Chinese tyre maker Jiangsu General Science Technology Co., Ltd. has announced significant changes to its corporate governance structure, confirming the abolition of its Supervisory Board and shifting of oversight responsibilities to the Board of Directors’ Audit Committee. The Supervisory Board’s abolition coincides with a complete board re-election following a recent change in corporate control.
Matt Neale and Aaron Powell have been elected as Association of Fleet Professionals (AFP) board directors, joining the existing 14-strong board following voting by members from more than 20 candidates. Paul Hollick, chair at the AFP, said: “The AFP is experiencing continued growth both in its membership and the scope of its activities, which is why we are boosting the size of the board with these appointments.”
Nokian Tyres’ annual general meeting elected Jukka Hienonen as chair of the board of directors and Pekka Vauramo as deputy chair among other appointments. At the AGM, the Nokian Tyres board appoints from among its members a minimum of three Committee members, one of which acts as the chair of the Committee. Meetings are also attended by the company’s CEO and CFO and the person acting as secretary appointed by the committee. The board also decided to establish the Boards Investment Committee, a group focusing on strategic investments to maximise shareholder value. The board also elected members to its People and Sustainability Committee, Audit Committee, and Investment Committee.
The list of internal candidates proposed for the Hankook Tire & Technology Board of Directors and approved during the shareholders’ meeting on 28 March 2024 does not include chairman Cho Hyun-bum. Cho withdrew his own proposal for reappointment as an internal director on 25 March 2024.
Nankang announced that several directors and independent directors have resigned from the board of directors. Tyrepress China noticed that the directors Huang Mingyou and Chen Hsueh Sheng, who resigned from the board of directors, are both representatives of Kuo Yang Group. At the same time, He Siao-Dong, who came from Kuo Yang Group and served as vice chairman of Nankang subsidiary Nanzong Construction Developments, also announced his resignation.
In preparation for the company’s 2024 Annual Meeting next April, the Nokian Tyres’ Shareholders’ Nomination Board has submitted its proposal to the Board of Directors. With two of the nine current board members not available for re-election, it proposes two new members, Elina Björklund and Elisa Markula. Nokian Tyres comments that these nominations “improve the Board’s gender diversity,” an aim indicated in a company proposal last year.
The Shareholder Committee of Hella GmbH & Co KGaA has appointed Stefanie Rheker as a new member of the management board. There, she will assume responsibility for the automotive supplier’s global human resources management and will take up her role in the second quarter of 2024 at the latest. Human resources is currently managed at management board level by Michel Favre, in addition to his role as chief executive officer.
The Pirelli & C. SpA Board of Directors that was nominated on 31 July met for the first time yesterday. During this meeting, board members nominated Marco Tronchetti Provera to the position of Executive Vice Chairman and Andrea Casaluci as Chief Executive Officer.
After much delay and a hint of Golden Power, Pirelli & C. SpA has a fresh Board of Directors. During the Shareholders Meeting that took place in Milan yesterday, Jiao Jian was named chairman of the Board of Directors. A total of 84.16 per cent of the shareholders with voting rights participated in the meeting and they nominated a total of 15 directors, including nine independent directors.
Pirelli & C. SpA has announced that the Board of Directors meeting to review its financial report for the six months to 30 June 2023 will now take place on Thursday 27 July 2023 and not on 3 August 2023, as previously scheduled.
Italy has applied its Golden Power Decree to Pirelli & C. SpA, influencing the choice of candidates for the next Pirelli Board of Directors. Pirelli reports that its incumbent Board of Directors have received two lists of candidates ahead of the Shareholders Meeting scheduled for 31 July 2023.
Yesterday, the Board of Directors of Pirelli convened to review the demands outlined in the Italian government’s Golden Power Procedure decision. Following deliberation, they reached a decision to recommend deferring discussions concerning the appointment of a new Board of Directors at the forthcoming shareholders meeting scheduled for 29 June 2023. Instead, they plan to address this matter during a subsequent shareholders meeting set to take place on 31 July 2023.
The Board of Directors of Pirelli & C. SpA has received an update from shareholder China National Tire & Rubber Co., Ltd (CNRC) regarding the Golden Power Procedure that Italy’s government launched in response to the renewal of a Pirelli shareholder agreement signed in May 2022. This agreement is scheduled to take effect upon publication of the call for a shareholder meeting on 29 June 2023, however, CNRC informed the Board of Directors that the final provision of the Golden Power Procedure may be issued after the deadline for presenting lists for the next Board of Directors renewal.
Katrina-May Kwan and Nick Pontefract have been appointed to the board of Motorsport UK as independent non-executive directors. Pontefract joined Sport England in 2018 as chief strategy officer. He has led the development and delivery of the body’s new strategy to tackle inequalities in grassroots sports participation. He is a former senior civil servant at the Department for Digital, Culture, Media and Sport, where he worked from 2005, including leading the bid for the Birmingham 2022 Commonwealth Games. He was also a board member of Yorkshire 2019 Ltd, the organising committee for the 2019 UCI Road World Championships.
A meeting of the Pirelli & C. SpA Board of Directors was held yesterday to confirm the cooptation of Li Fanrong to the board and his nomination as chairman. He succeeds Ning Gaoning who, as announced on 8 October, has tendered his resignation from the board.
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