Taiwan - The Financial Supervisory Commission Amended The “regulations Governing Use Of Proxies For Attendance At Shareholders Meetings Of Public Companies”
Legal News & Analysis - Asia Pacific - Taiwan - Regulatory & Compliance
4 December, 2018
The FSC promulgated the amendment to the Regulations on August 16, 2018. Highlights of the amendment include:
(1) In the event that the agenda of shareholders meeting of a financial institution includes election of directors or supervisors, the required minimum shareholding of qualified general proxy solicitor has been raised from 0.2% of the total issued and outstanding shares of the financial institution to 0.5% thereof, and the requirement of holding a minimum of 800,000 issued shares of the company has been deleted.
(2) The qualified shareholders of financial institution who may engage a trust enterprise or a stock agency to serve as proxy solicitor (i.e., unlimited proxy solicitor) must (i) hold at least 10% of the total issued shares of the company for more than one year continously and (ii) be qualifid as a major shareholder as definded in the Financial Holding Company Act, the Banking Act and the Insurance Act.
For further information, please contact:
C. Y. Huang, Partner, Tsar & Tsai Law Firm