Planning and Finance Department of the Beijing Representative Office of the China Three Gorges Engineering Development Corporation, the deputy director and director of the Finance Department of the China Three Gorges Engineering Development Corporation, the deputy chief accountant of the China Three Gorges Engineering Development Corporation, and the chief accountant of the China Three Gorges Corporation in 2006. Since July 2012, he has been a member of the Party Group and Chief Accountant of China Three Gorges Group Co., Ltd.

During the performance of the Three Gorges Group and the State Power Investment Corporation (reorganized from the former China Power Investment Corporation and the State Nuclear Power Technology Corporation in 2015), Yang Ya and his team had many innovative work highlights.

According to the 2010 China Chief Accountant magazine, Yang Ya was the main drafter and the main executor of the phased financing strategy of the Overall Financing Plan for the Three Gorges Project, and from 1997 to 2008, Yang Ya presided over and organized the issuance of 9 phases of 11 varieties of Three Gorges bonds, raising a total of 34.5 billion yuan. Yang Ya is also one of the main organizers and implementers of the financial restructuring plan for the IPO listing of Changjiang Power (600900) and the overall listing of the main business of China Three Gorges Group in 2009.

At the end of last year, a news from SDIC said that on December 30, 2019, the overseas RMB fund Guoxin International Investment Co., Ltd. successfully subscribed for 1.026 billion yuan of RMB preferred shares of Yunnan International Overseas Platform Company, and completed the repatriation of funds under trade in services on December 31 (the same year), fully realizing the closed loop of SPIC's RMB exit under investment, the introduction of RMB preferred stock financing abroad and the return of RMB under trade to China, and also marked the successful landing of the first overseas RMB preferred shares of power central enterprises. The introduction of overseas equity RMB funds is an ice-breaking project developed by in Myanmar in the past ten years, breaking through the development dilemma of projects that have been put into production in Myanmar, creating a new high for a single overseas RMB investment in Yunnan Province, and revitalizing the assets of Yunnan International's projects that have been put into production in Myanmar in one fell swoop, which is expected to increase profits by more than 0.5 billion yuan in the future and reduce the overall asset-liability ratio of Yunnan International by 2.52 percentage points, helping Yunnan International to achieve a turnaround. At the same time, it has opened up overseas financing channels, which is of great significance for promoting the resumption of work of the Yijiang project and the future equity financing, and realizing the sustainable development of the State Power Investment in Myanmar. ”

Industry insiders analyzed the surging news that this move is equivalent to allowing the State Power Investment to reduce the direct losses suffered due to the shelving of the Myitsone Hydropower Station.

In June 2010, in accordance with the joint venture agreement, CPIC Yunnan International Power Investment Co., Ltd., the Ministry of Electricity of Myanmar and the Asian World Company of Myanmar registered and established the Upper Reaches of the Yijiang Hydropower Development Co., Ltd. in Naypyitaw, as the owner of the Yijiang project development, planning to build a class 7 large hydropower station including myitsone hydropower station and a small Qipei power station. Preliminary construction of the Myitsone hydropower plant began in December 2009, and in September 2011, Myanmar's then-president, Thein Sein, announced that it would be shelved during his term. Whether this project can be restarted is still undecided.

SPC also has all types of power generation such as nuclear power, thermal power, hydropower, wind power, photovoltaic power generation, etc., and is currently the world's largest photovoltaic power generation enterprise. In order to solve the common dilemma faced by all new energy enterprises - due to the pressure on cash flow caused by subsidy arrears, at the end of December 2019, SDIC successfully issued 2.556 billion yuan of new energy subsidy asset-backed securities (ABS) on the Shanghai Stock Exchange, and 2.691 billion yuan of new energy subsidy asset-backed notes (ABN) were successfully issued in the interbank trading market.

State Power Investment said that in recent years, new energy projects have developed rapidly, contributing profits at the same time, because new energy subsidies can not be recovered in time to bring greater negative impact on the sustainable and healthy development of enterprises. As of November 2019, the state power investment new energy subsidies were close to 42 billion yuan, becoming the primary factor for the group's "two golds" to remain high. The new energy subsidy account pushed up the group's asset-liability ratio by 0.86 percentage points, while the early payment of tax fees further aggravated the cash flow gap of new energy enterprises. In order to reduce the occupation of "two gold" assets, increase operating cash flow, and maintain the international rating level, a new energy subsidy asset support plan was launched.

disclosed in relevant news, This issuance breaks through the industry requirements that the right to charge against the pledge of the underlying assets cannot be carried out in the asset-backed plan, and realizes the 5 billion yuan of pledged accounts receivable of the State Power Investment. Among them, ABN also achieved the first breakthrough of the State Power Investment Corporation in the interbank trading association asset-backed bills, which is the first breakthrough of this innovative business variety. Both asset-backed plans are 3 years old and have a coupon rate of 4.20%. The simultaneous issuance of the two markets is another fruitful result achieved by the State Power Investment Corporation in reducing the 'two golds' by innovative means and improving the operating cash flow of enterprises. ”