According to the arrangement of the China Securities Regulatory Commission, listed companies are required to cancel the supervisory board before 2026. More than 10 banks, including Industrial Bank, Bank of Lanzhou, and SPD Bank, intensively announced in December that they would not establish supervisory boards. This series of changes stemmed from the reshaping of the legal system at the top level. With the implementation of the new Company Law and supporting systems of the General Financial Supervisory Authority and the Securities Regulatory Commission, the banking industry's corporate governance efficiency reform is moving from paper to reality. In the past, the supervisor, who was called the “three chiefs” along with the chairman and president, gradually “disappeared”, and the supervisory function was taken over by an audit committee set up under the board of directors.

According to the arrangement of the China Securities Regulatory Commission, listed companies are required to cancel the supervisory board before 2026. More than 10 banks, including Industrial Bank, Bank of Lanzhou, and SPD Bank, intensively announced in December that they would not establish supervisory boards. This series of changes stemmed from the reshaping of the legal system at the top level. With the implementation of the new Company Law and supporting systems of the General Financial Supervisory Authority and the Securities Regulatory Commission, the banking industry's corporate governance efficiency reform is moving from paper to reality. In the past, the supervisor, who was called the “three chiefs” along with the chairman and president, gradually “disappeared”, and the supervisory function was taken over by an audit committee set up under the board of directors.