First Tractor Company Limited (“First Tractor”) has released an announcement regarding the conclusion of its Ninth Session of the Board and the proposal to form its Tenth Session. According to the document, most directors of the Ninth Session intend to stand for re-election, with the exception of non-executive director Miao Yu, who will retire. In addition, the announcement introduces a new candidate, Sun Feng, for a non-executive director position in the Tenth Session.
The remuneration structure for the Tenth Session’s directors is outlined in the same filing. Executive directors are to receive pay based on the company’s existing performance and remuneration system, incorporating standard social insurance and housing provident fund coverage as required by national regulations. Non-executive directors will not receive remuneration from the company, while each independent non-executive director will be entitled to a fixed annual fee of RMB80,000. All non-executive directors, including independent non-executive directors, will also be eligible for meeting allowances, with amounts varying depending on whether they attend board meetings, special committee sessions, or general meetings.
These board re-elections and the new remuneration plan both require approval from shareholders at an upcoming extraordinary general meeting (EGM). First Tractor has indicated that a circular with further details, along with relevant meeting materials, will be dispatched to shareholders as soon as practicable.
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