The performance evaluation results of the Board of Directors of TANG ENG IRON WORKS CO., LTD. for 2024 were submitted to the 20th Session, 4th Board Meeting on December 26, 2024. The evaluation was approved and filed for reference by all attending board members.
Internal Evaluation: The Board of Directors should conduct an internal performance evaluation at least once a year.
From December 6, 2023, to December 5, 2024.
The evaluation covers the overall performance of the Board of Directors, individual board members, and functional committees.
The evaluation includes self-assessment of the Board’s performance, self-assessment of individual board members, and self-assessment of the functional committees’ performance.
The performance evaluation indicators for the Board of Directors are categorized into five main areas, comprising a total of 38 indicators. The ratings for each area, as shown in the table below, range from “Excellent (5)” to “Good (4)”, indicating that the Board has effectively fulfilled its responsibilities in guiding and overseeing the Company's strategy, major operations, and risk management. Overall, the Board's performance aligns well with corporate governance standards.
| 5 Self-Assessment Areas | Evaluation Items | Rating Results |
|---|---|---|
| A.Degree of Participation in Company Operations | 12 items | 4.57 points |
| B.Enhancement of Board Decision-Making Quality | 11 items | 4.52 points |
| C.Board Composition and Structure | 6 items | 4.79 points |
| D.Selection and Continuing Education of Directors | 3 items | 4.70 points |
| E.Internal Control | 6 items | 4.68 points |
The performance evaluation indicators for individual directors are categorized into six main areas, comprising a total of 23 indicators. The ratings for each area, as shown in the table below, range from "Excellent (5)" to "Good (4)", reflecting positive assessments of directors' efficiency and effectiveness in relation to each indicator.
| 6 Self-Assessment Areas | Evaluation Items | Rating Results |
|---|---|---|
| A.Understanding of Company Goals and Mission | 3 items | 4.67 points |
| B.Awareness of Director Responsibilities | 3 items | 4.73 points |
| C.Degree of Participation in Company Operations | 8 items | 4.63 points |
| D.Internal Relationship Management and Communication | 3 items | 4.52 points |
| E.Director's Professionalism and Continuing Education | 3 items | 4.73 points |
| F.Internal Control | 3 items | 4.79 points |
The performance evaluation indicators for the Audit Committee are categorized into five main areas, comprising a total of 21 indicators. The ratings for each area, as shown in the table below, range from "Excellent (5)" to "Good (4)", indicating that the Audit Committee operates effectively and in line with corporate governance standards, contributing to the enhancement of the Board’s functions.
| 5 Self-Assessment Areas | Evaluation Items | Rating Results |
|---|---|---|
| A.Degree of Participation in Company Operations | 4 items | 4.83 points |
| B.Awareness of Audit Committee Responsibilities | 5 items | 4.73 points |
| C.Enhancement of Functional Committee Decision-Making Quality | 7 items | 4.86 points |
| D.Composition and Member Selection of Functional Committees | 2 items | 4.67 points |
| E.Internal Control | 3 items | 4.78 points |
The performance evaluation indicators for the Compensation and Remuneration Committee are categorized into four main areas, comprising a total of 16 indicators. The ratings for each area, as shown in the table below, range from "Excellent (5)" to "Good (4)", indicating that the Compensation and Remuneration Committee operates effectively and in accordance with corporate governance standards, thereby contributing to the enhancement of the Board’s functions.
| 4 Self-Assessment Areas | Evaluation Items | Rating Results |
|---|---|---|
| A.Degree of Participation in Company Operations | 4 items | 4.75 points |
| B.Awareness of Compensation Committee Responsibilities | 4 items | 4.67 points |
| C.Enhancement of Functional Committee Decision-Making Quality | 6 items | 4.72 points |
| D.Composition and Member Selection of Functional Committees | 2 items | 4.83 points |
B. Enhancement of Board Decision-Making Quality was rated at 4.52 points.
The Secretariat will coordinate with the management departments to carefully draft proposal contents and enhance proposal quality, ensuring that the Board receives accurate and complete information to facilitate its oversight and decision-making responsibilities.
D.Internal Relationship Management and Communication was rated at 4.52 points.
For the review of key company matters, the Secretariat will strengthen communication and interaction between the management departments and the directors to maximize the effectiveness of the Board's operations.
C. Composition and Member Selection of Functional Committees was rated at 4.67 points.
The Audit Committee members possess expertise in business, law, finance, and accounting, providing the necessary professional skills, knowledge, and experience for the decision-making process. The Secretariat will periodically provide information on relevant courses and promotional seminars offered by regulatory authorities or training institutions to committee members, helping to enhance corporate governance knowledge and assisting independent directors in fulfilling their responsibilities on the Audit Committee.
B. Awareness of Compensation Committee Responsibilities was rated at 4.67 points.
The Secretariat will coordinate with management departments to align the performance evaluation system and structure of compensation for directors and executives. The Compensation and Remuneration Committee will ensure that it receives timely and accurate compensation-related data and regulations, enabling independent directors to effectively perform their duties within the committee.