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Sinochem Corporation Holds the 2005 Annual Meeting

Date:2005-02-07 Source:Sinochem Group

From January 31 to February1, Sinochem Corporation held the 2005 annual meeting to review the achievements and problems of the 2004 work, analyze the development environment and strategic issues concerning the company's development and deploy the work in 2005. Focusing on the theme of implementing the scientific concept of development, building development capacity and unswervingly following the quality and profit-oriented development road, the meeting achieves a full success.

In 2004, seizing the favorable external opportunities of world economic recovery and rapid economic growth in China, Sinochem kicked off the strategic transition in an all-round manner on the basis of maintaining the continuous growth in the past years. Key strategic themes have made breakthroughs and achieved a good beginning toward the objective of building a new Sinochem in five years.

Mr. Chen Guogang, CFO of Sinochem, delivered a report on the business performance of the company in 2004 and its budget for 2005. In the report Chen analyzed the realization of the 2004 budget objectives by the head office and affiliated subsidiaries and the operation of major commodities including fertilizer and crude oil and outlined the 2005 business objectives. The report required all business units to focus on raising efficiency indexes, improve their operational model and work hard to realize the objectives for 2005 and enhance business performance to higher levels.

Mr. Luo Dongjiang, Vice President of Sinochem, made the strategic management report entitled Improving Strategy Implementation, Raising Operational Efficiency and Following the Intensive Development Road. In the report Luo assessed the implementation of the company's strategies in 2004 comprehensively, reviewed the achievements and problems of strategy implementation over the past years, analyzed the external environment in the next three years, defined the strategic development thoughts and tasks in the next three years and raised strategic requirements for all the business units.

At the meeting, expert of Ernst & Young made the Corporate Governance and Risk Management speech to further raise the participants'awareness of the risks during the transition period.

Mr. Liu Deshu, President of Sinochem delivered the conclusion report. He reviewed the company's performance in 2004, analyzed the strategic problems faced by the company at present and outlined the guiding principles and priorities of the company in 2005. He called on all the employees to build and implement a scientific concept of development, work hard to build Sinochem into a great company and rejuvenate it in five years, accelerate strategic transition and improve management, raise operational quality and efficiency, strengthen management of strategic investment projects, enhance operational and strategic management, build capacity, unswervingly follow the quality and profit-oriented development road and make great contributions to the country and society.