If the draft bill proposing stricter regulations on government-funded foundations is passed, the Ministry of Education (MOE) will be able to control a 40 percent stake in the Chiang Ching-kuo Foundation for International Scholarly Exchange, Deputy Minister of Education Yao Leeh-ter (姚立德) said yesterday.
In 1989 and 1990, the ministry donated a total of NT$1.42 billion (US$46.4 million at the current exchange rate) to the foundation, whose assets stand at a value of NT$3.62 billion today, Yao said.
However, he said, out of a total 24 seats, the ministry has only one director on the foundation’s boards of directors and supervisors.
Photo: CNA
According to the draft legislation, a government agency’s stake in a government-funded foundation should be proportional to the funding it provided, he said.
This means the ministry’s representation on the two boards would likely be raised to 40 percent, granting it a controlling stake in the foundation, he said.
Yao, who is set to assume the post of director at the foundation, said the government capped its representation in the foundation at one seat when it was established, so that it would be able to operate largely as a private organization.
To facilitate international research projects and academic exchanges, the ministry would take into consideration the backgrounds of candidates and refrain from nominating a large number of government officials as the foundation’s board members, he said.
In other developments, the Chiang Ching-kuo Foundation issued a response to a report in the Chinese-language United Daily News that implied it might have been used for tax-avoidance due to insufficient regulations.
“The foundation was founded in 1989 with government and private donations, with a mission to provide incentives and funding for international academic facilities and scholars to conduct research in Sinology and Taiwan Studies,” the statement said.
All of the foundation’s board members are unsalaried, it said.
As the ministry’s supervision guidelines for foundations limit the use of the funds provided by the ministry to certificates of deposit, Treasury bonds and short-term transaction instruments, the foundation has struggled to meet its revenue goals in the current low-interest rate environment, the statement said.
Private donations can be used to invest in stocks, equity funds and real estate investment trusts and are essential to making up for the shortfall in its expected revenue, the foundation said
The Cabinet on Thursday approved the draft legislation, which is to be submitted to the legislature for review.
If passed, the bill would require government-funded foundations to regularly divulge financial data and implement new auditing and accounting systems.
Foundations that fail to comply with government inspections or supervisions would be subject to monetary penalties, according to the draft.
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