On February 23, Yancoal Australia held its annual Board meeting for 2023, to review and approve important issues related to the Company's long-term development, such as the 2023 performance assessment, the remuneration scheme for senior management, and the 2024 budget.

Before the meeting, Li Wei, the Secretary of the CPC Shandong Energy Committee and Chairman of SDE, and Chairman of Yankuang Energy, held discussions with the independent directors and senior management of Yancoal Australia. Li Wei emphasized that Yancoal Australia must strictly comply with both domestic and overseas regulatory rules, adhere to lawful and compliant operation and management, strengthen the role of the Board and the executive committee, standardize the decision-making and approval procedures, and construct a more science-based and appropriate model to continuously enhance the corporate governance. He stressed the importance of reinforcing team-building, fostering joint forces with enterprise, maintaining a standardized, transparent, and efficient communication with the major shareholder, and setting up as an international public company. He also mentioned the significance of optimizing production organization, increasing production and volume, controlling costs, and adopting various measures to complete annual budget targets, and improving rewards for shareholders and investors.

Mr. Ru Gang, the Vice General Manager and Chief Auditor of SDE, and the Chairman of the Board of Yancoal Australia chaired the meeting. Facing the heavy rainfall, labor shortage, price decline and other unfavorable conditions, Yancoal Australia rose up to the challenges with concerted efforts. It is especially worth noting that in the second half of 2023, Yancoal Australia has realized the resilient recovery in production and operation with well improved indicators in all categories. Looking forward, Yancoal Australia shall scientifically formulate production plans, continuously lift production volume, and further advance the diversified development strategy to enhance competitiveness in a continuous way.  

Attendees of the Board Meeting include relevant leaders and senior management from both Yankuang Energy and Yancoal Australia.

The meeting was held both onsite and via a video link.