Willfar information technology proposes governance structure overhaul

Willfar Information Technology has scheduled its second extraordinary general meeting of shareholders for November 7, 2025, to vote on critical corporate governance amendments. A primary agenda item is the proposal to eliminate the supervisory board, with its statutory functions to be absorbed by the board of directors' audit committee. This aims to streamline the company’s governance and align with updated regulatory guidelines.

The meeting will also address revisions to several internal governance documents, including the "Rules of Procedure for Shareholder Meetings," "Rules of Procedure for Board Meetings," "External Investment Management System," "Related Party Transaction Implementation Rules," and "External Guarantee Management System." These updates are designed to enhance the company's operational efficiency and internal controls.

Additionally, shareholders will consider a remuneration plan for the third board of directors' employee representative director. Under this proposal, the employee representative director will receive compensation based on their specific management duties within the company, according to existing compensation and performance appraisal systems, without additional remuneration for their director role.