TEC(SH:600780) Zheng Quan Zhi Xing·2025-06-25 16:13Core Viewpoint - Shanxi Tongbao Energy Co., Ltd. has decided to cancel its supervisory board and amend its articles of association, transferring the supervisory responsibilities to the audit committee of the board of directors, which requires approval from the shareholders' meeting [1][2][3]. Summary by Sections Article Amendments - The amendments aim to enhance the protection of the legal rights of the company, shareholders, employees, and creditors, and to standardize the company's organizational structure and behavior [1][2]. - The company will no longer have a supervisory board; its functions will be assumed by the audit committee, with corresponding rules for the supervisory board being abolished [1][2][3]. Governance Structure - The amendments include improvements to the provisions regarding shareholders and the shareholders' meeting, clarifying the responsibilities and obligations of shareholders [1][2]. - The role of the chairman as the legal representative of the company is defined, including the process for appointing a new legal representative upon resignation [2][3]. Financial Provisions - The amendments clarify the use of capital reserves to cover company losses and adjust certain expressions related to the shareholders' meeting [2][3]. - The company’s shares will continue to be issued based on principles of openness, fairness, and justice, ensuring equal rights for all shares of the same category [2][3]. Shareholder Rights - Shareholders have the right to request the convening of meetings, participate in decision-making, and access company documents, ensuring transparency and accountability [2][3]. - The amendments specify the obligations of shareholders, including compliance with laws and regulations, and the prohibition of actions that harm the company or other shareholders [2][3]. Audit and Legal Actions - The audit committee is empowered to take legal action on behalf of the company if the board fails to act on requests from shareholders [2][3]. - The amendments outline the conditions under which shareholders can initiate legal proceedings against the company or its directors for breaches of duty [2][3].