The departure of a 12-year chairman of the supervisory board means there are fewer senior chairmen of supervisory boards in the banking industry
PSBC Supervisor Chairman Chen Yuejun resigned due to reaching the statutory retirement age, effective from September 23, 2025. Chen Yuejun joined PSBC in 2012 and has served as Supervisor Chairman since 2013, making significant contributions to the bank's supervisory mechanism and corporate governance during his tenure. In recent years, many banks have abolished their supervisory boards, and industry insiders believe this helps reduce management costs. If PSBC follows this trend, Chen Yuejun may become the last senior Supervisor Chairman
On the evening of September 23, PSBC announced that Chairman of the Supervisory Board and shareholder representative supervisor Chen Yuejun submitted his resignation to the bank's supervisory board due to reaching the statutory retirement age, resigning from his positions as Chairman of the Supervisory Board and shareholder representative supervisor. The resignation will take effect on September 23, 2025.
Chen Yuejun has confirmed that there are no disagreements with the bank's supervisory board, nor are there any matters that need to be notified to PSBC's shareholders and creditors regarding his resignation.
Public information shows that Chen Yuejun joined PSBC in 2012 and has served as the Chairman of the Supervisory Board since January 2013.
PSBC stated that during Chen Yuejun's tenure, he "innovated supervisory methods, improved the supervisory mechanism, effectively played the role of supervision and checks and balances, and effectively safeguarded the legitimate rights and interests of the bank, shareholders, employees, creditors, and other stakeholders, making important contributions to promoting the bank's sustained and stable operation, improving corporate governance, and achieving high-quality development. The bank's supervisory board expresses heartfelt gratitude to Chen Yuejun."
It is worth mentioning that this year, several banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China Merchants Bank, have issued board resolution announcements stating that they will no longer establish supervisory boards. Industry insiders believe that this move is beneficial for financial institutions to improve governance structures and reduce management costs.
As PSBC is one of the few large banks that still has a supervisory board, if it also follows this trend in the future, Chen Yuejun is likely to be the last senior supervisory board chairman of such a large bank.
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