"The latest amendments should be the bottom line the authority needs to safeguard the system, and any withdrawal from that point would hollow out the system and damage the spirit of corporate governance reforms," Yeh said.
According to the commission, the establishment of independent board directors for listed companies will be implemented in three phases.
Listed financial holding companies, financial institutions such as banks and securities houses with a certain level of capitalization and companies issuing American depositary receipts have to comply with the regulations as of Jan. 1, 2006.
Listed firms with capitalization of more than NT$5 billion and companies issuing global depositary receipts will have to be in compliance as of Jan. 1, 2007 while listed companies with capitalization of more than NT$1 billion start on Jan. 1 the following year.
RSS