Succession plan and implementation of board members
The election of directors of the Company adopts the candidate nomination system for a term of three years and is handled in accordance with the “Articles of Incorporation”, “Procedures for Election of Directors”, and “Corporate Governance Best Practice Principle”. THC’s Board of Directors consists of 9 outstanding members, including 3 independent directors, from different backgrounds including management, operation, finance, accounting, civil engineering, and construction industry with rich industry experience and professional skills.
Succession plan for Board of Director members:
1. Strengthening the functions of the Board to meet the diversity policy
2. Selecting professional directors who meet our requirements in order to respond to development plan of the company and changes in external and internal environment to keep pace with the times.
3. Planning training courses for directors to strengthen their capabilities.
4. Conducting regular internal board performance evaluation.
5. Nominating the Board members according to the Company’s directors’ recommendations for appropriate candidates, the Company’s recommendations for senior managerial staff, or the results of performance evaluation, so as to perform functions of the Board.
6. On May 31, 2023, the election of directors was held during the annual shareholders’ meeting, and a new director, Mrs. Ya-Wen, Cheng and Mrs. Hsin-Wen, Tsao, assumed theirs office, which is consistent with our succession plan.
Succession plan and implementation of senior management
THC values talent development and engages in selection, utilization, education and retention activities of talents. Based on the talent development strategy, THC sets up education and training policies. To Cultivate talents with depth, breadth and height of vision, THC establishes an internal Hon Chuan Academy to push those talent training plans and pass down skills. While all employees embrace THC’s culture and values, we can reach a consensus through our effective teamwork.
Succession Plan of the Company is conducted by each department/level. The senior management of the Company have served for a longer period of time. After cultivated by supervisors’ instructions and accumulating experience, the management can become professional management personnel in various areas. They are capable with management skills and expertise, and their substitutes have been set up. In addition, for better capability of professional, management, and problem-solving skills, THC holds irregular internal and external training, rotates key talents, and review their competency, responsibilities and performance, so as to prepare high-quality manpower for the long-term development of THC.
On January 1, 2025, according to the Company’s succession plan of senior management, the Remuneration Committee approved that Hsin-Chang, Wu was promoted to Assistant Vice President and Hsien-Wen, Chen was promoted to Vice President.
