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BEIJING - Ming Yang Smart Energy Group Limited (LSE:MYSE) announced Thursday it will abolish its Supervisory Committee and amend its Articles of Association to align with Chinese corporate governance requirements.
According to the company’s press release, the functions and powers previously held by the Supervisory Committee will be transferred to the audit committee of the Board of Directors. The Rules for Procedures of the Supervisory Committee will be repealed, and provisions related to the Supervisory Committee in the company’s regulations will no longer apply.
The Chinese wind turbine manufacturer stated that the changes are being made in accordance with the Company Law of the People’s Republic of China, the Guidelines for Articles of Association of Listed Companies, and the Code of Corporate Governance for Listed Companies.
Ming Yang Smart Energy also announced amendments to its Articles of Association following a review of its corporate governance system. These amendments include provisions regarding qualifications, code of conduct, responsibilities, and resignation management for directors and senior management.
The company plans to repeal its Self-discipline Code of Conduct for Directors, Supervisors and Senior Management upon approval of the amendments, which it described as an effort to "streamline and optimize" its corporate governance system.
All proposed changes require approval at the company’s upcoming general meeting.
The amendments to the Articles of Association were published on the London Stock Exchange news service, where Ming Yang Smart Energy’s Global Depositary Receipts trade under the symbol "MYSE."
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