The Succession Plan for Board of Directors and Management Team
Succession plan for Board of Directors
The Company has 8 Directors, including 4 Independent Directors. The Company’s bylaws state that the Company’s Board of Director election adopts the candidate nomination system. The Company must also establish Audit and Remuneration Committee to provide professional opinions and to assist the Board in formulating the best decisions. The Company’s Audit and Remuneration Committee members are composed by Independent Directors with different industry backgrounds. The Company’s Board Members who concurrently serve as the Company’s employee does not exceed one third, to comply with the Company’s Diversity Policy.
For the Company’s Board Member Succession Plan, the Company will arrange managers to report their business to the Board quarterly. Managers will understand the Board function and allow for exchange of ideas with Board Members to facilitate the growth of each Manager’s decision making, leadership, and internationalization skills.
The Company’s Board Members take part in continuous learning opportunities every year and attend a training session hosted by the Company to maintain and enhance their professional knowledge. The Company conducts regular internal and external evaluation and review in accordance to the Company’s “Board Performance Evaluation Procedure”. The above information is used as the reference when distributing Director’s remuneration and for nominating the Board member.
To cultivate and foster the growth of Board talent, the Company will arrange for rotation of managers to subsidiary business to become Board, Supervisor, or Managers, to understand the Board function and each unit’s business. With different perspectives and increase in work scale, the Manager’s leadership skills and industry knowledge will enhance the Company’s talent pool.
Management team succession plan
The Company’s Managers are hired in accordance with local regulations. Performance review and promotion are conduct regularly in accordance with internal procedures. The above procedures are reviewed and approved by the Remuneration Committee and the Board to ensure the suitability of Managers.
For talent development, the Company hosts a Manager’s strategic workshop to discuss future strategic planning, topics include strategic thinking and planning, strategic mapping, change management, talent development, leadership and more. In 2022, the Company introduced an international evaluation tool. With the quantitative analysis and qualitative interview, the individual’s evaluation on an overall leadership analysis report is completed to analyze the potential success factors, profession, and key behavior strengths.
For individuals, individual evaluation results and individual development plans are established jointly with their supervisor. The Company also provides work expansion to train the Manager’s vision of multinational talent. Promotion is evaluated based on individual performance, potential, and organizational structure to set up a succession plan for the Company’s Managers.
For Committees attendance rate, please refer to the Company’s Annual Report.