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PJAM requested a meeting with the independent directors of SinoPac FHC (2890 TT) to explain its Ethical Management Committee's responsibility and performance

2019-03-22 16:43

- As well as its compensation structure and employment strategy

- The meeting request was denied 10 days later by the Investor Relations Department of SinoPac FHC

TAIPEI, Taiwan, March 22, 2019 /PRNewswire/ -- PJ Asset Management Company Limited ("PJAM") and its affiliates, currently own more than 5% of the outstanding shares of SinoPac Financial Holdings Company Limited ("SinoPac FHC" or "Company"), issued a meeting invitation to the independent directors of SinoPac FHC on March 11, 2019. The main purpose of the invitation is to hold a face-to-face meeting between PJAM's management team and three independent directors of SinoPac FHC, and to help PJAM understand the efforts of SinoPac FHC 's corporate governance reinforcement and independent directors' involvement in the implementation process. The meeting agendas include (1) SinoPac FHC's Ethical Management Committee's responsibility and performance; (2) SinoPac FHC and its subsidiaries' compensation structure; (3) SinoPac FHC and its subsidiaries' employment strategy and hiring policy. The original letter in Chinese can be found on PJAM's official website http://www.pjam.com.tw/.

On Mar 20 2019, PJAM received the response letter from the Department of Investor Relations of SinoPac FHC, which has clearly rejected PJAM's meeting request. The letter, which is reproduced below, provided the Company's explanation of the refusal to PJAM. While SinoPac FHC emphasized its commitment to a better corporate governance, PJAM is disappointed with the result and shall continue to urge the Company's board to proactively participate in investor communication, rather than put Department of Investor Relations sole steward of shareholders' communication. The original letter in Chinese can be found on PJAM's official website http://www.pjam.com.tw/.

Dear PJAM,

The set-up of Department of Investor Relations within SinoPac FHC is to be responsible for investor communication and to ensure that all shareholders' suggestions, concerns and disputes can be dealt properly by the department.

The aforementioned subjects including our Ethical Management Committee's responsibility and performance, the subsidiaries' employment strategy and hiring policy were put forth to our audit committee. The audit committee members in accordance with the Company's past practice will assign and delegate the Department of Investor Relations to take charge the matters and respond to your request in due course.

Media contact:

Pamela Wu
+886-2-2791-6668 #712
pamela.wu@pjam.com.tw

Cision View original content:http://www.prnewswire.com/news-releases/pjam-requested-a-meeting-with-the-independent-directors-of-sinopac-fhc-2890-tt-to-explain-its-ethical-management-committees-responsibility-and-performance-300816917.html

Source: PJ Asset Management
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