Wistron Rarely Delays Dividend Payout Twice! Central Depository Steps In to Investigate — FSC: Self-Managed Share Registry May Be Revoked

Major contract manufacturer Wistron (3231-TW) has drawn significant market attention and shareholder discontent after delaying its nearly NT$17.5 billion cash dividend payout twice.

Today (6th), during its regular press briefing, the Financial Supervisory Commission (FSC) announced that Wistron’s cash dividend of NT$5.5 per share has now been fully disbursed. The authority also confirmed that interest compensation for the delayed payments will be calculated separately and distributed directly to affected shareholders.

The Securities and Futures Bureau has requested the Central Depository and Clearing Corporation to conduct a thorough investigation into Wistron’s share registry procedures. If serious operational failures are identified, the regulator warned it could take the harshest measure: revoking Wistron’s qualification to self-manage its share registry, with a permanent ban on future reapplication.

Wistron had originally scheduled its dividend disbursement for July 31 but issued a material announcement late on July 30 postponing it to August 3. Then, on the evening of July 31, it issued another urgent notice, further delaying the payout to August 6.

Wistron stated the delays were caused by a computer system error at its service partner, San Sheng Electric (2427-TW), which led to incorrect data. However, San Sheng Electric swiftly countered on August 3 with its own material announcement, strongly refuting the claim. It asserted that the files generated by its system were complete and accurate, and that Wistron’s internal staff failed to adopt the latest version entirely, resulting in duplicated and missing entries in the remittance data. San Sheng Electric firmly denied any system malfunction.

In response, Huang Chung-hao, Deputy Director of the Securities and Futures Bureau, said Wistron issued a material announcement on August 5, committing to calculate interest compensation based on the number of delayed days. Authorities have verified that the full NT$5.5 dividend was disbursed today, and compensation will be individually notified and paid separately.

Regarding responsibility between Wistron and its vendor, Huang emphasized that according to stock exchange rules, the interval between the dividend record date and actual payout date must not exceed three months—though in practice, it usually takes about one month. While Wistron did not breach the three-month legal limit, such a double delay due to “system issues or data errors” is extremely rare in recent years.

Asked whether the delay signaled financial distress, Huang clarified that based on Wistron’s disclosures, the issue stemmed from data verification and system clarification—not a financial crisis. Nevertheless, he stressed that even if Wistron attributes fault to its vendor, as the issuing company, it bears ultimate responsibility for ensuring dividends are paid accurately, completely, and on time to shareholders. The Securities and Futures Bureau has asked the Central Depository to investigate potential violations, including false data, incorrect notifications, or non-compliance with share registry regulations.

Huang emphasized that if serious operational deficiencies are confirmed, the regulator will require corrective actions and, in the most severe case, revoke Wistron’s self-managed share registry qualification.

An official from the Securities and Futures Bureau added that under current regulations, newly listed companies are generally required to outsource their share registry functions. Only a small number of early-listed companies retain self-management rights—just 10 individual companies and 14 corporate groups (covering around 40–50 firms) nationwide. Wistron belongs to one of these self-managing groups. The last listed company to have its self-managed status revoked was Tatung in 2020.

The official stressed that share registry agents operate under strict supervision, requiring high neutrality and professional standards. If Wistron loses its self-management status due to this incident, it will be forced to switch to third-party outsourcing permanently—with no possibility of returning. This would not only increase operating costs but also serve as a major red flag regarding corporate reputation and internal governance.