The Taiwan Monthly

Apr. 2021

Listed Companies and Initial Public Offerings

Increasing the numbers of foreign listed companies board of directors and independent directors domiciled in Taiwan

In order to deepen corporate governance, to strengthen the supervision of foreign listed companies, to protect the rights and interests of investors, the board of directors will have to be more than one-half of directors and not less than two independent directors domiciled in Taiwan.


According to the latest Listing Rules, the foreign listed companies shall not have less than five directors on its board, and shall appoint independent directors numbering not less than three persons and not less than one-fifth of the number of directors, and at least one of the independent directors shall be domiciled in Taiwan.


Recently, theTWSE is amending Governing Review of Securities Listings. If the number of members of the board of directors violate provisions for the duration of its listing, the foreign listed companies shall convene a special shareholders meeting to hold a by-election within 60 days from the date on which the situation arose.


If the foreign listed companies failure to rectify the situation within the specified time, the TWSE may place its listed securities under an altered trading method, suspend the trading and delist its securities.


For further inquiries, please contact Ms. Chen at