Welcome!

News Feed Item

Leading Corporate Governance Research Firm, ISS, Endorses Management of Sanyang Industry (TPE:2206):

Sanyang Industry Co. Ltd. (TPE:2206) announced today that a leading proxy and corporate governance research firm, Institutional Shareholder Services (“ISS”) has recommended that shareholders vote Unanimously WITH Management on ALL agenda items, to vote FOR ALL MANAGEMENT Board Director and Supervisor candidates proposed by the Management, and to unanimously vote AGAINST ALL DISSIDENT candidates and resolutions proposed by the dissident shareholder group at the company’s upcoming June 18th annual shareholders’ meeting.

The ISS report analysed that a dissident group is trying to take control of the board and change the management but that there is “no compelling case why change is needed.” The report states that upon dissident members for the first time becoming board directors in 2011, the dissident directors, Chin-Yuan Wu and Lichuan Gao, then “had three years to demonstrate their ability to create value for shareholders.” However from high performance in 2011, “the company performance had worsened since they (Chin-Yuan Wu and Lichuan Gao) joined the board. Further, none of the (dissident) nominees have relevant industry skills and it is unclear how these candidates would create value for shareholders. Given the above concerns, a vote AGAINST ALL DISSIDENT nominees and FOR ALL MANAGEMENT nominees is warranted.”

ISS further noted a key complaint made to ISS by the dissident group about the management, regarding the attempt by current management to gain higher profit apportionment ratio on the Neihu Land Development Project with Mei Fu Development Co.,Ltd. (“Mei Fu”) through arbitration (from the current 46%:54%, Sanyang Group: Mei Fu). The dissident group complained to ISS that the dissident group believes apportionment ratio should remain unchanged even though the current apportionment ratio greatly undervalues the Neihu land owned by Sanyang Group and that the arbitration fee of TWD 10 million is a waste of company money. On this issue, the ISS report wrote, “Pursuing court arbitration for the Neihu land agreement may have cost the company TWD 10 million in fees, but such amount is negligible considering the value of the land and what the company could stand to gain. Between 2007 and 2013, the value of Neihu land has increased by TWD 7.1 billion. Attempting to gain a better bargain rather than leaving such a substantial value on the table is reasonable and is in shareholders’ interest.”

Sanyang Board Chairwoman, Ms. Y. M. Huang expressed, “I am very gratified to learn of the international community’s analysis and full support of our leadership team. Such a report from a well-respected, independent, international corporate governance research firm such as ISS, is a strong validation that the current management’s leadership direction, discipline, head, and heart are all in the right place.” She added further, “Despite distractions and disruptions from the dissident group over the last three years, the management and all our employees have been unwavering in our single-minded determination to fight for the best interest and long-term shareholder value of all our stakeholders. The main pillars of our value creation plan include: (1) optimization of our core business operations; (2) improved capital structure management; and (3) strengthened measures of corporate governance and management transparency. Our board director and supervisor candidates for the upcoming June board election, were carefully selected based on the breadth and depth of expertise, diversity, independence and integrity necessary to execute our three-pillar plan. As further demonstration of our single-minded focus on our core business and commitment to our shareholders only, we have asked shareholders to vote AGAINST RELEASE of board directors from non-compete restriction. Our request contrasts clearly from that of the dissident group who has asked FOR release of non-compete restriction on their candidates so that they may have positions in other companies where their activities may conflict or compete with Sanyang’s.” The Chairwoman concluded, “We are truly grateful to our shareholders for the support of our common vision and our proposed candidates to execute the vision. We will continue to be tireless and fearless in delivering long-term sustainable growth in our core business for the full benefit of all our shareholders!”

On the agenda to release board directors from non-compete restriction, ISS report recommends AGAINST the release. The report comments that, “as the dissident group’s objectives are unclear, non-compete restrictions could, if any of their nominees are elected to the board, provide some safeguard to shareholders’ interest.”

More information regarding the shareholders’ meeting is available on the Sanyang Industry IR web page. For English, please go to http://www.sanyang.com.tw/en/news/index.php?cat=2.

For Chinese, please refer to http://www.sanyang.com.tw/finance/con_show.php?op=showone&cid=6

About Sanyang Industry

Sanyang Industry Co., Ltd., founded 60 years ago in 1954 by the grandfather of current Chairwoman, is the sole international enterprise in Taiwan that manufactures and sells both motorcycles and automobiles. Its manufacturing and sales network covers over 75 countries. Over the past half century, Sanyang has built an extensive sales and service network and has established strong alliances with other world class corporations. In the process, the Company has developed a deep roster of management talent and strong devotion from customers loyal to its brand. In a hyper-competitive era, the Company has maintained its roots firmly in Taiwan, while basing its blueprint for expansion on innovation, excellence and commitment to the greater good of human society.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...