Wuxi Rural Commercial Bank proposes significant governance reforms

Wuxi Rural Commercial Bank Co., Ltd. is holding its first extraordinary general meeting of shareholders in 2025 on September 16, 2025, to deliberate on several key proposals. A significant agenda item is the proposal to no longer establish a Supervisory Board, with its responsibilities to be absorbed by the Board of Directors' Audit and Consumer Rights Protection Committee. This move aims to optimize governance structure and enhance operational efficiency, requiring revisions to the company's Articles of Association and other related documents.

Further amendments to the Articles of Association include unifying "shareholder general meeting" to "shareholder meeting," adding stipulations for employee directors and legal representative changes, and refining the powers of the shareholder meeting and Board of Directors. The bank also plans to revise its Rules of Procedure for Shareholder Meetings and Rules of Procedure for Board Meetings to align with these changes. All proposed revisions to the Articles of Association require approval from the National Financial Regulatory Administration after shareholder consent.

Shareholders will also vote on a proposal to authorize the Board of Directors to determine the 2025 interim profit distribution plan. The bank intends to distribute cash dividends based on regulatory requirements, interim operating performance, and undistributed profits, with the total cash dividend not exceeding the net profit attributable to the company's shareholders for the corresponding period.