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Board opposes nomination of bank president

A majority of the 15 board members at the Agricultural Bank of Taiwan (農業金庫) expressed strong opposition yesterday to the Cabinet's nomination of Chen Ming-jen (陳明仁) as bank president -- an appointment planned for Jan. 2 that had been put on hold until now.

"We hope the government can find another candidate, someone who will live up to the agricultural sector's expectations," said Wang Hsueh-hui (王雪慧), one of the state-run bank's eight board members who refused to approve the government's appointment in two previous board meetings earlier this month.

In the interim, bank chairman Huang Lee-yue (黃李越) has doubled as president and will do so until the board finalizes its decision for the state-run bank, 49 percent of whose shares have been owned by the Council of Agriculture since its establishment in May 2005.

Wang, who is also manager of the Banciao Farmers' Association (板橋農會), said yesterday that the eight holdouts would not change their position until the government has appointed a new financial professional to run the agricultural bank.

Huang said that despite the rampant speculation, representatives from farmers' and fishermen's associations had no intention of appointing one of their own.

"We have no pocket candidate," she said, urging the government to drop the political appointment.

The bank said it had no plan to schedule another board meeting anytime soon, as it may need some time to find a candidate acceptable to both sides -- the board and the Democratic Progressive Party (DPP) government.

Chen, 55, a brother of Chiayi County DPP Commissioner Chen Ming-wen (陳明文), was formerly president of the Export-Import Bank of the Republic of China (中國輸出入銀行) before moving to Chang Hwa Commercial Bank (彰化銀行), Waterland Financial Holding Co (國票金控) and the Farmers' Association of Taiwan Province (台灣省農會).

Despite his financial background, Chen is considered "unqualified" for the position, said a board member who requested anonymity.

The board member said Chen had failed to provide a clear answer when he was asked if there would be a conflict of interest between his ties to the DPP government and what would be best for the agricultural sector.

"He said he would resign. But what we need is someone who can help us communicate with the government and come up with the best policies," the board member said.

The grassroots farmers' association has long expressed its concern over Chen's suitability for the position.

A manager at a farmers' association in central Taiwan, who requested not to be named, said that during a meeting last month, more than 20 managers had questioned Chen's political affiliation. Managers from Taipei and Kaohsiung failed to attend, the source said.

“What we really hope is for a professional with financial expertise to run our assets since almost all farmers deposit their savings in the bank,” he said.

The agricultural council, however, has so has shown no sign it would back down on the appointment.

“We hope there will be more time to discuss the personnel matter with board members,” said Hsu Jyh-ming (徐智明), deputy director of the council's bureau of agricultural finance and who is one of the bank's five board members representing the government.
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