In 2008, the Board of Supervisors of the Bank were assigned by the State Council and shall be responsible to the State Council. On behalf of the State, it supervised the Bank's asset quality and the preservation and appreciation of state-owned assets. Mr. Che Yingxin,Chairman of the Board of Supervisors, was appointed by the State Council. The five full-time members, three part-time members and staff of the Board of Supervisors were appointed by the CBRC.
On 9 January 2009, the Incorporation Meeting of the Bank approved the Proposal on Electing the Members of the First Board of Supervisors of Agricultural Bank of China Limited, and elected Mr. Che Yingxin, Mr. Pan Xiaojiang and Mr. Wang Yurui to be the members of the Board of Supervisors of the joint-stock company. On 10 April 2009, the First Workers' Congress of the Bank elected Mr. Wang Yurui, Mr. Wang Xingchun and Mr. Jia Xiangsen to be supervisors representing employees of the joint-stock company.
Powers, Duties and Operation of the Board of Supervisors of the Joint-stock Company
Main powers and duties of the Board of Supervisors of the Bank include but are not limited to:
• supervising the fulfilment of responsibilities of the Board of Directors and the Senior Management, inquiring due diligence of directors and senior management personnel, and requiring senior management personnel to rectify their activities that infringe upon interests of the Bank;
• proposing the dismissal of or file a lawsuit against any director or senior management personnel who violates laws, administrative regulations, the Articles of Association of the Bank or resolutions of the General Meeting of Shareholders;
• conducting the audit on directors and senior management personnel at their departure;
• supervising the financial activities, business decision-making, risk management and internal control of the Bank, and guiding the work of internal audit departments of the Bank;
• supervising the implementation of strategic development plans, policies and basic management of the agro-related business;
• presenting proposals to the General Meeting of Shareholders;
• nominating the supervisors representing shareholders, external supervisors and independent directors;
• formulating the amendments to the procedural rules of the Board of Supervisors;
• acting on other powers and duties as provided by applicable laws, administrative regulations, government department rules and the Articles of Association of the Bank and as granted by the General Meeting of Shareholders.
Discussions by the Board of Supervisors take the form of the meetings of the Board of Supervisors. The meetings of the Board of Supervisors may be either regular or extra ordinary. Four regular meetings of the Board of Supervisors are required as a minimum for each year.
The Board of Supervisors establishes an administrative office (the "Supervisors' Office") as its working body in charge of the arrangement, documents preparation, minutes and other daily affairs relating to the meeting of the Board of Supervisors.
Meetings of the Board of Supervisors
In 2008, the Board of Supervisors of the Bank convened altogether one meeting, in which they reviewed and approved the Report on the Inspection upon the Financial Status and Operational Management of Agricultural Bank of China in 2007, and held many plenary sessions of the Board of Supervisors to study and implement related documents of the CPC Central Committee and the State Council. The meeting included discussions about better implementation plans of supervision and inspection, supporting the joint-stock reform of the Bank and improving services to agriculture, rural areas and farmers.
From January to February 2009, the Board of Supervisors of the joint-stock company convened a total of two meetings.
• The First Meeting of the First Board of Supervisors of Agricultural Bank of China Limited
On 9 January, the First Meeting of the First Board of Supervisors of Agricultural Bank of China Limited was convened in Beijing. All three supervisors attended the meeting, which reviewed and approved the proposal on electing Chairman of the Board of Supervisors of the joint-stock company, and which elected Mr. Che Yingxin to be Chairman of the Board of Supervisors.
• The Second Meeting of the First Board of Supervisors of Agricultural Bank of China Limited
On 27 February, the Second Meeting of the First Board of Supervisors of Agricultural Bank of China Limited was convened in Beijing. All three supervisors attended the meeting, which reviewed the Report on the Investigation and Research upon the Service of the Bank to Agriculture, Rural Areas and Farmers, the Report on the Investigation and Research upon Special Treatment of Cases of the Bank and the Report on the Analysis of VIP Customer related Business Development of the Bank of the Board of Supervisors in 2008. The meeting also formed the resolutions of the Second Meeting of the Board of Supervisors.