Red Star Capital Bureau reported on November 10 that recently, bao New Energy received a regulatory letter issued by the Shenzhen Stock Exchange due to a series of violations such as the company's directors, supervisors and senior management's compensation from 2019 to 2021, such as the shareholders' meeting or the board of directors' review procedures. It is worth noting that in 2021, the total annual salary of Bao New Energy directors, supervisors and senior executives, increased by 182.45% year-on-year, of which the former director Ye Yaorong received a salary of more than 33 million yuan in less than 5 months of serving.
↑Shenzhen Stock Exchange issued a regulatory letter to Bao New Energy
11 days, the regulatory authorities have been "attention" twice for the relevant violations of
Bao New Energy, and were "attention" last month. On October 27, Bao New Energy received a decision on administrative supervision measures from the Guangdong Securities Regulatory Bureau.
Administrative Supervision Measures Decisions show that after on-site inspection, the Guangdong Securities Regulatory Bureau found that the company's relevant compensation matters were violated, and adopted administrative supervision measures to order it to correct it, requiring the company to rectify the relevant problems within a time limit, learn from one example and improve the company and its subsidiaries' compensation management system.
↑ Bao New Energy Announcement
. Ten days later, Bao New Energy received a regulatory letter issued by the Shenzhen Stock Exchange. The regulatory letter shows that from 2019 to 2021, the remuneration of Bao New Energy's directors (excluding independent directors) and supervisors was not decided by the company's shareholders' meeting, and the compensation allocation plan for senior management personnel was not approved by the company's board of directors. The company's independent directors did not express independent opinions to the shareholders' meeting on remuneration matters, and did not express independent opinions to the board of directors on remuneration matters.
The above behavior violates relevant regulations. The Shenzhen Stock Exchange requires the company to attach great importance to the above issues and take effective measures to make rectifications. At the same time, it hopes that the company and all directors, supervisors and senior management personnel will learn lessons.
, a director, , has served for less than 5 months and received a remuneration of 33.2583 million
, Hongxing Capital Bureau noted that from 2019 to 2021, the total annual salary of directors, supervisors and senior management of Bao New Energy was RMB 17.2898 million, RMB 15.9662 million and RMB 45.0971 million respectively. Among them, the total annual salary of directors, supervisors and senior executives in Bao New Energy increased significantly in 2021, an increase of 182.45% year-on-year.
, and Bao New Energy's salary changes significantly in 2021, mainly related to the salary of former director Ye Yaorong. Ye Yaorong has served as the deputy general manager and general manager of , Guangdong Polyhua Power Co., Ltd., a subsidiary of Bao New Energy. He worked at Bao New Energy from May 30, 2006 to April 23, 2021.
In 2019 and 2020, Ye Yaorong received a reward of 7.6453 million yuan and 7.7509 million yuan, respectively, accounting for 44.22% and 48.55% of the total salary of directors, supervisors and senior executives in the same period. By 2021, Ye Yaorong will receive a salary of 33.2583 million yuan from Bao New Energy, accounting for 73.75% of the total salary of directors, supervisors and senior executives in the same period. In contrast, the chairman Ningyuanxi , who left office during the same period, received only a salary of 560,000 yuan.
In other words, in 2021, Ye Yaorong only worked at Bao New Energy for less than 5 months, but his salary exceeded 33 million yuan.
In addition, Bao New Energy's 2021 annual report disclosed that Ye Yaorong holds 4.05 million shares of the company's shares , and holds the company's controlling shareholder Guangdong Polihua Group Co., Ltd. 10% shares .
costs have risen, and performance has fallen into trouble
The company's directors, supervisors and senior managers have risen, but the company's performance has fallen into trouble.
public information shows that Bao New Energy's main business is power generation. In 2021, the company achieved operating income of 9.411 billion yuan, of which thermal power achieved operating income of 9.217 billion yuan and wind power achieved revenue of 28 million yuan.
bao New Energy disclosed in its 2021 annual report that due to the national shortage of coal and the high rise in power coal prices, the operating costs of power plants have risen sharply and the cash flow of has become tighter, and the development of enterprises is facing tremendous pressure. In 2021, Bao New Energy's net profit was 824 million yuan, and fell by more than 50% year-on-year compared with .
But this year, the company's situation has not improved. In the first three quarters of 2022, Bao New Energy achieved revenue of 6.951 billion yuan, a year-on-year increase of 0.59%; and achieved net profit attributable to shareholders of 190 million yuan, a year-on-year decrease of 76.82%. Bao New Energy said that coal prices continue to be high, which has a great impact on the company's main power business operating profit.
On November 3, 2022, Bao New Energy held an online strategy meeting to introduce that in the first three quarters of 2022, the electricity consumption of the whole society increased year-on-year, and the electricity supply situation became more and more severe.At the same time, due to the continued high coal prices, the operating costs of thermal power are high, which has a great impact on the profit of power business and , and the company's supply guarantee task is extremely arduous.
Red Star News Reporter Yu Yao Intern Reporter Fan Di
Editor Guo Zhuang Yu Dongmei
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