Jereh Oilfield Services to amend governance structure, shareholder rights

Yantai Jereh Oilfield Services Group initiated substantial amendments to its articles of association and internal management systems, approved by the board of directors on October 10, 2025, and pending shareholder approval on October 30, 2025. Key changes include modifying the definition of statutory representative duties and establishing that the audit committee will assume the functions of the supervisory board, which will be abolished. This reform aims to streamline governance and enhance internal oversight.

The company's articles now reflect an updated definition of advanced management personnel and revised procedures for capital increases or reductions. Additionally, new rules for share repurchases emphasize maintaining stable control and operations, with accumulated share capital not exceeding 10% of total issued capital. The company's commitment to protecting investors is reinforced through stricter rules on information disclosure and the handling of shareholder inquiries.

The revisions also encompass changes to various internal policies, including those for major operating transactions, related party transactions, external guarantees, and internal audit mechanisms, all designed to align with new legal and regulatory requirements. These comprehensive updates underscore the company’s dedication to robust corporate governance and transparent operations.