Below are key takeaways from ISS’ recently released Taiwan 2021 Proxy Season Preview. The full report is available to institutional subscribers by logging into ProxyExchange 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.
- Postponement of 2021 Shareholder Meetings: The Financial Supervisory Commission announced a suspension of all shareholder meetings between May 24 – June 30 due to a surge in Covid-19 infections in Taiwan. Companies are required to reschedule their shareholder meetings to between July 1 – Aug. 31. The high meeting concentration for the 2021 season is therefore expected to shift from May – June to July – August.
- Launch of Capital Market Roadmap (2021-2022): A three-year capital market roadmap is rolled out to help tackle critical market challenges and build a globally competitive capital market.
- Uptrend of Sustainable Development: The regulator continues to promote sustainable and green finance ecosystem in Taiwan through multiple action plans and measures including rolling out of Green Finance Action Plan 2.0, expanding scope of green bonds and launching of sustainability bonds.
- Advocating Establishment of Nomination Committee: Listed companies are encouraged to establish a nomination committee to improve the director election mechanism and to build a diversified and professional board.
- Enhanced English Disclosure: Listed companies are encouraged to improve their information disclosure quality and adopt English disclosure for shareholder meeting information.
- Launching of New Boards on TWSE and TPEx: The two main bourses in Taiwan announced to launch one new board each in Q3 of 2021, aiming to boost innovative industries.
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By Zoey Zhou, Johnny Xing, Yafei Zeng, Elaine Zhu