The third member representative meeting of Deyang Fiberglass Shareholding Federation was successfully held

Yesterday (June 13), the third member representative assembly of the Company Shareholding Federation was held in the fourth conference room.

At 14:00, Comrade Chen Shien presided over the preparatory meeting. The participants passed the agenda of the meeting by a show of hands, and the list of proposed members of the presidium of the meeting was approved unanimously.

Li Shiqi, deputy director of the Municipal Economic and Information Commission, Gu Yinggui, chief of the Social Organization Section of the Civil Affairs Bureau, Wu Zhiqiang, director of the Comprehensive Division of the Municipal Economic and Information Commission, and Ren Yating, deputy director of the Municipal Economic and Information Commission, were invited to attend the conference and took seats in the front row of the rostrum. Also seated on the rostrum were Yang Wanjia, Chen Shien, Yang Yuling, Guo Jiong, Jing Tingfu, Tian Min, Wu Qunying, Yang Shiping, Zhou Tianxue, Jiang Xia, Zhong Yingui.

121 official representatives should be present at the conference, and 103 were actually present, which is in line with the quorum.

The conference has nine main items on the agenda: one is to listen to and review the "report of the preparatory work report"; the second is to listen to and review the "Second Council Work Report"; the third is to listen to and review the "Second Council Expenditure Report" ; The fourth is to review and amend the articles of association, the issuance and management of equity certificates; the fifth is to elect the third council members and the chairman; the sixth is to vote on the work report of the board of directors, the report on funds receipts and expenditures, the articles of association and the issuance and management methods ; Seven is to pass the resolutions of the conference; eight is to make a guiding speech by superior leaders; nine is to make a speech by the newly-elected chairman of the board.

At 14:10, the conference officially began.

Comrade Chen Shien made the "Report on the Preparatory Work for Deyang Fiberglass Shareholding Federation".

Comrade Yang Wanjia made the "Work Report of the Second Council of the Deyang Fiberglass Shareholding Federation" (hereinafter referred to as the "Work Report of the Council").

The "Report on the Work of the Council" is divided into three parts: One is the review of the work of the second session of the Council. The second is the main problems that currently exist in the board of directors. The third is the next plan of the board of directors.

The “Work Report of the Council” pointed out that there are currently two main problems with the Council: First, employee shareholding will be subject to policy restrictions. According to the regulations of the Civil Affairs Department [2000] No. 110 of July 2000, the civil affairs departments of various localities will temporarily not treat enterprises. Internal employee stock ownership associations are registered as association legal persons. Up to now, my country has no provisions on the legal status of employee stock ownership associations in the company law and other laws and regulations. There are legal obstacles to the board. Second, the status of the board's internal shareholding structure restricts the company's long-term development. Due to the excessive dispersion of employee equity and the lack of realistic possibility of participating in the company's operation and management, the incentive purpose of enhancing the company's cohesion has not been well realized, resulting in employee shareholding contrary to its original intention. Such a shareholding model has seriously affected the corporate governance structure, making it difficult for the company to build an external financing platform, and making it impossible for the company to introduce other equity capital. For this reason, the company has missed quite a lot of development opportunities. At present, the issue of employee stock ownership meetings has also become an obstacle in the company's equity financing, or debt financing such as bank loans or issuance of bonds, which has seriously affected the company's fund-raising.

The "Work Report of the Board of Directors" deployed the next steps from two aspects: first, effective measures were taken to reorganize the federation through equity transfer, and effectively resolve the issue of the legal status of the federation. The second is to effectively solve the problem of the decentralized shareholding of the federation, carry out appropriate concentration, introduce strategic investors, and break the bottleneck of the company's development.

Comrade Huang Jian made the "Report on the Funds Revenue and Expenditure of the Second Council of the Deyang Fiberglass Shareholding Federation".

Comrade Huang Jian made an explanation on the amendments to the "Articles of Association of Deyang Fiberglass Shareholding Association" and the "Measures for the Issuance and Management of Stock Certificates of Deyang Fiberglass Shareholding Association".

At 15:00, the general assembly passed the election method by a show of hands, and recommended and approved the list of scrutineers, vote-counters, and casters.

At 15:10, the election officially began, 121 official representatives should be present, and 103 official representatives were actually present, which meets the quorum. The voter inspected the ballot boxes on the spot, sealed them, and distributed the ballots. The delegates carefully filled in the ballots. After strict voting and counting, Yang Wanjia, Chen Shien, Yang Yuling, Guo Jiong, Jing Tingfu, Tian Min, Wu Qunying, Yang Shiping , Zhou Tianxue 9 comrades were elected as the third board of directors of the Federation of Shareholdings. Huang Jian was elected as the Secretary-General.

At 16:00, the Deyang Fiberglass Holding Federation held the first meeting of the third council and elected Yang Wanjia as the chairman of the third council.

At 16:10, the conference unanimously passed the "Work Report of the Second Council of Deyang Fiberglass Shareholding Federation", "Work Report of the Second Council of Deyang Fiberglass Shareholding Federation", by a show of hands. Articles of Association, Equity Certificate Issuance and Management Measures Amendment Clause.

Yang Wanjia read out the "Conference Resolution", which was passed by the delegates unanimously.

Li Shiqi, deputy director of the Municipal Commission of Economy and Information Technology, delivered a speech, expressing gratitude for the work done by the previous federation and congratulations on the newly elected new council members. She pointed out that the first purpose of the new council is to actively guide employees to share benefits and risks, and enhance corporate cohesion. The second is to modify and improve the articles of association, and handle the relationship between shareholders, the board of directors, and the enterprise. The third is to guide employees who hold shares to play a good role model, and guide employees to actively contribute to the development of the company. I wish Sichuan Fiberglass Group a thriving and happy family of employees!

Gu Yinggui, Chief of the Social Organization Section of the Civil Affairs Bureau, delivered a speech to congratulate the successful convening of this conference. He pointed out: The new council must clarify the rights and obligations and continue to serve the members well.

Comrade Yang Wanjia, the newly elected chairman of the board, delivered a speech, thanking all members for their support. He pointed out: The third board of directors will make every effort to introduce strategic investors, and will certainly not disappoint everyone's trust, promote better and faster development of the enterprise, and achieve a win-win situation for operators and owners.

At 17:15, the conference successfully completed all the established tasks and concluded successfully.