SMIC's Manual on Corporate Governance Manual, which was revised and adopted on December 12, 2007, institutionalizes the principles of good corporate governance in the entire organization.  The Manual lays down the company's compliance system and identifies the responsibilities of the Board of Directors and management in relation to good corporate governance.  It also states the Company's policies on disclosure and transparency, and mandates the conduct of communication and training programs on corporate governance.  The Manual further provides for the rights of all shareholders and the protection of the interests of minority stockholders.  It likewise sets the penalties for non-compliance with the Manual.