Newspaper article China Post

TWSE Issues New Corporate Governance Evaluation Standards

Newspaper article China Post

TWSE Issues New Corporate Governance Evaluation Standards

Article excerpt

TAIPEI, Taiwan -- The Taiwan Stock Exchange (TWSE) Friday announced that a newly-revised 2017 Corporate Governance Evaluation would take effect for Jan. 1, 2017 to Dec. 31, 2017, with the evaluation results to be released by the end of April 2018.

The stock exchange said that the Corporate Governance Evaluation has guided TWSE/TPEx-listed companies to adopt better practices in line with international standards.

To continue to build corporate governance core values among listed companies and further improve the overall evaluation, six new indicators were added and ten were removed in 2017, the stock exchange said. The total number of indicators were decreased from 103 to 99. Additionally, ten indicators were amended while two indicators were adjusted

The evaluation is about to enter its fourth year, having begun in 2014.

The indicators amended for 2017 included, "honestly disclosing opinions or resolutions of major proposals by independent directors or the audit committee in annual reports," "setting up functional committees other than statutory requirements," and "disclosing the implementation of the board diversity policy in annual reports and on the company website."

Moreover, some of the indicators were reviewed and amended to strengthen corporate governance, such as increasing the weight of providing English information, including English financial statements in order to improve equality among shareholders, it said.

Other added indicators included, "disclosing examination criteria and procedures for nomination in supervisors elections," "shareholder meetings attended by a majority of the directors and at least one supervisor in person" and "establishing a unit dedicated to promoting corporate governance. …

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