Qi Lu Wan Bao·2025-09-26 07:25Core Points - Major Chinese banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, have announced the approval of amendments to their articles of association, eliminating the supervisory board [2] - The trend of abolishing supervisory boards is also seen in city commercial banks, with Qilu Bank recently voting to no longer establish a supervisory board [2] - Over 20 of the 42 listed banks have either announced the cancellation or are in the process of abolishing their supervisory boards, including several joint-stock banks and local banks [2] - The removal of supervisory boards is driven by the new Company Law effective from July 1, 2024, allowing companies to set up an audit committee within the board of directors to exercise the powers of the supervisory board [2] - The China Securities Regulatory Commission has indicated that listed companies must establish an audit committee by January 1, 2026, to replace the supervisory board [3] - The industry believes that replacing supervisory boards with audit committees will enhance corporate governance efficiency and reduce operational costs, while ensuring independence and professionalism in supervision [3]