Sichuan Expressway Company Limited Announces Extraordinary General Meeting to Approve Remuneration Management System for Directors and Senior Management

Key Highlights

• Date and Venue of EGM: The Extraordinary General Meeting (EGM) will be held at 3:00 p.m. on Monday, 29 June 2026 at Room 420, 4th Floor, 252 Wuhouci Da Jie, Chengdu, Sichuan Province, PRC.
• Purpose: Shareholders are to consider and approve the formulation of the Remuneration Management System for Directors and Senior Management.
• Voting Method: Resolutions will be voted on via open ballot and non-cumulative voting. All resolutions will be subject to a poll as required by the Hong Kong Listing Rules.
• Shareholder Eligibility: Holders of H Shares must ensure their shares are registered by 4:30 p.m. on 23 June 2026 to qualify for attending and voting at the EGM.

Details of the Proposed Remuneration Management System

• Scope: Applies to all directors and senior management of the Company.
• Principles:
  • Remuneration shall be market-aligned, performance-based, and consistent with the company’s sustainable development goals.
  • Emphasis on fairness, efficiency, and a balance between incentives and restraints.
• Remuneration Determination Process:
  • The Remuneration and Appraisal Committee of the Board formulates standards, conducts appraisals, and submits recommendations to the Board.
  • If the Board does not fully adopt committee recommendations, reasons must be documented and disclosed.
  • Remuneration plans for directors require approval from shareholders at the general meeting and must be disclosed. Senior management remuneration is approved by the Board and explained to shareholders.
  • Directors are excluded from discussions and voting on their own remuneration.
  • The Board reports annually to shareholders on director performance, appraisal results, and remuneration.
• Remuneration Structure:
  • Independent Directors:
    • Receive monthly remuneration, as determined by the Remuneration and Appraisal Committee, Board, and shareholders.
    • Cannot receive other benefits from the Company or related parties.
    • Reasonable business expenses are reimbursed by the Company.
  • Non-independent Directors:
    • Non-independent directors without specific positions receive no remuneration.
    • Those who hold management positions receive remuneration comprising:
      • Basic remuneration (position/responsibility-based, paid monthly)
      • Performance remuneration (≥50% of total basic + performance remuneration, based on company and individual performance)
      • Medium and long-term incentives (e.g., stock options, restricted shares, term incentives), subject to performance appraisal
• Payment and Adjustment:
  • Performance remuneration is only paid after disclosure of the annual report and completion of appraisals, based on audited financial data.
  • All remuneration is before tax; the Company withholds required taxes and social security contributions.
  • Adjustments to remuneration can be made in line with the Company’s performance and operational needs.
  • Special rewards or penalties may be established for specific circumstances, subject to Board approval.
• Suspension and Clawback:
  • If the Company restates financials due to fraud or misstatements, excess remuneration and incentives paid to directors and management will be clawed back.
  • Directors or management found responsible for breaches, losses, or illegal acts will have unpaid remuneration reduced or suspended and may be required to return previously paid amounts in full or in part.
• Other Provisions:
  • Matters not covered or conflicting with laws will be governed by the prevailing law and the Company’s Articles of Association.
  • The system will take effect only upon shareholder approval at the EGM.

Potential Impact on Shareholders and Share Price

• Transparency and Accountability: The new system enhances transparency in director and senior management remuneration, aligning incentives with business performance and compliance. This can reassure investors and potentially support share price stability.
• Clawback & Penalty Provisions: The adoption of explicit clawback and penalty mechanisms for misconduct is a positive governance step, potentially reducing risks of future financial restatements or fraud, which could have otherwise negatively impacted valuation.
• Medium/Long-term Incentives: Introduction of share-based and term-of-office incentives may better align management interests with shareholder interests, supporting long-term value creation.
• Shareholder Approval Required: As the system requires shareholder approval, there is a potential for active engagement or debate among institutional investors regarding remuneration levels and alignment with market benchmarks, possibly affecting investor sentiment in the short term.

Important Shareholder Actions

• Shareholders wishing to attend or vote at the EGM must ensure their shares are properly registered by the specified deadline (4:30 p.m., 23 June 2026).
• Proxies are permitted; forms must be submitted at least 24 hours before the EGM.
• All shareholders and proxies must bring identification to the EGM; proxies must also present the form of proxy.
• Shareholders are responsible for their own travel, dining, and accommodation costs related to attending the EGM.

Board Composition Update

As of the notice date, the Board comprises a mix of executive, non-executive, independent non-executive, and employee directors, reflecting a broad governance structure.

Disclaimer: This article is for informational purposes only. It does not constitute investment advice. Readers should consult their own professional advisors before making investment decisions. The actual outcome of shareholder votes and future performance of the company may differ from expectations.

四川成渝高速公路股份有限公司公佈臨時股東大會，審議董事及高級管理層薪酬管理制度

重點摘要

• 大會日期及地點： 臨時股東大會將於2026年6月29日（星期一）下午3時於中國四川省成都市武侯祠大街252號4樓420室舉行。
• 議題： 審議及批准《董事及高級管理人員薪酬管理制度》的制定。
• 投票方式： 採用公開投票及非累積投票制，根據港交所上市規則，所有決議將以投票方式進行。
• 股東資格： H股持有人必須於2026年6月23日（星期二）下午4:30前完成股份過戶登記，方可出席及投票。

薪酬管理制度詳細內容

• 適用範圍： 適用於公司所有董事及高級管理人員。
• 基本原則：
  • 薪酬水平需與市場接軌，與公司業績和個人表現掛鉤，並與公司可持續發展目標一致。
  • 強調效率與公平並重、激勵與約束結合。
• 薪酬決定程序：
  • 董事會薪酬與考核委員會負責制定並審核標準，提交董事會審議。
  • 如董事會不完全採納委員會建議，須記錄及披露原因。
  • 董事薪酬方案需經股東大會批准並披露，高級管理層薪酬由董事會批准並向股東說明。
  • 董事在討論或決定自身薪酬時須回避。
  • 董事會每年向股東大會報告履職、考核結果及薪酬情況。
• 薪酬結構：
  • 獨立董事：
    • 按月發放薪酬，標準由薪酬考核委員會制定，經董事會及股東大會審議。
    • 不得接受公司或關聯方其他利益。
    • 履職產生的合理開支由公司承擔。
  • 非獨立董事：
    • 未在公司擔任具體職務的董事不獲薪酬。
    • 擔任管理職務的董事及高管薪酬包括：
      • 基本薪酬（按職位及職責按月發放）
      • 績效薪酬（不少於基本薪酬與績效薪酬總額的50%，按公司及個人績效考核發放）
      • 中長期激勵（如股權激勵、任期激勵等，並以績效考核為依據）
• 支付及調整：
  • 績效薪酬於年報披露及考核完成後發放，並以審計後數據為基礎。
  • 所有薪酬為稅前，公司依法代扣個人所得稅和社保等。
  • 薪酬可根據公司經營狀況調整。
  • 可對特定事項設立特別獎懲，由董事會決定。
• 暫停發放及追繳：
  • 如公司因財務造假等原因需追溯重編財報，超額發放的薪酬及激勵將予以追繳。
  • 如董事或高管違規、失職導致公司損失，未發放薪酬將減少或暫停，已發放部分將全額或部分追繳。
• 其他條款：
  • 未涵蓋或與現行法律衝突之處，按法律及公司章程執行。
  • 本制度須經股東大會審議通過後方可生效。

對股東及股價的潛在影響

• 提升透明度與問責： 新制度強化了薪酬信息披露及激勵與公司業績掛鉤，有助於提升投資者信心及股價穩定。
• 追溯及懲戒機制： 明確的追繳及懲戒條款有助於減少未來財報重編或舞弊風險，對公司估值屬正面因素。
• 中長期激勵： 引入股權及任期激勵，有助於董事及管理層與股東利益一致，支持長遠發展。
• 需股東審批： 制度須經股東大會批准，機構投資者可能會就薪酬水平及市場匹配度發表意見，短期內或影響投資者情緒。

股東重要行動提示

• 股東如欲出席或投票，須於指定期限（2026年6月23日下午4:30）前完成股份登記。
• 可委任代理人，表格須於大會前24小時提交。
• 出席者須攜帶身份證明文件，代理人亦須帶備授權書。
• 出席會議的交通、餐飲及住宿費用由股東自理。

董事會組成最新狀況

截至通告日，董事會組成涵蓋執行董事、非執行董事、獨立非執行董事及員工董事，結構多元。

免責聲明：本文僅供參考，並不構成任何投資建議。投資者應諮詢專業顧問，審慎作出投資決定。最終議案表決及公司未來表現或有差異。

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