Board (Acting as Shareholder Meeting) Lifts Director Non-Compete Restriction at Cathay United Bank
Original: 代子公司國泰世華商業銀行公告董事會(代行股東會職權) 通過解除董事競業禁止
Summary
Cathay Financial (2882) is disclosing on behalf of its subsidiary Cathay United Bank that the bank's board of directors, exercising powers delegated from the shareholders' meeting, has resolved to waive the statutory non-competition prohibition for one or more directors. Under Taiwan's Company Act, directors are ordinarily barred from engaging in competing business activities without shareholder approval; lifting this restriction signals that an affected director may now participate in a potentially competing enterprise. Full body available on MOPS.
Full Translation
On behalf of subsidiary Cathay United Bank (國泰世華商業銀行), Cathay Financial announces that the bank's board of directors — convened in its capacity as the body exercising shareholders' meeting authority (代行股東會職權) — has resolved to lift (解除) the non-competition prohibition (競業禁止) applicable to one or more of its directors. Under Article 209 of Taiwan's Company Act, a director who wishes to conduct business that competes with the company must disclose the relevant facts and obtain shareholder approval; a board acting in lieu of a shareholder meeting may grant this approval on the shareholders' behalf. The resolution removes the statutory bar, permitting the named director(s) to engage in the otherwise-restricted competing activity. [Body not available — subject line only. See MOPS for full announcement.]