OREANDA-NEWS. May 27, 2013. 2012 Annual Shareholders’ Meeting of Shanxi Taigang Stainless Steel Co. Ltd. (STSS) was held in Garden International Hotel on the morning. Ten shareholders (or proxies), some board directors, supervisors, top managers of STSS and lawyers attended the meeting.
 
The meeting was presided by Li Xiaobo, Chairman of STSS.
 
All the motions of the meeting were voted by disclosed ballot one by one. The participants in the meeting deliberated and adopted the STSS 2012 Annual Work Report of the Board of Directors, the STSS 2012 Annual Work Report of Board of Supervisors, the motion on the STSS 2012 Annual Report and its Abstract, the motion on the STSS 2012 Annual Profit Distribution, the motion on the STSS 2013 Comprehensive Budget, the motion on the STSS 2013 Investment Budget in the Fixed Assets, the motion on the STSS 2013 Connected Transactions related with the Day-to-day Operation, the motion to Hire Auditing Body for the STSS 2013 Annual Financial Report, the motion to Hire the STSS 2013 Internal Control Auditing Body, the motion to Work out the Planning of Dividend Distribution to Shareholders in the Next Three Years and the motion on By-election of Director to the Board of Directors. Because of age, Mr. Li Fuxing would no longer hold the position as a member of the Board of Directors and President of the STSS and would not hold other positions in STSS. According to the recommendation by the controlling shareholder, Mr. Zhang Zhifang was elected as a member of the Board of Directors, replaced Mr. Liu Fuxing as a member of Strategic Committee and Nomination Committee of the STSS Board of Directors. The meeting also heard the 2012 Annual Activities Report of the STSS Independent Directors.
 
The legal advice was issued by the lawyers who witnessed the meeting: The procedure to convene and hold the STSS 2012 annual shareholders’ meeting, the qualification of the meeting attendees and conveners, the voting formula and the procedure of the meeting conformed to the relevant provisions of the Company Law, Rules of the Shareholders’ Meeting and Articles of the Association, the resolutions adopted on this shareholders’ meeting are lawful and valid.