Summary by Moomoo AI
The Industrial and Commercial Bank of China (the “Industrial Commercial Bank” or the “Bank”) held a Board Meeting in Beijing on February 1, 2024, chaired by Chairman Chen Shiqing, and passed several important motions. The meeting decided to nominate Mr. Zhang Wenwu as Executive Director candidate and Mr. Murray Horn as Independent Director candidate, both nominations being approved by a full vote. In addition, the meeting also elected Mr. Liao Lin as the new Chairman of the Board, replacing Mr. Chan Siqing, who resigned due to age reasons. Mr. LIU Lin's qualifications for office are subject to approval by the State Administration of Financial Supervision. The meeting also examined the resolution on the issuance of non-capital debt instruments with a total loss absorbing capacity not exceeding RMB 600 billion, as well as the fixed asset investment budget for 2024. ALL MOTIONS ARE SUBJECT TO SUBMISSION TO THE GENERAL MEETING FOR CONSIDERATION. The first Extraordinary General Meeting of the Bank is scheduled to be held on 29 February 2024.