All members of the Board of Supervisors hereby warrant the authenticity, accuracy and integrity of this Announcement, and shall bear joint responsibility for any false or misleading statements or material omissions contained in this announcement.
The twenty-first meeting of the fourth Board of Supervisors was convened in Fuzhou on October 11, 2010. Nine supervisors were required to attend the meeting, wherein, the number of supervisors that actually attended the meeting was nine. (Supervisor Zhou Yuhan entrusted chairwoman of the Board of Supervisors Bi Zhonghua to exercise voting rights on her behalf). The meeting was convened in compliance with the provisions of the Company Law of the People’s Republic of China and the Articles of Associations of the Company.The meeting was presided over by Chairwoman Bi Zhonghua. The following proposals were reviewed and adopted at the meeting:
I. Proposal on the Nomination of Candidates for Equity Supervisors and External Supervisors of the Fifth Board of Supervisors
Based on the recommendations made by shareholders and other parties, the Board of Supervisors agrees to nominate the following 6 persons as supervisor candidates for the fourth Board of Supervisors, and submits said nominations to the general shareholders’ meeting for election.
Four candidates for equity supervisors (in the order of the number of shares held by the recommending shareholders): Wu Xiaohui, Xu Guoping, Li Zhaoming, Zhou Yuhan
Two candidates for external supervisors(in the order of the number of strokes in the surname): Wang Guogang, Zhou Yeliang
Voting Results: 9 votes in favor; 0 votes in opposition; 0 abstentions
The above candidates will be submitted to the general shareholders’ meeting for deliberation. Employee-representative supervisors will be elected in the Company’s Employee Representative Meeting.
II. Proposal on Revision of the Allowance Scheme for External Supervisors. External supervisor Li Shuang, Wu Shinong abstained from voting on this proposal.
With a view to strengthening and regulating the management of allowances for external supervisors and further stimulating external supervisors to exercise due diligence in the performance of duties, the amendment of the Allowance Scheme for External Supervisors is proposed according to the principle of balance between risks, responsibilities and interests. The main amendments are as follows: “meeting allowance” is changed to “work allowance”, for the purpose of reflecting external supervisors’ participation in company meetings and survey and training activities organized by the company or regulatory departments. The allowance is raised from RMB 60,000 to RMB 80,000 per year. The method of issuance is changed to the following “issued on a quarterly basis an on the average of the number of times an external supervisor personally attends general shareholders’ meetings, meetings of the Board of Supervisors, committee meetings, meetings of the Board of Directors as observers, and surveys, seminars and training sessions organized by the bank and regulatory departments.” (Original provision: issued on a quarterly basis in proportion to the number of times an external supervisor personally attends board meetings and board committee meetings).
Voting Results: 7 votes in favor; 0 votes in opposition; 0 abstentions
The above proposal still needs to be submitted to the 1st extraordinary general shareholders’ meeting of 2010 for review.
The meeting also listened to the report on risk status for the first half of 2010.
The Board of Supervisors
Industrial Bank Co., Ltd
October 12, 2010