Enterprise wealth, staffs shares
Private entreprenur donated 35 million Chinese Yuan to set up staffs welfare fund
Penshibao Xianlin Development Foundation was established in Guangxi Today
Translated from the source: www.people.com.cn? 2007- 09-06? 13:34
Link: http://gx.people.com.cn/GB/channel4/200709/06/1337259.html
News from People’s Daily online, Mr. Zhang Xiaoluan reported on September 6, 2007 in Beihai,Guangxi,China:
At 12:38 am this afternoon, the organization meeting of Penshibao Xianlin Development Foundation was held in Beihai,Guangxi. “ enterprise wealth, staffs shares”and “becoming rich shall return to the society for undertaking the social responsibility” are the goals for the foundation, which donated from the private wealth of Mr. Wang Xianglin, Chairman of Guangxi Beihai Penshibao Co.,Ltd. It will be the new mechanism for Chinese private enterprise to raise the staff welfare.
Penshibao Xianlin Development Foundation belongs to the non-capital issue with the following backgrounds:
- Cherish the memory of Mr. Wang Xianglin’s late parents, his filial father Mr. Wang Zhenxian and indulgent mother MS Zhu Xianfang, to achieve the ancestors’ goals that attracting the talents and helping the poor.
- Adhere to the suggestions of Mr. Wang Xianglin, to create the century-old brand “Penshibao” and the mechanism of “ enterprise wealth, staffs shares” for undertaking the social responsibilities. The foundation aims to serve the Chinese agriculture, rural and peasants, create the century-old shop “ Penshibao”, encourage independent innovation, initiate the green eco-friendly, insist the senses of worth that people-oriented, harmony win-win for enterprise, society and staffs.
The original capital of foundation is from the donated private wealth of Wang Xianglin, including 2 million shares of “China Minsheng Banking Corporation” and “ China Minsheng Life Insurance” respectively. The market value for 2 million stocks of “ Minsheng Banking Corporation” is more than 30 million Chinese Yuan. 70% of annual capital appreciation of foundation is for preserving and increasing the value, rest for public charity activities and the rewards and welfares of Company staffs. According to the estimation from financial department of Penshibao Company, the capital will be increased to 1 billion Chinese Yuan at least after 10 years at the appreciation rate of Minsheng banking Stocks these years. At that time the staffs welfare of Penshibao Company will be increased greatly.
According to the information, the foundation includes: fund for student aid, obedient fund, fund for further education, fund for devotion to work, security fund for retirement, fund for emergency aid, moral courage fund, fund for helping the poor peasants, fund for contribution to eco-friendly agriculture. The foundation not only rewards and provides financial aid to the staffs and their children of Penshibao Company, but also the customers and the poor peasants. Otherwise, the foundation also rewards the experts with the great contribution in the research and extension of green and eco-friendly agriculture, scholars and peasants.
Yesterday evening, Penshibao Company held the general meetings of staffs to elect the 8 staffs as the first session of executive council of Xianlin Development Foundation from the total 16 candidates. And then the members of executive council elected the president of executive council by secret voting. Another vacant position, secretary general, will recruit from the public for managing the ordinary routine justly.
Mr. Wang Xianglin said in the meeting, thanks to the good policies and development opportunities since reform and opening to the outside world, I became rich and have donated money and goods valued over 20 million Chinese Yuan to the Guangcai program for poverty-relief, disaster-relief since more than 20 years of reform and opening to the outside world. Now for creating a century-old brand “Penshibao”, I donated my private wealth, namely 2 million shares of “ China Minsheng banking corporation” and “ China Minsheng Life Insurance” respectively, which valued over 35 million Chinese Yuan, to the staffs of Penshibao Company. The establishment of Penshibao Xianlin Development foundation has been approved by my family, my family members do not manage the foundation forever, which will be managed by the trade union congress and executive council as per the charters of foundation.
Mr. Wang Xianglin said to the reporter, my goal is to develop the national brand “Penshibao”, and create the Penshbao Company to be the century-old shop which will be advantageous to the collective and staffs. We are the beneficiary of the idea of “ let some people become prosperous before others”advocated by Mr. Xiaoping Deng. In the process of creating the harmony society, how to help the poor and realize the common prosperity is still in my mind. Thanks to the state policies and social supports, I have some wealth, but it does not belongs to me, staffs and society instead. The wealth from the society shall return to it at the end. The private enterprise, which made the great contribution to economic growth, wealth accumulation and social employment,? has been one part of Chinese economy. Everyone shall have the responsibilities to create the harmony society. The Penshibao Xianlin Development Foundation benefits the staffs of company, which will promote the harmony society.
Secretary of Guangxi Party committee, Qibao Liu made the comments on the report of establishment of Foundation: “ entrepreneur shall be supported if he threw himself into the charity, and the high spirit of aiding the poor shall be advocated in the business circles.”
The vice president of United Front Work Department of CPC Central Committee, vice president of All China Federation of Industry & Commerce (ACFIC), Mr. Deping Hu wrote in the celebration messages: “ It is worth celebrating for the establishment of Penshibao Xianlin Development Foundation. I think it is the realization to promote the harmony society for caring the staffs and their children, aiding the student and helping the old and the disabled. I believe that the Penshibao Company and the “Penshibao Xianlin Development Foundation” shall always maintain the responsibilities of economy, society and environment, rise to the challenge constantly and grow in the development of history.”
Leaders from Beihai and Guangxi attended today’s meeting, they are: Lu Hushan and Zhang Chongren, vice president of Guangxi Committee of CPPCC; Li Yusheng, standing member of Beihai party committee, head of publicity department of Beihai Party committee, deputy mayor of Beihai municipal government, and others.
Penshibao Company which based on agriculture established in 1985. With its intellectual property rights, the Penshibao foliar fertilizer has been extended for more than 10 billion mu and created the social benefits for more than 200 billion Chinese Yuan, which has worked a great revolution in fertilizer to promote the agricultural modernization progress in China. The trademark of Penshibao is titled as the“ China No.1 agricultural brand” and the only well-known Mark in the industry of foliar fertilizer. The founder of Company, Mr. Wang Xianglin is reputed as the “ China Fertilizer King”. In these recent years, as the leading enterprise in the agricultural materials, Penshibao Company cooperated with the China Post, which has started a new undertaking with the sharp rise in sales.?
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