Daniel Tsai should be signing board proposals beforehand: FSC
Taiwan News
Date: 2018/08/10
By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – The government’s Financial Supervisory Commission
Fubon Financial Vice Chairman Daniel Tsai (right). (By Central News Agency)
(FSC) might remove one of the country’s wealthiest businessmen, Daniel Tsai (蔡明忠), as vice chairman of Fubon Financial Holdings (富邦金) after two months if the company does not improve its practices by then, reports said Friday.
The holding reportedly broke laws separating financial companies from other businesses by requiring all proposals to the board to be signed off by Tsai beforehand, in effect handing over the real power of decision to the vice chairman, the Apple Daily reported.
The FSC sent a letter to Fubon Friday cautioning the powerful holding to correct the situation or to face the removal of its vice chairman after two months, according to the report.
FSC Minister Wellington Koo (顧立雄) reportedly told journalists that a vice chairman only holds the same privileges and rights as any other member of the board, and that he can only act if the official chairman is absent or has a valid reason not to be able to execute his authority. [FULL STORY]
