Yangtze Optical Fibre & Cable proposes governance changes, director reshuffle

Yangtze Optical Fibre and Cable Joint Stock Limited Company has announced proposed amendments to its Articles of Association, Procedural Rules for the General Meeting, Procedural Rules for the Board of Directors, and Working Rules for Independent Directors. These changes aim to align with PRC regulations and internal practices, including the abolition of the board of supervisors, with responsibilities to be transferred to the audit committee.

Key changes include updating provisions on legal representation, share issuance, capital reduction, and share repurchase. The amendments also refine procedures for general meetings, board meetings, and the duties and qualifications of directors and senior management. Notably, the scope of investor information rights and the process for proposing motions at general meetings will be updated, with the audit committee replacing the board of supervisors in several procedural aspects.

Furthermore, Mr. Guo Tao has resigned as a non-executive director and member of the Nomination and Remuneration Committee due to work arrangement changes. Mr. Guan Jingzhi has been nominated to replace him, with a proposed annual director's fee of RMB380,000. Ms. Li Chang’ai has been appointed to the Nomination and Remuneration Committee. These proposals are subject to shareholder approval at an extraordinary general meeting.