Core Viewpoint - The reform of trust companies is entering a substantive implementation phase, marked by the cancellation of supervisory boards in two listed companies, Shandong Guoxin and Jianyuan Trust, transitioning to an audit committee model for governance [2][3]. Group 1: Company Actions - Shandong Guoxin announced the cancellation of its supervisory board effective November 10, with responsibilities transferred to the audit committee [2][3]. - Jianyuan Trust completed its supervisory board cancellation process, receiving regulatory approval on November 11, with the audit committee taking over its functions [3]. - Both companies followed a structured process from regulatory approval to charter amendment and transfer of powers, ensuring a smooth transition in governance [3]. Group 2: Industry Trends - The cancellation of supervisory boards aligns with regulatory trends and aims to enhance governance efficiency by reducing overlapping functions [4][5]. - The new governance model is expected to resemble the single-tier board system of major international financial institutions, facilitating better alignment with global standards [5]. - The regulatory framework has been updated to allow trust companies to establish audit committees in place of supervisory boards, providing a clear operational pathway for governance optimization [6]. Group 3: Future Outlook - The industry anticipates that more trust companies will follow suit in the next 3-5 years, with the audit committee model becoming the mainstream choice [8]. - The new Company Law allows limited liability companies to opt for audit committees, clearing obstacles for industry transformation [8]. - Companies that have completed governance adjustments must remain vigilant against the risk of superficial implementation, ensuring that audit committees are effective rather than merely symbolic [8].