Fubon Financial Holding Co (富邦金控) yesterday announced that vice chairman Daniel Tsai (蔡明忠) has stepped down from his post to improve corporate governance.
The announcement came after the nation’s second-largest financial services provider was given two months to remedy its shortcomings in meeting the Financial Supervisory Commission’s (FSC) guidelines that call for separation of the financial and industrial sectors.
Tsai would retain his seat on the company’s board of directors in accordance with the Company Act (公司法), the company said in a filing with the Taiwan Stock Exchange.
Richard Tsai (蔡明興), Daniel Tsai’s younger brother, resigned as vice chairman of Taiwan Mobile Co (台灣大哥大), an affiliate of Fubon Financial and one of the nation’s biggest telecoms, a separate filing showed.
The resignations came less than a month after FSC Chairman Wellington Koo (顧立雄) issued an ultimatum.
The Tsai brothers had previously held the two top jobs at the financial services and telecoms arms of their family’s business empire.
Richard Tsai was Fubon Financial chairman and Taiwan Mobile vice chairman, while Daniel Tsai was Fubon Financial vice chairman and Taiwan Mobile chairman.
They had come under the scrutiny of New Power Party lawmakers, while a probe later found that they had undue influence at both firms, the commission has said.
The probe found that the two had overstepped their roles as vice chairmen, the FSC has said.
Rather than acting on an interim basis during a chairman’s absence, the probe said that the Tsai brothers were involved in the companies’ day-to-day operations.
The probe also said that under Fubon Financial’s structure, many decisions required the approval of the vice chairman and that he was in the position to block decisions from being submitted to the board for approval.
Foreign regulators in support of clearer boundaries limiting ties between financial and industrial firms have cited the need to prevent conflicts of interest, transferring of responsibility for mismanagement to other parties, and overconcentration of economic power.
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