The bank supervisory board system, which has been in operation for nearly 30 years, is approaching its final chapter

According to the arrangement of the China Securities Regulatory Commission, listed companies are required to abolish the supervisory board by 2026. More than a dozen banks, including INDUSTRIAL BANK, BANK OF LANZHOU, and SPD Bank, have announced in December that they will no longer establish a supervisory board. This series of changes stems from the top-level legal restructuring. With the implementation of the new Company Law and the supporting systems of the Financial Regulatory Administration and the China Securities Regulatory Commission, the reform of corporate governance effectiveness in the banking industry is moving from paper to reality. The supervisory chairman, previously known as one of the "three chiefs" along with the chairman and president, is gradually "disappearing," and the supervisory function is being taken over by the audit committee established under the board of directors. (Shanghai Securities Journal)