State Administration of Financial Supervision: Allows Financial Institution Groups to perform the duties of the board of supervisors by the audit committee under the board of directors according to their actual situation, and there is no board of supervisors or supervisors

On December 25th, the State Administration of Financial Supervision recently issued the "Notice on Matters Related to the Connection of Corporate Governance Regulatory Provisions and Company Law", which will come into force from the date of issuance. The "Notice" mentions that Financial Institution Groups are allowed to optimize the establishment of supervisory institutions according to their own actual conditions. The board of supervisors and supervisors can continue to be retained, or the audit committee under the board of directors can choose to perform the duties of the board of supervisors without a board of supervisors or supervisors. Institutions with more than 300 employees, except for those that have a board of supervisors and employee supervisors according to law, shall have employee directors among their board members.