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Taiwan ranking up to 3rd in the CG Watch 2023, the best since 2003
According to the TWSE, the Asian Corporate Governance Association (ACGA) released its “CG Watch 2023” report from Hong Kong on the corporate governance performance of various Asian markets on the morning of December 13. Among the 12 Asian markets, Taiwan ranks number three together with Singapore in corporate governance, only behind Australia and Japan, and Taiwan’s ranking has advanced by one place from the previous ranking in 2020. Compared with the previous evaluation, the ranking of the current evaluation is as follows:
ACGA Asia Corporate Governance Evaluation Ranking 2023/2020 |
|||
2023 |
2020 |
||
1. |
Australia |
1. |
Australia |
2. |
Japan |
2. |
Hong Kong, Singapore |
3. |
Singapore, Taiwan |
3. |
- |
4. |
- |
4. |
Taiwan |
5. |
Malaysia |
5. |
Malaysia, Japan |
6. |
Hong Kong, India |
6. |
- |
7. |
- |
7. |
India |
8. |
Korea |
8. |
Thailand |
9. |
Thailand |
9. |
Korea |
10. |
China |
10. |
China |
11. |
Philippines |
11. |
Philippines |
12. |
Indonesia |
12. |
Indonesia |
Source: Asian Corporate Governance Association |
According to the “CG Watch 2023” released by ACGA, Taiwan has made significant progress in corporate governance by revising the law to lower the reporting and announcement threshold for substantial shareholding from 10% to 5%, and set up a new commercial court in 2021 to handle company and securities related legal disputes. It is also worth noting that since the regulatory authorities announced the corporate governance roadmap in 2013, Taiwan’s “CG Watch” scores have been improving year by year, indicating that the performance of Taiwan’s promotional activities has been highly recognized by the international corporate governance promotion agency. “CG Watch 2023” also mentioned that the Financial Supervisory Commission published the “Sustainable Development Roadmap for TWSE- and TPEx Listed Companies” in 2022 and Action Plan in 2023. This was done to strengthen the sustainable development of enterprises and create a healthy ESG ecosystem, plus it highly affirms the performance of the roadmap in enhancing the international competitiveness of Taiwan’s capital market.
The TWSE emphasizes that excellent corporate governance is the most important foundation of a sound capital market, as well as the key to attracting long-term investors; the competent authorities, judicial authorities, listed companies, institutional investors and corporate governance related institutions all play significant roles in the corporate governance ecosystem. The TWSE will continue to cooperate with members of the ecosystem in the future, and promote a complete sustainable development ecosystem in accordance with the “Sustainable Development Roadmap for TWSE and TPEx Listed Companies” and the “Sustainable Development Action Plan for TWSE and TPEx Listed Companies” issued by the competent authorities, in order to further achieve the core vision of implementing corporate governance, enhancing sustainable development of enterprises, creating a sound ESG ecosystem, and strengthening the capital market’s international competitiveness.
The Asian Corporate Governance Association (ACGA) is a non-profit membership association founded in Hong Kong in 1999, committed to promoting the soundness of corporate governance in the Asian region to increase the development of the Asian economy and capital markets. ACGA is entirely funded by a network of 106 member firms from 18 markets, of which 70% are institutional investors with more than US$40 trillion in assets under management globally. The press release of the ACGA “CG Watch 2023” report is available at: https://www.acga-asia.org/cgwatch.php.