China Petroleum Shandong Taishan Petroleum Co., Ltd. (hereinafter referred to as "Taishan Petroleum" or "the Company") announces that the term of the 11th Board of Directors is about to expire. In accordance with the Company Law, the Shenzhen Stock Exchange Listing Rules, and relevant provisions of the Articles of Association, the Company will conduct an election for the new Board of Directors. The details are as follows:
1. Election of the Board of Directors
The 12th Board of Directors will consist of 11 directors, including 7 non-independent directors (one of whom is a representative of the employees, elected separately by the employee representative assembly) and 4 independent directors. On May 27, 2026, the Company held the 17th interim meeting of the 11th Board of Directors, where it approved the proposals for the nomination of candidates for the 12th Board of Directors. The nomination committee of the 11th Board of Directors has nominated Mr. Wang Mingchang, Mr. Sun Xuegang, Mr. Zhang Shumiao, Mr. Dong Ruihai, Mr. Song Kefeng, and Mr. Sun Yong as candidates for non-independent directors; and Mr. Yang Qing, Mr. Gao Jingyan, Mr. Tian Cheng, and Mr. Xing Zhiliang as candidates for independent directors. These candidates will be submitted for election at the 2025 annual shareholders' meeting, with cumulative voting to be used for each candidate.
The term of the 12th Board of Directors will be three years, calculated from the date of approval at the 2025 annual shareholders' meeting. (Detailed resumes of the above candidates are attached.)
2. Other Matters
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The independent director candidates are Mr. Yang Qing, Mr. Gao Jingyan, Mr. Tian Cheng, and Mr. Xing Zhiliang. Mr. Tian Cheng has not yet obtained the independent director qualification certificate but has committed to participate in the latest independent director training and obtain the qualification certificate recognized by the Shenzhen Stock Exchange; Mr. Yang Qing, Mr. Xing Zhiliang, and Mr. Tian Cheng are accounting professionals. According to the Company Law and the Articles of Association, the qualifications of the independent director candidates must be reviewed and approved by the Shenzhen Stock Exchange before being submitted to the shareholders' meeting.
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The number of director candidates complies with the relevant provisions of the Company Law and the Articles of Association. The total number of directors who also serve as senior management and those who are employee representatives does not exceed half of the total number of directors, and the number of independent directors is not less than one-third of the total number of board members. Independent directors do not serve as independent directors for more than three domestic listed companies.
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To ensure the normal operation of the Board of Directors, all directors of the 11th Board will continue to diligently perform their duties in accordance with laws, regulations, and the Articles of Association until the new board is in place. The Company expresses its heartfelt gratitude to all directors of the 11th Board for their contributions to the Company's development during their term.
3. Documents for Inspection
- Resolutions of the 17th interim meeting of the 11th Board of Directors;
- Resolutions of the 6th meeting of the nomination committee of the 11th Board of Directors.
This announcement is hereby made.
China Petroleum Shandong Taishan Petroleum Co., Ltd. Board of Directors
May 28, 2026