Fuling Electric Power reforms governance, elects new board

Chongqing Fuling Electric Power Industrial held its Eighth Board of Directors' Thirtieth Meeting on September 29, 2025, approving several key governance reforms. The company will abolish its supervisory board, with its functions transferred to the board's audit committee, effective upon shareholder approval. This change necessitates revisions to the company's articles of association, which were also approved by the board, along with updates to other corporate governance policies.

In a move to strengthen accountability, the board passed a new "Accountability system for significant errors in annual report information disclosure." This system outlines procedures for identifying and addressing major discrepancies in annual financial reports, targeting directors, senior management, and relevant personnel. Concurrently, a revised "Related Party Transactions Management System" was adopted to enhance oversight of capital flows and prevent related party occupation of company funds.

The board also nominated five non-independent and three independent directors for the ninth board, with an annual independent director allowance of RMB90,000. These resolutions, along with the proposed amendments to the articles of association and other governance policies, are set for approval at the Third Extraordinary General Meeting of Shareholders on October 23, 2025.