CTBC Financial Holding Co (中信金控) topped the list of average board of director salaries in 2019 by compensating its board members an average of NT$89.88 million (US$3.16 million), overtaking Yageo Corp (國巨), data released yesterday by the Taiwan Stock Exchange (TWSE) showed.
The compensation includes cash, stock rewards and other types of payment to a director for their service in the board room, but excludes a paycheck for an additional role in management or for being a company employee, the TWSE said.
In 2018, CTBC Financial ranked No. 2 with an average package of NT$73.7 million, but its board compensation in 2019 rose 21.95 percent thanks to the increasing price of the company stock included in the package, the data showed.
In 2019, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, came in at No. 2 with an average board salary of NT$43.87 million, up 9.3 percent from 2018, the data showed.
Total board compensation at TSMC tallied NT$376 million in 2019 and accounted for 0.1 percent of its net profit that year, lower than the limit of 0.3 percent set in its bylaws, the data showed.
Handset camera lens maker Largan Precision Co (大立光) ranked third with an average compensation of NT$34.89 million, up 36 percent from 2018 thanks to an increase in net profit, the data showed.
Yageo dropped to fourth in 2019 from the top position in 2018, as its average remuneration slid to NT$31.2 million from NT$114.23 million — a decline of 72 percent — when the nation’s largest passive components supplier saw its annual net profit shrink 79 percent to NT$6.9 billion, the data showed.
Yuanta Financial Holding Co (元大金控) ranked fifth in 2019 with an average package of NT$27.62 million, followed by Taishin Financial Holding Co (台新金控) with NT$27.14 million and Uni-President Enterprises Corp (統一) with NT$25.44 million, the data showed.
Hotai Motor Co Ltd (和泰汽車) ranked eighth in 2019 with NT$22.82 million, followed by China Development Financial Holding Corp (中華開發金控) with NT$20.28 million and Fubon Financial Holding Co (富邦金控) with NT$20.23 million.
Dutch brewing company Heineken NV yesterday said that it has reached an agreement to acquire a subsidiary brewery of Taiwan’s Sanyo Whisbih Group (三洋維士比集團). Heineken is to assume majority ownership and management rights of the Long Chuan Zuan Co (龍泉鑽興業) brewery in Pingtung County’s Neipu Township (內埔), the Dutch company said. It would become the first multinational brewing company to operate brewery in Taiwan once the acquisition is completed. The deal has been approved by the Ministry of Economic Affairs’ Investment Commission, but details of the financial transaction cannot be disclosed at this time, as terms of the settlement have not been completed,
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