Chang Wah Technology’s highest governing body is the board of directors who are responsible to the shareholders. The board needs to have good judgement skills in operation, accounting and financial analysis, as well as management abilities, etc. Because they have very defined roles and responsibilities within the business organization, it is crucial to have a high degree of self-discipline and prudence when exercising the power.
As for performing the business of the corporation, they need to not only thoughtfully deliberate issues and policy proposals, but also formulate corporate social responsibility and sustainable development strategies.
In 2008, CWTC held a shareholder meeting for re-election. Also, the fourth board of directors has held 18 board meetings in 2020. The attendance of directors as follow:
Director's Training Situation
Director's Performance and Compensation
CWTC established an evaluation system, which is not based on the financial indicators, for the board. However, this system incorporates some sustainability factors to measure the performance of the board and the individual directors in leading and supervising the company’s operations to enhance its overall effectiveness.
In addition to completing the internal performance evaluation, in 2020, the directors conducted the performance evaluation of the functional committee for the first time. This assessment heavily focuses on the aspects of “participation in company operation”, “cognition of functional committee responsibility”, “improving the decision-making quality of functional committee”, “functional committee composition and member selection”, and “internal control” …, etc. The method helps the company to make specific recommendations because it provides a clear guideline for enhancing the functions as well as the efficiency of the board. Moreover, the result of the assessment will be submitted to the members of the compensation committee in 2021 as a reference for directors’ remuneration.
The company’s article of association clearly stipulates that the compensation will not be higher than 1.5% of the current year’s profit. Also, the salary of directors and managers must be reviewed by the remuneration committee before receiving the approval from the board.
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