Cathay Life Insurance Board (Acting as Shareholders' Meeting) Approves Waiver of Director Non-Compete Restriction
Original: 代子公司國泰人壽公告董事會(代行股東會職權) 通過解除董事競業禁止
Summary
Cathay Life Insurance Co. — a core insurance subsidiary of Cathay Financial — convened a board meeting exercising delegated shareholders'-meeting authority and resolved to waive the statutory non-compete prohibition that would otherwise bar one or more directors from engaging in competing business activities. Under Taiwan's Company Act, such waivers must be approved by the shareholders' meeting (or the board when so authorised), making this a legally significant governance resolution. Full details of the affected director(s) and the scope of competing interests released are available on MOPS.
Full Translation
Subject (translated): 'On behalf of subsidiary Cathay Life Insurance Co., announcement that the Board of Directors (exercising shareholder-meeting authority) has resolved to lift the non-compete prohibition applicable to directors.' — Interpretive context: Taiwan's Company Act (§209) requires directors who wish to engage in business activities competitive with their company to obtain prior shareholder approval. When the board is empowered to act in lieu of the shareholders' meeting, it may pass such a resolution directly. This filing discloses that Cathay Life Insurance's board exercised that authority and approved the release of the non-compete restriction for the relevant director(s), removing the legal bar on their participation in potentially competing ventures. The identity of the director(s) concerned, the nature of the competing business interest(s), and any conditions attached to the waiver are not discernible from the subject line alone. [Body not available — subject line only. See MOPS for full announcement.]