A succession plan for board members and key management personnel and implementation
I. A succession plan for board members and implementation
We have 9 directors (including 3 independent directors) on the board; each has management skills in business, financial accounting, or business operations to run the Company. In the future, we will continue to reinforce the board member structure and increase the number of independent directors.
Regarding the succession plan for the board of directors, there are many top-level managers in the group, who have the management and professional skills required to serve as directors. Meanwhile, we recruit external professionals to get prepared for the succession of directors. Our independent directors possess the work experience in business, legal affairs, finance, accounting, or business related to the Company’s business as required by law. Meanwhile, we plan the composition of the board based on the board structure, the board diversity policy, and the skills that should be possessed by the board as whole aspect, while arranging for suitable successors to further leverage the function of corporate governance.
II. A succession plan for key management personnel and implementation
Chairman Dr. Sun, Hung, founder of the Company, has served as the President concurrently since 1989. We evaluate successor candidates’ professional skills and experience, understanding of the overall corporate governance structure, familiarity with our corporate culture and business, as well as ability to manage subsidiaries.
We train Assistant Vice Presidents or other top-level managers’ planning and execution capabilities through projects or tasks across different business units within the group and enhance their management, judgment, and problem-solving skills by sending them to work at subsidiaries full-time, concurrently, or in an acting capacity, thereby improving the management’s decision-making quality and cultivating high-quality successors required for the Company’s long-term development.
