【Executives】At the 2023 Annual General Meeting of Shareholders of Chinese (601628) held on June 27, an important item on the agenda was the election of directors.
Among them, Bai Tao, Li Mingguang, Liu Hui and Ruan Qi were elected as executive directors of the eighth board of directors; Wang Junhui, Niu Kailong, Hu Jin and Hu Rong were elected as non-executive directors; Lin Zhiquan, Zhai Haitao and Chen Jie were elected as independent directors.
Subsequently, the first meeting of the eighth board of directors of Chinese Life elected Bai Tao as chairman and continued to take the helm. Under normal circumstances, the chairman of the board of directors usually serves as the chairman of the strategy committee of the board of directors. Somewhat surprisingly, Bai Tao did not serve as a member of the various professional committees of the Chinese Life Board of Directors.
According to public information, Bai Tao, born in 1963 and now 61 years old, was elected executive director of Chinese Life from the end of April 2022, and then elected chairman at the end of May, this time for re-election.
The controlling shareholder of Chinese Life is China Life Group, which directly holds 68.4% of the shares, and the actual controller is the Ministry of Finance, which holds 90% of the shares of China Life Group, which is a financial central enterprise, and its comprehensive strength ranks among the top domestic insurance companies.
According to the official website, Bai Tao is also the leader of China Life Group, serving as the secretary of the party committee and chairman, and he has served as the deputy general manager of China Investment Corporation, the chairman of the State Development and Investment Group, and is a doctor of economics.
The other three executive directors of Chinese Life, Li Mingguang, Liu Hui and Ruan Qi, are all members of the management team, Li Mingguang is the president, and Liu Hui and Ruan Qi are the vice presidents. All three are members of the core management team. Ruan Qi was born in 1966, Li Mingguang in 1969, and Liu Hui in 1970. Li Mingguang is currently the Vice President of China Life Group.
The annual report shows that Chinese Life will achieve revenue of 837.9 billion yuan in 2023, an increase of only 1.4%, and the net profit attributable to the parent will be 21.1 billion yuan, a decrease of 34%. Most of the top executives have seen a downward cut in their salaries.
The highest salary is Ruan Qi, about 1.66 million yuan, a decrease of 660,000 yuan, and the salary of Cao Weiqing, chairman of the board of supervisors, and Yang Hong, former vice president, also exceeds 1.6 million yuan; and Bai Kai, Zhao Guodong, Lai Jun, and Xu Chongmiao's salaries also exceeded one million yuan; President Li Mingguang's salary is only 550,000 yuan, a decrease of about 1.8 million yuan from 2022. Chairman Bai Tao no longer receives remuneration from listed companies.
At the end of 2023, the total number of Chinese Life employees will remain at 100,000, with an average profit of 210,000 yuan per capita and an average salary of 220,000 yuan last year, a decrease of about 24,000 yuan from 2022.
As of June 27, the total market value of Chinese Life was 876.5 billion yuan, beating Ping An, which had a market value of 754.3 billion yuan.
(Note: The "salary" or "per capita salary" mentioned in this article includes wages and bonuses, employee benefits, five insurances and one housing fund, enterprise annuity, supplementary retirement benefits, etc., and is pre-tax; The data in this article comes from Straight Flush iFinD, Oriental Wealth Choice and Wind Terminal)