Shanghai Petrochemical Company Limited (SHANGHAI PECHEM) has issued a circular convening its 2025 Annual General Meeting (AGM) and separate A- and H-shareholders’ meetings for 26 June 2026 in Shanghai.
Key proposals to be tabled include:
1. Share Repurchase Mandates • Board authorisation to buy back up to 10% of issued A shares (domestic) and 10% of issued H shares (Hong Kong), subject to PRC, Shanghai and Hong Kong regulations. • The mandate is valid until the earlier of the next AGM, 12 months from approval or revocation by shareholders.
2. Debt Financing Capacity • Board authorisation to register and issue up to RMB3.00 billion in medium-term notes and up to RMB3.00 billion in ultra short-term financing bonds to optimise funding costs and liability structure.
3. Auditor Re-appointment • Renewal of KPMG Huazhen LLP (domestic) and KPMG Hong Kong (international) for FY-2026 at an estimated audit fee of RMB6.56 million (ex-tax). The board will fix final remuneration.
4. Remuneration Framework • Adoption of new Management Measures for Directors and Senior Management. • 2026 remuneration plan highlights: – Executive and employee directors remunerated under senior-management pay scales; non-executive directors receive work allowances; independent directors receive a fixed fee of RMB150,000. – Senior management pay mix requires annual performance bonus to be ≥50% of annual compensation, with claw-back provisions for misconduct, restatements or regulatory penalties.
5. Board Renewal • Election of five non-independent director candidates: Guo Xiaojun (current Chairman), Lu Zhiyong (current President), Du Jun, Huang Xiangyu and Qi Guozhen. • Election of five independent director candidates: Huang Jiangdong, Zhou Ying, Zhou Xinggui, Liu Hao and Jiang Xia. • Terms will run until June 2029, pending shareholder approval.
6. Other AGM Agenda Items • 2025 board work report, dividend proposal, and 2025 remuneration implementation report.
Logistics • Shareholders recorded at close of business on 23 June 2026 are entitled to vote. Proxy forms must reach Computershare Hong Kong Investor Services at least 24 hours before each meeting.
The circular emphasises compliance with PRC Company Law, Shanghai and Hong Kong listing rules, and states that all AGM and H-shareholder resolutions will be decided by poll.