According to the newly released rules dated 7 November 2025, Zhejiang Shibao Company Limited outlines a revised structure and operational guidelines for its Nomination Committee. The document specifies that the Committee must comprise no fewer than three directors, with a majority being independent non-executive directors. The chair of the Committee is to be an independent non-executive director appointed by the Board.

The announcement grants the Nomination Committee authority to consult external experts, at the Company’s expense, and ensures sufficient resources are available to fulfill its supervisory obligations. Key duties include determining selection criteria for directors and senior management, reviewing Board composition at least once a year, assessing the independence of directors, and making recommendations on board appointments and succession planning. The Committee is also tasked with evaluating the ongoing performance and diversity of the Board, taking into account factors such as gender, age, cultural background, and professional experience.

Meeting procedures require that the Committee convene at least once a year. A quorum is achieved with more than two-thirds of the members attending in person, via telephone conference, or video conference. Resolutions may be approved by a majority vote or through written resolutions signed by all members. The finalized rules stipulate that the Nomination Committee’s procedures must align with relevant laws, regulations, and the Company’s own articles of association.