Founder Technology overhauls governance, updates policies

Founder Technology Group (SSE:600601) will abolish its supervisory board, transferring its functions to the board's audit committee, effective from a 2025 extraordinary general meeting. This move necessitates extensive revisions to the company’s articles of association and its appendices, including the shareholder meeting rules and board of directors meeting rules, while eliminating the supervisory board meeting rules. These changes align with recent updates to China's company law and securities regulations.

In conjunction with the governance restructuring, Founder Technology Group is updating 18 existing and introducing one new company policies, including those for related party transactions, audit committee operations, and internal controls. Most of these new and revised policies are effective immediately following board approval, with the related party transactions management system requiring shareholder endorsement.

Additionally, Founder Technology’s wholly-owned subsidiary, IFOUND PCB (THAILAND) CO., LTD., will change its functional currency from Thai Baht to Renminbi starting January 1, 2026. This accounting policy change, aimed at providing more accurate financial reporting due to significant Renminbi funding and exchange rate fluctuations, will not retrospectively affect prior financial years.