Cathay Financial Holding Co (國泰金控) yesterday announced major leadership changes at its subsidiaries as part of plans to improve governance by separating ownership from management.
Group chairman Tsai Hong-tu (蔡宏圖) has vacated the chairmanship of Cathay Life Insurance Co (國泰人壽), the company’s flagship unit, with the post to be filled by Huang Diao-kuei (黃調貴), who had served as vice chairman at the nation’s largest insurer, Cathay Financial said after its shareholders’ meeting.
Cathay Financial also promoted new president and vice presidents from within its ranks of senior managers, while Cathay Century Insurance Co (國泰產險) also announced new chairman and president appointments.
Last year at a shareholders’ meeting Tsai said that Cathay Financial’s founding Tsai family would take a secondary role in managing day-to-day operations, which would be the responsibility of a management team of industry experts.
Tsai added that his children would not chair Cathay Financial’s subsidiaries.
Cathay Financial yesterday said that earnings per share performance this year could exceed last year’s NT$3.79 amid diminished concerns about foreign exchange losses from an appreciating New Taiwan dollar.
Separately, Fubon Financial Holding Co (富邦金控) shareholders yesterday approved plans to distribute a cash dividend of NT$2 per share.
At the company’s annual general meeting, shareholders also agreed to a proposal to expand the number of independent director seats from four to six to help improve corporate governance.
Including three board seats occupied by Taipei City Government appointees, the nine outside directors now have majority representation on the company’s 15-seat board, Fubon Financial said.
Meanwhile, Shin Kong Financial Holding Co’s (新光金控) general meeting proceeded smoothly, ending rumors of a proxy fight between majority owners dissatisfied with the company’s earnings slump.
Shin Kong Financial chairman Eugene Wu (吳東進) and allies received the bulk of the ballots in a board of directors election, with newly appointed president Lee Jih-chu (李紀珠) also securing a seat.
Hon Hai Precision Industry Co (鴻海精密) yesterday said that its research institute has launched its first advanced artificial intelligence (AI) large language model (LLM) using traditional Chinese, with technology assistance from Nvidia Corp. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), said the LLM, FoxBrain, is expected to improve its data analysis capabilities for smart manufacturing, and electric vehicle and smart city development. An LLM is a type of AI trained on vast amounts of text data and uses deep learning techniques, particularly neural networks, to process and generate language. They are essential for building and improving AI-powered servers. Nvidia provided assistance
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Gasoline and diesel prices this week are to decrease NT$0.5 and NT$1 per liter respectively as international crude prices continued to fall last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said in separate statements. Global crude oil prices dropped last week after the eight OPEC+ members said they would
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