Assessment and Incentives

In strategic practice, we identify 2.0 and 3.0 teams to stimulate intrinsic motivation and cultivate Veken business partners, fostering joint ventures and a shared future. We adopt a limited partnership model, using Ningbo Veken Tongchuang Enterprise Management Partnership (referred to as Veken Tongchuang) as the incentive platform.

The Salary Assessment Committee is responsible for performance evaluation, which is linked to annual salary assessments and incremental rewards. The Review Committee is responsible for quarterly and annual reviews, which are tied to positions and linked to quarterly and annual bonuses, as well as special awards. Performance assessments emphasize rigid advocacy for increments, with the principle that stock indicators are only penalized, not rewarded, while incremental indicators are only rewarded, not penalized.

Nomination and Appointment

The principles for cadre nomination follow strategic and cultural alignment, result orientation, and market orientation. The chairmen of each industry are responsible for suggesting performance-based cadre nominations, the finance line proposes direct management cadre nominations, and the HR line is responsible for appointing cadres and suggesting nominations for audit and legal positions. The Nomination Review Committee and the General Cadre Department handle the review of suggestions, performing duties such as examining performance and values, and then nominating to the board of directors. Nominations are divided into preliminary and formal nominations to ensure sufficient time for assessment, preparation, and adjustments, thereby enhancing the winning capability of the cadre team.

Competitive Selection

The competitive selection process is institutionalized and normalized, making it an important mechanism for promoting and selecting talent, and continuously increasing the proportion of cadres selected through competition. The company actively promotes the rapid growth of young cadres, providing more opportunities for advancement. By implementing a training mechanism that combines training and practical exercises, Veken develops strategic reserve teams through real-world challenges. This approach not only supports the work of current cadres but also serves as a strong supplement for future vacancies, thereby discovering new generations of leaders in the mold of Montgomery through practical experience.