Boyuan Construction Group, Inc. held the Board of Directors meeting for fiscal year 2015 at Sheraton Wall Center Hotel in Vancouver, Canada. Mr. Shou Cailiang, CEO and Chairman of the Board, and other directors attended. CFO Paul Law, the Manager of Auditing Department Wang Dongjie and Legal Counsel Judith Wilkin were invited to attend the meeting. The meeting was chaired by the leading director Francis Liang.
Mr. Shou presented a work report on company operations situation in 2015 and business and strategic planning in 2016, and discussed the domestic and international business environment and PPP project with the other directors. He pointed out that China has deepened the reform of the economic system to promote the development of the national economy, but the development status of construction industry has become more severe. The year of 2016 will be a difficult year for the construction industry. Current national economy is still facing a greater pressure and economic growth rate may be further down. The construction industry will face more new problems such as fewer projects available to undertake, external regulatory pressure and competition deterioration due to the decline in the growth rate of domestic investment in construction projects, the sharp decrease in large and medium-sized projects and the comprehensive regulation on construction industry. But this is an opportunity for us, in such a situation, there are a number of weaker companies will collapse, and social resources will be increased to the strong and advanced enterprises. The company will seize this opportunity to continue to adhere to the strategy of Going-out and give full play to the brand value of "Quality Priority and Integrity Insistence " in accordance with the planning requirements for medium and long term strategic development.
During the meeting, CFO Mr. Paul Law presented a report on Budget for FY 2016 and key balance sheet items to the Board. Director Jack Duffy presented an Audit Committee report to the Board, and Director Mr. Francis Leong presented a Corporate Governance, Nomination and Compensation Report to the Board. The Corporate Governance, Nomination and Compensation Committee has recommended to the Board a special bonus for the Chair of the Audit Committee members and CFO for their outstanding and extraordinary efforts in 2015.