TAIPEI, , May 21, 2018 /PRNewswire/ -- PJ Asset Management, the largest shareholder of Taishin FHC (2887 TT) owning 9.9% of the outstanding shares, has issued a third letter to shareholders today to ask for support of its three director nominees, LIN Chia Hung, WU Su Chiu and LIN Jin Tsong. After private engagements failed to establish an agreement on board representation by PJ Asset Management (PJAM), the Taishin Board of Directors unanimously decided to reduce the board of directors to 7 seats from 9. The independent directors, elected to represent minority interests on the board, did not record any objections to this change.
The letter to shareholders states that PJAM feels "a responsibility to exercise our influence in a more active way to encourage change" and that "waiting three more years (for the next board election) bodes too great a risk". The letter specifies three key aims that underpin its shareholder action, "we believe that with the changing landscape of the banking industry diversity of opinions and greater accountability is needed on the board. We wish to see more consistency in the board's corporate governance standards. We also urge Taishin for a resolution of its investment in Chang Hwa Bank (CHB)."
PJAM also recognizes that it can use its influence to speak on behalf of other minority investors and for that reason has committed to advocating for other key changes on the board which include the establishment of a nomination committee, clearer remuneration policies and more directors' seats on the board to ensure necessary expertise and diversity of thought. The letter also urges the board to guarantee that the shareholder meeting is managed fairly and transparently given that Taishin International Bank will be the Transfer agency overseeing the process. Lastly, PJAM asks for shareholder support on June 8th "so that we can continue to add value by working together for the benefit of all stakeholders."
Please view the full letter here or download the pdf.
For more information and to view the director nominee profiles visit www.pjam.com.tw
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