HUISHANG BANK: Discontinues Establishment of Board of Supervisors

Deep News
Feb 02

On February 2, HUISHANG BANK announced that its interim shareholders' meeting has reviewed and approved the relevant matters concerning the discontinuation of the Board of Supervisors and the amended articles of association. The revised articles of association will take effect after being approved by the banking regulatory authority. From the effective date of the revised articles, the Bank will no longer establish a Board of Supervisors. The Audit Committee of the Board of Directors will exercise the powers and functions of the Board of Supervisors as stipulated by the Company Law and regulatory systems. All specialized committees previously under the Board of Supervisors will be dissolved simultaneously. Incumbent supervisors will no longer serve as supervisors of the Bank. Corporate governance documents related to the Board of Supervisors, such as the "Rules of Procedure for the Board of Supervisors of Huishang Bank Co., Ltd.", will be abolished accordingly.

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