Taishin-Shin Kong Financial Holding Reviews Senior Executives' Outside Positions, Sets 2 Principles

(CNA Taipei, July 8, 2024) The market is paying close attention to Cathay Securities Investment Trust's inadvertent violation of related party investment regulations. Taishin-Shin Kong Financial Holding CEO Lin Wei-chun said today that he does not hold any concurrent positions in listed companies. The financial holding company is currently conducting a comprehensive review of outside employment for senior executives across its subsidiaries, with two main principles: first, it must be legal, and second, it must not affect the company's business operations.

Lin Wei-chun spoke to reporters this afternoon after attending the launch ceremony for a sports empowerment program. When asked about the Financial Supervisory Commission's planned seminar on July 17 to strengthen the functions of independent directors in domestic banks, he stated that he does not hold any concurrent positions in other listed companies.

Lin Wei-chun explained that Taishin-Shin Kong Financial Holding is currently conducting a comprehensive review of outside employment for senior executives within its subsidiaries. Senior executives must exercise good judgment. First, it must be legal and comply with regulations. Second, it must not affect the company's business operations.

Lin Wei-chun frankly stated that if financial industry executives hold outside positions, their status as related parties could cause substantial interference for both parties. For example, related parties cannot engage in credit lending without full collateral, which would affect business dealings for both sides.

Regarding whether the company will follow the example of its peers in the financial holding industry and completely prohibit senior executives from holding outside positions, he said he would not jump to conclusions too early and wanted to investigate thoroughly to assess the situation. He personally believes that as companies grow larger, internal matters become sufficiently demanding, and one must consider whether they have the capacity for outside work.

Lin Wei-chun joked that he has no outside positions, perhaps due to poor popularity. Currently, he is focusing on internal management at Taishin-Shin Kong Financial Holding and doing his job well. (Editor: Lin Shu-yuan) 1150708

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