Shanghai Moons' Electric board approves governance overhaul, abolishes supervisory committee

Shanghai Moons' Electric Co., Ltd. held the sixth meeting of its fifth board of directors on August 29, 2025, with all nine directors in attendance. The board unanimously approved all resolutions, which included a comprehensive overhaul of the company's governance documents. A key decision was to propose the cancellation of the supervisory committee, transferring its responsibilities to the board of directors' audit committee. This change necessitates revisions to the company’s articles of association and the abolishment of related supervisory committee rules.

In addition, the board approved multiple revisions to internal regulations, all with unanimous consent. These include updated rules for shareholder meetings, board meetings, specialized board committees, independent director work, and the president's work. The company also revised policies covering information disclosure, internal reporting of major information, major investment and transaction decisions, external guarantees, related party transactions, and internal audit management.

Further approvals included amendments to rules on preventing misappropriation of company funds, management of raised funds, investor relations, foreign exchange derivative transactions, insider information registration and confidentiality. A new policy for the departure of directors and senior management was also established, alongside an information disclosure deferral and exemption management policy. Many of these revisions will be submitted for approval at the second extraordinary general meeting of shareholders in 2025, scheduled for September 26, 2025.