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Announcement on the Resolutions of the 20th Meeting of the 4th Session BOD

2008-8-26

 

The 20^th meeting of the 4^th session BOD was convened on August 22, 2008 in Beijing. The meeting notices were sent out by express mails and emails on August 12, 2008. The meeting was presided by Chairman Dong Wenbiao with all 18 directors’ participation, in which 5 directors entrusted others to execute their voting rights. 6 out of 9 supervisors presented at the meeting. The meeting complied with the rules and regulations under the Company Law and the Articles of Association, and the resolutions passed were legal and effective.

 

The meeting reviewed and passed the following resolutions:

 

1.      2008 Interim Report of the Bank (Text and Abstract)

Voting result: Affirmative: 18 votes; Negative: 0 vote; Abstention: 0 vote.

 

2.      Resolution on Increasing Funds for the Core Banking System Reconstruction Project

The meeting consented to increase additional funds of RMB 340 million to a total amount of RMB 540 million on the basis of the adopted annual project budget. 

 

Voting result: Affirmative: 18 votes; Negative: 0 vote; Abstention: 0 vote.

 

3.      Resolution on the Related-Party Loans of Minsheng Financial Leasing Company

The meeting consented to grant RMB 2.5 billion of comprehensive credits to Minsheng Financial Leasing Company, which included:

1)        No more than RMB 1 billion of borrowings from banks under the terms from 3 months    to one year, with interest rate calculated in accordance with Shibor;

2)  RMB 1.5 billion of borrowings under 3-year term, with interest rate calculated based on the benchmark interest rate for lendings. The guarantee type should be leasing receivables pledge at a rate of 90%.

 

Voting result: Affirmative: 14 votes; Negative: 0 vote; Abstention: 4votes.

 

4.        Resolution on Initiating and Establishing Cixi Minsheng County and Village Banking Co., Ltd.

The meeting consented to initiate and establish Cixi Minsheng County and Village Banking Co., Ltd. with a capital input of RMB 35 million, and the shares held accounted for 35% of the total capital stock of the new bank. The BOD authorized the management to proceed with application procedures, signing of relevant legal documents, and authorized it Ningbo Branch to carry out preparatory works, negotiations (including choosing shareholders) and the initiation works, as well as to execute investor’s rights.  

 

Voting result: Affirmative: 16 votes; Negative: 0 vote; Abstention: 2 votes.

 

5. Provisional Measures for Evaluation of Due Diligence of Senior Executives of the Bank

For details, please refer to the website of the Shanghai Stock Exchange at www.sse.com.cn.

 

Voting result: Affirmative: 18 votes; Negative: 0 vote; Abstention: 0 vote.

 

 

Board of Directors

China Minsheng Banking Corp., Ltd.

 

 

 

 

 

 

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