On September 9, Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co.,Ltd. announced that the bank recently convened the 16th meeting of its 3rd Workers' Representative Congress, which reviewed and approved the "Proposal on Employee Supervisors No Longer Serving After Abolition of the Supervisory Board."
In accordance with the Company Law of the People's Republic of China, the National Financial Regulatory Administration's "Notice on Matters Related to the Connection Between Corporate Governance Regulatory Provisions and the Company Law," the China Securities Regulatory Commission's "Transitional Arrangements for the Implementation of Supporting System Rules for the New Company Law," and other relevant laws, regulations, supervisory systems, and requirements from industry management departments, combined with the bank's actual circumstances, the bank plans to no longer establish a supervisory board and its specialized committees. The board of directors' audit committee will exercise the supervisory board functions stipulated in the Company Law and other laws, regulations, and supervisory systems. Current employee supervisors Luo Miaojuan, Song Hui, and Zhang Hongfeng will no longer serve as the bank's employee supervisors from the date when the supervisory board is officially abolished.
The announcement stated that the above adjustments will take effect after the bank's "Resolution on No Longer Establishing a Supervisory Board" and "Resolution on Changing Business Scope and Amending the Articles of Association" are reviewed and approved by the bank's shareholders' meeting, and after receiving approval from the Shaoxing Regulatory Branch of the National Financial Regulatory Administration for the amended Articles of Association. Prior to this, the bank's employee supervisors will continue to fulfill their relevant duties in accordance with applicable laws and regulations.
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