Cathay United Bank Board Approves Waiver of Director Non-Compete Restrictions
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 filing on behalf of its subsidiary Cathay United Bank, disclosing that Cathay United Bank's Board of Directors — acting in lieu of a shareholders' meeting — has resolved to waive the statutory non-compete restrictions applicable to its directors. Under Taiwan's Company Act, directors are prohibited from competing with the company unless shareholders (or the board when delegated that authority) grant an exemption; the approval of such a waiver may signal that one or more directors hold or plan to hold positions at competing entities, which investors should monitor for potential conflicts of interest. Full body available on MOPS.
Full Translation
Subject line (verbatim translation): 'Filing on behalf of subsidiary Cathay United Bank: Board of Directors (exercising shareholders' meeting authority) resolves to lift director non-compete restrictions.' Interpretive context: Under Article 209 of the R.O.C. Company Act, a director who wishes to engage in business activities that compete with the company must first disclose this to and obtain approval from the shareholders' meeting (or, where permitted, the board acting in that capacity). This announcement indicates that Cathay United Bank's board — convened with delegated shareholder-meeting authority — has formally approved the exemption, removing the competitive-conduct prohibition for the affected director(s). The identity of the director(s) granted the waiver, the nature of the competing business, and the vote tally would ordinarily appear in the full filing body. [Body not available — subject line only. See MOPS for full announcement.]