Formosa Chemicals Announces Shareholder Meeting Resolution to Lift Directors' Non-Competition Restrictions
Key facts
- Formosa Chemicals Announces Shareholder Meeting Resolution to Lift Directors' Non-Competition Restrictions
- On June 26, 2026, Formosa Chemicals & Fibers Corporation held its annual general meeting and resolved to permit five directors to engage in competitive business activities, including serving as directors or managers in companies with similar business operations. The resolution has no impact on the company's financial or operational status.
- Source: PR Times
- Date: June 26, 2026
Direct answer
On June 26, 2026, Formosa Chemicals & Fibers Corporation held its annual general meeting and resolved to permit five directors to engage in competitive business activities, including serving as directors or managers in companies with similar business operations. The resolution has no impact on the company's financial or operational status.
- Citation
- Formosa Chemicals Announces Shareholder Meeting Resolution to Lift Directors' Non-Competition Restrictions (June 26, 2026), PR Times
- Source
- PR Times
- Date
- June 26, 2026
On June 26, 2026, Formosa Chemicals & Fibers Corporation held its annual general meeting and resolved to permit five directors to engage in competitive business activities, including serving as directors or managers in companies with similar business operations. The resolution has no impact on the company's financial or operational status.
📋 Article Processing Timeline
- 📰 Published: June 26, 2026 at 09:00
- 🔍 Collected: June 27, 2026 at 17:00 (32h 0m after Published)
- 🤖 AI Analyzed: June 27, 2026 at 17:36 (35 min after Collected)
1. Shareholder Meeting Resolution Date: 2026/06/26
2. Names and Titles of Directors Permitted to Engage in Competitive Activities:
(1) Director: Wang Wen-Yuan, Representative of Taiwan Chemical Fibers Corporation
(2) Director: Hong Fu-Yuan, Representative of Taiwan Chemical Fibers Corporation
(3) Director: Li Min-Zhang, Representative of Taiwan Chemical Fibers Corporation
(4) Director: Li Jian-Kuan, Representative of Taiwan Chemical Fibers Corporation
(5) Director: Hsieh Ming-Te
3. Permitted Competitive Activities: Serving as a director or manager in companies engaged in businesses identical or similar to those of the company.
4. Duration of Permission: From the date of resolution until the respective director resigns or is no longer in office.
5. Voting Outcome (as required by Article 209 of the Company Act):
The resolution was approved by a majority of voting rights held by shareholders present at the meeting, with shareholders representing more than two-thirds of the issued shares in attendance.
6. Directors Engaging in Competitive Activities in Mainland China-Based Enterprises (if not applicable, state 'Not Applicable'): Not Applicable.
7. Company Name and Position Held in Such Mainland China-Based Enterprise: Not Applicable.
8. Address of Such Mainland China-Based Enterprise: Not Applicable.
9. Business Scope of Such Mainland China-Based Enterprise: Not Applicable.
10. Impact on the Company's Financial and Business Operations: None.
11. If any director has invested in such Mainland China-based enterprise, the investment amount and shareholding ratio: None.
12. Other Matters to be Disclosed: None.
2. Names and Titles of Directors Permitted to Engage in Competitive Activities:
(1) Director: Wang Wen-Yuan, Representative of Taiwan Chemical Fibers Corporation
(2) Director: Hong Fu-Yuan, Representative of Taiwan Chemical Fibers Corporation
(3) Director: Li Min-Zhang, Representative of Taiwan Chemical Fibers Corporation
(4) Director: Li Jian-Kuan, Representative of Taiwan Chemical Fibers Corporation
(5) Director: Hsieh Ming-Te
3. Permitted Competitive Activities: Serving as a director or manager in companies engaged in businesses identical or similar to those of the company.
4. Duration of Permission: From the date of resolution until the respective director resigns or is no longer in office.
5. Voting Outcome (as required by Article 209 of the Company Act):
The resolution was approved by a majority of voting rights held by shareholders present at the meeting, with shareholders representing more than two-thirds of the issued shares in attendance.
6. Directors Engaging in Competitive Activities in Mainland China-Based Enterprises (if not applicable, state 'Not Applicable'): Not Applicable.
7. Company Name and Position Held in Such Mainland China-Based Enterprise: Not Applicable.
8. Address of Such Mainland China-Based Enterprise: Not Applicable.
9. Business Scope of Such Mainland China-Based Enterprise: Not Applicable.
10. Impact on the Company's Financial and Business Operations: None.
11. If any director has invested in such Mainland China-based enterprise, the investment amount and shareholding ratio: None.
12. Other Matters to be Disclosed: None.
FAQ
What was resolved at Formosa Chemicals' shareholder meeting?
On June 26, 2026, the company approved a resolution allowing five directors to serve in competitive businesses.
Which directors are permitted to engage in competitive activities?
Wang Wen-Yuan, Hong Fu-Yuan, Li Min-Zhang, Li Jian-Kuan (all TCF representatives), and Director Hsieh Ming-Te.
Does this resolution affect the company’s operations?
No, the company has stated there is no impact on financial or business operations.
How long is the permission for competitive activities valid?
From the resolution date until each director leaves office.
Does this apply to businesses in Mainland China?
No, none of the directors are involved in or invested in Mainland China-based enterprises.