On August 26, China Merchants Bank announced that its 13th Board of Directors' 18th meeting had reviewed and approved a proposal to elect Li Yungui as the Vice Chairman of the 13th Board of Directors.
The announcement noted that Li Yungui's appointment as Vice Chairman still requires approval from the National Financial Regulatory Administration, with his term set to commence from the date of the regulatory approval receipt and continue until the conclusion of the current board's mandate.
Based on his professional background, Li Yungui brings extensive financial management experience from central state-owned enterprises.
According to his resume, Li Yungui was born in August 1969 and holds an Executive Master of Business Administration degree from Guanghua School of Management at Peking University, with a professional title of Senior Accountant.
Prior to joining the board of China Merchants Bank (CM BANK), Li Yungui's primary career experience was concentrated in large central enterprises within the energy and shipping sectors, and he currently serves as the Chief Accountant of China COSCO Shipping Group Co., Ltd.
Earlier in his career, Li Yungui spent an extended period working within the energy system. He previously held roles including Financial Director of CNOOC Gas & Power, Financial Director of CNOOC Gas & Power Group, and Deputy General Manager and Financial Director of Shandong Haihua Group.
Subsequently, he served as Deputy General Manager and Financial Director at Shanghai-listed CNOOC Energy Technology & Services, and held successive positions at China National Offshore Oil Corporation, including General Manager of the Finance and Assets Department, General Manager of the Finance and Funds Department, General Manager of the Funds Department, and Deputy Chief Accountant.
As a joint-stock commercial bank with a relatively diversified shareholding structure, the board composition of China Merchants Bank typically includes representatives from its major shareholder entities.
As a significant shareholder force, China COSCO Shipping Group's executive entering the core leadership of the bank's board aligns with the institution's established governance framework logic.
From another perspective, the addition of a non-executive director with substantial experience in large-scale industrial enterprises and senior financial control expertise can assist China Merchants Bank in providing decision-making supplements from an industrial entity perspective when reviewing major client needs, risk control system development, and comprehensive asset-liability management.
With the subsequent regulatory approval in place, the governance team of the 13th Board of Directors at China Merchants Bank is expected to be further refined and strengthened.
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