Guangzhou airport proposes auditor change, governance updates for 2025

Guangzhou Baiyun International Airport Co. announced a proposed change in its financial and internal control auditing firm for 2025. The company plans to appoint Grant Thornton Certified Public Accountants (Special General Partnership), replacing BDO China Shu Lun Pan Certified Public Accountants (Special General Partnership), which has served for nine years. The financial audit fee for 2025 is proposed at 1.05 million yuan, unchanged from the previous period, while the internal control audit fee will decrease by 57,000 yuan to 230,000 yuan. This change follows regulatory guidelines on auditor tenure.

The company also announced significant revisions to its Articles of Association, Shareholder Meeting Rules, Board of Directors Meeting Rules, Independent Director Work System, and Fundraising Management Measures. Key proposed amendments include restructuring supervisory functions, with the Audit Committee taking over the responsibilities of the Board of Supervisors, and adjusting shareholder proposal thresholds. The board of directors will now comprise nine members, and the temporary proposal right for shareholders will be lowered from 3% to 1%.

Furthermore, the company will emphasize that raised funds must be used for their designated purpose, primarily for core businesses, and explicitly prohibit their use for permanent working capital replenishment or debt repayment, except for repayment of bank loans and investments in new projects or buybacks. These changes aim to enhance corporate governance and ensure compliance with the revised Company Law and other regulatory updates.