First Tractor proposes board reorganization, charter revisions

First Tractor Company Limited has announced its second extraordinary general meeting for 2025, scheduled for September 29, 2025. Key proposals include the abolition of the supervisory board, with its functions to be transferred to the board of directors' audit committee. This change necessitates a comprehensive revision of the company's Articles of Association and other related governance documents.

The proposed amendments to the Articles of Association cover various aspects, including the definition of the legal representative's responsibilities, an update to the company's business scope, and revised procedures for capital increases and reductions. The company's total share capital remains 1,123,645,275 shares, comprising both A and H shares. The meeting also addresses changes to shareholder rights, such as the ability to inspect company records, and modifies the procedures for shareholder proposals and voting.

Other proposed revisions include updating the definition of "related parties" and the framework for related-party transactions, as well as refining the management of raised funds. The company will also adjust its internal audit system and the duties of the audit committee. These changes aim to align First Tractor with updated regulatory requirements and enhance its corporate governance structure.