HUKOU, Taiwan--()--Sanyang Industry Co. Ltd. (TPE:2206) announced today its immense gratification with the research and recommendation report recently published by major proxy advisory firm Glass, Lewis & Co., which recommends that shareholders vote FOR all of Sanyang Industry’s agenda items at the upcoming December 24th second regular shareholders’ meeting.
“We were very pleased to learn that Glass Lewis supports our agenda,” said Sanyang Board Chairman Shi H. Huang, “the analysis hit the nail on the head with respect to our proposal to dismiss Mr. Chin-Yuan Wu from his position as director.”
Wu solicited proxies from other shareholders at the June 2012 AGM, promising to vote their shares according to a certain specific platform. He then defrauded these other shareholders by voting their shares contrary to his stated platform – which is a criminal act in Taiwan. Given this illegal voting behavior, Glass Lewis recommended that Sanyang shareholders vote FOR the agenda item to dismiss Mr. Wu, stating “The apparent disparity between his assertions and his actions does not engender faith in his ability to represent shareholders to this end. Therefore, we believe that it is in the best interests of shareholders to support the removal of Mr. Wu from the board of directors.”
Furthermore, regarding the by-election of Ms. Judy Yeh, who has the qualifications of an independent director and who is a financial industry professional having worked at leading international investment banks as Senior executive, Glass Lewis also recommended FOR the by-election of Ms. Judy Yeh, stating in its analysis that the election of Ms. Yeh to the board will “result in a net increase of the independence of the board.”
“Sanyang Industry has been crafting and implementing a long-term plan to enhance shareholder value over the last two years, which is why you see the December shareholders meeting includes elevating the quality and independence of the board through the inclusion of independent directors, the by-election of an independent-director-qualified international investment banking professional as Ms. Judy Yeh, and implementation of nomination of ALL directors and supervisor in future elections” said Chairman Huang. “We are ahead of the curve in making these corporate governance changes as we are not yet required by regulation to have independent directors or the nomination system for all directors and supervisors. Through optimized core business operations, improved capital structure management, and increased transparency and corporate governance changes, we are glad to see the plan beginning to bear fruit for the benefit of ALL shareholders and we will stay true to our commitment to our shareholders!”
More information regarding the shareholders’ meeting is available on the Sanyang Industry IR web page: http://www.sanyang.com.tw/en/investor.php.
Sanyang Industry shareholders who have questions, need help voting, or would like to speak directly with a board representative can contact Alliance Advisors at +1-973-873-7717 or twallace@allianceadvisorsllc.com.