OREANDA-NEWS. In the afternoon of March 11, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held a working conference on constructing the Standard Board of Directors in Beijing Chemsunny World Trade Center; the First Board of Directors of Sinochem Group was officially founded.

Meng Jianmin, Vice Director of SASAC attended this conference, together with relevant responsible persons from the 5th Cadre Bureau of the Organization Department of the Central Committee of the CPC, Reorganization Bureau and 1st Enterprise Cadre Bureau of SASAC, 07 Office of the Board of Supervisors. The attendees also included Frank Ning, Chairman of Sinochem Group, External Directors Ma Chuanjing, Wang Junfeng, Li Jinfeng, Wei Weifeng, Staff Director Zhu Yongliang, Sinochem Group leaders in Beijing, staff of middle-management above in the headquarters, and the leaders of subordinate enterprises in Beijing, etc.

The appointment of external director(s) by the SASAC was notified during this conference. Vice Director Meng Jianmin, on behalf of the SASAC, issued the letter of appointment to the external directors for the First Board of Directors of Sinochem Group. Chairman Frank Ning signed a service contract with the external directors in the name of the Sinochem Group.

According to Vice Director Meng Jianmin, such measures as founding a standard Board of Directors in central enterprises and improving the company's governance structure are major initiatives to implement instructions and spirits of the Party Central Committee and the State Council, and also the key foundation to establish the modern enterprise system, which will assist enterprises in improving management level and development quality. So it is of great significance for enhancing the enterprise operating capability and maintaining the safety of state owned assets.

Vice Director Meng Jianmin said that, Sinochem Group, through promoting the market reformation, strategy transition and second pioneering work and development in recent years, has achieved high-speed growth of business performance, substantially stable development as well as relatively strong market competitiveness and high position in terms of such five major industries as energy, agriculture, chemical engineering, real estate and finance. However, Sinochem Group is also faced up with great challenges and tests, including price dropping of bulk commodities, sluggish chemical product market, anabatic industrial competitions along with the increasing complex environment at home and aboard. Besides, it is bearing heavy tasks in terms of deepening reform, strengthening management, quality and efficiency increasing, safe production, specialized control of unprofitable firms, etc. Sinochem Group is expected to grasp this opportunity of founding the standard Board of Directors to promote comprehensively its position in industry and international competitiveness, continuously boost the strategy transition and industrial upgrading and optimization, thus achieving sound and sustainable development.

Building a standard Board of Directors is an important milestone to facilitate Sinochem Group on the road of establishing a modern enterprise system, which contributes to perfecting governance and standardized operation, improving the enterprise management level and international competitiveness and helping Sinochem Group carry out its responsibilities and mission, said Chairman Frank Ning, in the name of the First Board of Directors of Sinochem Group. According to Chairman Frank Ning, he and all other members of the Board of Directors shall cooperate closely in a bid to effectively implement the responsibilities of the Board of Directors and give full play to the role of it. In compliance with the philosophy of "innovation, coordination, greenness, openness and sharing", they shall live up to expectations and great trust of the Party and the State, shareholders and employees, diligently committed to promoting the strategy transition, reform and innovation of Sinochem Group.

The newly established Board of Directors of Sinochem Group held the first conference subsequently. This conference made a resolution to appoint Li Qiang as the Secretary of the Board of Directors, and also approved the proposal and candidates of all special committees, and heard the work plan 2016 by the Board of Directors.

Chairman Frank Ning hoped that all directors would fulfill their responsibilities upon these requirements of being assiduous and dedicated, devoted, fair and objective as well as uncompromising integrity, in order to build a legal, pragmatic and efficient Board of Directors, and give full play to the great role of the Board of Directors in the corporate governance structure, on the basis of mutual understanding and communication.