As independent directors have formed an integral part of the Chinese
corporate governance model for more than a decade, it is now timely and important
to examine their performance of their monitoring functions. By studying the
administrative sanctions imposed on independent directors by the CSRC, this article
can offer several important empirical findings. Based on these discoveries, it
analyses the general fiduciary duties and specific monitoring functions of independent
directors from comparative perspectives. It also explores the
‘independence’ of independent directors and examines their responsibilities in light
of their reliance on professional third-party reports. The article argues that, similar
to their Western counterparts, independent directors in China are facing intrinsic
dilemmas in the process of performing their monitoring functions.

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• The Dilemmas of Independent Directors in China: An Empirical and Comparative Study