OREANDA-NEWS. May 24, 2011. China COSCO held at the Conference Center of COSCO Plaza, Beijing, the 3rd Board Meeting 1st Session.At the meeting, Mr. Wei Jiafu was appointed the Chairman of China COSCO 3rd Boarding Meeting, and Mr. Zhang Fusheng was appointed Vice-Chairman of the Board.The meeting was chaired by Chairman Wei Jiafu, Vice Chairman Zhang Fusheng and the following directors: Zhang Liang, Xu Lirong, Sun Yueying, Su Jiakang, Xu Minjie and independent directorsFan Hsu Lai Tai, Rita Kwong Che Keung, Peter Guy Bowie, attended the meeting, independent director, Mr. TEO Siong Seng participated in the meeting through telephone conference, reported the press-centre of COSCO.

The following persons attended the meeting (nonvoting): supervisors: Wu Shuxiong, Ma Jianhua, Luo Jiulian, independent supervisors: Yu Shicheng, Meng Yan, Executive Vice President Ye Weilong, He Jiale – CFO, Zhang Yongjian – board secretary. Seven proposals, including appointment of the executive members of the new session of China COSCO and members of Strategic Development Committee, Risk Management Committee, Audit Committee, Remuneration Committee, Nomination Committee and Executive Committee, were reviewed and approved at the meeting. All the proposals were accepted with unanimous approval.

Members of the 3rd Board of Directors and the 3rd Supervisory Committee, along with senior management, signed on the meeting under lawyer attestation the Statements and Commitments of Directors, Supervisors and Senior Management. After the meeting, the Company invited Dr. Lin Yongfeng – Deputy Director of Listed-Company Department of the Shanghai Stock Exchange – to conduct a training session on corporate governance to the members of the 3rd Board of Directors and the 3rd Supervisory Committee, and the senior management, and invited lawyers from Paul Hastings to explain on Directory on Responsibilities and Obligations of Directors of Companies Listed on Hong Kong Main Board Market.

On the Same day, China COSCO held 3rd Supervisory Committee Meeting 1st Session, and supervisors including Wu Shuxiong, Ma Jianhua, Luo Jiulian, Yu Shicheng and Meng Yan attended the meeting. Mr. Li Yunpeng was unable to attend the meeting due to work assignment and entrusted Mr. Wu Shuxiong to act on his behalf on the meeting. The meeting elected Mr. Li Yunpeng as Chairman of China COSCO 3rd Supervisory Committee and heard the report of China COSCO Supervision Division regarding 2011 Internal Supervision Work Plan.