To continuously improve institutional investors’ stewardship practices and the quality of related information disclosure, as well as to strengthen their positive impact on corporate governance and sustainable development, the Taiwan Stock Exchange (TWSE) has convened the Institutional Investors Stewardship Principle Advisory Committee and established a public evaluation mechanism. Through this mechanism, the TWSE conducts an annual assessment and publishes the list of institutional investors with outstanding stewardship disclosures. The List of Institutional Investors with Better Stewardship Disclosure 2025 has been published on the Corporate Governance Center website (https://cgc.twse.com.tw/stewardshipInfo/listCh). This year’s list includes 35 institutional investors in the domestic category and 5 in the foreign category.

 

This year’s assessment criteria comprise two dimensions, “Policy and Compliance Statement,” and “Practice and Disclosure,” with a total of 30 indicators. The first dimension focuses on the completeness of disclosures regarding stewardship policies, conflict-of-interest policies, and voting policies. The second dimension covers key elements of the Stewardship Report, the implementation of engagement cases, and voting records. To better differentiate performance, the TWSE introduced a weighting mechanism in 2024. Given that most institutional investors have reached a relatively mature level in “Policy and Compliance Statement” in recent years, and that engagement implementation and voting disclosure remain major topics of international attention, the TWSE will, to further align Taiwan’s stewardship practices with international standards, maintain the existing weighting design for 2025, with weights of 0.8 and 1.2 applied to the first and second dimensions, respectively.

 

Through this evaluation mechanism, the TWSE encourages institutional investors to consistently augment the quality of their information disclosure. The focus of the 2025 evaluation has also been refined in response to international trends in sustainability disclosure and communication practices. Overall, most institutional investors have progressively strengthened stewardship-related policies. This year, a new disclosure item on “financially material ESG-related risks and opportunities” has been introduced to encourage institutional investors to more clearly describe in their stewardship reports how they identify, assess, and incorporate material sustainability issues that may affect investment decisions and risk management. In addition, to facilitate alignment with international investors, an English-language version of the Stewardship Compliance Statement has been incorporated into this year’s evaluation. The TWSE expects institutional investors to continue deepening stewardship practices, particularly by improving the completeness of engagement execution and related disclosures, and by enhancing the transparency of voting disclosures and voting rationales, thereby further supporting the sound development of Taiwan’s capital market.

 

The 2025 evaluation results reflect institutional investors’ emphasis on stewardship and their proactive efforts to enhance disclosure quality. To foster a ethical market cycle, the TWSE plans to hold a Stewardship Information Disclosure Awards Ceremony in the first quarter of 2026 to recognize institutional investors demonstrating exemplary disclosure performance. Furthermore, the TWSE will continue to promote benchmarking and healthy competition through outreach, the publication of disclosure recommendations and best-practice cases, thereby helping to encourage the international competitiveness of Taiwan’s capital market.