Maanshan Iron & Steel to overhaul governance, switch auditors

Maanshan Iron & Steel Co., Ltd. will convene its 2025 third extraordinary general meeting of shareholders on December 24, 2025, to deliberate on critical governance adjustments. A key agenda item is the proposed change of the 2025 accounting firm from Ernst & Young Hua Ming LLP to Deloitte Hua Yong LLP. This change aligns with State-owned Assets Supervision and Administration Commission (SASAC) regulations, which limit central enterprises to five domestic annual financial audit institutions, standardizing internal financial governance, and ensuring the accuracy and compliance of financial reports.

The meeting will also address extensive revisions to the company’s articles of association and their appendices. These include the abolishment of the supervisory board, with its functions to be transferred to the audit and compliance management committee of the board of directors, reflecting updated regulatory requirements from the "Company Law of the People's Republic of China" and other relevant securities regulations. The comprehensive amendments aim to further improve corporate governance and standardize operations, enhancing transparency and accountability.