China National Gold Group Corp. first rated A class state-owned enterprise by SASAC
SASAC announced 47 Class A enterprises assessed by their performances in 2010 and China national gold group was in the list ranking the 38th as the only state-owned company specialized in gold industry. It is the first time that China Gold Group has entered the top class level since the SASAC started the assessment.
At the end of 2009, SASAC made great adjustment in the evaluation system where EVA replaces ROE as the dominant factor in the annual performance assessment. This commenced implementation from 2010, opening a new management era that is led by value creation.
2010 is a key period for the realization of the company’s four-year “double and redouble” plan and a year from which on brand new assessment system applies. The introduction of EVA means severe challenges for a company such as China National Gold Group with construction scale large, building circle long, funds requirement huge and growing speed rapid. To meet the needs, the group adopts a series of measures to effectively respond to the new criteria and outperformed the annual demand. These measures include strengthening production management, accelerating investment progress, implementing monthly assessment, promoting overseas development, reinforcing risk control, reforming salary system and stretching the industry chains.
By the end of 2010, China National Gold Group had achieved 974.85% the size of required EVA value, creating a new high. Operation revenue and total assets were increased by 5.1 and 4.1 times respectively compared to those in 2006, successfully fulfilling the four-year “double and redouble” plan.