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SOE employees to gain veto power
(CRIENGLISH.com)
Updated: 2004-11-25 15:24

China's State-owned and collective enterprises listed on the Shanghai Stock Exchange will soon be required to submit a document certified by their employees before trade on State-owned property is conducted.

The rule will come into force from Thursday, as part of measures specified in Shanghai Property Trade Market Regulation to protect the legal rights of employees.

The regulation also grants the employees and their representatives veto power during the decision-making process of property sales.

Meanwhile, the employee allocation plan is also required to be included in the property trade contract.

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