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Cathay Financial Apologizes, Bans Senior Executives from Taking Board Seats Elsewhere

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Cathay Financial (TPE:2882) President Lee Chang-ken apologized on Wednesday over a lapse that triggered regulatory scrutiny, adding that the company will prohibit senior executives at its main units from taking external board seats.

Speaking at a press conference on Wednesday, Lee said outside appointments would be permitted only in limited cases where they are required for the group's operations.

Lee said weaknesses in internal reporting and review procedures allowed an investment conflict of interest to go unnoticed, prompting its Cathay United Bank chairman to step down. The company committed to strengthening its internal controls to prevent similar incidents.

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