What is Zhao Anji's former independent director of Bank of China?

　　China-Singapore Jingwei, February 18 (Wei Wei, intern Zhang Xumin) Recently, the news of the unfortunate death of Angela Chao, chairman and CEO of the American shipping company Foremost Group, has aroused the attention of all parties.

　　According to public information, Zhao Anji was born in the United States in 1973, his ancestral home is Jiading, Shanghai, China, and he is the sister of former U.S. Secretary of Labor Elaine Chao. It is worth mentioning that Zhao Anji is also one of the few expatriates who have served as directors of large Chinese companies, and has served as an independent director of listed companies such as Bank of China and China Shipbuilding.

　　Zhao Anji, Chairman and CEO of Fumao Group Source: Fumao Group website

He was an independent director of Bank of China

　　According to public information, Zhao Anji served as an independent director of Bank of China from January 2017 to June 2022. According to the Corporate Governance Guidelines for Banking and Insurance Institutions, independent directors refer to directors who do not hold any positions other than directors in the banking and insurance institutions they work for, and who do not have any relationship with the banking and insurance institutions, their shareholders or actual controllers that may affect their independent and objective judgment on the company's affairs.

　　According to the announcement of the board resolution issued by Bank of China in June 2016, the proposal to nominate Zhao Anji as a candidate for independent non-executive director of Bank of China was unanimously approved by the bank's board of directors.

　　The statement of the nominee of independent directors pointed out that the board of directors of the nominee, Bank of China, nominated Zhao Anji as a candidate for independent director of the board of directors of the bank, and has fully understood the nominee's professional expertise, educational background, work experience, concurrent positions, etc. The Board of Directors of Bank of China is of the view that the nominee is qualified as an independent director and does not have any relationship with Bank of China that affects his independence.

　　According to the website of the State Administration of Financial Supervision and Administration, on January 4, 2017, the former China Banking Regulatory Commission approved Zhao Anji's qualifications as an independent non-executive director of Bank of China.

　　In addition to serving as an independent non-executive director of Bank of China, Zhao Anji also serves as a member of the Audit Committee, a member of the Risk Policy Committee and a member of the Related Party Transaction Control Committee of the Bank's Board of Directors.

　　As mentioned in the 2021 annual report of independent directors of Bank of China, the Risk Policy Committee of Bank of China has established the U.S. Risk and Management Committee, which is responsible for supervising and managing all risks arising from the bank's institutional business in the United States, and at the same time performing the duties of the board of directors of the bank's New York branch and its professional committees. At that time, the Bank of China U.S. Risk and Management Committee consisted of three members, all of whom were members of the Risk Policy Committee, and Zhao Anji served as the chairman.

　　According to the above-mentioned report, the U.S. Risk and Management Committee of Bank of China held 8 meetings in 2021 in the form of written proposals. Regularly review reports on the risk management and operations of U.S. institutions, as well as the latest regulatory developments in the U.S. In addition, in accordance with regulatory requirements, we approve relevant framework documents and important policies and systems for institutions in the United States. The U.S. Risk and Management Committee of Bank of China put forward relevant opinions and suggestions on how to strengthen risk prevention and control and meet compliance requirements in view of the regulatory dynamics and market changes in the U.S. and the business development strategy of Bank of China in the U.S. institutions.

　　In addition, according to the announcement issued by Bank of China in June 2022, due to the expiration of his term, Zhao Anji will no longer serve as an independent non-executive director of Bank of China, a member of the audit committee of the board of directors of the bank, a member of the risk policy committee, and a member of the related party transaction control committee from June 30, 2022. The Board of Directors of Bank of China expressed its gratitude to Zhao Anji for his contributions to the Bank during his tenure.

　　"Foreigners can serve as independent directors of Chinese banks, and in fact, it is common for large banks to have foreigners as independent directors. Dong Ximiao, chief researcher of Zhaolian and part-time researcher of the Institute of Financial Research of Fudan University, said in an interview with a reporter from China-Singapore Jingwei. He said that in June 2021, the former China Banking and Insurance Regulatory Commission issued the Corporate Governance Guidelines for Banking and Insurance Institutions, which included a special section on independent directors and did not require the nationality of independent directors.

　　Wind shows that in addition to Bank of China, at present, China Construction Bank, Industrial and Commercial Bank of China, China CITIC Bank and other banks have foreigners as independent directors, and there is a precedent. Zhongxin Jingwei reviewed the prospectus (declaration draft) of the initial public offering of A-shares disclosed by China Construction Bank in September 2007 and found that two of the bank's four independent non-executive directors were foreigners at that time.

　　As for the reasons why banks choose foreigners as independent directors, Dong Ximiao analyzed that there are three main situations: first, large banks often take the international route, and have more overseas institutional business, and hiring some overseas celebrities, authoritative experts and scholars as independent directors will help enhance their international image, enhance the recognition and understanding of foreign investors and foreign financial markets on the bank itself, and boost their confidence. Second, some banks listed in Hong Kong, China, will also hire foreigners as independent directors due to some institutional requirements and to facilitate communication with investors in the Hong Kong Stock Exchange and Hong Kong's capital market. Thirdly, some banks have foreign shareholders who may recommend foreigners to serve as independent directors if they hold a certain percentage of the shares, and the board of directors of the bank will often respect the shareholders' recommendation and choose foreigners as independent directors after comprehensive consideration.

　　In addition, according to CSSC's financial report, Zhao Anji served as an independent director of the company from May 2009 to July 2010.

"Creating a bridge between East and West"

　　According to the company's website, it is a New York-based American shipping company founded in 1964 by James S.C. Chao and his late wife, Ruth Mulan Chu Chao.

　　According to foreign media reports, Zhao Xicheng's 6 daughters are all industry elites, the eldest daughter Elaine Chao was the U.S. Secretary of Transportation and Secretary of Labor, the first Asian woman in the U.S. Cabinet, the first Chinese minister, and Zhao Anji is known as "the most capable little sister of the Zhao family", and the daughter inherited her father's business, becoming the only child to inherit her father's business.

　　According to the website named after Mr. Zhao, he earned a bachelor's degree in economics from Harvard University in just three years and a master's degree in business administration from Harvard Business School. Prior to joining Fumao Group, Zhao worked in the M&A division of Smith Barney, formerly part of Citigroup, now part of Morgan Stanley.

　　From 2001 to 2008, Zhao Anji served as Vice President of Fumao Group and was later promoted to Senior President of Fumao Group. In 2018, Zhao Anji became the CEO of Fumao Group.

　　In a statement quoted by The New York Times, Mr. Cho said, "Losing her at such a young age was something we never imagined, and our whole family was immersed in grief." ”

　　"Although she was born in the United States, she never forgot her roots, and throughout her life, she helped create bridges between East and West. ”

　　According to a statement from Fumao Group quoted by CNN, Zhao Xicheng will continue to serve as the company's chairman, and another executive, Michael Lee, will serve as the company's president.

(The views in the article are for reference only and do not constitute investment advice, investment is risky, and you need to be cautious when entering the market.) )

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Editor in charge: Luo Kun and Li Zhongyuan