NEW YORK, May 12, 2016 /PRNewswire/ -- The Taiwan Fund, Inc. (TWN) (the "Fund") announced today the acceptance of the resignation of two of its Directors.
At its Annual Stockholders Meeting held on April 19, 2016 (the "Meeting"), Joe O. Rogers and Chih T. Cheung were not re-elected as Directors by stockholders. Pursuant to the Fund's by-laws, each of Joe O. Rogers and Chih T. Cheung were deemed to have tendered to the Board his resignation as a Director, with such resignation to take effect 30 days after the date of the Meeting unless the Board unanimously decided to reject that Director's tender of resignation, in which case the Director would continue in office until his death, resignation or removal or until his successor shall have been elected and shall have been qualified.
After considering the implications of the failure of Joe O. Rogers and Chih T. Cheung to be re-elected by stockholders, the Board regretfully accepted the resignation of Mr. Cheung. The Board also unanimously decided that, in view of the need to select a new Chairman to replace Mr. Rogers and to provide a period of transition of the Chairmanship from Mr. Rogers to the new Chairman, it would not accept the deemed tender of resignation by Mr. Rogers but would accept his resignation effective at the conclusion of the Board's meeting in October 2016.
The Fund is a diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in equity securities listed on the Taiwan Stock Exchange. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol "TWN."
For additional information on the Fund, including information on the Fund's holdings, visit the Fund's website at www.thetaiwanfund.com or call 1-877-864-5056.
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SOURCE The Taiwan Fund, Inc.