Taiwan Boosts Corporate Compliance Programs Amid Global Scrutiny
Stricter Governance Measures in the Works
TAIPEI, Taiwan - In a bid to enhance corporate governance and promote ethical operations, Taiwan’s regulatory bodies are implementing stricter compliance programs among listed companies. The move comes as global scrutiny on corporate accountability intensifies following the recent financial crisis.
Robust Framework for Listed Companies
According to government sources, the Ministry of Economic Affairs is working closely with the Taiwan Stock Exchange and the GreTai Securities Market to implement a robust framework that ensures listed companies adhere to best practices in corporate governance. This includes:
- Establishing robust internal controls and risk management systems to prevent fraud and ensure transparency
- Adopting a code of ethics that reflects their values and commitment to responsible business practices
Importance of Corporate Governance
“Corporate governance is essential for maintaining public trust and ensuring long-term sustainability,” said a senior official at the Ministry of Economic Affairs. “We are working closely with the Taiwan Stock Exchange and other stakeholders to promote best practices in corporate governance and ensure that listed companies prioritize ethical operations.”
Role of Non-Profit Organizations
Non-profit organizations such as the Securities & Futures Institute, Taiwan Corporate Governance Association, and the Securities and Futures Investors Protection Center are also playing a crucial role in promoting good corporate governance practices. These organizations are working with regulators to conduct regular evaluations and appraisals of listed companies’ governance systems.
Education and Training Programs
The government is investing heavily in education and training programs for directors and senior management personnel, aiming to equip them with the necessary skills and knowledge to navigate complex regulatory requirements.
Industry Leaders Emphasize Transparency and Accountability
In a recent conference on ethical corporate management, industry leaders stressed the importance of transparency and accountability in business operations. “Companies must prioritize ethical operations and social responsibility if they want to build trust with their stakeholders,” said a prominent CEO at the event.
Far-Reaching Implications for Listed Companies
The government’s push for stricter compliance programs is expected to have far-reaching implications for Taiwan’s listed companies. As global scrutiny on corporate accountability intensifies, Taiwan’s regulatory bodies are determined to ensure that local companies meet international standards of good governance and ethical operations.