Banks in action, over 20 banks have abolished their supervisory boards

Since the implementation of the newly revised Company Law on July 1, 2024, more than 22 banks have initiated or completed plans to abolish their supervisory boards, including CZBANK and Chongqing Rural Commercial Bank. According to the new law, banks can establish an audit committee within the board of directors to replace the functions of the supervisory board. The National Financial Regulatory Administration has also issued relevant notices to adjust the functions of the supervisory board. This move marks a significant transformation in the supervisory board system of banks