Minister of Transportation and Communications Lin Lin-san (林陵三) yesterday announced new board members for the Cabinet's China Aviation Development Foun-dation (CADF), which is China Airlines' largest shareholder.
Lin will head the new 10-member board as its chairman.
The board members will take up their new jobs on June 10.
Lin said that the goals for the new reshuffled foundation will be selling its shares of China Airlines and then dissolving itself before the end of next year.
After the foundation's dissolution, tasks such as the cultivation of aviation talent and the development of the industry will be transferred to private organizations with the assistance of the transportation ministry and the National Science Council.
"The Cabinet's policy is clear," Lin said. "Selling all government shares in the company and making it a purely private one will be our priority from now on. However, at this moment, we are not considering changing the company's management."
In the meantime, he said the reshuffled foundation would not get involved in managing the company as it used to.
Tsay Jaw-yang (
After the crash, the Cabinet decided to sell all its shares in the company and turn China Airlines into a purely privately owned enterprise.
Bowing to growing calls to step down, Tsay, eight board directors and one supervisor tendered their resignations on Thursday night.
China Airlines is now jointly run by the government and the private sector. The CADF, the quasi-governmental organization established in 1988, has a 71 percent stake in the carrier. In the past, many of the foundation's vacant board positions have been filled by retired government or military officials. The foundation manages about NT$50 billion (US$1.45 billion) in assets.
According to the Cabinet, there are nine board members for the foundation in addition to the chairman.
The government will recommend and assign five of the members. A legal expert will be picked by the government to fill another of the nine vacancies. An aeronautics engineer or expert will take another position. The final vacancy will be assigned to a supervisor who will be responsible for the foundation's administrative work.
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