Zhejiang Shibao proposes governance overhaul, new independent director appointment

Zhejiang Shibao Co. announced proposed amendments to its articles of association and other corporate governance documents, including the rules of procedures for shareholders' general meetings and board of directors. These changes involve the abolition of the supervisory committee, with its functions transferring to the audit committee of the board. Additionally, one staff director and one independent director will be added to the board, increasing its size to eleven members.

Mr. Li Xing Jian is proposed for election as an independent non-executive director, with an annual remuneration of RMB60,000. He brings extensive experience in finance and economics. The amendments and the director's appointment are subject to shareholder approval at the EGM on November 7, 2025.

The proposed amendments also include adjustments to the voting thresholds for shareholder proposals, reducing them from three percent to one percent of voting shares, and extending the notice period for annual general meetings to 21 days. The company is adopting enhanced electronic communication methods for shareholders.