Guopiao Financial Deputy Chairman's NT$20 Million Salary Sparks Controversy Amid Board Shake-up

A substantial annual salary of NT$20 million for the deputy chairman of Guopiao Financial has ignited public debate. Despite the controversy, its subsidiary, Guopiao Securities, is set to hold a board meeting this Friday to elect a new deputy chairman. Chen Guan-ru, a representative of the Nicest Group, is slated for the position, a role that has historically commanded a similar high salary according to the company's annual report.

This upcoming election follows a significant shift in the power structure of Guopiao Securities' board in June. The previous influence of the Renwang (Wangwang) faction has been completely ousted, with the board now under the full control of state-backed shareholders and the Nicest Group. This change means that opposition to such appointments, previously voiced by independent directors, is unlikely to materialize effectively.

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From the perspective of regulations and the objective conditions of our company, there is fundamentally no need to establish a deputy chairman position.

Even Megabank Financial Holding Chairman Tung Rui-bin, who holds a board seat at Guopiao Securities, publicly questioned the necessity of the deputy chairman position. However, without the checks and balances previously provided by the Renwang faction, the approval of Chen Guan-ru's appointment appears highly probable. The new board composition, with nine out of twelve general director seats held by Guopiao Financial representatives and three by state-backed banks, underscores the consolidated control by the Nicest Group and public funds.

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Compared to all public banks, it should be strictly reviewed.