目錄
1 前言 1
2 公司治理概述 1
2.1 定義 1
2.2 範圍 2
2.3 重要性 2
3 我國公司治理架構 3
3.1 公司治理相關法令規範 3
3.2 公司治理機制之設計 3
3.3 我國公司治理之特性 4
3.3.1 市場結構概述 4
3.3.2 所有權與經營權已漸分離之趨勢 4
3.3.3 企業集團的特性 5
3.3.4 企業交叉持股嚴重 5
3.3.5 海外投資的增加 6
3.3.6 散戶為主的特性 6
3.4 國內公司治理之重要議題7
4 公司治理之執行現況7
4.1 董事會7
4.1.1 組成8
4.1.2 職權8
4.1.3 制衡9
4.2 監察人10
4.2.1 組成10
4.2.2 職責11
4.2.3 獨立性11
4.2.4制衡11
4.3 股東會12
4.3.1 股東的權利12
4.3.2 小股東之監督12
4.3.3 徵求委託書13
4.4 資訊透明化14
4.4.1 發行市場之資訊公開14
4.4.2 交易市場之資訊公開14
4.4.3 加強年報公司治理資訊揭露15
4.4.4 關係企業的資訊揭露16
4.4.5 資訊公開管道17
4.4.6 資訊揭露評鑑系統17
4.5 歸入權18
5 我國公司治理之發展方向19
5.1 導入獨立董事、獨立監察人制度19
5.2 制定公司治理實務守則20
21
5.3 公司法於2001年大幅修訂，加強對公司治理之
規範
5.3.1 增訂公司負責人「忠實義務」21
5.3.2 禁止母子公司交叉持股21
5.3.3 董事、監察人不以具有股東身分為必要22
5.3.4 放寬公開發行公司公告管道22
5.3.5 監察人得列席董事會陳述意見22
5.3.6 放寬股東提起代位訴訟的門檻22
5.4 建立獨立董監事人才資料庫23
5.5 加強董事、監察人於任期內之持續進修23
5.6 加強保障股東權措施23
5.7 健全公開收購制度24
5.8 揭露涉及不法行為之董事、監察人名單24
5.9 證期會公司治理推動小組工作重點24
6 證期會在推動公司治理中的角色25
6.1 推動上市上櫃公司建立獨立董事、監察人制度25
6.2 強化資訊揭露25
6.2.1 加速年度財務報告公開時點25
6.2.2 修正財務預測制度25
6.2.3 揭露員工紅利相關資訊26
6.3 強化企業會計制度26
6.3.1 召開分組會議改善會計制度26
6.3.2 不良債權出售損失應提列特別盈餘公積27
6.4 建立外部制衡機制27
6.5 內部控制制度及財務業務專案查核27
6.6 督促公司重視並落實執行公司治理28
6.7 制定「證券投資人及期貨交易人保護法」28 附錄一公開發行公司應公告或本會申報事項一覽表
附錄二內部人短線交易歸入權案件概況表
Table of Content
1 Preface 1
2 Concept of Corporate Governance 1
2.1 Definition 1
2.2 Extent 2
2.3 Significance 2
3 Framework of Corporate Governance in Taiwan 2
3.1 Regulatory Scheme 3
3.2 Regulatory Device 3
3.3 Characteristics of Corporate Governance in Taiwan 3
3.3.1 Taiwan’s Market Features 3
3.3.2 Trend of Separating Ownership and Control 3
3.3.3 Environment of Group Operation 5
3.3.4 Cross Shareholding Scenario 6
3.3.5 Development of Foreign Investment 6
3.3.6 Passive Role Play of Institutional Investor7
3.4 Present Issue of Corporate Governance in Taiwan8
4 Implementation of Corporation Governance9
4.1 Board of Directors9
4.1.1 Composition9
4.1.2 Duties and Responsibilities10
4.1.3 Mechanisms for Controlling Board10
4.2 Supervisor (Supervisory Board)12
4.2.1 Composition12
4.2.2 Duties and Responsibilities13
4.2.3 Independence14
4.2.5Mechanisms for Supervisors14
4.3 Meeting of Shareholders15
4.3.1 The Role of Shareholder 15
4.3.2 Minority Shareholders’ Monitoring16
4.3.3 Proxy Solicitation 17
4.4 Disclosure and Transparency17
4.4.1 Dissemination of the Primary Market Information 17
4.4.2 Disclosure of the Secondary Market Information 18
4.4.3 Corporate Governance Disclosure in Annual Report 18
4.4.4 Disclosure of Affiliated Corporations 20
4.4.5 Public Disclosure System 20
4.4.6 Information Disclosure Raking System 21
4.5 Disgorgement again Insider’s Short-Swing Profit 22
5 Perspectives on Corporate Governance22
5.1 Independent Directors and Independent Supervisors 23
5.2 Taiwan Corporate Governance Code24
5.3 Reform of the Company Law and Good Corporate Governance 25
5.3.1 Duty of Loyalty 25
5.3.2 Abolishing the Limitation of Director or Supervisor as
25
Shareholders
5.3.3 No Cross-shareholding among Affiliated Corporations 25
5.3.4 Attendance of Supervisors in the Board of Directors 26
5.3.5 Improvement of Derivative Suit 26
5.3.6 Strengthening Public Disclosure System 26
5.4 Database for Independent Members 26
5.5 Orientation and Training of Directors and Supervisors27
5.6 Invitation to the Shareholder Meeting, Proxies 27
5.7 Improve Administrative Procedure of Tender Offer27
5.8 Publicize the Names of Directors and Supervisors with Illegal Acts27
5.9 Possible Areas of Further Reform 28
6 The Role of SFC in Corporate Governance29
29
6.1 Promoting the System of Independent Directors and Independent
Supervisors
6.2 Improving Transparency29
6.2.1 Earlier Announcement of Annual Financial Reports 29
6.2.2 Amend the Regulations of Financial Forecasts 29
6.2.3 Disclosure the Information of Employees Bonuses 29
6.3 Upgrading Accounting System of Public Companies 30
6.3.1 Form a Reform Committee to Improve Accounting System 30
31
6.3.2 Set Aside Losses on Sale of Non-Performing Loans as
Special Reserve
6.4 Introducing More Institutional Investors 31
6.5 Enhancing Internal Control and Audit Systems of Public
31
Companies
6.6 Encourage Companies to Implement Corporate Governance 31
6.7 Enact “Securities Investors and Futures Traders Protection Law”32
Appendix I Information Disclosure and Filing Requirements for Public Companies
Appendix II List of Short-Swing Profit Disgorgement Against Insiders (1994-2003)