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Xiangshan National Village Bank, the first bank listed on the New Third Board in Zhejiang, received a warning letter because the remuneration of directors and supervisors was not reviewed by the shareholders' meeting. Also punished were the bank's chairman and president and the then vice president.

According to the Ningbo Securities Regulatory Bureau, after investigation, it was found that the remuneration of directors and supervisors of Xiangshan National Rural Bank was not disclosed in the public announcement after the board of directors reviewed and approved it, but it was not reviewed by the shareholders' meeting. Chairman Lu Ningsheng and then-in-charge of information disclosure Weng Qiaoyan were responsible for the violation. According to regulations, the bureau decided to take supervisory and management measures against National Rural Bank, Lu Ningsheng, and Weng Qiaoyan by issuing a warning letter, and record it in the integrity file of the securities and futures market.

The Ningbo Securities Regulatory Bureau requires that Xiangshan National Rural Bank should attach great importance to the above-mentioned issues, further strengthen the company's internal control management, effectively improve the standardization of the operations of shareholders' meetings, boards of directors, and boards of supervisors, and improve the level of corporate governance.

△Xiangshan National Rural Bank.

In accordance with the Company Law and the Measures for the Supervision and Administration of Unlisted Public Companies, the shareholders' meeting may exercise the power to "decide on matters concerning the remuneration of directors and supervisors". The company shall disclose to shareholders on a regular basis the remuneration received by directors, supervisors and senior management from the company. At the same time, the board of directors shall not make resolutions on matters beyond the scope of the board of directors' power and authorization on behalf of the shareholders' meeting.

A search by Xiangcai Plus found that Xiangshan National Rural Commercial Bank had never disclosed the remuneration of directors and supervisors in its annual report or other announcements before, but was not punished by regulators until this year, possibly due to shareholder dissatisfaction.

Public information shows that Xiangshan National Village Bank was established in August 2008 and is registered in Shipu Town, Xiangshan County. It was initiated by Yinzhou Bank and is also the first village bank in Ningbo. In 2017, the bank was listed on the New Third Board, becoming the first village bank in Zhejiang Province and the third in the country to be listed on the New Third Board, creating a precedent for village banks in Zhejiang Province to enter the capital market.

According to the annual report, the bank's controlling shareholder is Ningbo Yinzhou Rural Commercial Bank, which holds 47.17% of the shares. The top ten shareholders hold more than 90% of the shares and are local private enterprises or individual shareholders in Ningbo.

Lu Ningsheng, who was also fined this time, is the chairman and president of Xiangshan National Rural Commercial Bank, and Weng Qiaoyan is currently the bank's supervisor.

△Lu Ningsheng, Chairman of Xiangshan National Rural Bank.

According to his resume, Lu Ningsheng was born in March 1966. He has a college degree and graduated from Ningbo Radio and Television University with a major in economics and management. He has been engaged in finance for 34 years. He has served as a credit officer, business office director, and deputy director of the Yinxian Credit Union Office. After the restructuring of Yinzhou Bank, he served as deputy branch president and president. Since September 2017, he has served as chairman of the National Bank and concurrently as president.

Weng Qiaoyan was born in October 1978. She graduated from the Central Radio and Television University with a master's degree and the title of intermediate accountant. She has served as a teller, computer administrator, branch manager, and accounting supervisor of the head office business department of Yinzhou Rural Commercial Bank. She joined the National Bank in 2014 and served as assistant president, vice president, financial director, and information disclosure director. In November 2023, she was transferred to the position of chief supervisor of the bank.

△Weng Qiaoyan has been transferred to the position of Supervisory Director of Xiangshan National Rural Bank.

Since 2023, many banks on the New Third Board have been delisted, including Qiongzhong Rural Credit Bank, Kashi Bank, and Hakka Bank. Previously, Xingnong Bank also announced that it was preparing to terminate its listing. After the bank was delisted, there are only four banks listed on the New Third Board, namely Huitong Bank, Lucheng Bank, National Bank, and Rugao Bank.

Xiangcai Plus checked the other three banks and found that only Lucheng Bank disclosed the remuneration of directors and supervisors. According to the bank's annual report, the total remuneration of Chairman Yang Maojie in 2023 was 1.0886 million yuan, Director and President Lu Junzhong 1.0108 million yuan, Independent Directors Zhang Wansu and Fang Min 75,600 yuan and 6,300 yuan respectively, former Independent Director Zheng Chuiyong 12,600 yuan, and Employee Supervisor Lian Peidong 481,400 yuan.

Huitong Bank and Rugao Bank have not disclosed the remuneration of directors and supervisors in their annual reports. So far, the two banks have not received any regulatory penalties for this.

Overall planning/New Xiangcai Comprehensive/Xiangcai Plus

*Important note: All data or information cited in Xiangcai Plus articles are from public channels such as the periodic reports, interim announcements, official releases and media reports of the companies mentioned in the articles, and we make every effort to ensure that the data can be verified and the information can be verified. If there are any possible errors or omissions, please leave us a message.