Triangle Tire to expand business scope, scrap supervisory board

Shanghai, China - Triangle Tire Co. has approved plans to expand its business scope and cancel its supervisory board, according to a board resolution on 12 Oct.

The Chinese tire maker said the move aims to “align with business development needs” and to bring its operations in line with the latest guidelines of the 'state administration for market regulation’s.' 

The expanded business scope now includes tire & rubber product manufacturing and sales; machinery and electrical equipment development; production and leasing; automotive parts manufacturing and trading, logistics, warehousing and transport.

The company will also pursue new materials R&D and recycling technologies as part of its new business plan.

In terms of management, the supervisory board will be removed, with its duties transferred to the audit committee under the board of directors.

One employee representative director will be added and the term of current supervisors will end once shareholders approve the proposal at the forthcoming meeting.

Triangle will also revise its articles of association and scrap the rules governing the supervisory board.