Subsidiary Cathay SITE Board (Acting as Shareholder Meeting) Lifts Director Non-Compete Restrictions
Original: 代子公司國泰投信公告董事會(代行股東會職權)通過解除董事 競業禁止之限制
Summary
Cathay Financial's subsidiary, Cathay Securities Investment Trust (Cathay SITE), announces that its Board of Directors — exercising powers delegated from the shareholders' meeting — has resolved to waive the non-compete restrictions previously imposed on its directors. This action allows the affected directors to engage in business activities that would otherwise conflict with Cathay SITE's operations, a change that may signal pending leadership transitions or expanded outside roles. Full body available on MOPS.
Full Translation
On behalf of its subsidiary Cathay Securities Investment Trust (國泰投信), Cathay Financial (2882) announces that the subsidiary's Board of Directors, acting in the capacity of and exercising the authority of a shareholders' meeting (代行股東會職權), has passed a resolution to lift (解除) the prohibition on directors engaging in competing businesses (董事競業禁止之限制). Under Taiwan's Company Act, directors are ordinarily barred from participating in businesses that compete with the company unless such restrictions are expressly waived by shareholders — or, where the board is empowered to act in that capacity, by board resolution. The lifting of this restriction permits the named director(s) to sit on boards of, invest in, or otherwise participate in entities whose business may overlap with Cathay SITE's asset-management and fund operations. [Body not available — subject line only. See MOPS for full announcement.]