September 2022
Partial Amendments to the Regulations Governing Procedure for Board of Directors Meetings of Public Companies by the FSC of Taiwan
September 2022
Julian Lai
The Financial Supervisory Commission officially promulgated the Amendments to Articles 3, 7, and 19 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies via the Jin-Guan-Zheng-Fa-1110383263 Directive of August 5, 2022, which came into effect upon promulgation.
These Amendments strive to strengthen corporate governance by specifying that in the event of a major corporate governance issue, no proposal involving major operating matters of the company may be made in the form of an extemporaneous motion in order to allow sufficient information and time for the directors to assess the proposal. In addition, it is specifically provided that the removal of the chairman is a major company operation matter, which shall be resolved by a meeting of the originally appointed directors or managing directors. Therefore, Articles 3, 7, and 19 are amended.
For the highlights of these Amendments, please refer to the Firm's newsletter article titled The Draft Partial Amendments to Regulations Governing Procedure for Board of Directors Meetings of Public Companies Pre-announced by the FSC of Taiwan for details.
Julian Lai
The Financial Supervisory Commission officially promulgated the Amendments to Articles 3, 7, and 19 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies via the Jin-Guan-Zheng-Fa-1110383263 Directive of August 5, 2022, which came into effect upon promulgation.
These Amendments strive to strengthen corporate governance by specifying that in the event of a major corporate governance issue, no proposal involving major operating matters of the company may be made in the form of an extemporaneous motion in order to allow sufficient information and time for the directors to assess the proposal. In addition, it is specifically provided that the removal of the chairman is a major company operation matter, which shall be resolved by a meeting of the originally appointed directors or managing directors. Therefore, Articles 3, 7, and 19 are amended.
For the highlights of these Amendments, please refer to the Firm's newsletter article titled The Draft Partial Amendments to Regulations Governing Procedure for Board of Directors Meetings of Public Companies Pre-announced by the FSC of Taiwan for details.
