Steve Chen
About Steve Chen
Steve Chen, 67, was elected an independent director of SolarMax Technology, Inc. at the November 10, 2025 annual meeting; his term runs until the conclusion of the 2026 annual meeting . He is a private investor and business operator since 1998, managing commercial and hospitality real estate; prior roles include founder/CEO of ALPS European Whole Grain (Shanghai’s first microbrewery, 1994–2000) and founder/CEO of Speedy Sails (catamaran distribution, 2009–2016). He holds a degree from World College of Journalism in Taipei, Taiwan .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Private portfolio (U.S. commercial & hospitality real estate) | Investor/Operator | 1998–present | N/A |
| ALPS European Whole Grain (Shanghai) | Founder & CEO | 1994–2000 | Built/operated first microbrewery in China |
| Speedy Sails (China marine leisure market) | Founder & CEO | 2009–2016 | Regional distribution of U.S.-made catamarans |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| None disclosed | — | — | No public company directorships or committee roles disclosed |
Board Governance
- Election and shareholder support: Steve Chen was elected with 15,945,786 votes for, 14,795 against, 7,169,405 abstentions, and 12,698,727 broker non-votes—an unusually high abstention versus other nominees, which may signal investor caution .
- Independence: The board states four of five nominees are “independent” under Nasdaq rules; the proxy does not specify individuals, but Steve Chen is a non-employee nominee and no related-party transactions are disclosed involving him .
- Committee rosters (pre-election): Steve Chen is not listed on committees in the proxy; post-election assignments were not disclosed.
| Committee | Chair | Members | Steve Chen Membership |
|---|---|---|---|
| Audit | Dr. Wen-Ching Yang | Dr. Yang; Wei Yuan Chen; Simon Yuan | Not listed |
| Compensation | Wei Yuan Chen | Wei Yuan Chen; Lei Zhang, Ph.D.; Jinxi Li | Not listed |
| Nominating & Corporate Governance | Dr. Wen-Ching Yang | Dr. Yang; Wei Yuan Chen | Not listed |
- Board/committee activity: In 2024, board met telephonically seven times; audit committee met three times; compensation and nominating committees did not meet—suggesting limited committee oversight activity that year .
- Auditor oversight: Audit committee managed auditor transition from Marcum to CBIZ; Marcum’s reports included a going concern explanatory paragraph for FY2024/FY2023 . Shareholders ratified CBIZ for 2025 (32,288,911 for; 3,246,586 against; 293,216 abstained) .
Fixed Compensation
- 2024 non-employee director compensation (cash/equity) shows no payments; Steve Chen was not a director in 2024 and his 2025 director compensation is not disclosed in the proxy .
| Year | Annual Cash Retainer ($) | Meeting Fees ($) | Committee Chair Fees ($) | Equity Grants ($ FV) |
|---|---|---|---|---|
| 2024 (Directors listed) | — | — | — | — |
Performance Compensation
- Performance-based director compensation metrics (TSR, revenue/EBITDA targets, ESG goals) are not disclosed for directors; no director incentive program details provided .
| Metric | Target | Actual | Payout Impact |
|---|---|---|---|
| Not disclosed for directors | — | — | — |
Other Directorships & Interlocks
| Person | External Public Boards | Committee Roles | Interlocks/Conflicts |
|---|---|---|---|
| Steve Chen | None disclosed | — | None disclosed |
Expertise & Qualifications
- Domain experience: Operating roles in consumer/hospitality and leisure marine distribution; investor in U.S. commercial/hospitality real estate .
- Education: World College of Journalism (Taipei, Taiwan) .
- Board financial expert designation: Not identified as an “audit committee financial expert”; the proxy names Dr. Wen-Ching Yang and Simon Yuan as audit committee financial experts .
Equity Ownership
- Beneficial ownership at record date (Oct 6, 2025): Steve Chen held 0 shares; <1% ownership .
- Section 16 status: Proxy beneficial ownership table reflects 0 shares; individual Section 16 filings for Steve Chen were not included in the proxy.
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Steve Chen | 0 | 0% | Record date: Oct 6, 2025; 54,302,950 shares outstanding |
Insider Trades
| Form | Date | Transaction Type | Security | Amount/Price |
|---|---|---|---|---|
| None disclosed for Steve Chen in proxy materials; beneficial ownership listed as 0 shares | — | — | — | — |
Governance Assessment
-
Positive signals:
- Non-employee director with broad operating/investment background; no related-party transactions disclosed involving Steve Chen .
- Board asserts majority independence among nominees; audit committee active and designated financial experts .
- Auditor ratification achieved with strong support, indicating shareholder acceptance of auditor transition .
-
Concerns and red flags:
- Ownership alignment: 0 shares at record date; no disclosed equity grants for directors in 2024—limited “skin-in-the-game” at appointment .
- Shareholder abstentions: Steve Chen’s election drew 7,169,405 abstentions vs. ~782k for other nominees, an unusually high disparity that may reflect investor uncertainty .
- Committee engagement: Compensation and nominating committees did not meet in 2024, pointing to potential governance process weakness; Steve Chen’s committee assignments are not disclosed post-election .
- Company-level risk context: Recent going concern explanatory paragraph in auditor reports and auditor changes elevate overall governance risk oversight needs .
-
Independence and conflicts:
- Board indicates majority independent nominees; Steve Chen is a non-employee director with no related-party transactions disclosed, supporting independence .
- No pledging, hedging, loans, or related-party dealings disclosed for Steve Chen .
Director Election Detail (Engagement Signal)
| Nominee | Votes For | Votes Against | Abstentions | Broker Non-Vote |
|---|---|---|---|---|
| Steve Chen | 15,945,786 | 14,795 | 7,169,405 | 12,698,727 |
Interpretation: The outsized abstention rate vs. other nominees is a potential investor confidence signal to monitor (e.g., future ownership accumulation, committee roles, engagement disclosures) .
Notes
- Board recommendations: The board unanimously recommended votes “FOR” all director nominees, including Steve Chen .
- Record date and quorum details: 54,302,950 shares outstanding; meeting procedures as outlined in proxy .