Chengdu Expressway proposes supervisory committee abolition, governance changes

Chengdu Expressway Co., Ltd. announced a proposed abolition of its Supervisory Committee and corresponding amendments to its Articles of Association and relevant rules of procedure. The decision, made at a board meeting on November 20, 2025, aligns with the repeal of special regulations on overseas offerings and listings. Under the proposed changes, the board’s audit and risk management committee will assume the functions of the Supervisory Committee, and the company will cease appointing supervisors.

Further governance enhancements include the appointment of one employee director, adjustments to the board structure, and amendments optimizing the scope of functions for the general meeting, board, and chairman. Shareholder rights are also being expanded, with dissenting shareholders gaining the right to request share repurchases and inspect member registers and accounting vouchers. The shareholding threshold for submitting proposals at general meetings will be lowered from 3% to 1%.

The proposed changes will take effect following approval by shareholders via special resolutions at a general meeting. A shareholder circular detailing these proposals, along with the notice of the extraordinary general meeting, will be published and dispatched. The Supervisory Committee will continue its duties until the proposals are considered and approved at the general meeting.