Business News
Xinhua Finance Announces AGM Date, New Board Members
Monday 12. May 2008 - Xinhua Finance (TSE Mothers: 9399 and OTC: XHFNY), China's leading financial information provider, today announced that it will hold its Annual General Meeting for shareholders on June 25, 2008 in Shanghai.
Following the AGM, the Company will hold an informational meeting in Tokyo for shareholders and investors. The main item on the agenda is the addition of two new board members.
Chairman Wu Jiguang, who was appointed by Xinhua News Agency to be chairman of Xinhua Finance in 2003 in line with the 20-year agreement between Xinhua Finance and the Xinhua News Agency reached in 2000, remains the chairman again this year.
“It is a great honor, as it always has been, to have Chairman Wu on our board,” said Xinhua Finance CEO Ms Fredy Bush. “His advice and guidance over the years have been invaluable to the company and to our management team. Chairman Wu’s role in the context of our 20-year agreement with Xinhua News Agency is important.”
Other remaining board members are Fredy Bush, Jae Lie, Daniel Connell, and Aloysius T. Lawn. As required by the Company’s articles of association, Jae Lie will be nominated for re-election this year.
The following candidates are being proposed for election as independent directors at the AGM:
Mr. Chen Xiaolu, who is the son of one of the few legendary founders of the People’s Republic of China along with Chairman Mao. His father was one of the Ten Marshals credited with the 1949 victory and was also named the first Mayor of Shanghai, China’s most important commercial city. Mr. Chen Xiaolu himself has held a number of senior positions with China’s military and served as Deputy Defense Attache at the Chinese Embassy in London. He was also Departmental Director of the Political Restructuring Research Office of the Communist Party of China’s Central Committee. In the late 1980s, he moved into the business world, and is currently a Director of Standard International Investment Consultancy Co, Ltd and also an Independent Director of Bosera Funds.
“I am delighted to join the board of Xinhua Finance Limited,” said Mr. Chen Xiaolu. “This company has helped to bring transparency to China’s financial markets with important and pioneering products. Xinhua Finance is good for China, and I am looking forward to lending my full support to Xinhua Finance and its management.”
Ms Jeanne Murtaugh, who is Vice Chairman Emeritus of Bank of New York ConvergEx Group, LLC, a leading firm in agency brokerage and investment technology solutions and Vice Chairman of BNY ConvergEx Execution Solutions, based in New York. Ms Murtaugh joined The Bank of New York in 1997 through the acquisition of BNY Brokerage where she was a lead principal. She began her career at J.P. Morgan, then served in various management positions at Wachovia Bank where she established the Bank’s retail brokerage business and global custody services, and subsequently at Morgan Stanley & Co. through its ESI subsidiary.
With these changes, the board of directors of Xinhua Finance will have seven members, of whom a majority of four are independent.
“We are honored to welcome Mr. Chen Xiaolu and Jeanne Murtaugh to the Board,” said Ms Bush. “We look forward to our continued work with existing board members and to gain new insights from new board members.”