On April 12, TSMC, the leading semiconductor foundry, announced the nomination of 10 directors for its next board, including Ms. Ursula Burns, co-chair of the Advisory Committee on Supply Chain Competitiveness (ACSCC) of the U.S. Department of Commerce, which has sparked public attention.
Specifically, among the 10 nominated directors, three are current directors, including Dr. C.C. Wei, Dr. F.C. Tseng, and Dr. Ming-Hsin Kung.
There are also four current independent directors: Sir Peter Leahy Bonfield, Mr. Michael R. Splinter, Mr. Moshe N. Gavrielov, and Dr. L. Rafael Reif.
The three newly nominated independent director candidates are Ms. Ursula M. Burns, Ms. Lynn L. Elsenhans, and Dr. Chuan Lin.
The shareholder meeting for the director election will be held on June 4 this year.
Looking at the backgrounds of the three newly nominated independent director candidates:
Ms. Ursula M. Burns:
She holds a Bachelor's degree in Mechanical Engineering from NYU Tandon School of Engineering and a Master's degree in Mechanical Engineering from Columbia University. She is also a fellow of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Royal Academy of Engineering in the UK. She has served as chairman, CEO, or executive of several major companies, including Xerox Corporation and VEON, a telecommunications company based in the Netherlands.
In terms of government positions, she is not only the current co-chair of the Advisory Committee on Supply Chain Competitiveness (ACSCC) of the U.S. Department of Commerce (according to the ACSCC website), but also the former head of the White House National Science, Technology, Engineering, and Mathematics (STEM) program and former chair of the President's Export Council, which has indeed influenced U.S. export policy to some extent.
Records show that she was appointed by President Obama in November 2009 to help lead the White House's STEM initiative and was appointed Vice Chair of the President's Export Council in March 2010.
△Ursula Burns
Lynn Elsenhans:
Currently serving as:
Previously:
Lin Chuan:
Currently serving as:
Previously:
The current four independent directors at TSMC also hold prestigious positions:
Sir Peter Bonfield:
Currently serving as:
Previously:
Michael Splinter:
Currently serving as:
Previously:
Moses Gavrielov:
Currently serving as:
Previously:
Rafael Reif:
Currently:
Clearly, the current four independent directors at TSMC are seasoned semiconductor industry professionals, either university presidents or former CEOs or chairmen of renowned semiconductor companies. In comparison, the newly appointed three independent directors seem somewhat less distinguished. Ursula Burns' selection is mainly linked to her role as Vice Chair of the Advisory Committee for Supply Chain Competitiveness (ACSCC) at the US Department of Commerce.
According to the official website, the goal of ACSCC is to provide advice to the Secretary of Commerce on essential elements of comprehensive policy approaches to supply chain competitiveness, aimed at supporting US export growth, national economic competitiveness, encouraging innovation, facilitating the flow of goods, and enhancing the competitiveness of US supply chains for goods and services in the domestic and global economies. The committee also advises the Secretary on regulatory policies and programs, as well as investment priorities affecting US supply chain competitiveness.
Additionally, industry insiders reveal that among the 24 members of the Industrial Advisory Board of the US Department of Commerce, eight have ties to TSMC. Apart from Michael Splinter, who currently chairs the board, others include former TSMC Chief Technology Officer Han-Sen Huang and former TSMC R&D head Tao-Nan Yang.
TSMC Chairman Mark Liu stated that the company's board comprises professionals from diverse backgrounds in the industry, academia, and law, with world-class operational experience, hailing from Taiwan, Europe, and the United States. As the chairman, I am extremely fortunate to be part of such a robust board and to have the support of everyone, ensuring that TSMC moves forward on the right path. I sincerely thank all the directors for their dedication and contributions, and I believe that under the guidance of the new board, TSMC will continue to embrace a bright future.
President Wei Zhejia expressed appreciation for the professionalism and wealth of experience of the directors, who offer insights to support the company's growth strategies and continually strengthen corporate governance. Despite unprecedented challenges in recent years, TSMC has remained at the forefront of technological development and progress, launching cutting-edge technologies and enhancing competitiveness amidst ongoing changes in the industry landscape and geopolitical dynamics, ensuring innovation and sustainable development remain at the forefront. Chairman Liu will step down, and we extend our best wishes and gratitude for his outstanding leadership, which has supported TSMC in overcoming challenges and thriving.
It's worth mentioning that on December 19, 2023, TSMC announced through a public statement that Chairman Liu Deyin has decided not to stand for re-nomination as a member of the next TSMC board and will retire after the annual shareholders' meeting in June 2024. TSMC CEO and Vice Chairman Wei Zhejia will succeed as the next chairman of the company, with the formal appointment to be arranged after the election of the new board at the 2024 shareholders' meeting.
