Fenglin Wood Industry proposes significant governance restructuring, supervisory board elimination

Guangxi Fenglin Wood Industry Group Co., Ltd. (601996) will hold its first extraordinary general meeting of shareholders on September 17, 2025, to deliberate on significant amendments to its corporate governance framework. Key proposals include the removal of the supervisory board, with its functions to be assumed by the board of directors' audit committee. The board of directors will see a change in composition, with non-independent directors reducing from four to three, and the introduction of one employee representative director, maintaining a total of seven board seats.

The proposed revisions also involve extensive changes to the company's Articles of Association, Shareholder Meeting Rules, Board of Directors Meeting Rules, Independent Director System, Transaction Management System, External Guarantee Management Measures, Connected Transaction System, Shareholder Network Voting Implementation Rules, and Shareholder Cumulative Voting System Implementation Rules. These changes aim to align with updated laws and regulations effective July 1, 2024, emphasizing enhanced efficiency and protection of shareholder interests. The board of directors' sixth meeting on August 15, 2025, approved these proposals.