The Board of Directors of Fanhua Inc. (the "Company") sets high standards for the Company's employees, officers and directors. Implicit in this philosophy is the importance of sound corporate governance. It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of the Company's business. To fulfill its responsibilities and to discharge its duty, the Board of Directors follows the procedures and standards that are set forth in these guidelines. These guidelines are subject to modification from time to time as the Board of Directors deems appropriate in the best interests of the Company or as required by applicable laws and regulations.
The Board conducts self-assessment of its performance annually in compliance with corporate governance requirements, which encompasses the directors’ involvement in business operations, the effectiveness of board oversight, board composition, board culture, management of major issues, and processes of board operation.
Independence and Diversity
Our Board consist of members with varied backgrounds, expertise, skills, and experiences. Comprising seven members, the Board is dedicated to supervising the board's operations and providing objective, professional insights into business matters. The Board of Directors maintains vigilant oversight over critical committees, including the Audit Committee, Compensation Committee, Corporate Governance and Nominating Committee, and Financial Reporting and Disclosure Committee. Each of these committees is led by independent directors, ensuring impartial and meticulous governance.
As of the date herein, the Company has not yet met the diversity objectives specified in Nasdaq Rule 5605(f)(2). Our Board has not historically adhered to any specific targets or quotas in determining Board membership. However, the Board is committed to increasing diversity on the Board and realizes the potential benefits from bringing in fresh perspectives. While we intend to make reasonable efforts to meet Nasdaq's diversity objectives in the coming year, we may not be able to achieve this goal given our small size.
To see our Board Diversity Matrix as of March 31, 2022, please see the Form 20-F filed with the SEC on April 29,2022.
|Board Diversity Matrix (As of February 20, 2024)
|Country of Principal Executive Offices
|Foreign Private Issuer
|Disclosure Prohibited Under Home Country Law
|Total Number of Directors
|Did Not Disclose Gender
|Part I: Gender Identity
|Part II: Demographic Background
|Underrepresented Individual in Home Country Jurisdiction
|Did Not Disclose Demographic Background