Announcement on the Resolutions of the 2007 AGM
2008-3-25
China Minsheng Banking Corp., Ltd.
Announcement on the Resolutions of the 2007 AGM
March 25, 2008
The 2007 Annual General Meeting (AGM) of the Bank was convened at Beijing Friendship Hotel on 24 March 2008. The meeting was convened by the Board of Directors and was presided by Chairman Dong Wenbiao. 39 shareholders and shareholder proxies presented at the meeting, representing 5,807,899,404 shares carrying effective voting rights, or 40.11% of the total capital stocks of the Bank. The meeting complied with the provisions of the Company Law and the Articles of Association. The meeting voted and passed the following resolutions by means of open ballot:
1. Resolution on the 2007 Work Report of the Board of Directors
2. Resolution on the 2007 Work Report of the Board of Supervisors
3. Resolution on the 2007 Closing Financial Report of the Bank
4. Resolution on the 2007 Profit Distribution Plan
The GAAP audited after-tax profits of the Bank in 2007 was RMB 6,335,176,000. In accordance with the provisions of the Circular on the Cessation of the Implementation of Special Audit Requirements on Specific Listed Companies (Zhengjian Kuaiji Zi [2007] No.12), the previous Differences between Domestic and Foreign Audits and Bases of Profit Distribution in Relation to Financial Companies (Zhengjian Kuaiji Zi [2001] No.58) was abolished. The profits will no longer be distributed according to the lower principle.
Drawn at 10% of the after-tax profits under GAAP, the statutory surplus reserves of the Bank amounted to RMB 633,518,000. In compliance with the Administrative Measures for the Withdrawal of Reserves for Non-performing Debts of Financial Enterprises (Cai Jin [2005] No.49) and the Circular on Issues concerning the Withdrawal of Reserves for Non-performing Debts (Cai Jin [2005] No.90) promulgated by the Ministry of Finance, the general reserves were made at RMB 2,800,000,000. Distributable profits under GAAP amounted to RMB 4,727,704,000.
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