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Government holds CHB board

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‘GROW STRONGER’: Both sides declared victory after the election, with Taishin saying it focused on electing independent directors to enhance oversight at CHB

Taipei Times
Date: Jun 20, 2020
By: Crystal Hsu / Staff reporter

Shareholders yesterday hold fans with text calling for Taishin Financial Holding Co to stop competing for a majority on Chang Hwa Commercial Bank’s board of directors at the bank’s annual general shareholders’ meeting in Taipei.
Photo: Chen Mei-ing, Taipei Times

Government-appointed candidates yesterday retained majority control of state-run Chang Hwa Bank’s (CHB, 彰化銀行) board of directors, while Taishin Financial Holding Co (台新金控) won four seats, including all three independent directors’ seats.

CHB board elections have been contentious for the Ministry of Finance and Taishin since 2005, when Taishin acquired a 22.5 percent stake in the bank, with a written agreement from the ministry to help secure control of the lender.

The ministry has insisted it fulfilled its obligation from 2005 to 2013 and is not responsible for shareholders deciding to give government representatives majority control from 2014 onward.

Both sides declared victory after the election and traded barbs over CHB’s financial performance.    [FULL  STORY]

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