A SEVERE BREACH: The company must assign a third party, such as a securities firm, to handle its shareholder services, the Securities and Futures Bureau said

Taipei Times
Date: Jul 15, 2020
By: Kao Shih-ching / Staff reporter

The Financial Supervisory Commission (FSC) yesterday announced that it would bar Tatung Co’s (大同) stock affairs division from serving shareholders, as the home appliance maker severely breached shareholders’ rights at its annual general meeting on June 30.

In the next two months, the company must assign a third party, such as a securities firm, to handle the company’s shareholder services, Securities and Futures Bureau Deputy Director-General Tsai Li-ling (蔡麗玲) told a news conference in New Taipei City.

The commission’s move came amid market speculation that the 102-year-old company could continue conducting its own shareholder services and likely block some shareholders from voting again when it is soon required to hold a new shareholders’ meeting.

Tatung could apply and still submit the shareholder list to the Taiwan Depository and Clearing Corp (TDCC, 台灣集中保管結算所), but the company would have no say on holding the shareholders’ meetings, Tsai said.    [FULL  STORY]