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台湾

CPDC investors try to unseat chairman
台湾CPDC公司股东“维权”

郭绍仪与另两名投资者正试图罢免中国石油化学工业开发股份有限公司(CPDC)董事长沈庆京

In a rare example of shareholder activism in Taiwan, a group of domestic investors is appealing to international fund managers to help it wrest control of a $2bn petrochemicals company from its chairman.

在台湾一起罕见的股东维权行动中,一群当地投资者请求海外基金经理帮助其夺取一家20亿美元的石化企业的控制权,目前,这家企业由董事长所掌控。

James Kuo, chairman of Lea Lea Group, a Taiwanese textiles and construction conglomerate, and two other investors are trying to unseat Shen Chin-jing, chairman of China Petrochemical Development Corporation, which has a $2bn market capitalisation on the Taiwan stock exchange.

台湾纺织及建筑综合企业力丽集团(Lea Lea Group)董事长郭绍仪(James Kuo)与其他两名投资者正试图罢免中国石油化学工业开发股份有限公司(China Petrochemical Development Corporation,简称CPDC)董事长沈庆京。CPDC在台湾证交所上市,市值达20亿美元。

“Shen’s likely violations of fiduciary duties and total disregard of corporate governance have caused shareholders serious concerns,” Mr Kuo wrote in a letter to other shareholders ahead of CPDC’s annual meeting, scheduled for June 27.

郭绍仪在一封写给其他股东的信中指出,“沈庆京可能违反信托责任的举动以及完全无视公司治理的行为引发了股东们的严重担忧。”CPDC定于6月27日召开股东年会。

Foreign funds including Vanguard, HSBC, BlackRock and Dimensional hold about 25 per cent of CPDC’s shares, and are the swing votes that will decide the fate of the company, which is one of the world’s five biggest producers of chemicals used to make nylon.

包括先锋集团(Vanguard)、汇丰(HSBC)、贝莱德(BlackRock)和Dimensional在内的海外基金持有CPDC约25%的股权,这部分股份代表能决定公司命运的关键投票权。CPDC的业务包括生产用于制造尼龙的化工产品,在这一领域,它是世界五大生产商之一。

The action is one of the first cases of shareholder activism in Taiwan, home to Asia’s seventh-biggest exchange by value of shares traded. It is also Taiwan’s most public battle over corporate governance, with both sides placing advertisements in local newspapers to argue their point.

上述举动是台湾地区出现的首批股东维权行动之一。以股票交易的价值衡量,台湾是亚洲第七大证交所所在地。这也是台湾围绕公司治理问题展开的最为公开化的一场较量,论战双方均在当地报纸上刊登了广告,用以宣传各自的观点。

While some international funds have agitated for corporate governance improvements in Japan and Hong Kong in recent years shareholders tend to be passive in Taiwan , according to Jamie Allen, head of the Asian Corporate Governance Association. “The number of issues here are wider . . . and it is quite important [that the activism] is not coming from foreign funds,” he said.

亚洲公司治理协会(Asian Corporate Governance Association)秘书长艾哲明(Jamie Allen)指出,在一些海外基金的激励下,近年来,日本和香港的公司治理都得到了改善,而台湾的股东则往往比较消极。他说,“这里的问题更多……发起此次维权行动的并不是海外基金,这一点十分重要。”

However, he cautioned against generalising from one case. “We have yet to see a lot of other activists step up to the plate in Taiwan,” he said.

不过他提醒,不要仅凭一件事就得出普遍性结论。他谈到,“我们将会看到台湾出现更多其他的维权人士。”

According to Mr Kuo, his consortium, which has a 32.5 per cent stake in CPDC, is under-represented on its board, and Mr Shen controls six of the nine board seats even though his stake is less than 10 per cent. Mr Shen was appointed CPDC chairman last June.

按照郭绍仪的说法,他的财团持有CPDC 32.5%的股权,却未能得到与持股量相匹配的董事会席位,而沈庆京在CPDC中的持股不足10%,却控制着9个董事会席位中的6席。沈庆京去年6月被任命为CPDC董事长。

Mr Kuo criticised Mr Shen’s “controversial and suspicious” plan to invest $1.1bn in China for being too big for the group’s $500m cash reserves. “CPDC is a good company and we are doing this so that a good apple doesn’t become a bad apple,” Mr Kuo said.

郭绍仪对沈庆京一项“有争议且可疑的”计划提出了批评,后者打算向中国大陆投资11亿美元,而在郭绍仪看来,相对于该公司5亿美元的现金储备来说,这笔投资的规模太大了。他说,“CPDC是一家优秀的公司,我们所做的这些,就是为了不让一个好苹果变成烂苹果。”

Mr Shen has hit back vehemently at Mr Kuo’s allegations. CPDC generated record profits of T$10.9bn ($372m) last year. “It is because of this good management that shareholders have supported the current board of directors,” CPDC said on behalf of Mr Shen.

沈庆京强烈回击了郭绍仪的指控。CPDC去年创下109亿新台币(约合3.72亿美元)的利润纪录。“这源于股东支持下现任董事会成员的出色管理”,CPDC代表沈庆京表示。

CPDC would finance a third of the China investment, but two-thirds would come from project financing from mainland Chinese banks, Mr Shen said. “This project will not affect CPDC’s financial structure,” he added.

沈庆京说,该项对华投资三分之一的资金由CPDC提供,另外三分之二将通过向中国大陆各银行融资实现。“该项目不会影响到CPDC的财务结构”,他补充道。

译者/薛磊

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