Board Approves Waiver of Non-Compete Restriction for Executive(s)
Original: 本公司董事會通過解除經理人競業禁止
Summary
Yageo's board of directors has resolved to lift the non-compete obligation(s) imposed on one or more of its executives/managers, allowing them to engage in business activities that would otherwise be restricted under the Company Act. This type of resolution is typically filed when an executive is departing or is being authorized to hold positions at potentially competing entities. Full body available on MOPS.
Full Translation
Subject line: 'The Company's Board of Directors has resolved to release the non-compete prohibition applicable to its manager(s)/executive(s).' Under Taiwan's Company Act (Article 32), managers are prohibited from engaging in competing businesses without board approval; a resolution to waive this restriction is a material event requiring immediate disclosure. The announcement indicates the board has voted to lift this statutory non-compete for at least one named executive, which may accompany a resignation, retirement, or a board-sanctioned concurrent role at another entity. The specific executive(s) named, the scope of the waiver, and the effective date would be disclosed in the full announcement body. [Body not available — subject line only. See MOPS for full announcement.]