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Sichuan Energy proposes governance overhaul, new director appointment

October 21, 2025 at 05:01 PM UTCBy FilingReader AI

Sichuan Energy Investment Development Co. will convene an Extraordinary General Meeting (EGM) on Thursday, November 6, 2025, to vote on several critical resolutions. These include substantial amendments to its Articles of Association and the abolition of the Supervisory Committee. This strategic move aims to deepen the reform of supervisory committees in state-owned enterprises, aligning with requirements from the SASAC under the State Council and the Company Law. The proposed amendments also involve updating the Rules of Procedure for General Meetings and the Board of Directors, replacing references to the Supervisory Committee with an Audit Committee, and clarifying the compositions and powers of various Board committees.

Shareholders will also consider the proposed appointment of Mr. Chen Yan as a non-executive director to the fifth session of the Board. Mr. Chen, 45, brings extensive experience from his roles at PricewaterhouseCoopers, China Renaissance Capital Investment, and Tianqi Lithium Corporation. His term will commence upon shareholder approval and conclude with the expiration of the Board's fifth session. Mr. Chen will not receive direct remuneration from the company, as his compensation will be through the corporate shareholder that nominated him.

Additionally, the EGM will address an adjustment to the remuneration of independent non-executive directors, proposing RMB120,000 per year for domestic independent non-executive directors and RMB220,000 per year for overseas independent non-executive directors, with other expenses remaining unchanged. The Board unanimously recommends shareholders to vote in favor of all proposed resolutions, deeming them beneficial for the company and its shareholders.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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