HUKOU, Taiwan--()--Sanyang Industry Co. Ltd. (TPE:2206) announced today the successful convening of its second regular shareholders’ meeting of 2012. Majority shareholder approval was achieved for two key agenda items: recognition of 2011 audited financial results and distribution of 2011 earnings.
The company’s Chairman Shi H. Huang stated, “We greatly appreciate this show of support from our loyal shareholders and investors. We, Sanyang management, accept this mandate from our shareholders and will do our utmost to meet your highest expectations in the future.”
Sanyang Industry also stated that regretfully, some very critical agenda items designed to enhance corporate governance and to strengthen management’s ability to invest in the long-term success of Sanyang Industry’s core business, failed to pass, due to, “in our opinion, misguided effort from dissident shareholders,” according to the company’s Chairman Shi H. Huang in a recent letter to shareholders. The agenda items that failed to pass were measures to add independent directors to the board and the adoption of the candidate nomination system for all board members, for example – all of which were endorsed by independent proxy advisory firms and would have been significant corporate governance improvements for the company.
Overall, Sanyang Industry remains gratified by the continuous support of its shareholders with respect to the company’s financials and earnings distribution. Chairman Huang stated, “Though we regret the attempts of a limited number of dissident shareholders to disrupt the proceedings and prevent these corporate governance improvements we greatly appreciate the show of confidence from our loyal investors. Sanyang management appreciates the support we received from our shareholders and will strive even harder to increase shareholder value. While the company is very excited about the significant upside value through its Neihu property development project, the company’s key focus and commitment remains continuous growth of its core business activities, financial restructuring, and corporate governance enhancements.”
More information regarding the shareholders’ meeting is available on the Sanyang Industry IR web page: http://www.sanyang.com.tw/en/investor.php.