OREANDA-NEWS. December 29, 2011. On December 28, a meeting was convened at Ocean Plaza marking the inception of COSCO Group's Board of Directors. State-owned Assets Supervision and Administration Commission of the State Council ("SASAC") made the official announcement.

The meeting was presided over by Zhuang Shuxing, Director-General of the First Bureau for the Administration of Corporate Executives of SASAC. Vice Chairman of SASAC Shao Ning attended the meeting and gave important remarks. The meeting was also attended by government officials including Wei Xiangyang, Deputy Inspector from the Organization Department of CPC Central Committee, Li Bing, Director-General and Qin Yongfa, Deputy Director-General of Bureau of Enterprise Restructuring of SASAC, and Wang Zhenghua, Deputy Director-General of the Nineteenth Bureau of Supervisory Panel of SASAC. COSCO Group's top management, representatives from COSCO's subsidiaries in Beijing, as well as the Group's divisional heads attended the meeting in Ocean Plaza. Other subsidiaries participated in the meeting via video conference.

On behalf of SASAC, Vice Chairman Shao Ning presented the appointment document to Group's five outside directors, whose names are Yu Ning, Ye Daji, He Qingyuan, Chen Geng, and Xu Liejun. Capt. Wei Jiafu, Chairman of COSCO Group signed service contract with each outside director at the meeting.