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BEIJING - Air China (OTC:AIRYY) Limited (HKEX:00753) has abolished its Supervisory Committee following shareholder approval at its annual general meeting held Tuesday, the company announced in a statement based on a press release.
During the meeting, shareholders passed all proposed resolutions, including special amendments to the company’s Articles of Association that eliminate the Supervisory Committee structure. The Audit and Risk Management Committee will now assume the supervisory functions previously handled by the Supervisory Committee.
The AGM, held at the company’s Beijing facility, saw participation from shareholders and proxies representing 12.72 billion shares. All resolutions received overwhelming support, with most gaining over 98% approval.
Shareholders also approved the company’s 2024 financial statements, profit distribution plan, and the appointment of KPMG as both international auditor and KPMG Huazhen LLP as domestic and internal control auditor for 2025.
Additionally, the meeting ratified the renewal of framework agreements with China National Aviation Corporation Group (CNACG) and Cathay Pacific for 2026-2028. CNAHC and CNACG abstained from voting on the CNACG agreement due to material interests, while Cathay Pacific and its associates abstained from voting on their respective agreement.
The company acknowledged the contributions of its former Supervisors as it transitions to the new governance structure.
As of the announcement, Air China’s board consists of nine directors, including three independent non-executive directors.
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