Corporate Governance

Sinochem International persists in performing legal responsibilities, and strictly abides by domestic and overseas laws and regulations for listed companies. It keeps improving corporate governance system, actively establishes effective governance framework, further discloses information on operations, strengthens ESG governance, and seeks to mobilize its internal growth motivation, to strongly support the sustainable corporate development.

Structure of Corporate Governance

The Board of Directors and Board of Supervisors, set up under the Shareholders' Meeting of Sinochem International, authorize the management of the company to be responsible for the operation, thus forming an effective and coordinated corporate governance mechanism. The Shareholders' Meeting, Board of Directors and special committees, Board of Supervisors and special committees, and senior management operate in a standardized way, with clearly defined responsibilities. These measures have contributed to the continuously improved effectiveness of corporate governance.

In 2019, Sinochem International changed the term of office to the 8th Board of Directors, consisting of 7 directors, of which 3 are independent. For the latest resume of all directors, visit the corporate website www.sinochemintl.com.

Each of the directors of the Sinochem International is empowered according to applicable laws and regulations, and exercises rights and performs obligations under the Rules of Procedure of the Board of Directors. During deliberation of major operational decision, foreign investment, the nomination of senior officers and their remuneration and assessment, internal audit, etc., independent directors of the company always try to learn about the actual situation in different ways, make prudent judgments based on their professional knowledge, and express their independent opinions on the result, playing a key supervisory and advisory role.

Under the Board of Directors are the Sustainable Development Committee, the Strategy Committee, the Nomination and Corporate Governance Committee, the Remuneration and Assessment Committee and the Audit and Risk Committee. The 3 independent directors are the chairman of the Nomination and Corporate Governance Committee, the Remuneration and Assessment Committee and the Audit and Risk Committee, respectively. Besides, independent directors account for the majority members in the three important professional committees.

Newly appointed directors are trained in the company in terms of corporate business, operations, organizational structure, legal supervision obligations of directors and supervisors, terms of reference of each of the professional committees, etc., to make sure they are well aware of operations and business development of the company, to properly perform their obligations under each of the applicable laws and regulations, as well as the corporate rules. Additionally, directors are informed of the business operations of the company via quarterly financial statements submitted to them at regular intervals.

In December 2019, Sinochem International was awarded the Board Value Creation Award at the 15th Golden Round Table Prize for the Board of Directors of China Listed Companies.

Corporate Governance Corporate Governance
 
Strengthening ESG Management

Sinochem International attaches great importance to ESG management. To further improve corporate governance structure, the Sustainable Development Committee has been set under the Board of Directors. This committee is mainly in charge of deliberating the sustainable development goals and plans of the company, supervising the operation of the sustainable development management system, allocating resources and offering instruction to improve sustainability of the company. It reports to the Board. The committee is composed of three directors of the Board, including Chairman Yanghua, General Manager Liu Hongsheng and Independent Director Xu Yongqian. To perform its duties, the committee has set up a Sustainable Development Task Force supported in execution by five special groups: HSE, Production & Operation, Community Communication, Employee Care, and Supply Chain. Currently 20 employees are assigned to the Task Force.

Corporate Governance
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