The Taiwan Monthly

Sep. 2022


Corporate governance of listed companies continues to improve in 2022

In recent years, in order to enable listed companies to continuously improve corporate governance and encourage them to emphasize sustainable development, enterprises have been gradually guided to establish relevant systems. Statistics show that progress has been made in a number of quantitative indicators of corporate governance quality, due to the Corporate Governance Roadmaps, the Corporate Governance Evaluation, and various advocacy activities by competent authorities.


In the aspect of “Convention of Annual General Meetings” (hereinafter the “AGM”), with the implementation of electronic voting, all the annual general shareholders' meetings of listed companies have adopted voting by poll, and more than 90% of the companies filed the results on the same day the AGMs were held. On average, the handbook and the annual report of the shareholders' meeting were filed 30.79 days and 19.97 days respectively before the date of the shareholders' meeting, significantly earlier than the 21-day and 7-day time required by the law. Regarding the “Composition and Operation of the Board of Directors,” all listed companies have completed the establishment of an audit committee to replace supervisors in 2022, and have stipulated in their articles of incorporation that a candidate nomination system be adopted for the election of directors.  


As to “Information Disclosure,” 169 TWSE-listed companies filed their financial reports for the previous year before the end of February 2022, an increase of 31% over last year; this year, 678, 644 and 676 TWSE-listed companies respectively – more than 60% of listed companies – provided the English versions of their meeting handbooks, annual reports and annual financial reports for the shareholders' meeting, all of which have increased from last year. In order to enhance the quality of information disclosure and strengthen the compliance of English information disclosure with international practices, TWSE-listed companies have been required to report the English versions of their shareholders' meeting agenda handbooks, shareholders' meeting annual reports, and annual financial reports, in phases. Starting from 2023, all TWSE-listed companies shall report relevant information in English.


With regards to “Non-financial Information Disclosure,” as of June 30, a total of 248 listed companies have filed their Sustainability Report for 2021, and 92 may postpone their filing till September 30. It is estimated that about 444 listed companies will file their 2021 reports by the end of 2022.


The TWSE stressed that good corporate governance is the most important foundation for a sound capital market and the key to attracting investors for long-term investment. In the future, the Stock Exchange will continue to promote corporate governance related measures, strengthen the sustainable development competitiveness of listed companies, and augment the quality of the overall capital market. Relevant corporate governance statistics can be found in the database of the Corporate Governance Center ( 


For further information, please contact Mr. Li at