COSCO SHIPPING Energy shareholders approve governance overhaul

COSCO SHIPPING Energy Transportation Co., Ltd. announced that its second extraordinary general meeting of shareholders in 2025, held on September 26, 2025, passed all proposed resolutions. The meeting, attended by 653 shareholders representing 2,460,047,374 voting shares, saw key governance changes approved. Notably, resolutions to abolish the supervisory board and amend the articles of association were passed with over two-thirds majority, indicating strong shareholder support for the corporate restructuring.

The resolution to amend the "Articles of Association" received 99.9482% of votes in favor, with only 0.0451% against. Similarly, the proposal to amend the "Rules of Procedure for Shareholder Meetings" garnered 99.9568% in favor. Other significant ordinary resolutions, including revisions to the "Rules of Procedure for Board Meetings," "Independent Director Work System," "Related Party Transaction Management System," "External Guarantee Management System," and "External Investment Management System," were all approved by a simple majority.

The meeting also saw the approval of revisions to the "Cumulative Voting System Implementation Rules," "2023 Stock Option Incentive Plan Management Measures," and "2023 Stock Option Incentive Plan Implementation Assessment Measures." These approvals underline the company's commitment to streamlining governance and enhancing its long-term incentive frameworks.