The Taiwan Monthly

Feb. 2024


TWSE published the 2023 Institutional Investor Stewardship Practice Information, disclosed a List of Better Performers and encourages institutional investors to improve the quality of relevant information disclosure

In order to continuously augment institutional investors’ stewardship practices and related information disclosure quality, so as to advance the influence of institutional investors in sustainability  , the TWSE has formed an Advisory Committee for Institutional Investors on the Code of Conduct for Stewardship and established a public evaluation mechanism. Furthermore, an annual evaluation for the List of Top Institutional Investors in Stewardship Information Disclosure is conducted. The List for 2023 has been published on the website of the Corporate Governance Center (, with 34 institutional investors in the domestic group and five in the foreign group.

The evaluation criteria for the year is   divided into two main aspects, which are policy formulation and disclosure, as well as the stewardship report contents with a total of 30 indicators. The former aspect covers stewardship disclosure integrity in the areas of the management policy for conflict of interest and the voting policy. The latter covers content concerning the voting records of the shareholders’ meeting; this includes case descriptions and dialogues plus interaction with the investee  company, the engagement results and the impact on future investment decisions, as well as the voting records and reasons for objection to proposals on a company and case basis. The determination of the materiality of the proposals in voting policy  and subsequent action plans are also taken into consideration.

The rating mechanism has played a significant role in guiding institutional investors to advance their stewardship information disclosure quality, resulting in the evaluation results for this year showing a significant improvement trend. In the evaluation criteria review, institutional investors scored higher in policy formulation than in stewardship practices and disclosure. Most institutional investors have fully formulated stewardship policies, but there is still room for improvement in engagement implementation, explanation of whether the engagement meets the predetermined goals, and the determination of the materiality of the proposals in voting policy. The TWSE expects in the future institutional investors would continuously expand their disclosure quality in terms of engagement contents. This reflects upon the impact on investee companies and subsequent investment decisions, the status of attendance at shareholders’ meetings and voting records. The goal is to urge institutional investors to continuously address their stewardship execution, and bring greater momentum to the capital market.

The results of the List of Top Institutional Investors in Stewardship Information Disclosure for 2023 reflect the increasing stewardship emphasis by institutional investors, as well as their active pursuit of information transparency and disclosure quality. The TWSE remains committed to these long-term advocacy goals and works with institutional investors to drive stewardship excellence through the release of disclosure recommendations and exceptional case examples. The target remains unchanged, collective action brings about higher transparency and monumental  synergy to the capital market.


For further information, please contact Mr. Shih at