The board of directors of a major state-owned bank features members from a variety of professional backgrounds.
On June 26, 2026, the board of directors of Postal Savings Bank Of China Co.,Ltd. (ASX: PSBC) convened a meeting to review and approve a proposal concerning adjustments to the composition of its board committees. The changes involve five directors: Liu Ruigang, Tang Zhihong, Hong Xiaoyuan, Pu Yonghao, and Sun Maozhu. These adjustments span six specialized committees: the Audit Committee, the Nomination and Remuneration Committee, the Risk Management Committee, the Connected Transactions Control Committee, the Strategic Planning Committee, and the Social Responsibility and Consumer Rights Protection Committee.
Concurrently, three of the bank's independent non-executive directors are set to step down: Wen Tiejun, Pan Yingli, and Zhong Ruiming. The appointments for Liu, Tang, Hong, and Pu will take effect upon the departures of Wen and Pan. Sun Maozhu's appointment will become effective upon regulatory approval of his director qualification. Following Sun's formal assumption of his role, Zhong will no longer hold positions on the bank's board committees.
The directors involved in this reshuffle have distinct career paths. Some originate from the financial regulatory system, others come from commercial banking, while some have extensive backgrounds in other types of financial institutions or academia.
For instance, Liu Ruigang hails from the financial regulatory system. After graduating with a degree in finance from the Central Institute of Finance and Banking, his career unfolded primarily within the Ministry of Finance framework. Starting from frontline regulatory roles in Inner Mongolia, he served as Director of the Second Business Division at the Ministry of Finance's Inner Mongolia Office, and later as Party Secretary and Director of the Ministry of Finance's Qinghai and Shanxi regulatory bureaus, representing a typical "regulatory-system" official.
In May 2023, he was transferred to serve as a director of China Post Group Co., Ltd., and assumed the role of non-executive director at PSBC from May 23, 2025. Under the latest adjustments, Liu Ruigang will be transferred from the Nomination and Remuneration Committee to the Social Responsibility and Consumer Rights Protection Committee.
Tang Zhihong's career has spanned both regulatory and commercial banking sectors. He previously worked at the People's Bank of China Liaoning Provincial Branch, holding positions such as Deputy Director of the Education Department and Deputy Director of the Audit Department. He later served as Deputy President and then President of the People's Bank of China Jinzhou City Branch, and as Director of the State Administration of Foreign Exchange Jinzhou Branch. Subsequently, he transitioned to the China Merchants Bank system, serving as Deputy President of its Shenyang Branch before being promoted to Vice President of China Merchants Bank.
He has served as an independent non-executive director of PSBC since March 2023. With the latest changes now in effect, Tang Zhihong will move from the Risk Management Committee to the Audit Committee.
Hong Xiaoyuan, who is to some extent swapping roles with Liu Ruigang, is a typical cross-sector talent with experience at multiple financial institutions. Holding a Master's degree in Economics from Peking University and a Master of Science from the Australian National University, he has long held key positions within the China Merchants Group. His roles have included Assistant to the General Manager of China Merchants Group, Director of China Merchants Group (Hong Kong), General Manager of China Merchants Financial Holdings, Director of China Merchants Bank, Director of China Merchants Securities, and Chairman of China Merchants Financial Group. He currently also serves as an independent director of Ping An Insurance (Group) Company of China, Ltd. and as an independent non-executive director of Bank of Hangzhou Co., Ltd.
Hong Xiaoyuan's role change is the most extensive. He will serve as Chairman and a member of the Nomination and Remuneration Committee and as a member of the Connected Transactions Control Committee, while stepping down from his positions on the Strategic Planning Committee and the Social Responsibility and Consumer Rights Protection Committee.
Pu Yonghao is another cross-sector financial institution professional. His previous roles include Senior Economist and Vice President at BOCI (UK) Limited, Senior Advisor at the Asian Development Bank, Managing Director and Chief Investment Officer for Asia Pacific at UBS, Chief Investment Strategist and Head of Asia Pacific Wealth Management Research at UBS, and Founder and Investment Director of Hongyuan Capital. He will now step down from the Social Responsibility and Consumer Rights Protection Committee and join the Audit Committee.
Additionally, Zhong Ruiming, another director set to resign from his committee roles, also has a deep background in finance. His career includes serving as Senior Audit Manager at Coopers & Lybrand, Chairman of the Council of the City University of Hong Kong, Chairman of the Hong Kong Housing Society, Member of the Executive Council of the Hong Kong Special Administrative Region, and Chief Executive of the Hong Kong Special Administrative Region Government Land Fund Trust.
Sun Maozhu, Wen Tiejun, and Pan Yingli all represent the academic faction. Sun Maozhu is currently a professor at the School of Business, Renmin University of China, specializing in financial theory and methodology, and management accounting theory and practice. He has edited textbooks such as "Financial Management," "Management Accounting," and "Cost Management." Wen Tiejun, former Dean of the School of Agricultural Economics and Rural Development at Renmin University of China, has long focused on issues related to agriculture, rural areas, and farmers, and rural construction, and currently serves as an advisor to the Fujian Provincial People's Government. Pan Yingli is a professor at the Antai College of Economics and Management, Shanghai Jiao Tong University, specializing in world economics and international finance.
Under the latest adjustments, Wen Tiejun and Pan Yingli are departing, while Sun Maozhu has been elected to serve as Chairman and a member of the Audit Committee, a member of the Connected Transactions Control Committee, and a member of the Risk Management Committee.
In reality, directors from different backgrounds contribute distinct value to a bank. Those with regulatory backgrounds, such as Liu Ruigang and Tang Zhihong, possess a deep understanding of the management logic of funds within the financial industry and regulatory discipline. They can facilitate effective dialogue between the bank's major financial decisions and the national fiscal and regulatory systems.
Directors with backgrounds at other financial institutions, like Hong Xiaoyuan and Pu Yonghao, bring frontline market experience. While banking, securities, funds, insurance, and investment banking all fall under the broad financial umbrella, their operational logics, profit models, and risk characteristics differ significantly. Such directors contribute more notably in areas like identifying cross-market risks for the bank and making judgments on integrated financial services.
Directors with academic backgrounds, such as Sun Maozhu, Wen Tiejun, and Pan Yingli, provide a theoretical framework grounded in practice and a long-term perspective. Academically inclined directors are accustomed to examining issues from longer cycles and more macro perspectives. Their academic viewpoint is indispensable for matters requiring theoretical support, such as strategic direction, risk pricing models, and governance structures.
It is worth noting that cross-sector appointments for directors are not uncommon. Broadening the view to the entire banking industry reveals that some bank directors have even more surprising cross-sector profiles. For example, Zhu Baoguo, a non-executive director of WeBank, is the Chairman of Joincare Pharmaceutical Group Industry Co., Ltd., a veteran entrepreneur in China's pharmaceutical and healthcare products industry. His entire career has been in the pharmaceutical and health sector, with no prior experience in commercial banking.
Another example is Li Huiqin, a non-executive director of Dongguan Rural Commercial Bank. She is a local industrial investor in Dongguan, with actual control over eight companies spanning sectors like energy-saving technology, thermal power energy, hardware trade, and real estate. Her public resume shows no prior work experience in banks or financial institutions.
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