New China Life reshapes board, establishes committees

New China Life Insurance Co Ltd has formalised updates to its board structure after confirming the regulatory approval of a director appointment.

The company also reported the results of its second extraordinary general meeting of the year.

Board members

The company’s board now includes chairman and executive director Yang Yucheng and executive director Gong Xingfeng.

The non-executive director group comprises:

• Yang Xue
• Mao Sixue
• Hu Aimin
• Li Qiqiang

Meanwhile, the independent non-executive directors are:

• Ma Yiu Tim
• Lai Guanrong
• Xu Xu
• Guo Yongqing

Committee assignments

Five board committees have been established, each with specific responsibilities and membership:

• Strategy Committee – chaired by Mao Sixue, with members including Yang Yucheng and Gong Xingfeng.
• Investment Committee – led by Yang Yucheng, with Mao and other directors contributing as members.
• Audit and Related Party Transaction Control Committee – chaired by Yang Xue, involving oversight of internal transactions.
• Nomination and Remuneration Committee – headed by Xu Xu, focusing on executive appointments and compensation.
• Risk Management and Consumer Rights Protection Committee – led by Guo Yongqing, addressing enterprise risk and consumer advocacy.

Committee roles have been distributed among board members to support governance and compliance standards.

Regulatory confirmation of new director

The company finalised its board members after the National Financial Regulatory Administration (NFRA) approved the qualification of Mao Sixue as a non-executive director, effective March 26.

Her tenure aligns with the current board’s term. The company confirmed she will not receive compensation for serving in her director capacity.

Shareholder meeting outcomes

Aside from making leadership appointments, New China Life recently held its second extraordinary general meeting at the company’s Beijing headquarters.

The meeting allowed both physical attendance and online participation for A-share investors. Computershare Hong Kong Investor Services Limited supervised the vote count.

A total of 570 shareholders or proxies attended. The total number of shares represented was 1.58 billion, or approximately 50.7% of the company’s outstanding shares. Of these, 569 participants held A shares and one held H shares.

Shareholders approved a resolution authorising the issuance of domestic undated capital bonds. Approximately 99.97% of votes cast supported the measure. The company noted that the special resolution passed with more than the required two-thirds majority.

Legal firm Fangda Partners oversaw the meeting process. Representatives Huang Chao and Ai Hui were in attendance and later issued a legal opinion affirming that the meeting complied with all relevant legal and procedural requirements under PRC regulations and the company’s Articles of Association.