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The Financial Supervisory Commission (FSC) on Tuesday said that it would amend regulations to ban independent directors from convening extraordinary shareholders’ meetings.
Instead, the right to convene such meetings would go to a company’s audit committee, which is composed entirely of independent directors and has at least three members, the commission said.
The audit committee would take a more important role in corporate governance and has more rights than any individual independent director, it added.
The commission would solicit public opinions for 30 days and, barring any significant objections, the new rules would take effect after that, it said.
So far all companies listed
The combined pretax profit of Taiwan Stock Exchange (TWSE)-listed firms grew 24.55 percent year-on-year to NT$2.31 trillion (US$77.02 billion) in the first half of this year, with the semiconductor, shipping and electronic components sectors contributing the most, the exchange said yesterday.
In the first six months of the year, the 853 listed companies excluding 34 financial firms and two companies that did not submit second-quarter financial reports, Chung Fu Tex-International Co (中福) and Roo Hsing Co (如興) reported combined revenue of NT$18.14 trillion, up 14.21 percent from a year earlier, the TWSE said.
The combined revenue of semiconductor companies expanded
Figuring out why a condominium building near Miami collapsed earlier this week could take months. But a University of Maryland professor who specializes in structural engineering, has some theories.
Professor Chung Fu with the A. James Clark School of Engineering said sea level rise could have led the 13-story building, which was built on reclaimed wetlands, to shift.
Another possibility is salt damage to the building’s structure.
“Reinforcement inside concrete will rust due to the seawaters,” said Fu.
“Sinking, if it’s uniform, it’s not a big deal. It happens to all the coastal buildings,” Fu said, adding that its uneven sinking that you have to worry about. “If there’s an uneven settlement, you lose one of the columns and you’ll probably lose the building.”