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CHT disputes magazine's characterization of chief

TAIPEI, Taiwan -- Chunghwa Telecom (CHT) yesterday issued a statement rejecting the characterization of the firm's Chairman Rick Tsai that was included in a report.

In the statement, CHT told the China Post that contrary to Wealth Magazine's claims, since taking the chairmanship, Tsai has been playing an instrumental role in shaping broad strategic directions for the company while delegating more specific objectives to top-tier executives, in accordance with the company's policies, while fulfilling his responsibilities to the board of directors.

The company clarified that there are no rifts in communication hampering the effectiveness of its management, noting that Tsai had stated during a previous earnings conference that CHT would reevaluate its capital expenditure utilization and reassess the allocation of resources among business units and aim to have spending controlled at 5 to 10 percent lower than budget, while expecting earnings performance to exceed expectations slightly. With the establishment of a firm foundation, CHT's long-term prospects are secured, said Tsai. The company stated that improvements in operating efficiency and resource allocation are self-evident of the effectiveness and cohesion of its management.

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