The Taiwan Monthly

May 2022

Corporate Governance

The 8th (2021) Corporate Governance Evaluation results announced

According to the Taiwan Stock Exchange (“TWSE”), the 8th (2021) Corporate Governance Evaluation has been completed, which included 913 TWSE- and 726 TPEx-listed companies, 1,639 in total. According to the evaluation scores, the companies are divided into seven groups of top 5%, 6% to 20%, 21% to 35%, 36% to 50%, 51% to 65%, 66% to 80% and 81% to 100%, respectively. The evaluation results for the TWSE- and TPEx-listed companies are announced separately.


For better understanding and in accordance with the "Corporate Governance 3.0 - Sustainable Development Roadmap (2021~2023)," the results are divided into the four categories of financial and insurance industry (43 companies in total), electronics industry with a market value above NT$10 Billion (248 companies in total), non-financial and non-electronics industry with a market value above NT$10 Billion (246 companies in total)" and a market value between NT$5 Billion and NT$10 Billion (277 companies in total)." The TWSE- and TPEx-listed companies are mix-ranking, and each category is announced by tiers based on the score to show the performance in their respective industries and categories with similar market value scales.


Through the indicators and relevant laws and regulations, enterprises have been gradually adopt various advantageous corporate governance measures. Statistical data shows that TWSE- and TPEx-listed companies continued to make improvements in 2021. For example, the number of companies which have set up an audit committee was 1,576, accounting for 90% of all TWSE- and TPEx-listed companies and it is expected that a full setup will be completed in 2022. The number of companies reporting their annual financial reports by the end of February was 197, an increase of 26% over 2020. There were 1,091 companies providing the meeting notice in English, 860 providing the meeting agenda handbook in English and 806 providing the annual report for shareholders' meeting in English, with a growth rate of 19%, 43% and 52%, respectively. The number of companies which prepared their CSR reports was 586, an increase of 13% over last year. In addition to quantitative indicators, the evaluation system also continues to encourage enterprises, by strengthening qualitative requirements, adding differentiation and sending questionnaires to collect feedback, to encourage companies to implement the governance system and to appropriately disclose relevant performance.


In order to reward the top 5% companies on the listing market basis (46 from TWSE and 36 from TPEx) and the top 5% companies in the category of "Market Value Between NT$5 Billion and NT$10 Billion" (11 from TWSE and 3 from TPEx),The Taiwan Stock Exchange and the Taipei Exchange will award the above companies and announce the results on the websites of the “Corporate Governance Center” and the “Securities and Futures Institute”; the form of the award ceremony will be determined depending on the COVID-19 pandemic situation.


Links to the websites for the results of the 8th Corporate Governance Evaluation:

Corporate Governance Center (

Securities and Futures Institute (


For further information, please contact Ms. Chang at