工行、农行、中行、建行、交行、招行，集体官宣！

Core Viewpoint - Seven banks in China, including five state-owned banks and two joint-stock banks, announced on the same day that they will no longer establish supervisory boards, aligning with the new Company Law that allows for the establishment of audit committees within the board of directors to perform the functions of supervisory boards [2][15]. Group 1: State-Owned Banks - Industrial and Commercial Bank of China approved the amendment to its articles of association to abolish the supervisory board [3]. - Agricultural Bank of China also passed the resolution to no longer establish a supervisory board [5]. - Bank of China submitted a proposal to the shareholders' meeting to abolish its supervisory board [7]. - China Construction Bank approved the resolution regarding the abolition of the supervisory board and its office [8]. - Bank of Communications passed the proposal to no longer establish a supervisory board [11]. - The proposals from these five banks will be submitted for shareholder approval and subsequently reported to the financial regulatory authority for approval [12]. Group 2: Joint-Stock Banks - China Merchants Bank approved the resolution to abolish the supervisory board, transferring its functions to the audit committee of the board of directors, and will not re-elect the supervisory board after the current term ends [13]. - Huaxia Bank's board approved the resolution to abolish its supervisory board, and related governance systems will be terminated after the supervisory board is officially dissolved [14]. Group 3: Regulatory Context - The revised Company Law, effective July 2024, allows companies to set up audit committees within the board to perform the functions of supervisory boards, thus eliminating the need for supervisory boards [15]. - The financial regulatory authority issued a notice in December 2024, clarifying that financial institutions can choose to maintain supervisory boards or transfer their functions to audit committees based on their actual circumstances [15]. - The changes are expected to reduce management costs and enhance governance flexibility and effectiveness [15].