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Diodes Incorporated Appoints Lead Director and Enhances Focus on Corporate Social and Environmental Responsibility
PLANO, Texas--(BUSINESS WIRE)-- Diodes Incorporated (Nasdaq: DIOD), today announced several enhanced corporate governance measures and compensation
About this update from Diodes Incorporated
[{"type":"text","content":" PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Nasdaq: DIOD), today announced several enhanced corporate governance measures and compensation practices.\n\n\nAs previously disclosed, long-time Chairman, Raymond K.Y. Soong, retired from the Board and President and CEO, Dr. Keh-Shew Lu, was appointed as Chairman. With Dr. Lu becoming Chairman, the Board determined that the appointment of an independent lead director (\"Lead Director\") would be appropriate in order to follow corporate governance best practices, strengthen Board oversight, share certain responsibilities and facilitate communication between the Chairman and independent directors. To this end, the Board appointed independent director, Michael K.C. Tsai, to serve as Lead Director. Tsai has served as a member of Diodes’ Board since 2010. The duties of the Lead Director will be: to preside at executive sessions of the independent directors; serve as principal liaison between the independent directors and the Chairman; work with the Chairman to set and approve the schedule and agenda for meetings of the Board and its committees; direct the retention of advisors and consultants who report directly to the Board; serve as liaison for consultation and communication with stockholders; oversee the annual evaluation of the Board and its committees; and evaluate, in cooperation with the Compensation Committee and all members of the Board, the CEO's performance.\n\n\nIn addition, Tsai was appointed as Chairman of the Compensation Committee, and C.H. Chen, Diodes’ board member since 2000, has been appointed as Chairman of the Corporate Governance and Stockholder Relations Committee and will continue to serve as Vice Chairman of the Board.\n\n\nAlso as part of enhancing the Company’s corporate governance initiatives, the Board created a steering committee to focus on Corporate Social and Environmental Responsibility (CSER), which is being headed by Diodes’ Vice President of Operations, Julie Holland. One of the first actions implemented included revising executive bonus compensation by adding a CSER component and weighting to the existing financial performance metrics for both revenue and non-GAAP earnings.\n\n\nCommenting on the new measures, Dr. Keh-Shew Lu, Chairman, President and CEO of Diodes, said, \"The Board of Directors and the entire management team are committed ...