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TWSE Corporate Governance

1. About Information Disclosure and Transparency Ranking System
(1). Introduction to the Evaluation Indicators

The evaluation system uses used information that listed companies entered into the Market Observation Post System and disclosed on their corporate website as the basis for its evaluations. The evaluation five main areas, including compliance, information timeliness, financial forecasting, annual reports, and website information disclosure. Each area included include mandatory or voluntary disclosure indicators. By including these two types of indicators, investors were able to better interpret the evaluation results, as well as incentivize companies to elevate the quality of their disclosures to international standards.

(2). Method for Announcing Indicators
For 2002 and 2003, evaluation results only included companies that scored in the top third in regards to transparency. Starting with 2004, all listed companies were included and ranked according to a five-tier system consisting of A+, A, B, C, and C-. As TWSE/TPEx listed companies improved their disclosure practices and rose in the rankings, a new standard was introduced and was based on a seven-tier ranking system consisting of A++, A+, A, A-, B, C, and C-. Since 2004, the overall score of companies has shown annual improvement, revealing increased information transparency by both TWSE and TPEx listed companies.Since Corporate Governance Evaluation has adopted most of the key indicators in the Information Disclosure and Transparency Ranking System, the two evaluations merged into one starting in 2015. This has enhanced work efficiency and avoided redundancy, the Information Disclosure and Transparency Ranking System was dropped after the twelfth results were announced in 2015.

2. Previous Information Disclosure and Transparency Ranking System
Please refer to the table below

Information Disclosure and Transparency Ranking SystemEvaluation System

2014 Information Disclosure and Transparency Evaluation

No. Title Link or Download
No.1 Title2014 Information Disclosure and Transparency Ranking Results in Taiwan Link or Download