Acer shareholders approve cash dividend NT$3.6 per share and elect new board of directors
Acer’s shareholders approved today the 2011 cash dividend of NT$3.6 per share, and the reduction of employee bonus for 2010 by 40%. Shareholders also elected a new board of directors and supervisors.
Acer announced in early June to lower channel inventory in EMEA (Europe, Middle East and Africa) by providing US$150 million in sales allowance and one-time write off. The Board and supervisors also voluntarily cut their remuneration by 50%. Today, the shareholders further approved to reduce employee bonus by 40%, from NT$1.5 billion to NT$900 million. The cash dividend of NT$3.6 per share remains unchanged.
Shareholders elected a new board of directors and supervisors for the next three-year term. The newly elected seven-member Board consists of J.T. Wang, Stan Shih, Hung Rouan Investment Corp., Philip Peng representing Smart Capital Corp., Hsin-I Lin (former chairman of Industrial Technology Research Institute), Dr. F.C. Tseng, and Sir Julian Horn-Smith. The supervisors are Carolyn Yeh and George Huang.
New to the Board are the independent directors Dr. F.C. Tseng and Sir Julian Horn-Smith. Acer expects to benefit from the knowledge and experience of Dr. Tseng and Sir Julian, who are both globally distinguished talents. Their contribution from an independent standpoint to the company strategy, along with the Board, will create a strong and well-rounded team to lead the corporation forward and enhance corporate governance.
Dr. Tseng co-founded Taiwan Semiconductor Manufacturing Company (TSMC) as a pioneer specializing in the “foundry-only” semiconductor manufacturing business. A core member of the TSMC management, he is also considered a veteran in the semiconductor industry. Sir Julian was a founding member of Vodafone Group and regarded as the principal architect in developing Vodafone’s international strategy. He retired from Vodafone Board in July 2006, where he held the title of deputy CEO. Sir Julian is highly-reputed in the global mobile communication industry.