The meeting elected Mr. Xu Junsheng as Chairman of JNG and passed the three-year development of strategic planning.
At 10:30 a.m. on July 22, the first Board Meeting of the JNG Group was held in the multi-functional hall on the 2nd floor of JNG Headquarter. Mr. Xu Junsheng, JNG Executive Director; Ms. Luo Jing, JNG Executive Director; Mr. Wang Pujin, JNG Director; Ms. Yu Xiaoyang, JNG Director; Mr. David Phillips, JNG Independent Directors; Mr. Neil Bush, JNG Independent Director; Mr. Fareed Salem, JNG Director; Mr. Xu Tianqi, JNG Company Secretary; Ms. Aida Araissi, Founder & CEO of Bilateral US-Arab Chamber of Commerce; Ms. Sheng Ying, New Enterprise Management Co.,Ltd; Mr. Liu Xiangming, Partner of Grandall Law Firm and Mr. Zhao Chen, Partner of Grandall Law Firm attended the meeting. The meeting reviewed and passed six proposals on the election of the Chairman of the Group, the establishment of Nominating and Governance Committee, the establishment of Compensation Committee, the establishment of Audit Committee, an appointment of Company Secretary and passed the development of strategic planning for the next three years.
The Board of Directors unanimously approved a motion to elect Mr. Xu Junsheng as the Chairman of JNG.
The Board of Directors reviewed and established the Nominating and Governance Committee, and elected the Chairman and members of the committee. Mr. Xu Junsheng, Ms. Luo Jing, and Mr. Fareed Salem were elected as the members of the Nominating and Governance Committee for a term of three years, and Mr. Xu Junsheng as the Chairman of the Nominating and Governance Committee.
The Board of Directors reviewed the establishment of the Compensation Committee and elected its Chairman and members. Mr. David Phillips, Mr. Xu Junsheng, and Mr. Neil Bush were elected as the members of the Compensation Committee for a term of three years, and Mr. David Phillips as the Chairman.
The Board of Directors reviewed the establishment of the Audit Committee and elected its Chairman and members. Mr. Neil Bush, Ms. Yu Xiaoyang, and Mr. Wang Pujin were elected as members of the Audit Committee for a term of three years, and Mr. Neil Bush as the Chairman of the Audit Committee.
The Board of Directors reviewed the proposal of appointing the Secretary of the Board of Directors and appointed Mr. Xu Tianqi as the Secretary of The Board of Directors.
Later, Mr. Xu Tianqi, the Secretary of the Board of Directors made a report to the Board on the recent development of China and Global market business. Report pointed out that in the first half of the year, China market relied on more than 80% market share, and more than 90% of the core clients are the China industry leading enterprises, we achieved 528 million RMB of contract signing (if E + proprietary equipment is calculated according to EPC model, the total value is 848 million RMB), with the development of Refining industry and environmental protection in Iron & Steel industry, the market prospect is broader. In the Global market, JNG has located in five countries and regions such as the United States, the Middle East, Europe, Japan, Korea, India, and has obtained a wide range of attention and strong willingness to cooperate, and substantial progress has been made in several projects.
In the afternoon, the Board of Directors reviewed and passed the proposal on the JNG’s development strategic planning for the next three years.
Chairman Xu made an important report on the JNG’s three-year development strategy planning (2018-2020). According to the planning, the first round of valuation and investment will be completed in 2018, and contracts for several global projects and strategic cooperation agreements with several top investment corporations in the world will be signed. In 2019, the signing of several global projects contracts will be completed, the listing of the United States will be completed in the fourth quarter. In 2020, JNG will complete the acquisition of several power plants, sign multiple global EPC and BOO contracts, and complete the global industrial chain layout of sulfur-containing compound fertilizer.
Chairman Xu pointed out that the JNG has already met the internal and external conditions for step forward for the internationalization. The corporate valuation and Series A financing will be completed within this year, which will provide the company with high-value capital, M&A and strategic cooperation, and create a new situation of globalization spanning development. In the next three years, JNG will take advantage of the situation, make comprehensive efforts and make breakthroughs in key areas, and will be the world’s first-class multinational group with the development and expansion of the global market around three years of strategic planning.
The Board Members and the attendees, after the careful discussion, unanimously highly endorse the group’s development strategy for the next three years. They believe that the strategy planning fully grasps the demand of the global market. It is practical, realistic and clear. It shows great courage and confidence and it will be achieved smoothly. They are full of confidence in JNG’s future development and a bright future.
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Board of Directors |
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Chairman of JNG Chairman of the Nominating and Governance Committee Member of the Compensation Committee |
Mr. Xu, Junsheng, the founder of Jiangnan Environmental Protection Group Inc., currently serves as Chairman of JNG. He is the leader and promoter of global ammonia-based desulfurization technology from R&D, maturity to large-scale application. He is responsible for the overall management, business development and strategic planning of the Group. Mr. Xu has been engaged in corporate management for more than 30 years. He has more than 20 years of experience in corporate management in the environmental protection industry. JNG (China) occupied more than 80% of market share under his leadership. In the past ten years, he has achieved an average annual compound growth of 40% rate. Mr. Xu established Magnetic Separation Equipment Factory (JNG China ‘s predecessor) in 1993 to manufacture power auxiliary equipment. In 1998, he began to research and develop ammonia-based desulfurization technology and entered the environmental protection field. In 2006, he moved the company from Zhenjiang, Jiangsu Province to Nanjing, Jiangsu Province, and changed the company name to JNG (China), Mr. Xu Junsheng served as JNG (China) ‘s Chairman. In 2017, in order to realize the modern enterprise management system and concentrate on promoting ammonia desulfurization technology globally, Mr. Xu Junsheng took the initiative to introduce the professional management system and stepped down as the JNG (China) Chairman. In the same year, he established JNG Group and served as Chairman of the Group Company. Chairman Xu has served as Vice President of Jiangsu Environmental Protection Industry Association since July 2015. |
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Luo, Jing |
JNG Executive Director Member of the Nominating and Governance Committee |
Ms. Luo, Jing, who has worked in JNG (China) for 24 years, currently serves as President of JNG (China). She is mainly responsible for implementing the company’s operating strategy formulated by the chairman and the company’s overall daily operations and management.
Ms. Luo has more than 30 years of management experience in technology, engineering, and marketing. From 1994 to 2003, she served as technical section chief, technical deputy director and production director of Zhenjiang Magnetic Separation Equipment Plant, the predecessor of JNG (China). She served as deputy general manager since the establishment of JNG (China) in November 2003 and served as President of JNG (China) since December 2010. Ms. Luo has managed the sales of the Chinese market in the early stage and has achieved remarkable results. She has made important contributions to making ammonia-based desulfurization as one of the mainstream desulfurization technologies in China. Now she focuses her efforts on assisting the group company in expanding the global market. Ms. Luo obtained her bachelor’s degree in 1988 from Jiangsu University and was recognized as a senior economist in October 2010. |
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Wang, Pujin |
JNG Director Member of the Audit Committee |
Mr. Wang, Pujin joined JNG (China) in 2017. He currently serves as Chairman of JNG (China) who graduated from Jiangxi University of Finance and Economics with a degree in Finance.
Mr. Wang has worked in investment, securities, finance and other fields for more than 30 years. He is the first batch of China Securities Industry Association’s securities agency and securities brokerage business qualification holders. He has served successively as deputy general manager of Investment Banking of China Southern Securities Co., Ltd., general manager of Jinan Branch and Nanjing Branch, managing director of Haitong Securities Haifu Jinhui Equity Investment Management Co., Ltd. and chairman of China Star General Aviation Investment Co., Ltd. |
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Yu, Xiaoyang |
JNG Director Member of the Audit Committee |
Ms. Yu worked successively at BNP Paribas (Suisse) S.A. in Geneva, Dresdner Bank AG in Frankfurt, London and New York from 1980 to 1985; and Investment Bank Headquarters at Salomon Brothers Inc. in New York from 1987 to 1991 who engaged in merger and acquisition and corporate financing.
Ms. Yu obtained her master’s degree in business administration from International Institute for Management Development in Switzerland, previously known as International Management Institute (Geneva), in May 1982. |
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David Phillips |
JNG Independent Director Chairman of the Compensation Committee |
David L. Phillips serves as Chairman of the Bilateral U.S.-Arab Chamber of Commerce and leads its Executive Board of Advisors comprised of Ambassadors, Ministers, and Former US Cabinet Secretaries.
He facilitates high-level business and government exchanges on behalf of its membership and provides strategic guidance in order that the Chamber and its’ members can fully reap the benefits of the myriad of available economic opportunities. Mr. Phillips is also Founder and Managing Partner of Bilateral Initiatives LLP, an international consulting practice offering expert advisory services to US and foreign governments and C-level business leadership. A lawyer by trade, he serves as managing partner of Phillips International Law Group PLLC. He served as a trusted advisor to three Presidents and their administrations, the US Congress, as a former chief executive in the energy sector, and as a Special Envoy to multiple foreign countries. David regularly advises foreign Ministries, Parliaments, Heads of State, Ambassadors and Consul Generals in the MENA region and beyond. |
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Neil Bush |
JNG Independent DirectorChairman of the Audit Committee Member of the Compensation Committee |
Mr. Bush’s career has revolved around the oil and gas industry and the international business development arena for more than thirty years. In 1980, Mr. Bush joined Amoco Production Company in Denver and in the 1990’s became a part owner of Ultrafloat, a Houston-based company supplying conservation equipment to oilfield storage facilities. For the past twenty years, Mr. Bush has participated in various international business development activities with the strategic focus on China and the Middle East.
In 2011, Mr. Bush founded ATX Oil, a privately held, independent oil and gas company. Additionally, Mr. Bush serves as the Chairman of the Points of Light Institute, a national organization formed by President George H. W. Bush in 1989. Mr. Bush graduated from Tulane University with a Bachelor’s degree in International Economics. He holds a Master’s of Business Administration degree from Tulane University’s Freeman School of Business. |
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Fareed Salem |
JNG Director Member of the Nominating and Governance Committee |
Fareed Salem is the Chief Executive Officer, JNG MENA Business. In this capacity, Salem overseas the development and company’s operations in the MENA region. He is also responsible for setting the strategic direction and leads the development of the company’s solutions for the oil & gas industry globally.
Salem has more than three decades of oil & natural gas, power and water industries technical and executive management experience. He previously served as Vice President BD & New Energy Ventures in the MENA region at ConocoPhillips. Prior to joining ConocoPhillips in 2001, Salem was the Regional Director at DuPont where he was responsible for company growth initiatives in the emerging markets in the Middle East and Africa, Central and Eastern Europe. At DuPont, Salem also lead the company worldwide desalination industry business. His leadership roles at ConocoPhillips and DuPont, included assignments in Riyadh Saudi Arabia, Dubai, Geneva, Wilmington, DE and Houston, TX States in United States, Doha, Qatar and Abu Dhabi in the United Arab Emirates. He began his career at DuPont in 1983 as a development engineer. Salem held technical, global sales and market development, production, planning, and regional corporate leadership positions in various affiliates and subsidiaries before joint JNG in his current leadership role. Salem is a strong advocate for sustainable development and has lead ConocoPhillips water sustainability initiative and serves as an advisory board member to several regional and global companies in the water, energy and construction industries. He received bachelor’s degree in chemical engineering from Cleveland State University in 1982. |
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List of Participants |
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JNG Executive Director |
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Luo, Jing |
JNG Executive Director |
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Wang, Pujin |
JNG Director |
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Yu, Xiaoyang |
JNG Director |
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David Phillips |
JNG Independent Director |
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Neil Bush |
JNG Independent Director |
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Fareed Salem |
JNG Director |
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Xu,Tianqi |
JNG Secretary |
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Aida Araissi |
Founder and CEO |
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Sheng,Ying |
New Enterprise Management Co.,Ltd |
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Liu,Xiangming |
Grandall Law Firm |
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Zhao,Chen |
Grandall Law Firm |
