Shanghai Construction to revise charter, eliminate board of supervisors

Shanghai Construction Group announced that its board of directors has approved revisions to the company's articles of association. The key change involves the cancellation of the board of supervisors, with the audit committee of the board of directors assuming the responsibilities previously held by the supervisors. This decision aligns with updated regulations, including the revised "Company Law," and aims to optimize the company's governance structure. Shareholders will vote to approve the changes. Revisions to the Articles of Association included a number of other provisions, relating to the company's shares and duties of Board of Directors. The company's board also approved the corresponding adjustments to the audit committee's working rules. These actions are subject to shareholder approval at an upcoming meeting.