According to the FSC, Taiwan Stock Exchange and Taipei Exchange introduced the amendments to the “Operation Directions for Compliance with the Establishment of Board of Directors by TWSE- and TPEx-Listed Companies and the Board''s Exercise of Powers” on December 27, 2018 in alignment with the measures of the Corporate Governance Roadmap (2018-2020). All TWSE- and TPEx-Listed companies shall meet the following requirements by June 30, 2019.
1. Over half of the remuneration committee members shall be independent directors.
2. Standard operating procedures for responding to requests from directors shall be established.
3. TWSE- and TPEx-Listed companies shall take out directors and supervisors liability insurance.
4. TWSE- and TPEx-Listed companies with paid-in capital of NT$10 billion or more or within the financial and insurance industry required by the competent authorities shall appoint the chief corporate governance officer.
TWSE- and TPEx-Listed companies shall meet the requirements for information filing and material information disclosure after they comply with the aforementioned requirements. Taiwan Stock Exchange and Taipei Exchange had amended the Rules Governing Information Reporting for introduction of new requirements on reporting deadlines for appointment (within 2 days), change (within two days) and the continuing professional development (by the end of January of each year) of the corporate governance officer, the liability insurance coverage for directors and supervisors (by the 15th day of the month after the date the policy takes effect) and introduction and changes of the standard operating procedures for addressing of requests made by directors (both within two days). Taiwan Stock Exchange and Taipei Exchange had also amended the Procedures for Verification and Disclosure of Material Information adding the requirements for TWSE- and TPEx-Listed companies’ announcement for the material information about the change of corporate governance officer.