The Ministry of Economic Affairs is considering a revision to the Company Act (公司法) that would allow de facto directors to be held equally responsible for their companies’ actions and obligations as the de jure directors.
Lee Mei (李鎂), deputy director of the ministry’s commerce department, said yesterday that it is a widespread practice in developed countries to hold so-called “shadow directors” responsible for their company affairs.
There have been high-profile cases in Taiwan where shadow directors have given directives to their companies to commit fraud, only to then escape when legal troubles begin, leaving the de jure directors to take the responsibility, she said.
The Company Act states that the director of a company should be held responsible, along with the enterprise, for any damage done to others as a result of his or her illegal actions.
In the act, “director” refers to the person listed on the company’s documents that are filed with authorities. The act does not cover shadow directors, who operate the company from behind the scenes, but are technically not in charge of the firm.
Lee said de facto directors often carry the ambiguous title of president or advisor, and in certain cases courts need to determine if a company operates under a shadow director.
The ministry, in collaboration with legal experts, is studying the possibility of revising the law to include shadow directors, Lee said.
One of the problems that would have to be resolved is whether the government should be considered a de facto director of state-controlled enterprises, she added.
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