Guangdong Yueyun proposes board changes and abolishes supervisory committee

Guangdong Yueyun Transportation Co. has announced proposed changes to its board and the abolition of its Supervisory Committee, effective upon shareholder approval at the 2025 Second EGM on September 29. The proposals include re-electing four executive directors, appointing two non-executive directors and four independent non-executive directors, and authorizing the board to determine director remuneration. This restructuring aligns with new PRC regulations, including requirements for listed companies to establish an audit committee under the board to assume former supervisory committee duties.

The proposed amendments to the articles of association and rules of procedure will reflect these governance changes, ensuring compliance with updated PRC Company Law, CSRC regulations, and Hong Kong Listing Rules. Current directors not standing for re-election will continue their duties until the new board is approved. Independent non-executive directors are to receive annual remuneration of RMB60,000.