As the highest authority of the Company composed of all shareholders, the Shareholders Meeting of the Company decides on the business policies, investment plans and major matters of the Company, and legally performs the rights and obligations under the Company Law and the Articles of Association. The Rules of Procedure for Shareholders Meeting was formulated at the Founding Meeting and the First Shareholders Meeting held on March 6, 2019 by the Company to establish and improve the system of shareholders meeting.
Since the establishment of the Company as a joint-stock company, the Shareholders Meeting has maintained operation in accordance with the provisions of the Company Law, the Articles of Association, and the Rules of Procedure for Shareholders Meeting. The previous sessions of the Shareholders Meeting have complied with the provisions of applicable laws and regulations and the Articles of Association on convening methods, attendance, rule of procedures, voting methods, resolutions, and other matters. All previous sessions of the Shareholders Meeting have been convened and adopted resolutions legally and validly and have been free of any violation of the Company Law and other regulations by the Board of Directors or senior executives in performing their functions and powers.
As the operational decision-making body of the Company, the Board of Directors of the Company is responsible for operating and managing the corporate property of the Company and reports to the Shareholders Meeting. The Rules of Procedure for the Board of Directors was formulated at the Founding Meeting and the First Shareholders Meeting held on March 6, 2019 by the Company to establish and improve the system of the Board of Directors.
The Board of Directors consists of 9 directors (including 3 independent directors), who are elected or replaced by the Shareholders Meeting. The Board of Directors shall have one Chairman, who shall be elected by the approval of more than half of all directors.The directors shall serve for a 3-year term of office and can be reelected and reappointed consecutively upon expiration of the term of office. The Shareholders Meeting shall not remove any director from office without reasons before the expiration of the term of office of such director.
All previous meetings of the Board of Directors have complied with the provisions of applicable laws and regulations and the Articles of Association on convening methods, attendance, rules of procedures, voting methods, resolutions, and other matters. All previous meetings of the Board of Directors have been convened and adopted resolutions legally and validly and have been free of any violation of the Company Law and other regulations by senior executives in performing their functions and powers.
The Board of Supervisors of the Company is the body for supervising and inspecting the business activities of the Company and reports to the Shareholders Meeting. The Rules of Procedure for the Board of Supervisors was formulated at the Founding Meeting and the First Shareholders Meeting held on March 6, 2019 by the Company to establish and improve the system of the Board of Supervisors.
The Board of Supervisors of the Company shall be composed of three supervisors, including one Employee's Representative Supervisor. The non-employee representative supervisors of the Company are elected by the Shareholders Meeting, and the employee representatives of the Board of Supervisors are democratically elected by the employees of the Company through the Employees' Representative Congress. The Board of Supervisors shall have one chairman, who shall be elected by more than half of all supervisors.
All previous meetings of the Board of Supervisors have complied with the provisions of applicable laws and regulations and the Articles of Association on convening methods, attendance, rules of procedures, voting methods, resolutions, and other matters. All previous meetings of the Board of Supervisors have been convened and adopted resolutions legally and validly and have been free of any violation of the Company Law and other regulations by the Board of Directors or senior executives in performing their functions and powers.
The Working System for Independent Directors was formulated at the Founding Meeting and the First Shareholders Meeting held on March 6, 2019 by the Company to establish and improve the system of the independent directors.
Since taking office, the independent directors of the Company have carefully performed their functions and powers, improved the soundness of decision-making of the Board of Directors, and safeguarded the rights and interests of medium and small investors in accordance with the requirements of laws, regulations and rules, such as the Company Law, the Articles of Association and the Working System for Independent Directors. Acting with expertise, diligence, care and ethics, independent directors have played a good role in helping the Board of Directors formulate development strategies and investment plans and making production and operation decisions, thus effectively ensuring the soundness and reasonableness of the Company's business decisions.
As a senior executive of the Company, the Secretary of the Board of Directors reports to the Company and the Board of Directors and exercises rights and performs obligations under the Company Law and the Articles of Association. The Working System for the Secretary of the Board of Directors was formulated at the first meeting of the first Board of Directors held on March 6, 2019 by the Company to establish and improve the system of the secretary of the Board of Directors.
Since being appointed, the Secretary of the Board of Directors has been able to organize and prepare for the sessions of the Shareholders Meetings and the meetings of the Board of Directors, participate in the sessions of the Shareholders Meetings, the meetings of the Board of Directors, the meetings of the Board of Supervisors, and relevant meetings of senior executives, and make proper meeting minutes for such sessions and meetings in accordance with laws, regulations and the Articles of Association. The Secretary of the Board of Directors is also responsible for the information disclosure and investor relations management of the Company and the organization of training on securities laws and regulations, listing rules of the Stock Exchange, relevant regulations, and other matters for directors, supervisors and senior executives, playing a great role in improving the corporate governance structure of the Company and the coordination and cooperation between the Company and various intermediaries.