COSL: Governance Overhaul Finalized, Articles Amended

China Oilfield Services Limited has announced numerous ratifications to its articles of association, with the latest approvals extending to May 28, 2024, by the annual shareholders’ general meeting and December 2, 2025, by the extraordinary shareholders’ general meeting. These amendments are formulated in accordance with guidelines for listed companies, opinions on promoting standard operations for companies listed outside the People’s Republic of China, and Hong Kong Stock Exchange Listing Rules.

The company's total ordinary shares are 4,771,592,000, with a registered capital of RMB4,771,592,000. Shareholders of H shares hold 1,811,124,000 foreign investment shares, accounting for 37.96% of total ordinary shares. The articles outline conditions for share buy-backs, financial assistance for share purchases, and dividend distribution policies. The company’s policy is to prioritize cash dividends, with an annual dividend level not lower than 20% of total net profit, provided profit and accumulated retained earnings are positive.

The board of directors, comprising 8 directors (including one employee representative director), oversees governance and strategic decisions. Key functions requiring shareholder approval include increases or reductions in registered capital, mergers, divisions, and the purchase or sale of material assets exceeding thirty percent of total audited assets within one year. Independent directors play a crucial role in decision-making, supervision, and protecting minority shareholder interests, with specific matters requiring their consent before board consideration.