BEIJING - Air China (OTC:AIRYY) Limited has announced a comprehensive update to its articles of association, reflecting changes in corporate governance and operational practices. The updated articles, which were adopted at various general meetings from 2004 to 2024, have been approved by the State-Owned Assets Supervision and Administration Commission of the State Council on multiple occasions, with the latest approval on January 26, 2024.
The revisions encompass a broad range of corporate activities, including the objectives and scope of business, share capital structure, and the rights and obligations of shareholders. Notably, the updated articles emphasize the company's commitment to customer-oriented services and the development of telecommunications and information businesses.
The articles outline the detailed procedures for share issuance, transfer, and capital adjustments, ensuring compliance with legal and regulatory standards. They also specify the governance structure, delineating the roles and responsibilities of the Party Committee, the Board of Directors, the Supervisory Committee, and senior management.
In particular, the articles address the qualifications and duties of directors and supervisors, highlighting the need for honesty, diligence, and adherence to legal and ethical standards. The company has instituted a rigorous financial and accounting system, including provisions for profit distribution, audits, and the appointment of an accounting firm.
The updated articles also provide clear guidelines for corporate actions such as mergers, demergers, dissolution, and liquidation, ensuring that the interests of shareholders and creditors are protected. Additionally, they set forth the procedures for amending the articles of association and detail the methods for issuing notices and public announcements to shareholders.
This update, based on a press release statement, reflects Air China's ongoing efforts to align its corporate governance with international best practices and to safeguard the interests of its shareholders and stakeholders.
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