Zhongfu Industry (600595) announced today (24th) that the Henan Supervisory Bureau issued a "Decision to Take Corrective Actions" against the company and requested the company to further regulate and rectify issues concerning corporate governance.
The "Decision" pointed out that the company has related problems in corporate governance, the operation of the three associations, information disclosure, financial management and accounting, such as the lack of implementation of the company's internal auditing system and cash management system, rules of procedure of the general meeting of shareholders and board meetings. The rules are not strictly enforced, some financial information is not fully disclosed, and some account transactions are not standardized.
The announcement pointed out that on the above issues, the company’s board of directors and the management level have attached great importance, and the company will come up with a plan for rectification as soon as possible.
The "Decision" pointed out that the company has related problems in corporate governance, the operation of the three associations, information disclosure, financial management and accounting, such as the lack of implementation of the company's internal auditing system and cash management system, rules of procedure of the general meeting of shareholders and board meetings. The rules are not strictly enforced, some financial information is not fully disclosed, and some account transactions are not standardized.
The announcement pointed out that on the above issues, the company’s board of directors and the management level have attached great importance, and the company will come up with a plan for rectification as soon as possible.
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