Sinovel votes in new board

CHINA: Sinovel has had another top-level restructure with the election of nine new directors to the board.

At the year's first provisional shareholders' meeting held yesterday in Beijing, delegates representing 83.57% of the firm's total shares voted to select nine directors from a list of 15 nominees.

Sinovel board chairman and president Wang Yuan quit the posts in July 2014 following his two predecessors' resignations 14 months and 16 months previously.

The company had since been running without a board chairman. Vice president Tao Gang had been in charge of the company's overall business in the past few months. He chaired yesterday's meeting.

None of the incumbent board directors appeared on the list of nominees. Several former or incumbent directors, including former founding chairman Han Junliang and stand-in president Tao Gang, were ruled by the China Securities Regulatory Commission in December to be barred from stock market operations for periods varying from lifetime to five years.

At yesterday's meeting, Chen Lei received the largest number of votes for non-independent directors. Liu Delei led the group of three elected as independent directors.

Wei Wenyuan, who had served as Sinovel board chairman for two months, was included as a nominee for non-independent director but failed to get enough votes.

Four nominees from equity fund Fuhai New Energy, which, together with another company, had bought into Sinovel at a combined cost of CNY 1.78 billion ($289 million), stood for selection as non-independent directors. Two of them, Xiao Qun and Li Mingshan, were elected to the new board.

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