WT Microelectronics (WTM; ticker 3036 TT) convened 2020 annual general meeting (AGM) on March 27, 2020. This year’s attendance rate was about 86%. After full communication between chairman and shareholders, 84%-94% of attended shareholders supported all motions. Over 90% of attended shareholders supported Ke-Hwa Din professor to be a new independent director. WTM successfully completed 2020 AGM under the guideline of the Financial Supervisory Commission’s epidemic (COVID-19) prevention operation.
WTM indicated that the motion of “Amendments to the Procedures for Acquisition or Disposal of Assets” was supported by more than 90% of attended shareholders. More than 86% of attended shareholders supported the motions of “Private Placement of Class B preferred shares and/or Class C preferred shares, Private Placement of common shares, and Issuance of common shares to raise capital via book building”. All these will authorize WTM’s Board of Directors (BoD) to implement more flexible strategies to reduce the debt ratio, improve the financial structure, and continuously improve the long-term competitiveness under the uncertain environment caused by COVID-19 and international competition situation.
WTM also indicated that in order to improve corporate governance, WTM’s BoD proposed an independent director candidate – Ke-Hwa Din professor who is a pioneer in implementing corporate governance practice for Taiwan listed companies. It was very pleased to receive the support and approval of more than 90% of attended shareholders, and WTM looks forward to the sustainable strengthening of WTM’s corporate governance performance after Ke-Hwa Din joins the board in the future.
The Financial Supervisory Commission has implemented the guidelines for the operation of the shareholders’ meeting in response to the epidemic (COVID-19) prevention. WTM coordinated the relevant details. The planning included site disinfection, admission temperature measurement, alcohol hand disinfection, epidemic prevention measures announcement, a fever quarantine area setting, a plum blossom seat with an interval of more than one meter, all participants with masks, and number of participants control. Under the guidelines of relevant epidemic prevention, WTM successfully completed 2020 AGM.
The AGM was successfully completed, and all motions were passed with high proportion support. WTM thanked all shareholders’ support and encouragement. In the future, the BoD will implement relevant strategic planning for sustainable growth based on the entrustment of shareholders, in order to deepen the capability of value added service in the semiconductor industry chain, and then build the corporate foundation of sustainable management.