The government appointed Yuan Guoqiang and Tang Jiacheng as observers of Cathay Pacific’s board of directors Chen Maobo: ideal candidate

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Written by: Huang Weilun

2020-07-14 17:23

Under the new crown pneumonia epidemic, the aviation industry was greatly affected. Cathay Pacific even needed the government to "rescue". The government invested 27.3 billion yuan in Cathay Pacific. The authorities will appoint two observers to enter the Cathay board of directors. The government announced today (14th) the list of two observers. From now on, it appointed Tang Jiacheng, the former chairman of the China Securities Regulatory Commission and the current chairman of the UGC, and Yuan Guoqiang, the former director of the Department of Justice, to join the board of directors of Cathay Pacific Group as an observer.

The government emphasizes that observers do not have the right to vote in board meetings, but will receive all the information and documents provided by Cathay to the board; they also have the right to contact management and obtain any company information. The Financial Secretary Chen Maobo said that the two are ideal candidates and they are confident that they can help safeguard the government’s investment interests in Cathay Pacific.

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