TSMC

Letter to Shareholders

Dear Shareholders,
2020 was a devastating year for the entire world due to the COVID-19 pandemic, and our thoughts and hearts go out to all those who have been affected. TSMCWith the spread of COVID-19, millions of lives were lost, many cities entered lock down, and the world experienced massive economic and societal disruptions. However, semiconductor industry demand remained resilient, as trends such as work-from-home and distance learning emerged to help to accelerate the digital transformation.... At TSMC, our top priority is to protect the health and safety of our employees, and ensure our global fab operations continue delivering to customers. While we have been successful so far, we will remain vigilant and continue our utmost efforts to weather this pandemic.

Read more ... TSMC

For TSMC, although 2020 was a year of extraordinary challenges, it was also a year of significant growth and progress. Facing upheaval brought by the global COVID-19 pandemic as well as geopolitical tensions, we worked dynamically with our customers, and doubled down our commitment to technology leadership, manufacturing excellence, and customer trust. In 2020, we delivered an eleventh consecutive year of record revenue, thanks to strong demand coming to our industry-leading 5-nanometer (N5) and 7-nanometer (N7) technologies. Our revenue increased 31.4% year-over-year in US dollar terms, as compared to about 10% year-over-year growth for the semiconductor industry.

We continued to focus on the fundamentals of our business in 2020 by enriching our R&D infrastructures, enlarging our talent pipeline, strengthening our information protection and cybersecurity, and accelerating our technology differentiation.

In 2020, fueled by the industry megatrends of 5G and high performance computing (HPC) applications, both driving semiconductor content enrichment, we increased our 2020 capital spending to US$17.2 billion. As TSMC enters another period of higher growth, we will continue to invest to capture the opportunities that will follow.

In 2020, we successfully ramped our industry-leading N5 technology, to enable our customers’ innovations for both smartphone and HPC applications. As the foundry industry’s most advanced solution with the best performance, power and area (PPA), N5 further expands our customer product portfolio and increases our addressable markets.

In its third year of ramp, our 7-nanometer family, which includes N7, N7+ and N6, continued to see very strong demand across a wide spectrum of products from smartphone, HPC, Internet of Things (IoT) and Automotive applications.

Our 3-nanometer technology will be another full node stride from our N5, and offer the most advanced foundry technology in both PPA and transistor technology when it is introduced.

In 2020, TSMC introduced 3DFabric™, an umbrella of the company’s fast-growing portfolio of 3DIC system integration solutions under one family of technologies. Our differentiated chiplet and heterogeneous integration technologies drive better power efficiency, greater compute density, and smaller form factor benefits for our customers, while shortening their time-to-market. We are working with several product leaders on 3DFabric™ to enable chiplet architectures.

Highlights of TSMC’s accomplishments in 2020:

  • Total wafer shipments were 12.4 million 12-inch equivalent wafers as compared to 10.1 million 12-inch equivalent wafers in 2019.
  • Advanced technologies (16-nanometer and beyond) accounted for 58 percent of total wafer revenue, up from 50 percent in 2019.
  • We deployed 281 distinct process technologies, and manufactured 11,617 products for 510 customers.
  • TSMC produced 24 percent of the world semiconductor excluding memory output value in 2020, as compared to 21 percent in the previous year.

2020 Financial Performance

Consolidated revenue reached NT$1,339.255 billion, an increase of 25.2 percent over NT$1,069.99 billion in 2019. Net income was NT$517.89 billion and diluted earnings per share were NT$19.97. Both increased 50.0 percent from the 2019 level of NT$345.26 billion net income and NT$13.32 diluted EPS.

TSMC generated net income of US$17.60 billion on consolidated revenue of US$45.51 billion, which increased 57.5 percent and 31.4 percent respectively from the 2019 level of US$11.18 billion net income and US$34.63 billion consolidated revenue.

Gross profit margin was 53.1 percent compared with 46.0 percent in 2019, while operating profit margin was 42.3 percent compared with 34.8 percent a year earlier. Net profit margin was 38.7 percent, an increase of 6.4 percentage points from 2019’s 32.3 percent.

In 2020, total cash dividend payments to shareholders sustained at NT$10 per share.

Technological Developments

In 2020, we continued to increase our investment in R&D to US$3.72 billion to unleash our customers’ innovations and extend our technology leadership.

Our 3-nanometer will offer up to 70% logic density gain, up to 15% performance gain and up to 30% power reduction as compared with N5. N3 technology development is on track with good progress. N3 will offer complete platform support for both mobile and HPC applications. Volume production is targeted in second half of 2022.

Our 5-nanometer (N5) technology successfully entered volume production in the second quarter of 2020 and experienced a strong ramp in the second half. We plan to offer continuous enhancements, such as N4, to extend the leadership of our 5-nanometer family. N4 is a straightforward migration from N5 with compatible design rules, while providing further performance, power and density enhancements for the next wave 5-nanometer products. N4 volume production is scheduled in 2022.

In its third year, 7-nanometer technology continued to see one of TSMC’s fastest ramp ups in volume production, shipping more than one billion good dies in this process for hundreds of products from dozens of customers. Our N7+ also entered its second year of ramp using EUV lithography technology, while N6, which provides a clear migration path for next wave 7-nanometer products, entered volume production at the end of 2020. N6 will further extend our 7-nanometer family well into the future.

Our 16nm/12nm family has received over 650 customer product tape-outs across smartphone, HPC, storage and consumer electronics applications. We also unveiled our N12e™ process, bringing TSMC’s world-class FinFET transistor technology to AI-enabled IoT devices, by providing both powerful computing performance and outstanding power efficiency.

The value of our technology platforms are evolving to include logic wafer scaling, design-technology co-optimization, and 3DIC. We have developed a comprehensive 3DIC technology roadmap to enhance system-level performance and drive greater energy efficiency. These technologies include chip stacking solutions such as SoIC (System on Integrated Chip), as well as advanced packaging solutions such as InFO (Integrated Fan-Out) and CoWoS® (Chip on Wafer on Substrate). TSMC’s CoWoS® continued to integrate with larger interposer size for heterogeneous integration. We are also working with customers on TSMC-SoIC™, which is expected to be first adopted by HPC applications where bandwidth performance, power efficiency, and form factors are aggressively pursued.

TSMC’s ecosystem, the Open Innovation Platform®, empowers our 510 distinct customers to design in a safe and secure cloud environment, to unleash their innovations with fast time-to-market. We also worked with our ecosystem partners to expand our libraries and silicon IP portfolio to over 35,000 items in 2020. More than 12,000 technology files and over 450 process design kits, from 0.5-micron to 3-nanometer, are available to customers via TSMC-Online. We saw more than 100,000 customer downloads in 2020.

Corporate Social Responsibility

The foundation of TSMC’s corporate social responsibility is a sound corporate governance built upon our core values that balances the interests of all stakeholders. Guided by the UN Sustainable Development Goals, our Corporate Social Responsibility Executive Committee has set our CSR focuses to be on driving green manufacturing, building a responsible supply chain, creating an inclusive workplace, developing STEM talent, and caring for the underprivileged.

Joining in the global effort to combat COVID-19, TSMC leveraged our expertise in technology, global procurement and supply chain management with a budget of US$20 million to aid communities near TSMC sites with urgent needs in Taiwan, Mainland China, Japan, Europe and the United States. This included donations of personal protection equipment and ventilators to hospitals, public health agencies, and related parties; providing relief to vulnerable communities with immediate food, shelter, and medical aid; and collaborating with leading institutes on COVID-19 diagnostics, vaccines and therapeutics development.

As a responsible corporate citizen, TSMC is dedicated to fighting climate change and protecting the environment of the world that we share. By 2030, we target to supply 25% of power consumed by our fabs, and 100% of power consumed for non-fab facilities, using renewable energy. In 2020, we signed the largest renewables corporate power purchasing agreement in the world, and committed to renewable energy purchase agreements totaling 1.3 gigawatts. We have further committed to supplying 100% of TSMC’s power from renewable energy and generating zero indirect carbon emissions from electricity consumption by 2050, enabling us to become the first semiconductor company to join the RE100 renewable energy initiative in 2020.

Corporate Developments

In May 2020, TSMC announced its intention to build and operate an advanced semiconductor fab in the United States, in the state of Arizona. This fab will start with 5-nanometer technology at 20,000 wafers per month capacity. Production is targeted to begin in 2024. A U.S. fab will enable TSMC to expand our technology ecosystem, better serve our customers and partners, and extend our reach for global talents.

Capacity Plan

Annual Growth Rate
Capacity: million 12-inch equivalent wafers

Wafer Sales Plan

> 16nm
≤ 16nm
2021 wafer shipment is expected to be 13-14 million
12-inch equivalent wafers.

Honors and Awards

TSMC received recognition for achievements in innovation, corporate governance, sustainability, investor relations and overall excellence in management from organizations including Forbes, Fortune Magazine, CommonWealth Magazine, Business Today, RobecoSAM (S&P Global), RE100 and the Taiwan Stock Exchange. TSMC also received the prestigious 2021 IEEE Corporate Innovation Award, honoring the Company’s leadership in developing 7-nanometer foundry technology and enabling the innovations of IC designers everywhere. In sustainability, we were chosen once again as a component of the Dow Jones Sustainability Indices, becoming the only semiconductor company to be selected for 20 consecutive years. TSMC also received recognition as one of Wall Street Journal’s “100 Most Sustainably Managed Companies” and Corporate Knight’s 2020 “Global 100 Most Sustainable Corporations”. Meanwhile, we remained a major component in both various MSCI ESG and FTSE4Good indices. In investor relations, TSMC continued to receive multiple awards from Institutional Investor Magazine.

Outlook

The challenges of the COVID-19 pandemic have only renewed TSMC’s dedication to enabling innovations that improve peoples’ lives. Digital technology has helped us weather the disruptions of the COVID-19 pandemic by allowing people to work, learn, and play in the safety of their homes, and also by maintaining our bonds with distant loved ones during difficult times. Beyond that, it has accelerated a digital transformation of society, with technology becoming increasingly essential in people’s lives.

As we enter the 5G era, the performance of digital computing for AI and 5G is insatiable. A smarter and more intelligent world will require massive increases in computation performance and greater need for energy efficient computing, fueling strong demand for advanced semiconductor technologies. With our leadership in advanced process technologies, our broad portfolio of specialty technologies and 3DIC solutions, our unparalleled manufacturing capabilities, and deep collaborative relationships with customers, we are well positioned to capture the growth from these megatrends in the years ahead.

While macroeconomic uncertainties may linger, we will continue to work on the fundamentals of our business to further extend our technology differentiation. We will adhere to our dedicated foundry business model, and collaborate with all the IC innovators to unleash innovation. We will continue to conduct our business with integrity, sell our value, and treat all customers fairly. We will sharpen our Trinity of Strengths of technology leadership, manufacturing excellence, and customer trust, so that we may continue to fulfill our mission to be the trusted technology and capacity provider of the global logic IC industry for years to come.

We remain dedicated to world-class governance, sustainability, and good returns to our shareholders. We thank you for the trust and commitment you have placed in TSMC. We are excited about our future, and look forward to a long and prosperous relationship together.

Mark Liu
Chairman
C.C. Wei
Chief Executive Officer

About TSMC

Established in 1987 and headquartered in Hsinchu Science Park, Taiwan, TSMC pioneered the pure-play foundry business model with an exclusive focus on manufacturing customers’ products. By choosing not to design, manufacture or market any semiconductor products under its own name, the Company ensures that it never competes with its customers. And so, the key to TSMC’s success has always been to focus on its customers’ success. TSMC’s foundry business model has enabled the rise of the global fabless industry, and since its inception TSMC has been the world’s leading semiconductor foundry. The Company manufactured 11,617 different products using 281 distinct technologies for 510 different customers in 2020.

TSMC-made semiconductors serve a global customer base that is large and diverse and includes a wide range of applications. These products are used in a variety of end markets including mobile devices, high performance computing, automotive electronics and the Internet of Things (IoT). Such strong diversification helps to smooth fluctuations in demand, which in turn allows TSMC to maintain higher levels of capacity utilization and profitability, and generate healthy returns for future investment.

The annual capacity of the manufacturing facilities managed by TSMC and its subsidiaries exceeded 12 million 12-inch equivalent wafers in 2020. These facilities include four 12-inch wafer GIGAFAB® fabs, four 8-inch wafer fabs, and one 6-inch wafer fab – all in Taiwan – as well as one 12-inch wafer fab at a wholly owned subsidiary, TSMC Nanjing Company Limited, and two 8-inch wafer fabs at wholly owned subsidiaries, WaferTech in the United States and TSMC China Company Limited.

In May 2020, TSMC announced its intention to build and operate an advanced semiconductor fab in the United States, in order to better support customers and partners there as well as to attract global talents. This facility, to be built in Arizona, will utilize TSMC’s 5-nanometer technology for semiconductor wafer fabrication and will have a capacity of 20,000 semiconductor wafers per month. Construction is planned to start in 2021 with production targeted for 2024.

TSMC provides customer support, account management and engineering services through offices in North America, Europe, Japan, China, and South Korea. At the end of 2020, the Company and its subsidiaries employed more than 56,000 people worldwide.

The Company is listed on the Taiwan Stock Exchange (TWSE) under ticker number 2330, and its American Depositary Shares (ADSs) are traded on the New York Stock Exchange (NYSE) under the symbol TSM.

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  • Board
    Members
  • Management
    Team
  • Organization
  • Board Members Gender Nationality or
    Place of Registration
    Date Elected Term Expires Date First Elected
    Chairman
    Mark Liu
    Male U.S. 06/05/2018 06/04/2021 06/08/2017
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    12,913,114 0.05% 12,913,114 0.05% - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor Degree in Electrical Engineering, National Taiwan University
    Master Degree and Ph.D. in Electrical Engineering & Computer Science, University of California, Berkeley, U.S.

    Former President, Worldwide Semiconductor Manufacturing Corp.
    Former Senior Vice President, Advanced Technology Business, TSMC
    Former Senior Vice President, Operations, TSMC
    Former Executive Vice President and Co-Chief Operating Officer, TSMC
    Former President and Co-CEO, TSMC

    Chairman, Taiwan Semiconductor Industry Association (TSIA)
    None
    Vice Chairman
    C.C. Wei
    Male R.O.C. 06/05/2018 06/04/2021 06/08/2017
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    7,179,207 0.03% 7,179,207 0.03% 261 0.00%
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor and Master Degrees in Electrical Engineering, National Chiao Tung University
    Ph.D. in Electrical Engineering, Yale University, U.S.

    Former Senior Vice President, Chartered Semiconductor Manufacturing Ltd., Singapore
    Former Senior Vice President, Mainstream Technology Business, TSMC
    Former Senior Vice President, Business Development, TSMC
    Former Executive Vice President and Co-Chief Operating Officer, TSMC
    Former President and Co-CEO, TSMC
    CEO, TSMC
    Director
    F.C. Tseng
    Male R.O.C. 06/05/2018 06/04/2021 05/13/1997
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    34,472,675 0.13% 34,472,675 0.13% 132,855 0.00%
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor Degree in Electrical Engineering, National Cheng Kung University
    Master Degree in Electrical Engineering, National Chiao Tung University
    Ph.D. in Electrical Engineering, National Cheng Kung University
    Honorary Ph.D., National Chiao Tung University
    Honorary Ph.D., National Tsing Hua University

    Former President, Vanguard International Semiconductor Corp.
    Former President, TSMC
    Former Deputy CEO, TSMC
    Former Vice Chairman, TSMC
    Former Independent Director, Chairman of Audit Committee & Compensation Committee member, Acer Inc.
    Former Director, National Culture and Arts Foundation, R.O.C.

    Chairman, TSMC Education and Culture Foundation
    Director, Cloud Gate Culture and Arts Foundation
    Chairman of:
    - TSMC China Company Ltd. (a non-public company)
    - Global UniChip Corp.
    Vice Chairman, Vanguard International Semiconductor Corp.
    Director, National Development Fund, Executive Yuan Representative:
    Ming-Hsin Kung
    Male R.O.C. 06/05/2018 06/04/2021 12/10/1986
    07/24/2020
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    1,653,709,980 6.38% 1,653,709,980 6.38% - -
    Representative:
    779 0.00% 779 0.00% - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    B.A., Statistics, Fu Jen Catholic University
    M.A., Economics, National Taiwan University
    Ph.D., Economics, National Chung Hsing University

    Former Minister without Portfolio, Executive Yuan
    Former Deputy Minister, Ministry of Economic Affairs
    Former Deputy Minister, National Development Council
    Former Member, National Stabilization Fund Management Committee, Executive Yuan
    Former Consultant, Ministry of Economic Affairs
    Former Advisory Committee Member, Mainland Affairs Council, Executive Yuan
    Former Vice President, Taiwan Institute of Economic Research
    Former Research Fellow, Taiwan Institute of Economic Research
    Former Research Fellow, Science and Technology Advisory Group, Executive Yuan
    Former Deputy Executive Secretary, Industrial Development Advisory Council, Ministry of Economic Affairs

    Former Adjunct Assistant Professor, Tamkang University

    Minister without Portfolio, Executive Yuan & concurrently Minister, National Development Council, R.O.C.
    Director, Taiwania Capital Management Corp. (Representative of the National Development Fund)
    Independent Director
    Sir Peter L. Bonfield
    Male UK 06/05/2018 06/04/2021 05/07/2002
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor and Honours Degrees in Engineering, Loughborough University
    Fellow of the Royal Academy of Engineering

    Former Chairman and CEO, ICL Plc, UK
    Former CEO and Chairman of the Executive Committee, British Telecommunications Plc
    Former Vice President, the British Quality Foundation
    Former Director, Mentor Graphics Corp., U.S.
    Former Director, Sony Corp., Japan
    Former Director, L.M. Ericsson, Sweden
    Former Chairman, GlobalLogic Inc., U.S.
    Former Senior Advisor, Hampton Group, London
    Former Chair of Council and Senior Pro-Chancellor, Loughborough University, UK

    Board Member, EastWest Institute, New York
    Chairman, NXP Semiconductors N.V., the Netherlands
    Non-Executive Director, Imagination Technologies Group Ltd., UK (a non-public company)
    Advisory Board Member, The Longreach Group Ltd., HK
    Senior Advisor, Alix Partners LLP, London
    Board Mentor, Chairman Mentors International (CMi) Ltd., London (a non-public company)
    Independent Director
    Stan Shih
    Male R.O.C. 06/05/2018 06/04/2021 04/14/2000
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    1,480,286 0.01% 1,480,286 0.01% 16,116 0.00%
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    BSEE & MSEE, National Chiao Tung University
    Honorary EE Ph.D., National Chiao Tung University
    Honorary Doctor of Technology, The Hong Kong Polytechnic University
    Honorary Fellowship, University of Wales, Cardiff, UK
    Honorary Doctor of International Law, Thunderbird, American Graduate School of International Management, U.S.

    Co-Founder, Chairman Emeritus, Acer Group
    Former Chairman & CEO, Acer Group
    Former Director, Qisda Corp.
    Former Director, Wistron Corp.
    Former Director, Digitimes Inc.
    Former Chairman, National Culture and Arts Foundation, R.O.C.

    Council member of Asian Corporate Governance Associate (ACGA)
    Chairman, StanShih Foundation
    Chairman, Cloud Gate Culture and Arts Foundation
    Director, Public Television Service Foundation, R.O.C.
    Chairman, CT Ambi Investment and Consulting Inc. (a non-public company)
    Director of:
    - Acer Inc.
    - Egis Technology Inc.
    - Nan Shan Life Insurance Co., Ltd. (a non-listed company)
    - Chinese Television System Inc. (a non-listed company)
    Independent Director
    Kok-Choo Chen
    Female R.O.C. 06/05/2018 06/04/2021 06/09/2011
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Inns of Court School of Law, England
    Barrister-at-law, England
    Advocate & Solicitor, Singapore
    Attorney-at-law, California, U.S.

    Lawyer, Tan, Rajah & Cheah, Singapore, 1969-1970
    Lawyer, Sullivan & Cromwell, New York, U.S., 1971-1974
    Lawyer, Heller, Erhman, White & McAuliffe, San Francisco, California, U.S., 1974-1975
    Partner, Ding & Ding Law Offices, R.O.C., 1975-1988
    Partner, Chen & Associates Law Offices, R.O.C., 1988-1992
    Vice President, Echo Publishing, R.O.C., 1992-1995
    President, National Culture and Arts Foundation, R.O.C., 1995-1997
    Senior Vice-President and General Counsel, TSMC, 1997-2001
    Founder and Executive Director, Taipei Story House, 2003-2015
    Advisor, Executive Yuan, R.O.C., 2009-2016
    Director, National Culture and Arts Foundation, R.O.C., 2011-2016
    Chairman, National Performing Arts Center, 2014-2017

    Lecturer, Nanyang University, Singapore, 1970-1971
    Associate Professor, Soochow University, 1981-1998
    Chair Professor, National Tsing Hua University, 1999-2002
    Professor, National Chengchi University, 2001-2004
    Professor, Soochow University, 2001-2008

    Founder and Executive Director, Museum207 (located in Taipei)
    Director, Republic of China Female Cancer Foundation
    None
    Independent Director
    Michael R. Splinter
    Male U.S. 06/05/2018 06/04/2021 06/09/2015
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor and Master Degrees in Electrical Engineering, University of Wisconsin-Madison
    Honorary Ph.D. in Engineering, University of Wisconsin-Madison

    Former Executive Vice President of Technology and Manufacturing group, Intel Corp.
    Former Executive Vice President of Sales and Marketing, Intel Corp.
    Former CEO, Applied Materials, Inc.
    Former Chairman, Applied Materials, Inc.
    Former Director, The NASDAQ OMX Group, Inc.
    Former Director, Silicon Valley Leadership Group
    Former Director, Semiconductor Equipment and Materials International (SEMI)
    Former Director, Meyer Burger Technology Ltd., Switzerland
    Former Director, University of Wisconsin Foundation

    Chairman of the Board, US-Taiwan Business Council
    Chairman of the Board, NASDAQ, Inc.
    Director of:
    - Pica8, Inc., U.S. (a non-public company)
    - Gogoro Inc., Cayman Islands (a non-public company)
    - Tigo Energy, Inc., U.S. (a non-public company)
    - Kioxia Holdings Corp., Japan (a non-public company)
    General Partner, WISC Partners LP, U.S.
    Independent Director
    Moshe N. Gavrielov
    Male U.S. 06/05/2019 06/04/2021 06/05/2019
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor Degree in Electrical Engineering, Technion - Israel Institute of Technology
    Master Degree in Computer Science, Technion - Israel Institute of Technology

    In a variety of engineering and engineering management positions, National Semiconductor Corp. and Digital Equipment Corp.
    In a variety of executive management positions, LSI Logic Corp. for nearly 10 years
    Former CEO, Verisity, Ltd., U.S.
    Former Executive Vice President and General Manager of the Verification Division, Cadence Design Systems, Inc., U.S.
    Former President and CEO, Xilinx, Inc., U.S.
    Former Director, Xilinx, Inc., U.S.

    Director, San Jose Institute of Contemporary Art
    Executive Chairman, Wind River Systems, Inc., U.S. (a non-public company)
    Independent Director, SiMa Technologies, Inc., U.S. (a non-public company)
    Director, Foretellix, Ltd., Israel (a non-public company)
    Independent Director
    Yancey Hai
    Male U.S. 06/09/2020 06/04/2021 06/09/2020
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    M.A., International Business Management, University of Texas at Dallas

    Former Country Manager, GE Capital Taiwan
    Former Vice Chairman and CEO, Delta Electronics, Inc.
    Chairman and Chair of Strategic Steering Committee, Delta Electronics, Inc. (Delta)

    Director of Delta’s subsidiaries:
    Delta Electronics Power (Dongguan) Co., Ltd. (a non-public company)
    Delta Electronics (Shanghai) Co., Ltd. (a non-public company)
    Delta Networks, Inc. (a non-public company)
    Delta Electronics Capital Company (a non-public company)
    Cyntec Co., Ltd. (a non-public company)

    Independent Director, USI
    Director, CTCI Corporation
    Remarks: 1. No member of the Board of Directors held TSMC shares by nominee arrangement.
    2. Managers or Directors who are spouses or within second-degree relative of consanguinity to the directors: None.
    3. Chairman and President (or someone with an equivalent job responsibility, i.e. the highest ranking manager of the company) are not (1) the same person, (2) in a marital relationship with each other, or (3) within one degree of consanguinity.
  • Title Name Gender Nationality On-board Date
    Chief Executive Officer
    C.C. Wei
    Male R.O.C. 02/01/1998
    Shares Held Spouse & Minor Shares Held in the Name of Others
    7,179,207 0.03% 261 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, Yale University, U.S.
    President and Co-Chief Executive Officer, TSMC
    Executive Vice President and Co-Chief Operating Officer, TSMC
    Senior Vice President, Business Development, TSMC
    Senior Vice President, Mainstream Technology Business, TSMC
    Senior Vice President, Chartered Semiconductor Manufacturing Ltd.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President
    Europe & Asia Sales
    Lora Ho
    Female R.O.C. 06/01/1999
    Shares Held Spouse & Minor Shares Held in the Name of Others
    4,570,080 0.02% 2,230,268 0.01% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Business Administration, National Taiwan University, Taiwan
    Senior Vice President, Chief Financial Officer/Spokesperson, TSMC
    Senior Director, Accounting, TSMC
    Vice President & CFO, TI-Acer Semiconductor Manufacturing Corp.
    Director and/or Supervisor, TSMC subsidiaries
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President, Research and Development/ Technology Development
    Wei-Jen Lo
    Male R.O.C. 07/01/2004
    Shares Held Spouse & Minor Shares Held in the Name of Others
    1,444,127 0.01% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Solid State Physics and Surface Chemistry, University of California, Berkeley, U.S.
    Vice President, Technology Development, TSMC
    Vice President, Manufacturing Technology, TSMC
    Vice President, Advanced Technology Business, TSMC
    Vice President, Operations II, TSMC
    Director, Advanced Technology Development and CTM Plant Manager, Intel Corp.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President/CEO & President, TSMC AZ Corporate Strategy Office/TSMC AZ
    Rick Cassidy
    Male U.S. 11/14/1997
    Shares Held Spouse & Minor Shares Held in the Name of Others
    - - - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Bachelor, Engineering Technology, United States Military Academy at West Point, U.S.
    Chief Executive Officer, TSMC North America
    President, TSMC North America
    Vice President, TSMC North America
    Director, TSMC subsidiary
    President and CEO, TSMC subsidiary
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President, Operations
    Y.P. Chin
    Male R.O.C. 01/01/1987
    Shares Held Spouse & Minor Shares Held in the Name of Others
    6,920,122 0.03% 2,191,107 0.01% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Electrical Engineering, National Cheng Kung University, Taiwan
    Senior Vice President, Product Development, TSMC
    Vice President, Advanced Technology and Business, TSMC
    Director, TSMC subsidiaries
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President, Research and Development/ Technology Development
    Y.J. Mii
    Male R.O.C. 11/14/1994
    Shares Held Spouse & Minor Shares Held in the Name of Others
    1,000,419 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, University of California, Los Angeles, U.S.
    Vice President, Technology Development, TSMC
    Senior Director, Platform I Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    Director Wayne Yeh Brother in law
    Senior Vice President, Information Technology and Materials Management & Risk Management
    J.K. Lin
    Male R.O.C. 01/01/1987
    Shares Held Spouse & Minor Shares Held in the Name of Others
    12,648,251 0.05% 1,019,961 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Bachelor, Science, National Changhua University of Education, Taiwan
    Vice President, Mainstream Fabs and Manufacturing Technology, TSMC
    Senior Director, Mainstream Fabs, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President, Corporate Planning Organization
    J.K. Wang
    Male R.O.C. 02/11/1987
    Shares Held Spouse & Minor Shares Held in the Name of Others
    2,583,947 0.01% 160,844 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Chemical Engineering, National Cheng Kung University, Taiwan
    Senior Vice President, Fab Operations, TSMC
    Vice President, 300mm Fabs, TSMC
    Senior Director, 300mm Fabs, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President, Europe and Asia Sales
    Cliff Hou
    Male R.O.C. 12/15/1997
    Shares Held Spouse & Minor Shares Held in the Name of Others
    376,104 0.00% 60,802 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, Syracuse University, U.S.
    Senior Vice President, Technology Development, TSMC
    Vice President, Design and Technology Platform, TSMC
    Senior Director, Design and Technology Platform, TSMC
    Director, TSMC subsidiaries
    President, TSMC subsidiaries
    Director, TSMC affiliate
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President, Business Development
    Kevin Zhang
    Male U.S. 11/01/2016
    Shares Held Spouse & Minor Shares Held in the Name of Others
    68,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, Duke University, U.S.
    Vice President, Design and Technology Platform, TSMC
    Vice President, Technology and Manufacturing Group, Intel Corp.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President and General Counsel/Corporate Governance Officer, Legal
    Sylvia Fang
    Female R.O.C. 03/20/1995
    Shares Held Spouse & Minor Shares Held in the Name of Others
    700,285 0.00% 69,112 0.00% 384,000 0.00%
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Comparative Law, School of Law, University of Iowa, U.S.
    Attorney-at-law, Taiwan
    Associate General Counsel, TSMC
    Senior Associate, Taiwan International Patent and Law Office (TIPLO)
    Director and/or Supervisor, TSMC subsidiaries
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Human Resources
    Connie Ma
    Female R.O.C. 06/01/2014
    Shares Held Spouse & Minor Shares Held in the Name of Others
    180,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    EMBA, International Business Management, National Taiwan University
    Director, Human Resources, TSMC
    Senior Vice President, Global Human Resources, Trend Micro Inc.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Operations/ Fab Operations
    Y.L. Wang
    Male R.O.C. 06/01/1992
    Shares Held Spouse & Minor Shares Held in the Name of Others
    218,535 0.00% 1,135,529 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, National Chiao Tung University, Taiwan
    Vice President, Fab Operations, TSMC
    Vice President, Technology Development, TSMC
    Vice President, Fab 14B, TSMC
    Senior Director, Fab 14B, TSMC
    Director, TSMC subsidiary
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President and TSMC Distinguished Fellow Pathfinding for System Integration
    Doug Yu
    Male R.O.C. 12/28/1994
    Shares Held Spouse & Minor Shares Held in the Name of Others
    235,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Materials Engineering, Georgia Institute of Technology, U.S.
    Vice President, Integrated Interconnect & Packaging, TSMC
    Senior Director, Integrated Interconnect & Packaging Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President and TSMC Fellow Operations/Advanced Technology and Mask Engineering
    T.S. Chang
    Male R.O.C. 02/06/1995
    Shares Held Spouse & Minor Shares Held in the Name of Others
    173,781 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, National Tsing Hua University, Taiwan
    Vice President, Product Development, TSMC
    Vice President, Fab 12B, TSMC
    Senior Director, Fab 12B, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Research and Development/ Platform Development
    Michael Wu
    Male R.O.C. 12/09/1996
    Shares Held Spouse & Minor Shares Held in the Name of Others
    483,501 0.00% 194,943 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, University of Wisconsin-Madison, U.S.
    Senior Director, Platform Development, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Research and Development/ Pathfinding
    Min Cao
    Male U.S. 07/29/2002
    Shares Held Spouse & Minor Shares Held in the Name of Others
    363,152 0.00% 4,470 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Physics, Stanford University, U.S.
    Senior Director, Pathfinding Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Operations/ Advanced Packaging Technology and Service
    Marvin Liao
    Male R.O.C. 06/06/2002
    Shares Held Spouse & Minor Shares Held in the Name of Others
    65,485 0.00% - - 235,000 0.00%
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Materials Science, University of Texas-Arlington, U.S.
    Senior Director, Backend Technology and Service Division, TSMC
    Vice President, Chartered Semiconductor Manufacturing Ltd.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Operations/Fab Operations II
    Y.H. Liaw
    Male R.O.C. 08/03/1988
    Shares Held Spouse & Minor Shares Held in the Name of Others
    370,000 0.00% - - 430,000 0.00%
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Chemical Engineering, National Tsing Hua University, Taiwan
    Vice President, Fab Operations, TSMC
    Vice President, Fab 15B, TSMC
    Senior Director, Fab 15B, TSMC
    Director, TSMC subsidiary
    Director, TSMC affiliate
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Research and Development/ Advanced Tool and Module Development
    Simon Jang
    Male R.O.C. 09/01/1993
    Shares Held Spouse & Minor Shares Held in the Name of Others
    350,695 0.00% 663 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    PPh.D., Materials Science & Engineering, Massachusetts Institute of Technology, U.S.
    Senior Director, Advanced Tool and Module Development Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    1. Deputy Director
    2. Manager
    1. Sharon Jang
    2. Jimmy Hu
    1. Sister
    2. Brother in law
    Vice President and Chief Financial Officer/ Spokesperson, Finance
    Wendell Huang
    Male R.O.C. 05/03/1999
    Shares Held Spouse & Minor Shares Held in the Name of Others
    1,651,617 0.01% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Business Administration, Cornell University, U.S.
    Deputy Chief Financial Officer, TSMC
    Senior Director, Finance Division, TSMC
    Vice President, Corporate Finance, ING Barings
    Vice President, Corporate Finance, Chase Manhattan Bank
    Vice President, Corporate Finance, Bankers Trust Company
    Director and/or Supervisor, TSMC subsidiaries
    President, TSMC subsidiaries
    Director, TSMC affiliate
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Research and Development/More than Moore Technologies
    C.S. Yoo
    Male R.O.C. 06/16/1988
    Shares Held Spouse & Minor Shares Held in the Name of Others
    1,703,690 0.01% 219,924 0.00% 851,908 0.00%
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Chemical Engineering, Worcester Polytech. Institute, U.S.
    Senior Director, Office of Strategy Customer Program, TSMC
    Senior Director, E-Beam Operation Division, TSMC
    Director, TSMC subsidiary
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Quality and Reliability
    Jun He
    Male U.S. 05/22/2017
    Shares Held Spouse & Minor Shares Held in the Name of Others
    5,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Materials Science and Engineering, University of California, Santa Barbara, U.S.
    Senior Director, Quality and Reliability, TSMC
    Senior Director, Head of Quality and Reliability for Technology & Manufacturing Group, Intel Corp.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Research and Development/ Platform Development
    Geoffrey Yeap
    Male U.S. 03/21/2016
    Shares Held Spouse & Minor Shares Held in the Name of Others
    - - - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical and Computer Engineering, University of Texas-Austin, U.S.
    Senior Director, Platform Development, TSMC
    Senior Director, Advanced Technology, TSMC
    Vice President, Engineering, Silicon Technology, Qualcomm
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President and Chief Information Officer Information Technology and Materials Management & Risk Management/ Corporate Information Technology
    Chris Horng-Dar Lin
    Male U.S. 01/04/2021
    Shares Held Spouse & Minor Shares Held in the Name of Others
    - - - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering and Computer Science, University of California, Berkeley, U.S.
    Vice President, Information Technology, Mozilla
    Director, Enterprise Platform Infrastructure, Facebook
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None

Financial Highlight (Note 1)

Unit: NT$ thousands (Except EPS: NT$)

2020 2019 2018 2017 2016
Net Revenue 1,339,254,811 1,069,985,448 1,031,473,557 977,447,241 947,938,344
Gross Profit 711,130,120 492,701,896 497,874,253 494,826,402 474,832,098
Income from Operations 566,783,698 372,701,090 383,623,524 385,559,223 377,957,778
Non-operating Income and Expenses 17,993,482 17,144,246 13,886,739 10,573,807 8,001,602
Income before Income Tax 584,777,180 389,845,336 397,510,263 396,133,030 385,959,380
Net Income 518,158,082 345,343,809 351,184,406 343,146,848 334,338,236
Other Comprehensive Income for the Year, Net of Income Tax (30,321,802) (11,823,562) 9,836,976 (28,821,631) (11,067,189)
Total Comprehensive Income for the Year 487,836,280 333,520,247 361,021,382 314,325,217 323,271,047
Net Income (Loss) Attributable to:
Shareholders of the Parent 517,885,387 345,263,668 351,130,884 343,111,476 334,247,180
Noncontrolling Interests 272,695 80,141 53,522 35,372 91,056
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent 487,563,478 333,440,460 360,965,015 314,294,993 323,186,736
Noncontrolling Interests 272,802 79,787 56,367 30,224 84,311
Basic/Diluted Earnings Per Share (Note) 19.97 13.32 13.54 13.23 12.89
Note: Based on weighted average shares outstanding in each year.

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