Summary by Moomoo AI
COSCO Shipping Holdings Co., Ltd. recently announced the establishment of a compensation committee of the board of directors and formulated related working rules. The committee is mainly responsible for formulating compensation policies and plans for company directors and senior management, and making recommendations to the board of directors. The committee is composed of three to five directors, with a majority of independent non-executive directors. The committee's responsibilities include formulating compensation policies, plans or programs, reviewing the performance of directors and senior management, and reviewing the execution of the company's compensation system. In addition, the committee will also be responsible for reviewing and approving matters related to share plans as described in Chapter 17 of the Listing Rules of the Hong Kong Stock Exchange. The board of directors will review the committee's recommendations and submit them to the shareholders' meeting for approval. The rules have been approved by the board of directors and will take effect simultaneously with the Proposed Amended Articles of Association (March 2024).