Qingdao Port to overhaul governance, elect new board of directors

Qingdao Port International Co. announced proposed amendments to its articles of association and the abolition of its supervisory committee, effective upon approval at an upcoming general meeting. This move aims to standardize operations, meet regulatory requirements, and optimize its governance structure, aligning with the latest provisions of the Company Law of the People's Republic of China and other relevant listing rules. The functions of the supervisory committee will be absorbed by the audit committee of the board.

Concurrently, the board approved candidates for non-employee representative directors for its fifth session. Su Jianguang and Zhang Baohua are nominated as executive directors; Li Wucheng, Wu Yu, and Cui Liang as non-executive directors; and Chau Kwok Keung, Li Xiaohui, and Jiang Xinglu as independent non-executive directors. The election will take place at the second extraordinary general meeting of 2025, with a three-year term of office for the elected directors.

The company also released updated terms of reference for its remuneration committee and audit committee. These documents detail the committees' revised compositions, duties, and working systems, reflecting the company’s commitment to enhanced transparency and accountability in its governance framework.