Duties of the Board of Directors The Regulations on the Administration of Foundations clearly stipulates that the Board of Directors shall meet at least twice a year. Board meetings can only be held when more than two thirds of the directors are present; The resolution of the board of directors shall be valid only if it is approved by more than half of the directors present. However, the resolutions on the following important matters shall be valid only after being voted by the directors present at the meeting and approved by more than two thirds of the directors:

(1) Amend the Articles of Association.

(2) To elect or recall the chairman, vice-chairman and secretary-general.

(3) Major fund-raising and investment activities as stipulated in the articles of association.

(4) Division and merger of foundations.