TAIWAN - Hon Hai Precision Industry Co held its annual general meeting on Thursday, where shareholders voted to lift non-competition restrictions for three directors.
The approved waiver applies to directors Chang Ching-Ray, Dr. Christina Yee-ru Liu, and independent director Hsu Tzu-Mei. It permits these directors to engage in competitive conduct with companies operating in similar businesses covered by Hon Hai’s target industries.
The approval allows the directors to participate in such activities during their tenure on the board.
Shareholders approved the proposal with 7,153,867,562 votes in favor, representing 82.43% of total shares present. Against: 25,098,203 votes (0.28%). Invalid: 148,326 shares. Abstentions: 1,499,504,481 shares (17.27%).
Of the approval votes, 5,364,299,517 shares were cast via electronic transmission.
The company stated the waiver will have no impact on its finance and business operations. The competitive conduct does not involve mainland China enterprises.
Hon Hai Precision Industry, also known as Foxconn, is a major electronics manufacturer based in Taiwan.
