Fubon Financial Holding Co (富邦金控) chairman Daniel Tsai (蔡明忠) yesterday threw his support behind the financial regulator's new restriction that will bar the chairmen of local holding companies from heading up firms outside the finance sector, saying that it will help improve corporate governance.
The new rule has come under fire since the Financial Supervisory Commission made the announcement late last month.
"It's acceptable that financial holding companies should avoid taking chairmanships of industries outside the financial sector," Tsai said during an annual gathering with the media yesterday.
Currently, Tsai also chairs mobile operator Taiwan Cellular Corp (
But he added that it would be unreasonable to forbid a mega-bank chairman from taking the helm of firms outside the finance sector if they are controlled by his family.
To do so could encourage the appointment of frontmen, for example, while the family remained in charge.
"[This] would just go against the regulator's original idea of improving corporate governance," he said.
The new rule will take effect next January, although there will be a grace period of up to three years for company chairmen and presidents to complete their tenures at non-financial enterprises.
The rule is also expected to affect Eugene Wu's (吳東進) role at the Great Taipei Gas Corp (大台北瓦斯). Wu, who is chairman of Shin Kong Financial Holding (新光金控), currently heads up 24 non-financial businesses.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
Pegatron Corp (和碩), an iPhone assembler for Apple Inc, is to spend NT$5.64 billion (US$186.82 million) to acquire HTC Corp’s (宏達電) factories in Taoyuan and invest NT$578.57 million in its India subsidiary to expand manufacturing capacity, after its board approved the plans on Wednesday. The Taoyuan factories would expand production of consumer electronics, and communication and computing devices, while the India investment would boost production of communications devices and possibly automotive electronics later, a Pegatron official told the Taipei Times by telephone yesterday. Pegatron expects to complete the Taoyuan factory transaction in the third quarter, said the official, who declined to be
RSS