Chongqing Iron & Steel proposes governance overhaul, new auditor

Chongqing Iron & Steel Company Limited announced plans for its 2025 Second Extraordinary General Meeting (EGM) and First Class Meeting of H Shareholders on November 26, 2025. Key proposals include the appointment of Deloitte CPA as the accounting firm for 2025, with an audit fee of RMB2.4083m, representing a 5% decrease from the previous period. Deloitte CPA will audit both the annual financial report (RMB1.90m) and internal control (RMB0.5083m). This change follows a regulatory requirement limiting accounting firm engagement to eight consecutive years, with former auditor Ernst & Young Hua Ming LLP serving for seven years.

The company also proposes extensive amendments to its Articles of Association and appendices, including the abolition of the supervisory committee. Its duties and powers will be transferred to an audit and risk committee. Additionally, amendments will address provisions related to class shareholders, as A and H shares are no longer considered different classes under new regulations.

These reforms aim to enhance corporate governance and standardize operations in line with the revised Company Law of the People's Republic of China and other regulatory updates. Shareholders are encouraged to review the proposals and participate in the voting process.