Subsidiary Board Approves Release of Directors' Non-Compete Restrictions
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
The Board of Directors of Cathay Life Insurance (a principal subsidiary), acting in lieu of a shareholders' meeting, passed a resolution to release the non-compete prohibition applicable to its directors, permitting specified directors to engage in or hold positions at competing enterprises. Under Taiwan's Company Act, such a waiver requires shareholder-level approval and must be disclosed as material information. Investors should monitor whether the released directors subsequently assume roles at peer financial or insurance entities. Full body available on MOPS.
Full Translation
On behalf of its subsidiary Cathay Life Insurance Co., Ltd., the Board of Directors (exercising the authority delegated from the Shareholders' Meeting) has resolved to release the non-compete prohibition incumbent on the company's directors. Under Article 209 of Taiwan's Company Act, directors of a company are prohibited from conducting business in competition with the company or acting as an unlimited-liability partner or director of a competing enterprise without shareholder approval; this resolution grants such approval for the named director(s). The filing is submitted by the parent, Cathay Financial Holdings (2882), on behalf of the subsidiary. [Body not available — subject line only. See MOPS for full announcement.]