Waterland Financial Board Election on May 29; Minister Chuang Tsui-yun Reiterates 3 Principles

(CNA, Taipei, May 20, by reporter Lu Yen-tzu) Waterland Financial Holdings (WFHC) is set to hold a board election on May 29, with market attention focused on whether the government-affiliated bloc will gain control. Minister of Finance Chuang Tsui-yun stated today that if government-run enterprises secure management control, they will uphold the principles of strengthening corporate governance, enhancing operational performance, and safeguarding shareholder rights. WFHC's shareholder meeting this year initially saw an excess of nominations, with 25 nominees vying for 15 director seats. However, major shareholders later withdrew some names, resulting in a final list of 15 nominees for the 15 seats. In this new director list, government-affiliated shareholders account for 8 seats, Nice Group and Jen-Wang Group have each put forward 3, and Taiwan Steel Group has nominated 1. Today, the Legislative Yuan's Finance Committee invited the Ministry of Finance, the Financial Supervisory Commission, and various government-owned banks to present a special report on 'Digital Transformation, Talent Recruitment, Employee Rights, and Mid- to Long-Term Consolidation Planning for Government-Owned Financial Institutions.' During questioning today, KMT Legislator Lin Te-fu raised concerns about the Ministry of Finance's stance on the WFHC board election. Chuang Tsui-yun explained that WFHC will hold its general shareholder meeting and board election on May 29, all in accordance with the Financial Holding Company Act, Banking Act, Company Act, and Securities and Exchange Act. All shareholders with nomination eligibility have completed the nomination process according to law. Chuang stated that the election of the management team will naturally proceed according to WFHC's articles of incorporation and the Company Act. If government-run enterprises gain management control, they will adhere to the principles of strengthening corporate governance, enhancing operational performance, and ensuring and protecting shareholder rights. Chuang added that the Ministry of Finance has an evaluation mechanism for its appointed equity representatives and conducts regular assessments. The public can also see that representatives of government-owned financial holding companies and banks are chosen based on professionalism. Additionally, KMT legislators Lai Shyh-bao, Lee Yan-hsiu, and Lin Te-fu planned to propose a provisional motion today, requesting that the Ministry of Finance not support non-government representatives in elections for chairman and vice-chairman of its state-owned enterprises. This is to ensure the rights of public shareholding, promote sustainable management, and prevent situations like 'improper transfer of benefits.' (Editor: Chang Liang-chih) 1150520