China COSCO Shipping Corporation Limited convenes first board meeting

On the afternoon of January 20, 2016, China COSCO Shipping Corporation Limited (Preparatory) convened a meeting to announce the establishment of its first board, and then held the first session of the board meeting. The meetings were presided over by Chairman Xu Lirong, and attended by officials from SASAC and the Board of Supervisors.

At the meeting, Mr. Gao Yan, Deputy Director General of the No.1 Corporate Executive Bureau of SASAC announced the inception of the Board of Directors of China COSCO Shipping Corporation Limited (Preparatory), and announced the appointment of Mr. Liu Zhangmin, Mr. He qingyuan, Mr.Zhong Ruiming, and Mr. Xu Donggen as the external directors.

The board reviewed and approved the company charter, organization structure, and the appointment of CFO and executive vice presidents. According to the resolution, Ms. Sun Yueying is appointed the Chief Financial Officer, and Mr.Sun Jiakang, Mr.Ye Weilong, Mr. Huang Xiaowen, Mr.Ding Nong, Mr.Wang Yuhang, Mr.Yu Zenggang are appointed Executive Vice Presidents.

The board meeting has approved that the headquarters will include Party Committee, Board of Directors, Board of Supervisors and five commissions in strategy and development, risk management, auditing, nomination, remuneration, and performance evaluation respectively. The company also sets up thirteen divisions, nine centers, and three special organizations. This structure is aiming at higher efficiency, appropriate control, flat organization, concision and professionalism.

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