Compliance Officer Responsibilities in Taiwan, Province of China

Taiwan’s corporate governance environment has undergone significant strengthening through a combination of legislation, self-regulatory charters, and cooperation among government agencies, non-governmental organizations, and listed companies.

Promoting Compliance and Corporate Governance

The Taiwan Stock Exchange (TWSE) and the GreTai Securities Market (GTSM) play crucial roles in promoting compliance and implementing standards for publicly traded firms. Various bodies are involved in promoting corporate governance, including:

Securities and Futures Institute
Taiwan Corporate Governance Association
Securities and Futures Investors Protection Center

These organizations conduct seminars, evaluations, and appraisals to improve the governance environment of listed companies.

Regulatory Bodies and Enforcement

The Ministry of Economic Affairs is responsible for enforcing company laws at the central level, while municipal governments oversee compliance at the local level. The TWSE and GTSM have their own regulatory bodies that supervise listed companies’ adherence to securities regulations.

Key Responsibilities of Compliance Officers

Compliance officers in Taiwan must be aware of the following key responsibilities:

Managing finances and businesses in a transparent and accountable manner
Disclosing information to shareholders, employees, stakeholders, and society in a timely and accurate fashion
Ensuring that company operations align with ethical standards and corporate social responsibility principles

Promoting Compliance and Ethical Corporate Management

The TWSE and GTSM organize regular seminars, symposiums, and training sessions for directors and companies to promote compliance and ethical corporate management. The Commission also encourages listed companies to establish audit committees or supervisors to oversee business execution.

Response to Global Financial Crisis

In response to the global financial crisis, Taiwan has placed greater emphasis on ethical operation by companies and enterprises. To achieve this goal, the Commission has developed a code of ethical operation for public companies and organizes regular training sessions and seminars to promote responsible corporate governance practices.

The Taiwanese government and listed companies are committed to promoting corporate social responsibility through initiatives such as:

Seminar for Ethical Operation and Enterprise Corporate Responsibility: This event brings together industry experts and company owners to share best practices and experiences, encouraging listed companies to adopt ethical operation principles and fulfill their social responsibilities.