Thursday, May 20, 2010
Corruption Prevention in Taiwan
The Financial Supervisory Commission in Taiwan should release a guide on preventing corruption by sometime in June. While the Guide is expected to contain clear guidance for companies on conflicts of interest, legal compliance and board governance, it will be precatory. Companies can choose whether to comply with the guidance because there will be no penalties for non-compliance. However, similar to the corporate governance guidelines from several other countries, the company must disclose whether it complies and what steps, if any, it has taken to comply.