In order to further strengthen corporate governance in Taiwan and facilitate shareholders’ exercise of voting rights to implement shareholder activism, the Financial Supervisory Commission (FSC), in accordance with the authorization of the proviso of Article 192-1, paragraph 1  and Article 216-1, paragraph 1 of the Company Act, will expand the application scope of the candidate nomination system for the election of company directors and supervisors, requiring that starting from January 1, 2025, the candidate nomination system shall be adopted for the director and supervisor elections of all emerging stock companies. The advance notice procedures for the draft regulations have been completed with no external opinions offered during the notice period, and the amended regulations will be issued soon pursuant to administrative procedures.
The scope of application of the mandatory candidate nomination system for the election of directors and supervisors is as follows:
1.     According to the proviso of Article 192-1, paragraph 1 of the Company Act, and Article 216-1, paragraph 1 of the same Act by applying the proviso of Article 192-1, paragraph 1 mutatis mutandis, the candidate nomination system shall be adopted for the director and supervisor elections of TWSE-listed, TPEx-listed, and emerging stock companies, and this requirement shall be clearly stated in their articles of incorporation. Shareholders shall elect directors and supervisors from a list of candidates.
2.     This order will take effect on January 1, 2025; the FSC’s order No. Financial-Supervisory-Trading-1080311451 issued on April 25, 2019 will be repealed from January 1, 2025.


Contact unit: Chun-Cheng Chen, Section Chief, Securities Trading Division, Securities and Futures Bureau
Tel: (02) 2774-7310
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