Wuxi Taiji eliminates supervisory board in governance overhaul

Wuxi Taiji Industry plans to eliminate its supervisory board, transferring oversight functions to the board's audit committee as part of significant governance reforms.

The company will re-elect its board of directors with nine members, including three independent directors and one employee representative.

Wuxi Taiji also plans to purchase directors' and officers' liability insurance costing RMB 500,000 annually, providing maximum coverage of RMB 100 million.