TAIPEI (The China Post) — Tatung Company (大同) angered smaller shareholders on Tuesday amid its annual shareholder meeting to elect new directors of the board.
Voting results showed that the company factions have further gained control of six regular directors and three independent directors, with current Chairman Lin Kuo Wen-yen (林郭文艷) retaining the majority of controlling interests over Tatung.
The venue exploded with anger earlier that day as smaller shareholders rushed to the speaker podium, leading security at the venue to form a wall and to push back at the dissatisfied.
This is not a new problem though. Over 50 percent of shares are stripped of voting rights or approximately 1.2 billion out of 2.3 billion shares. Even foreign investors are removed from voting rights, according to Chinese-language media.
The total equity shares remaining are only nine billion, causing controversy amongst small investors and the public faction.
In addition to the election of the new chairman, there were multiple proposals to reform the company. In the past, the shareholders’ meeting was held at Tatung University, but this year it unfolded in the company’s new office.
The company reportedly sent in its proposal for the meeting to relevant authorities beforehand to ensure that the 100-person meeting follows all health regulations set forth by the government.
Participants sat in a criss-cross seating pattern, had their temperature taken and wore masks. Each investment company was only allowed to send two representatives.