OREANDA-NEWS. September 09, 2014. Based on the decision of CPC Central Committee and the State Council, and to meet the requirement of improving corporate governance of state-owned enterprises, Sinochem Group establishes Board of Directors. Mr. Liu Deshu has been appointed Chairman of the Board, and Mr. Cai Xiyou has been appointed Director and President of Sinochem Group.

On August 26, Sinochem Group convened the backbone-managers meeting. Mr. Wang Jingqing, Deputy Minister of Organization Department of CPC, addressed the meeting and announced the decision of the Central Government. Mr. Jin Yang, Deputy Director of SASAC, and Mr. Mao Dingzhi, Director of the Fifth Cadre Bureau of the Organization Department of CPC, attended the meeting. The meeting was presided by Mr. Liu Deshu, and the leadership of Sinochem Group as well as the general managers of different sections of Sinochem were all present.

In his speech, Mr. Wang Jingqing fully acknowledged the business performance of Sinochem Group in past few years, and spoke highly of the achievement, capability and work styles of Mr. Liu and Mr. Cai. He said, the Central Government had made the deliberate decision by taking the advice of different stakeholders, and for the good of Sinochem Group’s reform and development. It reflects that CPC Central Committee and the State Council pay great attention to Sinochem’s growth, and fully recognize the work of Sinochem leadership, and also indicates their trust and expectation upon Mr. Liu and Mr. Cai.

Mr. Liu noted in his speech that he would firmly uphold the decision of CPC Central Committee and sincerely welcome Mr. Cai. The establishment of the Board of Directors was a must as Sinochem followed its in-depth evolution. It was conducive to enhancing scientific corporate governance, as well as promoting the transformation and upgrades of business development. At the critical stage of ‘The Third Long March’, Sinochem was committed to stepping up its transformation and development, which was not only the crucial task mandated by CPC Central Committee, but also the strong expectation of the 50,000 Sinochem employees. Together with rest of the company’s leadership, he would take the entrustment of the CPC Central Committee to heart, and devote himself to pushing the evolution of Sinochem to a new height.

Mr. Cai stated that he was fully supportive of the decision of the CPC Central Committee, which he was grateful to for developing him and giving him the trust. As he said, Sinochem was one of the major SOEs in China, playing an influential and competitive role in various sectors such as energy, agriculture, chemicals, real estate, and finance etc. He felt much honored to be part of it. Sinochem was currently expediting its strategic transformation and ‘The Third Long March’. He was grateful that he had the privilege to take part in this great cause. With a strong drive for success and a high sense of responsibility, he would firmly assume his role in the evolution of Sinochem.