COSL shareholders approve corporate governance changes, related party transactions

China Oilfield Services (COSL) held its First Extraordinary General Meeting of Shareholders in 2025 on December 2, 2025, with shareholders approving several key resolutions. The meeting, presided over by chairman Zhao Shunqiang, utilized both on-site and online voting, with 445 shareholders representing 69.165727% of the total voting shares participating. Notable approvals included the "Proposal on Continuous Connected Transactions for 2026-2028," which received 98.791295% of votes in favor from A-shareholders and 100.000000% from H-shareholders. China National Offshore Oil Corporation, the controlling shareholder, abstained from voting on this connected transaction.

Shareholders also passed resolutions to revise critical corporate governance documents. These include amendments to the "Rules of Procedure for General Meetings," "Rules of Procedure for Board Meetings," "Independent Director System," and "Related Party Transaction Decision-Making System." The company further approved the "Proposal on Abolishing the Supervisory Board and Amending the Articles of Association," marking a significant structural change.

The meeting procedures, shareholder qualifications, and resolutions were verified by Tian Yuan Law Firm, confirming compliance with relevant laws, regulations, and COSL's Articles of Association.