Punishment of Administrative Fine Imposed on the Responsible Person of Grand Pacific Petrochemical Corporation
2018-12-22
1. Date the punishment was imposed: December 22, 2018
2. Recipient of the punishment: Responsible person of corporate conduct by Grand Pacific Petrochemical Corporation, Wu, ○○.
3. Legal basis of the punishment: Paragraph 8, Article 26-3 of the Securities and Exchange Act, and Paragraph 1, Article 16 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies.
4. Facts of the violation and reason: Said Company convened the Board meeting on March 22, 2018 to discuss special bonus for managers. Certain directors were interested parties but failed to disclose the important aspects of such an interested party relationship in that Board meeting. It is deemed as a violation of Paragraph 1, Article 16 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies, where a director who is an interested party fails to state the important aspects of the interested party relationship at the respective Board meeting.
5. The disciplinary action: An administrative fine of NT$240,000 is imposed on the responsible person of the foregoing misconduct pursuant to Sub-paragraph 7, Paragraph 1, Article 178, and Paragraph 1, Article 179, of the Securities and Exchange Act, and Article 25 of the Administrative Penalty Act.
Contact Officer: Chang, Ya-chun, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact Tel.: 2774-7147
Please send your inquiry to here
3. Legal basis of the punishment: Paragraph 8, Article 26-3 of the Securities and Exchange Act, and Paragraph 1, Article 16 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies.
4. Facts of the violation and reason: Said Company convened the Board meeting on March 22, 2018 to discuss special bonus for managers. Certain directors were interested parties but failed to disclose the important aspects of such an interested party relationship in that Board meeting. It is deemed as a violation of Paragraph 1, Article 16 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies, where a director who is an interested party fails to state the important aspects of the interested party relationship at the respective Board meeting.
5. The disciplinary action: An administrative fine of NT$240,000 is imposed on the responsible person of the foregoing misconduct pursuant to Sub-paragraph 7, Paragraph 1, Article 178, and Paragraph 1, Article 179, of the Securities and Exchange Act, and Article 25 of the Administrative Penalty Act.
Contact Officer: Chang, Ya-chun, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact Tel.: 2774-7147
Please send your inquiry to here
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Update：
2019-01-03