Avica Aircraft to revise articles, abolish board of supervisors

AVICA Aircraft (SZSE:000768) announced it will revise its Articles of Association, following approval at the company's ninth board meeting. The key change involves abolishing the board of supervisors and transferring its duties to the audit and risk control committee within the board of directors. This move aligns with updated regulatory guidelines and aims to improve corporate governance. The company will also focus on strengthening party leadership and incorporate a "two unswervingly" approach into its governance structure. Other revisions include changes to the legal representative designation, enhanced social responsibility commitments, and adjustments to shareholder meeting procedures. The proposed changes are subject to shareholder approval at the upcoming extraordinary general meeting.