Zhongzhi Vision | Dow Inc.'s Corporate Governance Structure and Lessons Learned

Dow Inc. is a global enterprise with 104 manufacturing sites across 31 countries and regions. It holds a leading position worldwide in plastics, industrial intermediates, coatings, and silicones, delivering a broad and differentiated portfolio of science-based products and solutions to high-growth sectors such as packaging, infrastructure, and consumer care. Its primary operations are located in the United States, the United Kingdom, Argentina, Brazil, Canada, China, Thailand, Germany, the Netherlands, and Spain. In the 2021 Fortune Global 500 ranking, Dow ranked 310th, with $55 billion in revenue and approximately 35,700 employees. Dow Chemical Company (DOW) and E. I. du Pont de Nemours and Company (DuPont) successfully completed an equal merger on August 31, 2017, forming the combined entity 'DowDuPont'. With a combined market capitalization exceeding $150 billion—surpassing Germany’s BASF—the newly formed company became the world’s largest chemical enterprise. In June 2019, DowDuPont announced its planned spin-off into three independent, publicly traded companies: (1) The new agriculture business—comprising Dow’s and DuPont’s former agricultural divisions—was named Corteva Agriscience; (2) The new Dow Inc. (‘New Dow’) comprised Dow’s businesses excluding agriculture and electronic materials, combined with DuPont’s functional materials segment; and (3) The new DuPont (‘New DuPont’) integrated Dow’s electronic materials business with DuPont’s businesses outside agriculture and functional materials, forming a specialty products company. This strategic separation can be summarized as 'strengthening weaknesses while reinforcing strengths': First, the two companies’ historically unprofitable yet highly complementary agricultural units were merged to create a world-class agrochemical enterprise capable of competing effectively with industry leaders Monsanto and Syngenta. Second, each resulting company retained its core competencies and further optimized resource allocation and business integration—enhancing competitiveness in functional and specialty materials. I. Dow’s Corporate Governance Structure Dow follows a common-law governance model, featuring a Board of Directors but no supervisory board, and adopts a stakeholder co-governance approach. The Chairman also serves as Chief Executive Officer (CEO), and a Lead Independent Director is appointed (see Figure 1). The Board appoints the executive management team, which oversees daily operations and whose performance the Board reviews. The Board actively collaborates with management to supervise and guide corporate strategy, risk management, and overall performance. Committees composed solely of independent directors assist the Board in fulfilling its responsibilities. Dow’s Board maintains that the combination or separation of the CEO and Chair roles should be driven by the company’s evolving needs. When the Chair is not an independent director, the independent directors elect one among themselves to serve as Lead Director. Regardless of the specific leadership structure, the company consistently ensures robust leadership roles for independent directors. Key responsibilities of the Lead Independent Director include: • Leading executive sessions of independent directors—or other meetings in the Chair’s absence; • Calling meetings of independent directors; • Coordinating with the Chair to schedule Board meetings; • Serving as liaison between the Chair and independent directors, as needed; • Collaborating with the Chair and committee chairs to develop and approve the Board’s calendar and agenda—ensuring thorough deliberation of all agenda items; • Determining appropriate materials to be provided to the Board; • Acting as the point of contact for shareholder communications with independent directors, and for any consultation requests directed to the Board’s independent members; • Retaining external professionals on behalf of the Board, when deemed necessary or appropriate by the Board.

Summary of Recruitment Announcements from Popular State-Owned Enterprises (SOEs), Central SOEs, and Well-Known Private/Foreign Enterprises (January 26, 2024): Alibaba Group, China State Railway Group’s Container Transport Company, China Tourism Group, Guangdong Academy of Building Sciences, Capital Highway Development Group, Dow Inc., etc.

Major state-owned enterprises (SOEs) and central SOEs—including Alibaba Group, China State Railway Group’s Container Transport Company, China Tourism Group, and Guangdong Academy of Building Sciences—have recently released their 2024 campus recruitment and social recruitment announcements. Additionally, Capital Highway Development Group and Dow Inc.—a renowned Fortune 500 multinational corporation—have launched high-paying job openings, collectively offering over 990 positions. Positions at SOEs and central SOEs have long been among the most sought-after in both campus and social recruitment. Successful candidates enjoy exceptional job security—often described colloquially as securing a 'iron rice bowl'—making these roles especially attractive to recent graduates and those who graduated in prior years. Meanwhile, top-tier private and foreign enterprises—including Fortune 500 companies—are drawing widespread interest due to their competitive compensation packages. In short: either join a popular SOE or central SOE for stability and peace of mind, or pursue wealth creation at a high-paying private or foreign enterprise. The WeChat public account 'Shang An Le Me?' (‘Have You Landed a Job Yet?’) has compiled today’s recruitment announcements from prominent SOEs, central SOEs, and high-paying private/foreign enterprises, as follows: I. Alibaba Group’s 2024 Autumn Campus Recruitment: Overview of Open Positions Open Positions: Data R&D, Algorithms, Cybersecurity, Technical Services, Merchandise Operations, etc. Number of Positions: Approximately 500+. Application Link: Overview of Open Positions for Alibaba Group’s 2024 Autumn Campus Recruitment II. China State Railway Group’s Container Transport Company: 2024 Graduate Recruitment (66 Positions) | Includes Written Test & Interview Preparation Materials Open Positions: Physical Operations, Translation, General Party Affairs, Financial Management, etc. Number of Positions: 66. Application Link: China State Railway Group’s Container Transport Company: 2024 Graduate Recruitment (66 Positions) | Includes Written Test & Interview Preparation Materials