TWSE modified the "Corporate Governance Best-Practice Principles" Enhancement of information disclosures by independent directors

Publish Date︰2012-11-27 15:52

If TWSE listed companies under different business groups that nominate each other’s directors, supervisors or managers as their independent directors, the TWSE listed company which accepts the nomination should disclose, on the Market Observation Post System, the nominees’ current position in the other business group and clarify why these individuals are qualified to take up these positions, the TWSE said.
 
As per the newly added article 24 of the Corporate Governance Best-Practice Principles for TWSE/GTSM listed Companies, the TWSE/GTSM would also require these TWSE/GTSM listed companies to disclose the weighted votes assigned to these individuals and other related information in instances where they were elected as independent directors.
 
The regulation was crafted to improve corporate governance and the disclosure of qualifications of independent directors, said TWSE.