Qingdao Port overhauls governance, abolishes supervisory board

Qingdao Port International will overhaul its corporate governance, following resolutions from its Fourth Board of Directors' 29th meeting. Key changes include a full revision of the Articles of Association, enhancing shareholder rights, and establishing a new section for controlling shareholders. The company will also introduce a Board Strategy and ESG Committee, a dedicated section for independent directors, and integrate the functions of the supervisory board into an audit committee.

The company will abolish the supervisory board and its related rules, with the audit committee assuming the supervisory board's legal functions. Various internal governance documents will be revised, including the Rules of Procedure for the Shareholders’ Meeting, Rules of Procedure for the Board of Directors, and Independent Director Work System. Additionally, new policies like the "Qingdao Port International Co., Ltd. Director and Senior Management Departure Management System" and "Qingdao Port International Co., Ltd. Market Value Management System" will be introduced.

These changes align with the latest legal and regulatory requirements, aiming to optimize the company's governance structure. The revised Articles of Association and some governance policies require approval at the company's shareholders’ general meeting, after which the current supervisory board members will be automatically dismissed.