Alibaba (9988) announced the appointment of Li Yunlian, executive chairman of Hysan Industrial, and Wu Gangping, former chairman of Ernst & Young China, as independent directors of the group's board of directors, effective from August 4.
Alibaba said the new appointments reflect the group's commitment to pursuing excellence in corporate governance and promoting greater board diversity.
After this appointment, the Group's board of directors has a total of 12 directors, of which 7 are independent directors, while the number of female directors has increased to 3.
Zhang Yong, chairman and chief executive officer of Alibaba Group, said that he was honored to welcome Li Yunlian and Wu Gangping to the board of directors.
The appointment of new independent directors is another progress of the Group's continuous improvement of corporate governance.
He also said that Li Yunlian and Wu Gang are both highly respected business leaders with valuable and profound expertise and experience in global markets including Mainland China and Hong Kong.
"I believe your market insights will be of great benefit to the group's future development, especially as we have just announced plans to pursue a dual primary listing in Hong Kong, which will help us further expand and enrich our investor base."
In addition, Tung Chee-hwa, the independent director of the group, will no longer participate in the selection of the board of directors after his term of office after this year's general meeting of shareholders expires.
He has been an independent director of the group since September 2014.
Zhang Yong said, "We extend our heartfelt thanks to Mr. Dong for his valuable contributions and full support to Alibaba. His work on the Board demonstrates the highest standards of service and commitment."