The five major state-owned Banks have clearly decided to abolish the Board of Supervisors.

The announcements of the Board of Directors resolutions disclosed by the five state-owned banks, namely Industrial And Commercial Bank Of China, Agricultural Bank Of China, Bank Of China, China Construction Bank Corporation, and Bank Of Communications, indicate that the Boards of Directors of all five banks have approved the relevant proposals to amend the articles of association and abolish/not establish a Board of Supervisors. These proposals still need to be submitted to the Banks' Shareholders' Meeting for review and approval. In addition, CM BANK also announced that it will no longer set up a Board of Supervisors.