Taiwan Cement Denies Early Board Election Rumors

Taiwan Cement Corporation (TCC) has firmly refuted circulating rumors about an impending early board election, clarifying that the upcoming shareholder meeting agenda does not include any such matters. The company emphasized that the deadline for proposing shareholder meeting agenda items has passed, and no proposals related to board elections or changes are on the table. This clarification comes amidst market speculation fueled by an expanded proxy solicitation effort.

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the rumor of an early board election is purely baseless.

In a statement, TCC spokesperson Yeh Yu-chun explained that the proxy solicitation, valid until the shareholder meeting on May 22, is primarily to meet the meeting's quorum requirements. She stressed that board elections are scheduled for next year, and there are no plans for early elections or by-elections this year. The current solicitation is solely aimed at ensuring sufficient shareholder participation.

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After the shareholder meeting ends, the proxy letter has no validity and can be said to be a piece of waste paper.

The company highlighted that its shareholder base has surged to a record high of over 550,000, a significant increase attributed to its successful low-carbon transition and global expansion under Chairman Chang An-ping. To manage this growing number and ensure a smooth distribution of shareholder gifts, TCC has increased the number of proxy solicitors from six to eight. This move aims to increase the total entrusted share limit and enhance convenience for shareholders, preventing a recurrence of last year's difficulties where many shareholders could not receive their commemorative gifts, leading to numerous complaints.

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The board election is a matter for next year; there are no plans for by-elections or early elections this year.

Taiwan Cement's shareholder gifts, known for their unique designs often incorporating cement textures, have become a focal point. This year's gift, a "multi-functional folding eco-travel bag," has already generated considerable interest. TCC noted that while few shareholders attend the meeting in person or vote electronically, the majority rely on proxy solicitors. Due to legal limits on how much each solicitor can collect, the company expanded its network to accommodate the overwhelming shareholder enthusiasm, ensuring a better experience for its growing investor community.

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To avoid a repeat of last year's situation where some shareholders could not receive commemorative gifts, we have increased the number of proxy solicitors from six last year to eight this year.