Sinopec Oilfield Service Corp overhauls governance, reduces capital

Sinopec Oilfield Service Corporation's board approved comprehensive amendments to its articles of association, driven by the Company Law of the People's Republic of China (2023 Revision) and CSRC guidelines. These changes include abolishing the supervisory committee, with its duties transferring to the audit committee, and adjusting board structure to include at least one new employee representative director. The company will also shorten notice periods for general meetings and introduce abstention as a voting option.

Concurrently, the company proposes to reduce its registered capital following a decrease in issued shares. This reduction reflects the cancellation of 4,928,000 H shares and 22,366,200 A shares, leading to a new total of 18,957,045,833 issued shares from the previous 18,984,340,033. These proposed amendments will be submitted for shareholder approval.

In a related development, Mr. Wang Minsheng has been nominated as a non-executive director, subject to approval at the 2025 first extraordinary general meeting. Mr. Wang, aged 51, is a professor-level senior engineer with extensive experience at China Petrochemical Corporation and its subsidiaries, and will not receive remuneration for this role.