On April 19, sources close to Gree executives told reporters that Dong Mingzhu was expected to obtain the nomination qualification for the Eleventh Director of Gree Electric Appliances. This means that at the Gree Electrical Appliances shareholders meeting to be held on May 31st, Dong Mingzhu The probability of being re-elected as chairman of Gree Electric Appliances.
The above source said that at present, Gree Electric is still inseparable from Dong Mingzhu. In response to this, the interface news reporter asked the Gree Electric Appliance Marketing Department to verify that the other party just said 'I don't understand the situation.'
Gree Electric released the 2016 annual report shows that Dong Mingzhu's tenure will expire on May 31, 2018.
According to Article 4.6.8 of Gree Electric's "Articles of Association" (promulgated in April 2017), the company's board of directors, board of supervisors, and shareholders who separately or jointly hold more than 3% of the company's shares have the right to nominate directors and candidates for the supervision of shareholder representatives; Article 5.1.2 stipulates: Directors shall be elected or replaced by the general meeting of shareholders for a term of three years. Upon expiration of the term of office of the directors, they may be re-elected.
Gree Electric Appliances is a state-controlled enterprise. The actual controller is the State-owned Assets Supervision and Administration Commission of Zhuhai Municipal People's Government. The first largest shareholder is Gree Group, which is 100% controlled by Zhuhai State-owned Assets Supervision and Administration Commission, and holds 18.22% shares of Gree Electric Appliances.
In accordance with past practice, Gree Group can recommend four Gree Electric board seats, and the second largest shareholder River Beijing Guarantee Investment can recommend two board seats. In addition, Gree Electric also has three independent board seats.
Image Source: Vision China
To be re-elected as Chairman of Gree Electric Appliances, Dong Mingzhu must first obtain the support of Gree Group and obtain the qualifications recommended by the directors. According to the announcement of the resolutions of the 24th board of directors of Gree Electric Appliances and the resolutions of the 20th meeting of the 9th Board of Directors, Dong Mingzhu and others 3 Gree executives' board seats are recommended by Gree Group.
In October 2016, the Zhuhai State-owned Assets Supervision and Administration Commission has removed the chairmanship of Dong Mingzhu Gree Group. At that time, it was thought that he no longer served as Chairman of Gree Group, making it difficult for Dong Mingzhu to influence the Gree Group's recommendation for a director candidate, and to On the shadow.
The turning point of the matter may have been the adjustment of the leadership team of Zhuhai City. In February of this year, the former member of the Standing Committee of the Shenzhen Municipal Committee and the Secretary-General Guo Yonghang became Zhuhai Municipal Party Committee Secretary.
According to the “Nanfang Daily” report, on March 29th, Zhuhai Municipal Committee Secretary Guo Yonghang went to Gree Electric to investigate and listened to Dong Mingzhu’s introduction to Gree’s production, operation and future development. Guo Yonghang recognized Gree’s contribution to Zhuhai’s economic development and requested each The Party committee's government went all out to support Gree's development, so that 'there is always a call, there is something to be answered, there is a need for must'.
A source said that the new leadership team in Zhuhai has very much recognized Dong Mingzhu, thinking that Gree can achieve more goals under her leadership.