The shareholder meeting serves as the highest body of authority for Chroma, and the Board of Directors led by the Chairman assumes responsibility for implementation and supervision of the various operations of the Company. To enhance the overall operational efficacy and decision-making power of the Chroma Group, the Chairman is also serving as the President of Chroma. Chroma has reserved three seats (of seven) for Independent Directors to boost independence of the Board. The Chairman maintains regular contact and communication with other members of the Board to touch base on the status of operation and performance in order to ensure proper governance and operation. All senior managers of Chroma are hired locally.
In 2020, the Board of Directors held 7 meetings and was responsible for the review and supervision of decisions relating to material topics such as the economic, social, environmental, and other matters that created maximum value for our shareholders. Directors are expected to take the initiative discussing agendas where their individual interests or the interests of the organizations they represent are involved by making the declaration during the meeting and refrain from taking part in the discussion and voting if their involvement could potentially harm the interests of the Company. Additionally, they may not vote as proxy on behalf of other directors.