Foshan Electrical And Lighting proposes governance overhaul, supervisory board abolished

Foshan Electrical And Lighting announced that its tenth board of directors approved proposals to amend the company's articles of association, rules of procedure for shareholder meetings, rules of procedure for board meetings, and the management system for raised funds. These amendments will be submitted for approval at the upcoming second extraordinary general meeting of 2025.

The proposed revisions will eliminate the supervisory board and its chairman, transferring its responsibilities to the board's audit, compliance, and risk management committee. The company's supervisory board rules of procedure and other related internal policies will also be abolished. The company's tenth board of directors adopted the proposal with 8 votes in favor, 0 against, and 0 abstentions, while the tenth supervisory board approved the articles of association amendment with 5 votes in favor, 0 against, and 0 abstentions.

Shareholders will vote on these governance changes and the re-appointment of the 2025 accounting firm during the second extraordinary general meeting of 2025, scheduled for December 8, 2025. Investors can participate in person or via online voting systems.