Boshen Co., Ltd. Plans to Purchase Liability Insurance with Coverage of 50 Million Yuan for the Company and Directors/Supervisors/Senior Management; Annual Premium Not to Exceed 300,000 Yuan

[Finance News] Bohshen Co., Ltd. (Stock Code: 002282,简称 “Bohshen”) announced on March 17th that the company plans to purchase liability insurance for itself and all directors, senior management, and other personnel to improve risk control systems and protect their rights and interests. The proposal has been approved by the company’s 7th Board of Directors at its third meeting and will be submitted for approval at the 2025 shareholders’ meeting.

According to the disclosed insurance plan, the insured is Bohshen Co., Ltd. The scope of insured persons is broad, including not only the company itself but also all directors, senior management, and other management personnel of the company (including existing, newly established, and acquired subsidiaries), as well as part-time directors and senior management (including overseas companies and foreign personnel) appointed by the company. The specific list will be determined through negotiations with the insurance company.

In terms of coverage, the liability insurance has a compensation limit of RMB 50 million, with the final amount to be determined based on negotiations with the insurance provider. The annual premium is planned not to exceed RMB 300,000, with the actual premium subject to the final quotation approved by the insurance company. The insurance period is 12 months, and the company may renew or reapply for insurance each year within the authorized period.

To improve decision-making efficiency, Bohshen plans to request shareholders’ authorization for management to handle related matters within the framework of this plan, including identifying responsible personnel, selecting insurance companies, determining coverage amounts and premiums, signing legal documents, and renewing or reapplying for insurance upon contract expiration. This authorization is valid for three years from the date of approval by the shareholders’ meeting.

The announcement also notes that since this proposal involves interests related to all directors, all directors have recused themselves from voting during the board review. Therefore, this proposal will be directly submitted for approval at the 2025 shareholders’ meeting.

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Editor: Xiao Lang Kuai Bao