The China Fund, Inc. Announces the Resignation of Chairman and Director Gary L. French, the Redesignation of Director Richard A. Silver as a Class II Director, Changes to the Composition of the Board and the Intended Resignation of Director William C. Kirby
New York, New York, January 30, 2019 — The China Fund, Inc. (NYSE: CHN) (the “Fund”) announced today that Gary L. French, a Director and Chairman, has submitted his resignation effective February 15, 2019. The Fund also announced that the Fund's Board of Directors has appointed Richard A. Silver as Chairman of the Board, effective upon Mr. French's resignation, and has redesignated Mr. Silver, currently a Class I Director, as a Class II Director and nominated him for re-election at the Fund's Annual Meeting of Stockholders in March 2019 (“Annual Meeting”). Further details regarding this stockholder proposal can be found in the Fund›s proxy statement scheduled to file on or about January 30, 2019.
The Governance, Nomination and Compensation Committee of the Board and the Board also considered the composition of the Board following Mr. French›s resignation. Effective with the resignation of Mr. French, the size of the Fund's Board will be reduced from seven directors to six directors. Following the Annual Meeting, the size of the Board will be further reduced from six Directors to four Directors.
Lastly, Director William C. Kirby has notified the Board of his intent to submit his resignation at the end of March 2019. Upon the effectiveness of Mr. Kirby's resignation, the Board will determine whether to appoint a new Director in place of Mr. Kirby or to reduce the size of the Board to three Directors.
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The Fund is a non-diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in China companies. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol “CHN.” For further information regarding the Fund and the Fund’s holdings, please call (888)-CHN-CALL or visit the Fund’s website at https://www.chinafundinc.com.
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