China Satellite Communications to dissolve supervisory board, amend articles

China Satellite Communications Co., Ltd. (China Satcom) will hold its third extraordinary general meeting on October 14, 2025, to consider several crucial corporate governance changes. A primary agenda item is the proposal to dissolve the supervisory board and amend the company's Articles of Association accordingly. This change will transfer the supervisory board's functions to the audit committee of the board of directors. Key personnel, including the chairman and members of the supervisory board, will be naturally removed from their positions if the proposal is approved.

The proposed amendments to the Articles of Association involve restructuring and content adjustments, including the removal of Chapter 8 (Supervisory Board) and the addition of new sections on controlling shareholders, actual controllers, and the board's specialized committees. The revised Articles will comprise 13 chapters and 238 articles.

Additionally, the meeting will address revisions to the "Shareholder Meeting Rules" and "Board Meeting Rules" to align with updated regulations and company practices. Shareholders will also vote on the reappointment of the external audit firm for the 2025 financial year and internal control audit. The proposed audit fee for 2025 remains consistent with 2024, totaling RMB 1.05m (RMB 800,000 for financial report audit and RMB 250,000 for internal control audit).