The Legislative Yuan yesterday passed an amendment to the Cable Radio and Television Act (有線廣播電視法) to ease a ban on government investment in cable television system operators, allowing the government to hold up to a 1 percent indirect, noncontrolling stake for purely financial purposes.
The act prohibits political parties, the government and the military from owning shares in cable TV operators to safeguard press freedom, Chinese Nationalist Party (KMT) Legislator Weng Hsiao-ling (翁曉玲) said.
However, the law penalizes cable TV operators rather than investors, she said, adding that operators have no way of preventing people from acquiring their shares.
Photo: Liao Chen-hui, Taipei Times
The amendment would maintain the ban on direct investment in media companies by the government, political parties, funds they establish and trustees of such funds, while allowing indirect financial investments that do not confer actual control over a company and they cannot exceed 1 percent of a media company’s total shares.
The amendment would also bar those entities and individuals from serving as a media company’s founder, chairperson, supervisor or manager, and prohibit them from attempting to control a media company’s personnel appointments, finances or company affairs.
State-owned businesses purchasing shares of a media company of their own accord, or commissioning others to do so, would not be bound by the amendment.
Government officials, political party members or trustees who contravene the amendment would not be able to exercise their right to vote in company affairs, nor enjoy other shareholder rights, the amendment says.
Authorities may order these agencies or people to relinquish their posts at the company, or to liquidate their shares to prevent them from taking control.
People who contravene the rules would face fines of NT$200,000 to NT$2 million (US$6,176 to US$61,759). Failure to comply within a mandated grace period could result in repeated fines.
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