The Financial Supervisory Commission (FSC) yesterday approved regulations requiring financial institutions to disclose the salaries of top executives.
The “fat-cat” regulations take effect today and require all underperforming domestic financial institutions to make public the salaries of their board members, supervisors and president.
The goal is to ensure that their pay is reasonable, said Shiau Chang-ruey (蕭長瑞), deputy director of the FSC’s banking bureau.
The revised regulations require the information of financial institutions with a non-performing-loan ratio higher than 5 percent last quarter. These institutions will have to detail the salaries of executives in their annual reports for last year, to be released before June.
Financial institutions with a Bank of International Settlements ratio below 8 percent and financial holding companies with a capital adequacy ratio below 100 percent will also have to disclose the information.
The regulations also apply to financial institutions that have been in the red for two consecutive years, Shiau said, of which there are currently nine banks and one other institution.
Under-capitalized financial institutions that haven’t completed their recapitalization plans will be required to follow suit, the FSC said, although no banks currently fit the category.
Executives will also be required to disclose their salaries if they own a “disproportionate stake” in the company for more than three months or have collateralized more than 50 percent of their shares for loans, it said.
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