Hangzhou Iron & Steel proposes major governance overhaul

Hangzhou Iron and Steel Company Limited will hold its first extraordinary general meeting of shareholders in 2025 on September 10 to deliberate on several key governance reforms. The proposed changes include eliminating the supervisory board and transferring its functions to the board's audit committee. This will necessitate amendments to the company's articles of association and related procedural rules.

Furthermore, the board's composition will be adjusted, with the total number of directors remaining unchanged, but with an optimized structure that adds one employee representative director. The company is also proposing to refine and expand internal audit requirements, clarifying that the internal audit institution will be accountable to the board and overseen by the audit committee. These measures aim to enhance operational efficiency and align with updated regulatory requirements.

Shareholders will also vote on the appointment of new non-independent director, Ms. Wang Lingli, and independent director, Ms. Chen Lijun, to the ninth board of directors. The proposals have already been approved by the ninth board of directors at its eighteenth meeting and are now presented for shareholder review.