TAIPEI – Foxconn will no longer send a representative to sit on the board of Innolux, according to reports.

Foxconn said its wholly-owned Hyield Venture Capital, owner of a 1.67% stake in Innolux, would not provide a representative for the flat-panel maker’s board.

Innolux proposed cutting capital 9.5% to NT$95.6 billion (US$3.2 billion) and scheduled an annual general meeting for June 24 to elect new board members and vote on the capital reduction plan.

Currently Hyield Venture Capital has two representatives on the board: Yang Chu-hsiang and Ting Chin-lung. Chu-hsiang currently serves as Innolux’s president. The two have been renominated and will now represent themselves as individuals. In addition, Wang Jyh-chau, chairman of the Innolux Education Foundation, and Hung Jin-yang, chairman of Innolux, were also renominated as board members. Another five people have been nominated by Innolux as independent board members.

Foxconn has been on Innolux’s board since 2003. As it exits the board, the company said it is focusing on the “3 plus 3” initiatives, referring to electric vehicles, robotics and digital health care.