BES Engineering Board Election Concludes; Pau Jar and Core Pacific to Form Joint Governance

(CNA, by reporter Ho Hsiu-ling, Taipei, 21st) BES Engineering Corporation held a shareholder meeting and completed its board election, selecting 7 directors. The Pau Jar Group camp secured 4 seats, with Cheng Szu-tsung and Yen Ming-hung as directors, and Chen Shih-yang and Lin Hung-ta as independent directors. The Core Pacific Group camp obtained 3 seats, with Chen Chao-lung and Huang Hsiang-lung as directors, and Chi Kai-feng as an independent director. The two parties will adopt a joint governance model.

BES held its shareholder meeting today, concluding around 11 a.m. As Chairman Chou Chih-ming resigned on the 19th, independent director Ko Shu-jen chaired the meeting.

Ko Shu-jen stated that BES has been in the news frequently in recent years and had verbal clashes with partners previously, but it ended peacefully. He anticipates a powerful collaboration ahead, especially as Pau Jar has good relationships with banks, an area where BES is lacking. He expects this combination to create greater benefits for BES shareholders.

Regarding the chairmanship, he noted that since Cheng Szu-tsung's Ta-Hua Engineering & Construction holds a large stake and he has management experience there, he is the leading candidate for the position.

A shareholder at the meeting pointed out that they had a negative impression of Pau Jar's governance due to some issues with a construction project years ago, but acknowledged that their approach might have changed as they have taken over several companies in recent years. The shareholder expressed a wait-and-see attitude toward the collaboration between Pau Jar and BES.

Shen Ching-ching of the Core Pacific Group stated on social media on the 19th that past senior management teams at BES resisted change, preventing key modern management principles from being implemented. Therefore, before the proxy forms were sent to shareholders, he decided to agree to a settlement and peacefully transfer the management control of BES to the Pau Jar Group, allowing a young, agile, and unburdened new team to run BES, which "might be better than me."

He expressed his deep hope that the new team from Pau Jar, with their market sense and rapid decision-making authority, will implement the technology-based management and talent development that BES failed to complete in the past, and lead the company completely out of its past shadows.