Taiwan’s Financial Supervisory Commission (FSC) has announced that listed companies planning IPOs on the Taiwan Stock Exchange (TWSE) must have at least one woman on their board of directors. Currently, six out of 32 firms planning to list on the TWSE do not have female directors; they will have until the end of the year to install a female director, the FSC said. Further, Sam Change, the FSC’s Securities and Futures Bureau Deputy Director, said the 163 listed companies planning to hold board elections next year will be required to have at least one female director. From 2025, any listed company failing to meet this requirement will need to explain why and outline their plans to rectify this. Taiwan is following in the footsteps of other APAC jurisdictions that have mandatory rules of female representation at a director level, such as Hong Kong and Malaysia. South Korea also requires the appointment of at least one female director, but only for companies with assets greater than US$1.5 billion.
The requirement to appoint female directors is part of efforts to improve corporate governance culture among listed companies in Taiwan.https://t.co/7oGJA0Xb8N
— Regulation Asia (@RegulationAsia) March 31, 2023