Tatung chairman: proposal of 3 independent director dismissal failed

The fight for control of Tatung Group (2371-TW) continues. The company held a shareholders meeting with an attendance rate of 95.4%, hitting the highest in its history. Regarding the case of the No. 7, 8 and 9, the chairman Lin Kuo Wen-yen (林郭文艷) announced that since the vote for consent was not over half (48.58%), the proposal of 3 independent directors dismissal, including Chi-ming Wu (吳啟銘), Tsung-Te Liu (劉宗德), and Peng-Fei Su (蘇鵬飛) has failed. The company is now undergoing restructuring and expecting to turn the revenue/earnings into profit.

In the case, Shanyuan Group proposed the dismissal of independent director Peng-Fei Su (蘇鵬飛). Tatung Investment Consulting proposed the dismissal of independent director Tsung-Te Liu (劉宗德). Hsing-Tong Investment Consulting proposed the dismissal of Chi-ming Wu (吳啟銘).

As the result, 48.58% votes in favour of the proposal, 23.73% against, and 27.69% abstentions. The chairman announced that the cases were not passed because the vote for consent was not over half. After the announcement, the group of investors led by Shanyuan Group CEO felt upset but there was no protest and riots for now.