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Terminate the Mess of Shareholders’ Meeting

1. As for the contest for corporate control cases which occurred in listed companies in recent years, in order to prevent shareholders exercising their voting right essentially, there are some companies recalled the commission of shareholder services to block shareholders attending the shareholders’ meeting. For the purpose of terminating the mess of shareholder’s meeting effectively, such as disputes of directors/supervisors election, the Securities and Futures Investors Protection Center (hereafter referred to as the “SFIPC”) not only supplied specific suggestions to Competent Authority as reference, but also actively enter a petition in the court for annulment of such resolution when SFIPC found the procedure for convening a shareholders' meeting thereat was unlawful. In addition, SFIPC suggest Competent Authority to amend related provisions for protecting shareholders. SFIPC pointed out specifically that if the procedure of contest for corporate control in listed companies which caused seriously injurious to shareholders’ right, the responsible persons of a company and related persons still should be liable under the law. SFIPC will keep monitoring the follow-up procedure for convening a shareholders' meeting and proactively participate in shareholders’ meetings to urge companies to do it lawfully.

2. Additionally, Competent Authority had issued the regulation that request the listed companies which paid-in capital exceeds NT$10 billion and number of shareholders more than 1,000 thousand should adopt Electronic Voting this year. Because of there are many companies didn’t amend their articles of incorporation to adopt candidate nomination system for the election of directors/supervisors, it is inconvenient for shareholders to vote. SFIPC appealed that companies should amend it as soon as possible for facilitating shareholders exercising their voting right and  

Update Date:2015/12/27 12:52