In an unprecedented move to facilitate decision-making among shareholders and ensure transparency of the governance process, Taiwan's Financial Supervisory Commission (FSC) will require listed companies with over $2 billion of paid-in capital and over 10,000 shareholders to adopt electronic voting for shareholders’ meetings from January 1, 2016.
This new measure comes up in the wake of Taiwan’s internationalization.
Although new in Taiwan, 206 companies have already opted for e-voting while another 416 are expected to adopt it in the near future. This tendency signals a sweeping shift in attitudes in the Taiwanese corporate world.
Within a year, more than 50% of all listed firms will have endorsed it while 80% of those instructed to abide by this law have already complied.
This system now supports a reliable, efficient and smooth electoral process of directors and supervisors. The change coincides with an increasing demand from markets for better representation of shareholders in addition to their participation during crucial meetings that modern technology now allows.