CHINALCO proposes board bylaw changes to expand management decision authority for projects, M&A
ACH•Proposed bylaw changes would widen delegated authority
CHINALCO moved to amend its board meeting procedures to expand management’s delegated authority, subject to shareholder approval at a general meeting.
Delegation would cover domestic projects below RMB 1.5 billion and overseas projects below RMB 750 million, replacing a single RMB 1.5 billion construction threshold.
Asset leasing, transfers, and replacements would stay capped at RMB 1 billion, with added limits tied to annual profit impact below 10%.
The threshold for subsidiaries, M&A, joint ventures, or cooperative projects would rise to RMB 1 billion in capital contribution, from RMB 500 million.
New delegated items include bankruptcy or liquidation of controlled subsidiaries with registered capital below RMB 1 billion, and private equity fund setups up to RMB 500 million.
