Poly Developments to abolish supervisory board, revise governance

Poly Developments and Holdings Group will convene its fifth extraordinary general meeting of shareholders on December 8, 2025, to approve major corporate governance changes. A key proposal involves abolishing the supervisory board, with its functions to be absorbed by an expanded audit committee. This change will also necessitate revisions to the company's articles of association and the repeal of the "Supervisory Board Rules of Procedure."

The proposed amendments to the articles of association will adjust the scope of shareholders' meeting powers, clarify internal audit requirements, and refine profit distribution policies. Additionally, the company plans to integrate new regulatory requirements concerning independent directors and specialized committees into its governance framework.

Shareholders will also vote on revisions to several internal policies, including the "Shareholders' Meeting Rules of Procedure," "Board of Directors' Rules of Procedure," "Independent Directors' Work System," "Related Party Transaction Decision-Making System," "Fund-Raising Management Measures," and "Dividend Management System," to align with the updated articles of association and latest regulatory guidance.