CITIC Heavy Industries to abolish supervisory board, expand director board

CITIC Heavy Industries Mechanical Co., Ltd. is preparing for its second extraordinary general meeting of shareholders in 2025, scheduled for October 13, 2025. Key agenda items include the proposed abolition of the supervisory board and related amendments to the company's articles of association. This move aims to align with the "Company Law" and the "Guidance for Articles of Association of Listed Companies (2025 Revision)," with the audit committee taking over the supervisory responsibilities.

Additionally, CITIC Heavy Industries plans to increase its board of directors from seven to nine members, incorporating a new employee director to comply with regulatory requirements for companies with over 300 employees. Yang Shuping has been nominated as a non-independent director candidate, with his term to run until the end of the sixth board.

The meeting will also address revisions to several internal governance documents, including the "Shareholder Meeting Rules," "Board Meeting Rules," "Independent Director Work System," "Cumulative Voting System Implementation Rules," and the "2024-2026 Shareholder Return Plan." All proposals have been approved by the sixth board of directors at its fifteenth meeting and are now presented for shareholder review and voting.