Jiangsu Shagang streamlines governance, adjusts 2025 related-party transaction forecast

Jiangsu Shagang has approved a series of significant governance changes, including the removal of its Supervisory Board, with its functions to be absorbed by the Board's Audit Committee. This move, alongside revisions to the company's Articles of Association and other internal policies, aligns with the latest regulatory guidelines. The board of directors also approved updates to 27 internal management systems covering areas from financial aid and external investments to information disclosure and risk management, with key proposals requiring shareholder approval at an extraordinary general meeting.

The company's daily related-party transaction forecast for 2025 has been adjusted to 39.55 billion yuan, down from 46.97 billion yuan, reflecting changes in anticipated procurement and sales. This includes a reduction in related-party procurement to 35.57 billion yuan and sales to 3.98 billion yuan. The adjustments, deemed necessary for normal operations, received unanimous approval from independent directors and were supported by the Supervisory Board, which confirmed that the revised forecast adheres to fair market prices and does not harm shareholder interests.

These comprehensive updates underscore Jiangsu Shagang's commitment to enhancing transparency, streamlining operations, and reinforcing investor protection. The revised policies aim to strengthen risk control across various business functions and ensure sustained compliance with evolving regulatory standards.