Chunghwa Telecom AGM Lasts Until 3 AM, Setting Record for Longest in Taiwan Stock History

Chunghwa Telecom's annual general meetings have historically become battlegrounds where employee-shareholders take turns "questioning" management. This year, labor disputes led to protests by the union, causing the agenda to stall. The meeting lasted 18 hours and 28 minutes, concluding at 3:28 AM, and approved a cash dividend of NT$5.2 per share, setting a new record for the longest shareholder meeting in Taiwan's stock market history. Chunghwa Telecom held its 115th annual general meeting on the morning of the 29th at the Banqiao Telecommunications Academy. The meeting was chaired by Chairman Chien Chih-cheng, where the 114th fiscal year business report, financial statements, and earnings distribution plan were approved. Amendments to the articles of incorporation, asset acquisition/disposal procedures, and the lifting of non-compete restrictions for directors were also passed. Chien stated at the meeting that Chunghwa Telecom's 114th fiscal year financial performance exceeded forecasts, with both revenue and earnings per share (EPS) hitting record highs. The board decided to distribute a cash dividend of NT$5.2 per share, with a payout ratio of 104.2%. The 114th fiscal year consolidated revenue reached NT$236.11 billion, a record high, while net profit attributable to the parent company was NT$38.71 billion, with an EPS of NT$4.99, both breaking 8-year records. Looking ahead to 115, Chien expressed confidence in further growth. Chunghwa Telecom employees participate as shareholders every year, often turning the meeting into a "complaint session" focused on personal career issues, severely delaying proceedings. This year, the union protested labor issues, to which Chairman Chien responded, "Today is a shareholder meeting, not a labor-management meeting." The union's four demands include delaying mandatory retirement age, increasing employer contribution rates for the new pension system, collective bargaining, and salary increases. Chunghwa Telecom stated that it has raised salaries for five consecutive years, and with this year's fixed salary increases and one-time bonuses, further demands for raises deviate from rational negotiation norms. Chunghwa Telecom previously set the record for the longest shareholder meeting in 2016 at 14 hours and 49 minutes, a record now broken.