Chairman Yang Kai said in a filing to the Hong Kong stock exchange he had removed his business partner Ge Kun from the board after “it has been more than two months since the Company was last in communication with Ms. Ge Kun,” adding he “had come to the view that Ms. Ge has vacated her position as a director of the Company with immediate effect.”
The removal of Ms Ge leaves Mr Yang as the sole remaining member of the Chinese dairy company’s board, meaning it remains below the minimum three directors required to act on the dairy group’s behalf.
A flurry of director resignations following the share plunge left just Mr Yang and Ms Ge as the two remaining directors in April.
Mr Yang said in the latest statement:
«As a result,save forthe appointment of additional directorsto the Company and the convening of general meetings, the Board cannot to act for and on behalf of the Company until the minimum requirement forthe number of directors has been met. Mr. Yang Kai continuesin his effortsto identify potentialcandidatesfor directorshipsin the Company.»
Ms Ge has also been removed as a member of the company’s remuneration committee, nomination committee and its food quality and safety advisory committee.
Source: The Financial Times
Link: https://www.ft.com/content/cc208fcb-d5b5-395b-8003-c8100eb7593d
