Bank cancels supervisory board, governance reform faces new challenges.

The banking governance reform driven by the new Company Law is accelerating. Recently, listed banks such as Qilu Bank and Industrial Bank have announced that they will no longer establish a supervisory board. Industry insiders believe that replacing the supervisory board with an audit committee can improve corporate governance efficiency, reduce operating costs, but the independence and professionalism of supervision need to be addressed. In addition, how to translate principle regulations into feasible specific plans is also a challenge that banks need to face.