根据中国证监会的监管规定，独立董事制度是在2002年引进的。2003年6月，独立董事人数增加到4人。前2名独立董事离任，新增4名个人通过投票选举，最大股东相关变动。直觉上来说，只能怀疑这样的独立董事的独立性是否明显（Nakamura，2007）。在2003 – 2004年度，公司对外担保的风险性质，即使是其他组织的信用担保人，反对其他相关立法规定，也不作出任何决定。与独立董事一样，如果对信息披露与年报进行比较，2002年至2003年度，监事会中所有董事（5人以上）也经过大股东相关调动后变更。此外，公司于2006年初开始对石化齐鲁，扬子石化，中原油气，石油大明等14亿元的十亿元投标。
From the perspective of this case, it is evident that there existed Sinopec Group corporate governance related institutional vacancy throughout the period of 1997-2008. It can further be illustrated that the inner mechanisms of two-board discipline system was not especially effective when most of the shareholders of MXEP were in the privatized group (Morck 2004). Upon analyzing the role of major shareholders, it can be depicted that the state based shareholders certainly played a crucial role in check-and-balance in order to prove the top management as right. These shareholders also incorporated tunnelling in order to seek their individual benefits.
According to the regulatory rules of CSRC, independent director institution was introduced by MXEP in the year 2002. In the year 2003, June, the independent director’s number was enhanced to 4 individuals. The prior 2 independent directors left the organization and new 4 individuals were selected through voting to take their place following the largest shareholders related change. Intuitively, it can only be suspected that the independency degree of such independent directors was an evident plan or not (Nakamura 2007). During 2003-2004, no decisions were taken by these independent directors when external investments of risky nature were taken by the company even though they were guarantors of credit for other organizations in opposition to other related legislations and regulations. In the same manner as the independent directors, if comparison is laid between the concerned disclosure of information and annual report, from 2002 to 2003, all the directors (5 in number) in the supervisory board also were changed after largest shareholder related transfer. Furthermore, the company started to exercise in the initial 2006 year with regard to issuing bids for shares outstanding of Petrochemical Qilu, Petrochemical Yangzi, Oil and Gas Zhongyuan and Oil Daming in the capital amount of 14.2 yuan