Study on the Law Guarantee for the Long-termism Shift of Corporate High-Quality Development——From the Perspective of Directors' Obligations

As the backbone of the economic, the company carries the important mission of supporting high-quality economic development. However, because of the lack of legislation and the practical pressure, the idea of "shareholder primary" constantly intervenes into the theory of corporate governance, resulting in the problem of corporate short-termism. The key to solve the problem is to turn the directors' obligations into a long-termism. Therefore, the concept of "corporate interests" should be restated and made clear the consistency of corporate interests, shareholders' interests and stakeholders' interests from the long-term perspective. Also, the system of directors' obligations should be reconstructed, made clear that the object of directors' obligations is the interests of the company, reorganizes the structure of the board of directors, and improves the system of directors' compensations through establishing a non-financial information disclosure system, a sustainable due diligence system and a long-term benefits certification system, so as to facilitate high-quality development. By doing so, it can provide a Chinese solution to the global problem of corporate short-termism.