The FSC recently found that Shin Kong Financial Holding Co. (SKFH) had failed to properly discharge its duty to soundly operate its subsidiary, Shin Kong Life Insurance Co., thereby affecting the overall financial and business soundness of SKFH and possibly impeding the sound operation of SKFH. Moreover, SKFH Chairman  Chen had failed to properly discharge his duties as Chairman. The FSC therefore, acting in accordance with Article 54, paragraph 1 of the "Financial Holding Company Act," issued an official reprimand, and in accordance with subparagraph 7 of that same paragraph ordered SKFH to reduce all compensation of Chairman Chen for 2023 by 50% for a period of 1 year.