Below are key takeaways from ISS’ recently released 2020 Taiwan Proxy Season Review. The full report is available to institutional subscribers by logging into ISS Link then selecting the Governance Exchange and its Report Center tab and to corporate subscribers by logging into Governance Analytics then selecting the Governance Exchange and the Report Center tab.
- COVID-19 impact: The COVID-19 outbreak did not have significant impact over the distribution of shareholder meetings during the 2020 season. However, a significant increase of e-voting during this proxy season was witnessed due to the COVID-19 pandemic.
- A surge in preferred shares issuance: More companies proposed to issue preferred shares to expand financing channels in 2020.
- Growing corporate social responsibility (CSR) filings: Steady improvement in both the quality and quantity of CSR filings has been witnessed following the rule updates to include ESG-related risk assessments and climate-related risk governance methods in CSR report.
- Update of Stewardship Principles for Institutional Investors: The updated Stewardship Principles for Institutional Investors expanded the scope of stewardship, put more emphasis on ESG topics, improved the disclosure of voting results and enhanced the quality of stewardship report.
- Launch of Corporate Governance 3.0 – Sustainable Development Roadmap (CG 3.0): The newly launched CG 3.0 focuses on five action plans: “strengthening duties and functions of boards”, “enhancing information transparency”, “strengthening communication with stakeholders”, “encouraging stewardship of institutional investors” and “deepening a corporate culture of sustainable governance”.
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