Waterland Financial Holdings Chairman Chang Chao-shun has resigned as an independent director of Win Semiconductors, swiftly defusing the controversy over his concurrent posts — a plus for his push to reform the company.

• Chang tendered his resignation as a Win Semiconductors independent director today, stepping down at the same time from the audit committee and the compensation committee.
• Last week the Ministry of Finance publicly questioned his holding an independent directorship at a privately run company while serving as chairman of a state-backed financial holding company; he said at the time that he would not put the ministry in a difficult position.
• He took over as Waterland Financial chairman in May this year as a corporate representative of First Bank. The Ministry of Finance determined that there was no legal violation, but said it would still review the matter from a corporate governance standpoint.
• Waterland Financial's board will discuss compensation reform at its meeting this week, with the cap on performance bonuses for senior executives to be cut from 30 months to 12 months — a reduction of 60%, bringing an end to the era of NT$20 million annual pay packages.
• Precisely because the money at stake belongs to senior executives, his own every move is being scrutinised all the more closely.

Outlook: With the controversy over his concurrent posts settled, attention turns to this week's board meeting on the compensation reform proposal, and to the financial holding company merger he is pursuing next.