Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce.
It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness.
Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates.
Photo: I-Hwa Cheng, Bloomberg
TSMC chairman Mark Liu (劉德音) was not on the list after in December last year making public his plan to retire with no intention of seeking a seat on the board.
The board nomination, corporate governance and sustainability committee has recommended that TSMC vice chairman and chief executive officer C.C. Wei (魏哲家) become the new chairman.
Most of the candidates are incumbent board directors, including Wei, F.C. Tseng (曾繁城), Kung Ming-hsin (龔明鑫) and four independent directors — Peter Leahy Bonfield, Michael Splinter, Noshe Gavrielov and Rafael Reif.
Lynn Elsenhans and Lin Chuan (林全) are new candidates to fill the vacancies left by Chen Kok-choo (陳國慈) and Yancey Hai (海英俊), who have retired from the board.
“In recent years, TSMC has gone through unprecedented challenges, compounded by the changing industry landscape and geopolitics. Through it all, the company continues to lead the development and delivery of the latest technology advancements that strengthen its competitiveness, placing it at the forefront of innovation and sustainability,” Wei said in a statement.
“Liu, who has helped guide us through these challenges, will retire from the board with our very best wishes and sincere appreciation for everything he has achieved. His outstanding leadership has played a pivotal role in TSMC’s growth,” the statement said.
In preparation for the succession, TSMC in February tapped two new operating heads, duplicating the cochief operating officers model first implemented in 2012.
The chipmaker promoted Y.J. Mii (米玉傑) and Y.P. Chyn (秦永沛) to cochief operating officer.
Wei would double as company chairman and chief executive officer, the company said.
Real estate agent and property developer JSL Construction & Development Co (愛山林) led the average compensation rankings among companies listed on the Taiwan Stock Exchange (TWSE) last year, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) finished 14th. JSL Construction paid its employees total average compensation of NT$4.78 million (US$159,701), down 13.5 percent from a year earlier, but still ahead of the most profitable listed tech giants, including TSMC, TWSE data showed. Last year, the average compensation (which includes salary, overtime, bonuses and allowances) paid by TSMC rose 21.6 percent to reach about NT$3.33 million, lifting its ranking by 10 notches
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