Financial Street Securities proposes governance overhaul, supervisory committee abolished

Financial Street Securities Co., Limited announced proposed amendments to its corporate governance framework, driven by upcoming changes in the Company Law of the People’s Republic of China, effective July 1, 2024. The most significant proposal is the abolishment of the supervisory committee and its supervisors, with their powers and duties to be assumed by the audit committee under the board. These changes aim to enhance corporate governance and align with regulatory requirements.

Further amendments include updates to the articles of association, rules of procedure for general meetings, rules of procedure for board meetings, and various management systems. Key revisions impact articles related to the party organization's role, director responsibilities, and shareholder rights. The board will also expand to 11 directors, including one employee representative director.

An extraordinary general meeting (EGM) is scheduled for Tuesday, November 25, 2025, to seek shareholder approval for these proposals. The register of members will be closed from Thursday, November 20, 2025, to Tuesday, November 25, 2025, to determine eligibility to attend and vote at the EGM.