The person in charge of the relevant departments of the State Administration of Financial Supervision: For the proposed abolition of the board of supervisors, the cumulative tenure of the original external supervisors and the transfer of independent directors shall not exceed six years in principle

On December 25th, the State Administration of Financial Supervision recently issued the "Notice on Matters Related to the Connection of Corporate Governance Regulatory Provisions and Company Law" (hereinafter referred to as the "Notice"), and the heads of relevant departments and bureaus answered questions from reporters on relevant issues. During the implementation of the "Notice", after the Financial Institution Group cancels the board of supervisors, if the original external supervisors meet the requirements for the qualifications of independent directors, they can be transferred to independent directors in accordance with the selection and appointment procedures of independent directors. However, the cumulative tenure of the original external supervisors and the transferred independent directors shall not exceed six years in principle.