CITS Supervisors Survey on Duty Free Stores in Heihe and Suifenhe
Supervisors of CITS Yang Chenguang, Wang Yanguang and Chen Lingling recently conducted a survey on the corporate governance, business and financial management of duty free stores of China Duty Free Group (CDFG) in Heihe and Suifenhe.After listening to the presentations by the general managers of the two subsidiaries on the corporate profile, business operations, existing problems and plans to be implemented, the supervisors inquired in great detail about the sales and stock management, financial health, business management and workplace safety, giving positive comments on the achievements and efforts made by the stores. Upon store visits and presentations, the supervisors proceeded with an on-site inspection on the corporate management, business and financial management, pointing out problems and weaknesses in stock and capital management on the basis of communication while offering suggestions for improvement. Chairman of the supervisory board pointed out that China Duty Free Group is on the right track of improving the management of its subsidiaries under the strategic guidelines of the group, with constantly enhanced internal control of duty free stores and more steady business development. As border duty free stores, further improvements are necessary in delicacy management to seek efficiency, while continuous progress is expected in merchandise structure and shopping environment. The stores should respond proactively to the impact on business performance on border trading enterprises by changes in the domestic macro-environment and effectively circumvent from business risks. As a component of corporate governance system, the supervisory board will continue to incorporate service in supervision and actively facilitate the development of subsidiaries under the leadership of CITS Group Co., Ltd. in both speed and quality. CDFG and the two duty free stores showed tremendous support to this survey.
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