Board Structure Updates
New China Life Insurance Co Ltd has solidified changes to its board of directors following the endorsement of a new director by the regulatory body. The company has also disclosed the outcomes of its second extraordinary general meeting for the year.
Currently, the board features Yang Yucheng as chairman and Gong Xingfeng as an executive director. The non-executive director lineup comprises:
- Mao Sixue
- Another non-executive director
In addition, the independent non-executive directors include:
- First independent non-executive director
- Second independent non-executive director
Board Committees and Responsibilities
Five board committees have been instituted, each tasked with distinct responsibilities to aid in governance and regulatory compliance:
- Audit Committee – Oversight of financial reporting and internal controls.
- Risk Management Committee – Focuses on risk assessment and mitigation strategies.
- Nomination Committee – Handles board member selection and succession planning.
- Compensation Committee – Establishes and reviews remuneration policies.
- Corporate Governance Committee – Ensures adherence to governance standards.
These committees have been populated with board members to uphold governance and compliance norms.
Regulatory Approval and Director Details
The board’s composition was finalized following the National Financial Regulatory Administration (NFRA)‘s approval of Mao Sixue as a non-executive director, effective from March 26. Her tenure will coincide with the current board’s term. It has been confirmed that she will not receive any compensation for her role as a director.
Extraordinary General Meeting Highlights
Beyond leadership appointments, New China Life recently conducted its second extraordinary general meeting at its Beijing headquarters. The meeting facilitated both in-person attendance and online participation for A-share investors. Computershare Hong Kong Investor Services Limited supervised the vote count.
A total of 570 shareholders or proxy representatives participated, representing approximately 1.58 billion shares, which constitutes about 50.7% of the company’s outstanding shares. Notably, 569 participants held A shares, while one held H shares.
Shareholders approved a resolution permitting the issuance of domestic undated capital bonds, with an overwhelming 99.97% of votes cast in favor. The special resolution was passed, garnering more than the required two-thirds majority.
Legal Oversight and Compliance
The meeting proceedings were supervised by the legal firm Fangda Partners. Representatives Huang Chao and Ai Hui were present and subsequently provided a legal opinion, confirming that the meeting complied with all pertinent legal and procedural standards as per PRC regulations and the company’s Articles of Association.
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