Reported 7 months ago
On June 11, 2024, Li Yucai became the first company in Taiwan's history to have a shareholders' meeting with a foreign proposal, with Wang Yalun, the representative of the foreign company Ke Cheng, expressing satisfaction. Ke Cheng, a listed company, recently initiated shareholder activism for its subsidiary Yitai (4163), voicing concerns to protect shareholders' rights by urging Yitai shareholders to vote against five resolutions at their annual meeting, including opposing the board of directors' amendment to the company's dividend policy. Wang Yalun, Ke Cheng's foreign representative, recognized the legitimacy of shareholder activism and urged the board to prioritize safeguarding shareholders' rights in decision-making. Wang Yalun's proposal received 30.37% approval, with international reports ISS (Institutional Shareholder Services) and Glass Lewis also supporting the foreign proposal. This groundbreaking case symbolizes the practical implementation of shareholder activism in Taiwan's corporate governance. Wang Yalun's efforts have been acknowledged and supported by foreign institutions, domestic entities, and retail investors, highlighting the core spirit of shareholder activism to ensure the board and management act in the best interests of all shareholders.
Source: YAHOO