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Practice of Corporate Governance
Since its founding in 2001, E. SUN Financial Holding has committed itself to making a paradigm of corporate governance for other financial holding companies. In 2004, it began to recruit renowned experts of various specializations to serve as independent directors and initiated a quasi audit committee (At that time, the Securities and Exchange Act called for either the appointment of supervisors or the establishment of an audit committee from 2007). As such, E. SUN took up the task of assigning independent directors and an audit committee early on. When a new board was to be formed in 2008, four independent directors with their respective specializations (Prof. Ko Chen-en who specializes in accounting and corporate governance; Prof. Lee Ji-ren known for his expertise in strategy; Lin Hsin-i, a former business executive with a proven track record in management; and Lin Jen-jen who is an expert in applying information science to the financial industry) were appointed to form a new audit committee. It must be noted that the ratio of board seats taken by E. SUN’s independent directors is higher than what is required in the pertinent statute.
Besides an audit committee composed of all the independent directors, E. SUN has in place a corporate governance and nomination committee, a compensation committee, and a strategy committee to help form a solid board of directors capable of doing what it is called upon to. To be sure, E. SUN’s board is composed of respected figures from the financial community, the industrial sector and academia. Thanks to its diversified composition of specialists as members, the board is able to function expertly—making objective, well-rounded decisions.
Alongside increasingly sophisticated macroeconomic conditions, it is all but impossible to predict what competition may bring next. As such, E. SUN takes the initiative to provide all board directors and supervisors with liability insurance commensurate with their role at the company and capacity as a senior staff member. By helping cushion top managers against legal and financial liabilities and keeping to a minimum all the risks and damages likely to be incurred in the course of performing their duty, E. SUN hopes to recruit more high-caliber talent willing to create value for the company.