China National Pharmaceutical Group Corp, China's largest State-owned pharmaceutical group, also known as Sinopharm, plans to further increase the power of its board of directors as part of the company's mixed ownership reform process.

According to Securities Daily, a person close to the corporation said Sinopharm had submitted the second draft of its mixed ownership reform plan to the State-owned Assets Supervision and Administration Commission. The company submitted its first draft last February 2015.

"The reform plan has yet to be approved by the SASAC. The latest proposal mentioned the power of the board of directors, which, possibly, the company was required to further enhance," the person was quoted as saying by the daily financial newspaper on Tuesday.