Cathay Century Insurance adopts a strict corporate governance structure and operates simultaneously with a dual-track system of directors and supervisors, and jointly viewing the accounting system, operating and financial conditions of the Company. Cathay Century Insurance further communicates closely with the Company's CPAs and actuaries to jointly assess, review and supervise existing or potential risks within the enterprise.
In addition, to improve the planning and execution of the Company's business strategy, independent directors are set to effectively supervise the operation of the Board of Directors, strengthening the functions of the Board of Directors. CS Report
The Board of Directors is the highest governance unit at Cathay Century Insurance and Board members are selected by parent company Cathay FHC. Apart from considering the economic, environmental, and social expertise and experience of each director, independent directors are nominated in accordance with the "Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies" to ensure independence and diversity. In 2024, Cathay Century Insurance convened 6 Board meetings and director attendance rates all exceeded 100%. In order to enhance the collective knowledge of this highest governance unit and keep abreast of domestic and international sustainability trends, Cathay Century Insurance directors participate in training courses each year. In 2024, our 11 directors and super visors received 128.2 hours of training, and 88.4 training hours were associated with corporate sustainability. The Cathay Century Insurance Board of Directors is composed of 7 directors, 2 independent directors, and 2 supervisors. The Board includes members of different ages with different industrial expertise, professional knowledge, and capabilities.
Cathay Century Insurance conducts Board performance evaluation in accordance with the “Insurance Industry Corporate Governance Best Practice Principles” and reviews the directors and supervisors’ performance on an annual basis through “self-evaluation” and “peer evaluation,” with remuneration adjustments linked to performance. In 2024, overall Board performance received an “Excellent” rating, and we disclosed remuneration of directors in the annual report in accordance with the “Regulations Governing Information to be Published in Annual Reports of Public Companies.” Remuneration from profit distributions is allocated and appropriated to the parent company which holds Company shares in accordance with profit distribution proposals approved by Shareholders’ meetings. Business expenses, including travel expenses and other expenses, are provided based on actual directors and supervisors’ needs for business execution.
All Cathay Century Insurance's resolutions on AML are reviewed and approved by the AML and Anti-Financial Terrorism Committee (hereinafter the "AML/CFT Committee") before submission to the Board of Directors for review. The AML/CFT Committee convenes every quarter to develop annual plans for relevant issues, compile reports on AML operations, and conduct institutional risk assessments to regularly raise awareness of AML among employees periodically through education and training. In 2024, all employees participated in a total of 2,340 hours of AML and CFT education and training.In addition, to help employees of the Comp any better understand how to prevent and determine whether ethical conflicts are present in business operations, the Company provides a detailed "Moral Conflict Inspection Checklist" and "Self-doubt Operations List" in the "Code of Conduct for Employee" to assist employees in relevant inspections.