Appointment by the Board of Directors of Antoine Castro, Chief Executive Officer and Director, as the new Chairman of the PAREF Group
Given the implementation of solid governance in recent years, PAREF's Board of Directors approved the corporate governance report for the 2021 financial year, which consolidates the group's capacities:
• On February 17, 2022, the Board of Directors accepted the resignation of Mr. Mingtao Liu from his position as Chairman of the Board of Directors, given the extent of his responsibilities within the Fosun group. Mr. Mingtao Liu remains however a director of PAREF until the end of his term of office expiring at the ordinary general meeting of 2025.
• The Board of Directors has decided unanimously to henceforth favor a unity of the functions of Chief Executive Officer and Chairman, considering this new mode of exercise likely to reinforce the responsiveness and effectiveness of PAREF's strategic management. Thus, Mr. Antoine Castro, Chief Executive Officer since July 2017, was appointed as Chairman.
The Chairman and Chief Executive Officer will be able to continue to rely on the 8 directors – 3 of whom are independent – and the 3 committees that emanate from them, which will shed light on decisions in terms of investment, audit and appointments & compensation.
The Board of Directors would like to express its gratitude to Mr. Liu for his contribution to the good management and governance of the group, under his Chairmanship.