On April 12th, Taiwan Semiconductor Manufacturing Company (TSMC), the leader in semiconductor foundry, announced the nomination of 10 candidates for its next board of directors, including Ms. Ursula Burns, Co-Chair of the Advisory Committee on Supply Chain Competitiveness (ACSCC) of the U.S. Department of Commerce, sparking considerable interest.
Specifically, among the 10 nominees, TSMC included three current directors: 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 director elections is scheduled for June 4th this year.
Indeed, the four current independent directors at TSMC are seasoned professionals in the semiconductor industry, either serving as university presidents or having been CEOs or chairpersons of prominent semiconductor companies. In comparison, the three newly nominated independent directors may seem less experienced.
Ms. Ursula Burns' nomination is primarily linked to her role as Vice Chair of the Advisory Committee on Supply Chain Competitiveness (ACSCC) of the U.S. Department of Commerce.
According to official information, the objective of the ACSCC is to provide advice to the U.S. Secretary of Commerce on necessary elements of comprehensive policy approaches to supply chain competitiveness, aiming to support U.S. export growth, national economic competitiveness, innovation, facilitate the movement of goods, and enhance the competitiveness of goods and services in the domestic and global economy.
The committee also provides recommendations to the Secretary on regulatory policies and programs affecting U.S. supply chain competitiveness and investment priorities.
Furthermore, according to industry insiders, among the 24 members of the U.S. Department of Commerce's Industrial Advisory Committee, 8 have connections with TSMC.
Apart from Mr. Michael R. Splinter, who is the current Chair of the National Institute of Standards and Technology's Industrial Advisory Committee of the U.S. Department of Commerce, other members include former TSMC CTO Hansheng Huang and former TSMC R&D head Taonan Yan.
TSMC Chairman Mark Liu stated that the company's board of directors comprises professionals from diverse backgrounds in the industry, academia, and law, with world-class business operations experience from Taiwan, Europe, and the United States.
As the chair, he feels fortunate to be part of such a robust board of directors and appreciates everyone's support in ensuring TSMC advances on the right path. He sincerely thanks all directors for their dedication and contributions, and believes that under the leadership of the new board of directors, TSMC will continue to embrace a bright future.
It is worth mentioning that on December 19, 2023, TSMC announced through a public statement that Chairman Mark Liu decided not to participate in the nomination of the next TSMC board of directors and would retire after the annual shareholder meeting scheduled for June 2024. TSMC CEO and Vice Chairman Dr. C.C. Wei will succeed as the next Chairman of the company, with the formal appointment pending the election of the new board of directors at the 2024 shareholder meeting.
