TECO Unveils Nomination List for Next Board Directors


TECO Electric & Machinery unveiled yesterday (March 31) a list of 11 nominees for members of the next board of directors, featuring professional expertise and international perspective, which will be submitted to the shareholders' meeting this year, scheduled on May 25.

Sophia Chiu, TECO chairman, noted that the list boasts diverse backgrounds, including electromechanical expertise, assets management, international M&A, corporate management, and ESG (environmental, social, governance), which will boost the company's performance and facilitate its digital transformation. She is confident that the list will meet shareholders' expectation.

The nominees are Ms. Sophia Chiu, Mr. Huang Cheng-tsung, Mr. Weng Wen-chi, Mr. Theodore Huang, Mr. Kao Wei-chuan, Mr. Chou Shou-shun, and Mr. Cheng Pen-ching, on top of, for independent directors, Mr. Liu Wei-chi, Mr. Cheng Hsiang-chung, Mr. Huang Hsieh-hsing, and Ms. Lin Li-chen. The list includes four incumbent members of the board of directors, assuring smooth function of the next board of directors, in addition to seven newcomers, who will inject fresh blood to the management, contributing their expertise in corporate management, international affairs, solar energy, digital transformation, smart manufacturing, and reorganization.

TECO stressed that the next board of directors will strive to push the company's development, according to the strategy approved by the existing board of directors on Dec. 22, 2020, calling for focus on core technologies and application of digital technology, in order to tap the emerging business opportunities of green energy, electric car, automation intelligence, and smart city. The next board of directors will also strive to streamline organization, develop real assets, raise dividend, collaborate with major shareholders, and cultivate successors. Brief introduction to the development strategy follows:

1. Business focus

--Continue pushing the materialization of the corporate vision "energy conservation, emission reduction, intelligence, automation" and intensify the ESG core value, in order to conform to DJSI, S&P, and other international standards and drive further growth of core businesses.

--Focus on the businesses in the three major sectors of electromechanics, energy, and air conditioning, including software and hardware integration, "big shot" technology, system solutions, and "smart manufacturing, smart energy, and smart city."

--Continue efforts in streamlining organization, review of investment performance, share listing after spinoff and M&A, and accelerated development of core businesses, in order to enhance returns rate for shareholders. 

2. Realty development: 

--Speed up disposal and development of real assets to materialize their commercial values and boost corporate profits, including reconstruction of Songjiang Building, reconstruction of Xinzhuang plant, and development of Nangang biotech park and Bangalore industrial park in India.

3. Stock-dividend policy

Enhance dividend payout ratio to over 80% in three years, up from average 61% now. 

4. Collaboration with major shareholders

--Collaborate with Walsin Lihwa in pushing smart manufacturing and green energy, with an eye on the US$2 trillion market of the "Green New Deal" and US$700 billion infrastructural program of the Biden Administration.

--Collaborate with PJ Group in pushing realty development projects. 

5. Successor cultivation  

Activate succession plan, to cultivate next-generation corporate leaders, so as to continue the company's excellent culture and sustain corporate development.

TECO pointed out that the management will take pains to review and improve its operation, in order to seek the company's progress and meet the high expectation of shareholders. It will consider shareholders' suggestions with an open mind and uphold the efficient operation of the board of directors in a harmonious atmosphere, so as to attain the corporate goal and maximize benefits for all the stakeholders.