In the wave of governance structure optimization among listed banks following the implementation of the new Company Law, Bank of Hangzhou Co., Ltd. (600926) has announced significant adjustments to both its personnel and governance framework.
On December 17, the bank issued multiple announcements disclosing that its board of directors had approved a proposal to abolish the board of supervisors. Additionally, Wang Lixiong, the chairman of the board of supervisors, resigned from his positions as chairman, employee supervisor, and member of the supervisory committee of the eighth board of supervisors due to a role adjustment.
Notably, Wang Lixiong will remain a member of the bank's Party committee. Another announcement revealed that he has been appointed as a deputy president by the board of directors, pending approval from the Zhejiang Bureau of the National Financial Regulatory Administration. With extensive experience in the banking sector, Wang Lixiong's career spans core business lines and management roles at the bank.
**Appointment of Wang Lixiong as Deputy President** According to his public resume, Wang Lixiong, born in November 1972, holds a master's degree in project management and is a senior economist. He has previously served as deputy head of Baochu Sub-branch, deputy general manager of the corporate business department, deputy general manager of the credit management department, and acting head of the credit approval department at Bank of Hangzhou. He also held leadership roles as head of Xiaoshan Sub-branch, general manager of the corporate business headquarters, general manager of the international business department, Party secretary of Shanghai Branch, and president of Shanghai Branch.
Wang was appointed deputy president of Bank of Hangzhou in 2017 and became chairman of the board of supervisors in 2023. His latest appointment marks his return to the core management team. As of the announcement date, Wang holds 717,360 shares of the bank and will manage his holdings in strict compliance with relevant regulations.
The bank praised Wang's contributions during his tenure as chairman of the board of supervisors, highlighting his dedication, innovation in supervisory methods, and effective oversight in strategic execution, executive performance, financial management, and risk control. His efforts have safeguarded the interests of shareholders, employees, creditors, and other stakeholders, laying a solid foundation for the bank's governance and high-quality development.
Currently, Bank of Hangzhou has seven deputy presidents, including Wang Lixiong, while the president position remains vacant. The other six deputy presidents are Li Xiaohua, Chen Lan, Li Jiong, Pan Huafu, Zhang Jingke, and Zhang Jianfu. In April 2025, Yu Liming resigned as vice chairman and president for personal reasons. Chairman Song Jianbin has been acting as president since then, pending regulatory approval for a new president.
**Proposal to Abolish Board of Supervisors** Alongside the personnel changes, the bank's board approved a proposal to abolish the board of supervisors, subject to shareholder approval. Details will be disclosed in subsequent meeting materials. Since the new Company Law took effect on July 1, 2024, over 20 banks have initiated similar moves to dissolve their boards of supervisors.
These reforms stem from the revised Company Law and regulatory policies. Article 121 of the new Company Law, effective July 1, 2024, allows companies to establish audit committees within their boards of directors to perform supervisory functions, eliminating the need for a separate board of supervisors.
In December 2024, the National Financial Regulatory Administration issued a notice aligning corporate governance rules with the Company Law. Financial institutions may now choose to retain their boards of supervisors or transfer their duties to audit committees, enhancing governance flexibility and efficiency while reducing costs.
Regarding the transition of external supervisors to independent directors, regulators clarified that qualified external supervisors may be reappointed as independent directors, provided their cumulative tenure does not exceed six years.
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