Alibaba Board Directors to 11 from 9 after US Listing
(Sinocast Internet, Media & Online Services Beat (China) Via Acquire Media NewsEdge) BEIJING, July 14, SinoCast -- Alibaba, which was disclosed to list in the US in the first two months of August, will make an additional appointment of two directors to lift the number of board directors to 11 from previously announced nine after its listing, according to the updated document submitted by the group to the US Securities and Exchange Commission.
After the additional appointment, board directors appointed by Alibaba's partner team will occupy six seats in the 11 board directors and hold the majority control power.
According to the previously disclosed document, the board of directors consists of nine members, including four from Alibaba's partner team. Based on the document, if board directors appointed by the partner team account for a minority, the team has the right to appoint more members for supplement so that the number of board directors appointed by the partner team account for more than half of the total.
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