Xinjiang Korla Pear proposes board overhaul, scraps committee

Xinjiang Korla Pear has announced a comprehensive restructuring plan, including a proposed board reshuffle, key amendments to its articles of association, and the dissolution of its Executive Committee. The company’s board has approved revisions to the company charter, subject to shareholder approval at the upcoming second extraordinary general meeting in late May 2025. These revisions include updates to shareholder rights, director responsibilities, and corporate governance structures. A key change involves eliminating the Executive Committee, transferring its responsibilities to the General Manager or, with board authorization, to the General Manager exercising certain authorities. In line with this change, the company has also dissolved its Executive Committee and relieved existing members of their positions. The company plans to expand the board to nine members, consisting of six non-independent directors and three independent directors to enhance oversight and decision-making, to be voted on at the upcoming shareholder meeting.