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China’s 2006 Company Law sets forth the primary duties and potential legal liabilities of key positions of limited liability companies in China (including WFOEs and JVs), with additional liabilities stemming from the Civil Code, Criminal Law, Tax Law, etc.
For representative offices, the “RO Regulations” effective March 1, 2011 dictate duties and potential legal liabilities.
Company Law also requires that WFOEs and JVs have at least one supervisor to supervise the execution of company duties by the directors and senior management personnel. Finally, both WFOEs and JVs need a general manager, who is responsible for company day-to-day operations. A director of the board can concurrently hold the post of general manager, deputy general manager, or any other senior management position, which also includes CFO, and any other personnel designated as such in the company’s articles of association.
The meetings of the shareholders assembly are divided into regular meetings (convened on a fixed schedule as specified by the provisions of the company’s articles of association – often simply an “annual general meeting”) and interim meetings (convened when it is proposed by shareholders representing one-tenth or more of the voting rights, by one-third or more of the directors, by the board of supervisors, or by the supervisors of a company without a board of supervisors). Where the shareholders assembly requests supervisors, directors or senior managers to be present at its meeting, the latter should attend the meeting as non-voting participants and subject themselves to inquiries by the shareholders. Directors or senior managers are required to truthfully provide relevant information and data to the board of supervisors or the supervisors, and not hinder the exercise of the functions and powers by the board of supervisors or the supervisors. Senior management includes the general manager, deputy general manager, and CFO of a listed company, along with any other personnel designated as such in the company’s articles of association. The accompanying table describes the duties of the general manager according to Company Law.

The duties and responsibilities of senior management personnel other than the general manager are to be stipulated solely in the articles of association, which has binding force on the company, its shareholders, directors, supervisors and senior management personnel.
Any election or appointment of any supervisor, director, general manager or other senior manager made in violation of the provisions of this article shall be invalid. Another type of supervisor, director and senior management liability about which Company Law is especially specific is liability to the company.
The Company Law provides that supervisors, directors and senior management of a company should assume the duties of loyalty and diligence to the company.
Where those in key positions violate laws, administrative regulations or the company’s articles of association in performance of their duties for the company, and thus cause losses to the company, they will be liable for compensation. According to the 2007 Enterprise Bankruptcy Law, where personnel breach their duties of loyalty and diligence and this results in the bankruptcy of the company, they should bear civil liability according to the law. In addition, they will be forbidden from serving as a director, supervisor or senior management personnel of any enterprise within three years from the date of the completion of the bankruptcy procedure. If a director or senior management personnel violates any of the above prohibitions, all wrongful earnings must be returned to the company.
In practice, there are few cases of shareholders or supervisors pursuing civil or criminal liabilities against a director or management personnel. Broker-dealers should consider clearly defining compliance and advisory duties and distinguishing those duties from business line duties in order for persons who perform only compliance and legal functions to avoid becoming supervisors of business line employees.

To ensure that there are no conflicts of interest, directors and senior management personnel cannot concurrently serve as supervisors. The executive director or a member of the board of directors can concurrently serve as the general manager. Where the articles of association of a company provide otherwise for the functions and powers of the general manager, the provisions of the articles of association will prevail.
Any existing supervisor, director, general manager or other senior manager the appointment of whom would violate the provisions of this article shall be removed from his post. This concise, detailed, yet pragmatic guide is ideal for CFOs, compliance officers and heads of accounting who need to be able to navigate the complex tax and accounting landscape in China in order to effectively manage and strategically plan their China operations. Management at broker-dealers can greatly benefit from the participation and input of compliance and legal personnel. In this article we discuss the key positions in a FIE in China, as well as their respective duties and potential legal liabilities as stipulated by Chinese law. For JVs, several deputy general managers can also be appointed, collectively this group is referred to as the management office.

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