The management faction of century-old Tatung Co. and the market faction of stakeholders once again face off at the election of new board of directors. Even though the six director seats are filled by representatives of the company, controversies continue as there was an army of black-shirt guards, which was still not enough to prevent the scene from getting into physical fights.
Why can't I get in? Which law is the legal basis for this?
Tatung workers block Hsin Tung Co. Chair Lin Hung-hsin from entering the building, where a shareholder meeting is being held. Lin is an independent director nominee for Tatung's new board.
If company executives aren't performing well, they need to humbly self-evaluate instead of affirming their own decisions with capital. No one can use the Financial Supervisory Commission's decision to deprive shareholders of their rights.
The workers also block another shareholder, Hsin Ta Tung's attorney, from entering.
Tatung Co. used illegal procedures to convene today's shareholder meeting. It's extremely ridiculous.
Tatung will elect a new board of corporate and independent directors this year. The board's independent directors began lining up outside Tatung headquarters at 2 p.m. the previous day to get in. This was the first time in Taiwan's history people lined up overnight to attend a shareholder meeting of a public company. The corporate side, meanwhile, formed a human wall outside the building in the morning and waved protest banners accusing the company of having PRC backing, saying this affects workers' labor rights.
There is definitely and clearly PRC backing here. In the past few years, Shanyuan (Chair) Wang Guangxiang -- in the past few years, the independent directors have been trying to take control of Tatung. All [Wang] wants to do is construct more buildings. If he tears down one of our plants so he can use the land for his own construction project, where will our labor rights go?
The corporate side and the market side are fighting for management rights. A legal, fair, just, and open shareholder election compliant with our legal system should be held to avoid the chaos that occurred three years ago when the board's resolution was declared invalid.
Independent director nominee and former lawmaker Huang Kuo-chang dismissed the allegations about PRC backing as slander. He says electronic votes have been cast for over 1.8 billion shares, or support of close to 9 percent. According to reports, larger shareholders have been blocked from voting. The Securities and Futures Investors Protection Center says the government will decide whether there is undue PRC influence and relevant agencies are investigating.