Guangdong Songyang to abolish supervisory board, revise governance

Guangdong Songyang Recycle Resources will convene its second extraordinary general meeting of shareholders on December 16, 2025, to approve major governance changes. Proposals include canceling the supervisory board, with its functions absorbed by the board's audit committee, and adding an employee representative director. These revisions align with the updated "Company Law of the People's Republic of China" effective July 1, 2024, and related securities regulations.

The company will also amend its articles of association and eleven other governance documents, including rules for shareholder meetings, board meetings, and independent director work systems. Further revisions will cover policies on related-party transactions, external guarantees, external investments, and the management of raised funds. These comprehensive updates aim to enhance corporate governance, streamline operations, and ensure compliance with the latest regulatory framework.

The board of directors and the supervisory board have already reviewed and approved these proposals, with unanimous consent from their respective members. These changes reflect a proactive approach to improving internal controls and investor protection, ensuring the company's long-term stability and sustainable development.