Foshan Lighting held its first stakeholder meeting of 2015 on December 25. The meeting approved the election of non-independent directors and other agenda. Among FSL’s six new non- independent director members, five went to members from State- owned asset Supervision and Administration Commission of Guangdong Province and won the election with high votes. In addition, He Yong, with State-owned Assets Supervision and Administration Commission of Guangdong Province background, was selected as chairman of the FSL boards.

Back in September, the company’s biggest shareholder, Osram Holding Company, owned by Osram Group, signed an agreement to transfer it to Guangdong Electronics Information Industrial Group (GEIIG). As of September 12, 2015, OSRAM Holding Company operates as a subsidiary of Guangdong Electronics Information Industrial Group. GEIIG has since indirectly become the largest stakeholder of FSL.

As GEIIG, Shenzhen Rising Investment Development and Guangdong Rising Group Investment are wholly- owned subsidiaries of Guangdong Rising Assets Management, the three companies in total stake in FSL amounts to 23.14%. Therefore, the company’s controlling shareholders are GEII and other collaborating investors, while the actual controlling shareholder is State-owned Assets Supervision and Administration Commission of Guangdong Province.

Therefore, except for Yong He, the election of non- independent chairman include Kin Ngai Chong, Ren Liu, Cheng Branch, Peter Chan, Huang Zhiyong, who also have the same background. This means that the state- owned assets supervision and administration commission has taken over the main board of directors as non-independent chairmen. The above mentioned candidates won the election with high votes, shown by the election data.

The company launched its first meeting of the eighth board of directors on Dec 25, Yong He was elected as chairman while Kin Ngai Chong was elected as vice chairman of the boards.

(Translator: Emma Chang, Editor, LEDinside)