Governance
Entrusted by the Board of Directors, CIC's Executive Committee translates the Board of Directors' guidance into detailed strategies and oversees CIC's day-to-day operations. It has the authority to make required operating decisions, including those for basic rules, institutional adjustment, operating mechanisms, performance evaluation and remuneration.
Members
Vice Chairman & President
Mr. Tu Guangshao is Vice Chairman and President of CIC. Immediately prior to this, he served as Executive Vice Mayor and Vice Mayor of Shanghai. He held several positions in China Securities Regulatory Commission, including Vice Chairman, Secretary-General, General Manager of the Shanghai Stock Exchange, and Director General of the Department of Trading. He also worked as Deputy Director of the National Financial Market's Quotation and Trading Information System Center of People's Bank of China, and Director and Deputy General Manager of the China Securities Trading System Corporation.
Mr. Tu, born in 1959, holds a master's degree in economics from Peking University and is accorded Senior Economist by the Ministry of Human Resources and Social Security.
Mr. Tu Guangshao is Vice Chairman and President of CIC. Immediately prior to this, he served as Executive Vice Mayor and Vice Mayor of Shanghai. He held several positions in China Securities Regulatory Commission, including Vice Chairman, Secretary-General, General Manager of the Shanghai Stock Exchange, and Director General of the Department of Trading. He also worked as Deputy Director of the National Financial Market's Quotation and Trading Information System Center of People's Bank of China, and Director and Deputy General Manager of the China Securities Trading System Corporation.
Mr. Tu, born in 1959, holds a master's degree in economics from Peking University and is accorded Senior Economist by the Ministry of Human Resources and Social Security.
Executive Vice President
Mr. Ju Weimin is Executive Vice President of CIC. Prior to joining CIC, he was Vice President and Chief Financial Officer of CITIC Limited. He held several positions at CITIC, including Executive Director, Vice President & Chief Financial Officer of CITIC Group, Chairman of CITIC Resources Holdings Limited and CITIC Trust Co., Ltd. as well as board member of China CITIC Bank Corporation Ltd. and CITIC Securities. Mr. Ju used to serve as Deputy Director General and Director General of CITIC Finance Department. Besides, he was Chairman of China Trustee Association as well.
Mr. Ju, born in 1963, holds a master's degree in economics from Renmin University of China.
Mr. Ju Weimin is Executive Vice President of CIC. Prior to joining CIC, he was Vice President and Chief Financial Officer of CITIC Limited. He held several positions at CITIC, including Executive Director, Vice President & Chief Financial Officer of CITIC Group, Chairman of CITIC Resources Holdings Limited and CITIC Trust Co., Ltd. as well as board member of China CITIC Bank Corporation Ltd. and CITIC Securities. Mr. Ju used to serve as Deputy Director General and Director General of CITIC Finance Department. Besides, he was Chairman of China Trustee Association as well.
Mr. Ju, born in 1963, holds a master's degree in economics from Renmin University of China.
Executive Vice President
Mr. Bai Tao is Executive Vice President of CIC. Prior to this, he served as Vice President of China Life Insurance (Group) Company. Previously, he held several positions with the Industrial and Commercial Bank of China (ICBC), including Head of Internal Audit Bureau, Head of Risk Management Department, Head of Asset Risk Management Department, Deputy Director (Acting Head) and Head of Hunan Branch, Deputy Head of Jilin Branch, Deputy Head of Project Credit Department, and Assistant Head of Hainan Branch.
Mr. Bai, born in 1963, holds a Ph.D. in economics from Renmin University and was accorded Senior Economist by ICBC.
Mr. Bai Tao is Executive Vice President of CIC. Prior to this, he served as Vice President of China Life Insurance (Group) Company. Previously, he held several positions with the Industrial and Commercial Bank of China (ICBC), including Head of Internal Audit Bureau, Head of Risk Management Department, Head of Asset Risk Management Department, Deputy Director (Acting Head) and Head of Hunan Branch, Deputy Head of Jilin Branch, Deputy Head of Project Credit Department, and Assistant Head of Hainan Branch.
Mr. Bai, born in 1963, holds a Ph.D. in economics from Renmin University and was accorded Senior Economist by ICBC.
Executive Vice President
Mr. Liu Jun is Executive Vice President of CIC. Immediately prior to this, he was Deputy General Manager of China Everbright Group Ltd., Vice Chairman of China Everbright Holdings Company Limited, Chairman of China Everbright Industry Group Limited, Executive Director and Vice Chairman of China Everbright International Limited, Executive Director and Vice Chairman of China Everbright Limited, and Director of China Everbright Bank Company Limited. He also served as Executive Vice President of China Everbright Bank Company Limited, Chairman of Sun Life Everbright Life Insurance Company Limited.
Mr. Liu, born in 1972, holds a DBA from Hong Kong Polytechnic University and an MBA from Northeastern State University of Oklahoma. He was accorded Senior Economist by China Everbright Group.
Mr. Liu Jun is Executive Vice President of CIC. Immediately prior to this, he was Deputy General Manager of China Everbright Group Ltd., Vice Chairman of China Everbright Holdings Company Limited, Chairman of China Everbright Industry Group Limited, Executive Director and Vice Chairman of China Everbright International Limited, Executive Director and Vice Chairman of China Everbright Limited, and Director of China Everbright Bank Company Limited. He also served as Executive Vice President of China Everbright Bank Company Limited, Chairman of Sun Life Everbright Life Insurance Company Limited.
Mr. Liu, born in 1972, holds a DBA from Hong Kong Polytechnic University and an MBA from Northeastern State University of Oklahoma. He was accorded Senior Economist by China Everbright Group.
Executive Vice President
Mr. Guo Xiangjun is Executive Vice President of CIC. Immediately prior to this, he was the Chief Risk Officer of CIC, the Head and Managing Director of CIC's Risk Management Department. Previously, he served as the Deputy Director General of the Department of Fiscal and Financial Affairs at the National Development and Reform Commission (NDRC) and as Deputy Director General of the Macroeconomic Control Department at the State Council Office for Restructuring the Economic Systems.
Mr. Guo, born in 1966, holds a master's degree in economics from Renmin University of China.
Mr. Guo Xiangjun is Executive Vice President of CIC. Immediately prior to this, he was the Chief Risk Officer of CIC, the Head and Managing Director of CIC's Risk Management Department. Previously, he served as the Deputy Director General of the Department of Fiscal and Financial Affairs at the National Development and Reform Commission (NDRC) and as Deputy Director General of the Macroeconomic Control Department at the State Council Office for Restructuring the Economic Systems.
Mr. Guo, born in 1966, holds a master's degree in economics from Renmin University of China.
Secretary of the Discipline Inspecting Commission
Mr. Yang is Secretary of the Discipline Inspecting Commission of CIC. Previously, he held several positions during his career at China Development Bank, including Head of Human Resources Department, Head of Gansu Branch, Deputy Head of General Office and Deputy Head of Hainan Branch.
Mr. Yang, born in 1963, holds a bachelor's degree in economics and was accorded Senior Economist by the Ministry of Human Resources and Social Security.
Mr. Yang is Secretary of the Discipline Inspecting Commission of CIC. Previously, he held several positions during his career at China Development Bank, including Head of Human Resources Department, Head of Gansu Branch, Deputy Head of General Office and Deputy Head of Hainan Branch.
Mr. Yang, born in 1963, holds a bachelor's degree in economics and was accorded Senior Economist by the Ministry of Human Resources and Social Security.
Executive Vice President
Mr. Qi Bin is Executive Vice President of CIC. Immediately prior to this, he held several positions with the China Securities Regulatory Commission, including Director General of the Department of International Affairs, Director General of the Department of Innovative Business Supervision, Director General of the Research Center and Executive President of the Beijing Institute of Securities and Futures, Deputy Director General of the Department of Fund Supervision, and Member of the Strategy and Development Committee.
Mr. Qi, born in 1968, holds a Ph.D. in economics from Tsinghua University and an MBA from University of Chicago.
Mr. Qi Bin is Executive Vice President of CIC. Immediately prior to this, he held several positions with the China Securities Regulatory Commission, including Director General of the Department of International Affairs, Director General of the Department of Innovative Business Supervision, Director General of the Research Center and Executive President of the Beijing Institute of Securities and Futures, Deputy Director General of the Department of Fund Supervision, and Member of the Strategy and Development Committee.
Mr. Qi, born in 1968, holds a Ph.D. in economics from Tsinghua University and an MBA from University of Chicago.
Chief Risk Officer
Madam Zhao Haiying is the Chief Risk Officer of CIC. Immediately prior to this, she was a member of the Executive Committee of CIC and Executive Vice President of Central Huijin. She also served as Executive Vice President and Director General of the Non-Banking Financial Institutions Department, Director General of Securities Institutions Department / Insurance Institutions Department of Central Huijin, Head of the Asset Allocation and Strategic Research Department of CIC, Director of the Board of the Industrial and Commercial Bank of China (ICBC) on behalf of Central Huijin, Director General of the Research and Legal Affairs Department of Central Huijin, Deputy Director of the Department of Securities Issuance Supervision at the China Securities Regulatory Commission (CSRC) and Commissioner of the Strategy and Development Commission at CSRC.
Madam Zhao, born in 1965, holds a bachelor's degree in engineering from Tianjin University and holds a Ph.D in economics from University of Maryland, College Park.
Madam Zhao Haiying is the Chief Risk Officer of CIC. Immediately prior to this, she was a member of the Executive Committee of CIC and Executive Vice President of Central Huijin. She also served as Executive Vice President and Director General of the Non-Banking Financial Institutions Department, Director General of Securities Institutions Department / Insurance Institutions Department of Central Huijin, Head of the Asset Allocation and Strategic Research Department of CIC, Director of the Board of the Industrial and Commercial Bank of China (ICBC) on behalf of Central Huijin, Director General of the Research and Legal Affairs Department of Central Huijin, Deputy Director of the Department of Securities Issuance Supervision at the China Securities Regulatory Commission (CSRC) and Commissioner of the Strategy and Development Commission at CSRC.
Madam Zhao, born in 1965, holds a bachelor's degree in engineering from Tianjin University and holds a Ph.D in economics from University of Maryland, College Park.
Former Members
Details ↓ ↓The International Advisory Council (hereafter referred to as the "Council") is an internal advisory body consisting of experts of international reputation and status, who at the request of the company provide advice to help the company better understanding global macroeconomic and financial issues and develop its overall strategic direction and policies, including overseas investment strategies, policies and processes. The Council convenes once a year.
In according with the Council's Charter, CIC appointed members for the fourth term of the Council in 2016 and convened 8th International Advisory Council Meeting in September 2016.
Members
Arminio Fraga (Brazil, 2009 to 2010)
Former President, Central Bank of Brazil
Lawrence J. Lau (Hong Kong, China, 2009 to 2010)
Vice Chancellor (President), Chinese University of Hong Kong
David L. Emerson (Canada, 2009 to 2012)
Former Minister of Foreign Affairs, former Minister of International Trade, former Minister of Industry, Canada
Taizo Nishimuro (Japan, 2009 to 2013)
Former Chairman and CEO, Tokyo Stock Exchange Group; former Chairman and CEO, Toshiba Corporation
Lord Nicholas H. Stern (United Kingdom, 2009 to 2013)
President, British Academy; I.G. Patel Professor of Economics and Government, London School of Economics and Political Science; former Chief Economist, World Bank Group
James D. Wolfensohn (United States of America, 2009 to 2014)
Chairman, Wolfensohn & Company; former President, World Bank Group; former Chairman, Citigroup International Advisory Board
John J. Mack (United States of America, 2010 to 2016)
Chairman Emeritus and former CEO, Morgan Stanley
Former Members
Details ↓ ↓CIC International was established in September 2011 with a mandate to invest and manage overseas assets. It took over the entire overseas investment portfolio and mandate from CIC, and it continues to pursue CIC's investment principles and approaches.
Investment Committee
Formulating investment policies, strategies, and performance and risk targets in line with the guidelines defined by the Board of Directors and the Executive Committee, the Investment Committee also revise or formulate their own investment policies and processes, regularly hold meetings (ad hoc sessions when necessary) to review the investment proposals submitted by investment departments and make their decisions, which are implemented by related senior executives and investment departments and teams.
Departments
Details ↓ ↓General Office/Office of the Board of Directors
The General Office/Office of the Board of Directors is responsible for day-to-day operational and administrative affairs across the institution. Its functions include implementing internal control systems, researching company strategies, conducting research according to the need of shareholders and the Board of Directors, composing composite documents, managing the shareholder relationship, and providing administrative services and other logistics support to ensure that CIC operates efficiently and effectively. It also provides assistance to the Board of Directors and Executive Committee.
Department of Legal and Compliance
The Department of Legal and Compliance oversees corporate legal and compliance affairs and provides counseling for investment projects. It is responsible for monitoring and managing legal exposure, supporting other departments across the institution and safeguarding CIC's assets and proceeds to ensure external and internal legal compliance. It helps with due diligence, as well as composing and negotiating contracts. It is also responsible for patent protection, taxation treatment and external lawyer recruitment.
Department of Asset Allocation
The Department of Asset Allocation is responsible for developing investment policies, proposing strategic asset allocation plans, managing exposures of the CIC overall portfolio. It functions as the Secretariat for the Investment Committee. It manages the trading room as well.
Department of Risk Management
The Department of Risk Management is responsible for crafting and enforcing a company-wide risk management framework and risk management process to ensure that it can identify, assess and monitor various types of risk involved in investment activity and asset management. It is also tasked to set adequate monitoring and contingency mechanisms and solve mitigation problems. The Department is mandated to measure levels of risk and, when necessary, undertake actions that return the actual level of risk to within a desired range. It also calculates risk-adjusted returns and investment performance—and serves as the secretariat of the Risk Management Committee and Valuation Committee.
Department of Public Equity
The Department of Public Equity is responsible for actively managing public equity investments globally.
Department of Fixed Income and Absolute Return
The Department of Fixed Income and Absolute Return is responsible for actively managing fixed income, absolute return, and multi-asset portfolio.
Department of Private Equity
The Department of Private Equity is responsible for industrywide private equity investment through direct investments or funds in industries other than energy, resources, agriculture, forestry, husbandry, fisheries, and infrastructure. It conducts credit opportunity investment as well.
Department of Real Estate
The Department of Real Estate is responsible for constructing direct investment portfolio in the global real estate market and selecting and managing private equity real estate funds and co-investments. It conducts investment in real estate in public markets as well.
Department of Research (CIC Research Institute)
The Department of Research aims to support CIC's business development and investment decision as well as to implement research-driven investment philosophy. The Department is responsible for coordinating the research efforts within CIC, tracking the trends in global macro economy and financial markets and conducting industry analysis, and serves as a platform to facilitate communication between CIC and the market.
Department of Investment Operations
The Department of Investment Operations is in charge of trade matching, transaction settlement and delivery, adjustments in investment assets, collocation of transaction data; selection of custodian and settlement banks and routine dealings with them; establishment of special purpose vehicles; and testing of new products.
Department of Public Relations & International Cooperation
The Department of Public Relations & International Cooperation is responsible for managing CIC's external relations and public affairs. Its function includes global cooperation, public relations, information disclosure, media communication and media monitoring. Other functions include global affairs management. In addition, the Department serves as the secretariat of CIC's International Advisory Council and the International Forum of Sovereign Wealth Funds.
Department of Finance and Accounting
The Department of Finance and Accounting, in charge of corporate accounting, prepares and produces relevant financial reports, including annual reports and other financial statements in accord with national accounting standards. As part of that responsibility, it manages the annual budget process, prepares relevant financial analysis, carries out cash flow management and conducts clearance and settlement of investment transactions.
Department of Human Resources
The Department of Human Resources is responsible for formulating CIC's human resource strategy and managing personnel policies and related issues, including staff planning, recruiting, career development, performance evaluation, remuneration and compensation. It also formulates the Human Resource Strategic Plans and company culture.
Department of Information Technology
The Department of Information Technology is responsible for building, managing and maintaining CIC's information technology system to ensure the smooth and effective operation of the company's investments and other business activities. It also manages and operates company devices, including computers, smartphones, servers, the information technology network and databases.
Office of the Board of Supervisors/Department of Internal Audit
The Office of the Board of Supervisors/Department of Internal Audit is responsible for developing the working mechanisms for the Board, establishing the internal audits procedure and implementing anti-fraud practices. The Department is responsible for conducting internal audits and assisting external audits to ensure that all organizational units are functioning effectively. It supervises and evaluates company-wide risk management to ensure procedural compliance and effectiveness in internal controls, making recommendations to redress inadequacies whenever they may arise.
Department of Institutional Integrity
The Department of Institutional Integrity ensures that all members of the governing bodies and staff act with integrity at all times. It formulates and implements the inspection process, establishes and strengthens internal disciplinary and prevention systems, monitors staff conduct and manages any internal or external claim of misconduct.
Overseas Branches
Details ↓ ↓CIC International (Hong Kong) Co., Ltd.
CIC International (Hong Kong) is responsible for managing the entrusted global investment-grade corporate bond strategy portfolio, China-Hong Kong equity strategy portfolio, the sub-strategy portfolio focusing on special credit opportunities among Chinese enterprises and the US high-yield bond portfolio.
CIC Representative Office in New York
The New York Representative Office's main function includes conducting research on North American economy, financial market and regulation policies, strengthening cooperation with business partners, collecting project information and providing support for the headquarters.
Pack UpDrawing on practices of international institutional investors, CIC Capital was incorporated in January 2015 with a mandate to specialize in making direct investments to refine CIC's overall portfolio management and enhance investment on long-term assets.
As CIC's direct investment arm, CIC Capital is mandated to make direct investments and manage bilateral and multilateral fund investments.
CIC Capital is a market-oriented commercial entity with a specialized mandate and global reach.
Formulating investment policies, strategies, and performance and risk targets in line with the guidelines defined by the Board of Directors and the Executive Committee, the Investment and Management Committee also revise or formulate their own investment policies and processes, regularly hold meetings (ad hoc sessions when necessary) to review the investment proposals submitted by investment departments and make their decisions, which are implemented by related senior executives and investment departments and teams.
CIC Capital encompasses two investment departments and operational and management departments. Investment Department I is responsible for direct investments in infrastructure, mining, and energy (oil and gas) and for managing related bilateral, multilateral, and platform fund investments, and co-investments. Investment Department II is responsible for direct investments in sectors other than agriculture and the three sectors managed by Investment Department I and for managing related bilateral, multilateral, and platform fund investments, and co-investments.
Central Huijin, in accordance with authorization by the State Council, makes equity investments in major state-owned financial enterprises, and shall, to the extent of its capital contribution, exercise the rights and perform the obligations as an investor on behalf of the State in accordance with applicable laws, to achieve the goal of preserving and enhancing the value of state-owned financial assets. Currently, Central Huijin holds stakes in commercial banks, securities companies, insurance companies and other institutions.
Created in the midst of China's financial reform, Central Huijin was initially mandated to inject capital into the four major state-owned commercial banks: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank. It then went on to facilitate the reform and development of major state-owned financial institutions in securities and insurance industry. It drove the creation of a modern corporate system in its holding companies, and helped establish a standardized system of exercising shareholder rights and performing shareholder obligations. By consolidating and listing some of those institutions, Central Huijin has developed a unique approach to managing state-owned financial capital.
In 2016, Central Huijin's holding companies achieved a stable and organic growth in serving the real economy and supporting the adjustment of domestic economic structure. Central Huijin helped its holding companies in exploring multiple types of capital replenishments, including the merger of China International Capital Limited and China Investment Securities Co., Ltd. and the H-share listing of China Securities Co., Ltd. Central Huijin further enhanced its equity management capacity with a market-oriented approach, well-defined responsibility, detailed operational procedures and robust management. Central Huijin conducted comprehensive assessment on its holding companies and played an active role in directing them to take precautionary measures to mitigate financial risks.
For more information, please visit Central Huijin's website.
