New China Life proposes governance changes, abolishes board of supervisors

New China Life Insurance Company Ltd. announced on September 30, 2025, proposed amendments to its articles of association and the abolishment of its board of supervisors. This decision, approved at the 37th meeting of the eighth session of the company's board of directors, aims to align with the Company Law of the People's Republic of China and optimize corporate governance. Key changes include revising the roles and responsibilities of directors, the audit and related party transaction control committee, and shareholder rights, effectively transferring supervisory functions.

Upon approval at a shareholders' general meeting via special resolution and subsequently by the National Financial Regulatory Administration (NFRA), the amended articles will take effect. The board of supervisors will be dissolved, existing supervisors will retire, and the board of supervisors' rules of procedures will be abolished. This will also impact the nomination process for independent directors, with the audit and related party transaction control committee taking over previous supervisory functions.

In its monthly return for equity issuers for September 2025, New China Life reported its total authorized/registered share capital at RMB3,119,546,600. This comprises 1,034,107,260 H shares and 2,085,439,340 A shares, with a par value of RMB1 per share for both classes.