Sunway Petrochemical revamps governance, appoints new employee director

Shandong Sunway Petrochemical Engineering Group Co., Ltd. held its first extraordinary general meeting of shareholders for 2025 on September 9, 2025. Key resolutions passed included revisions to the company's articles of association and several governance policies, such as the rules of procedure for shareholder meetings, board of directors meetings, independent director work system, external guarantee management measures, and connected transaction management measures. Other updates included the raised funds management system, external investment management system, external financial assistance management system, prevention of occupation of funds by controlling shareholders and related parties, and the remuneration and performance appraisal system for directors and senior management. The company also adopted a new system for selecting accounting firms. All resolutions received strong approval, with more than two-thirds of the voting rights from attending shareholders.

In a related announcement, Mr. Zhao Fei resigned as a non-independent director due to internal work adjustments but will continue in other roles within the company. Subsequently, on September 9, 2025, an employee general meeting elected Mr. Zhao Fei as the new employee representative director for the sixth board of directors, serving until the current term expires. Mr. Zhao Fei, a senior engineer born in 1982, has been with the company since 2005 and has held various management positions, including assistant general manager of the engineering company. He does not hold company shares and has no related-party relationships with major shareholders or other directors and senior management.