FSC Taiwan Strengthens Corporate Governance Practices for Banks
The Financial Supervisory Commission of Taiwan (FSC Taiwan) announced amendments to the code of practice on corporate governance of financial holding companies and the code of practice on corporate governance in the banking industry.
As part of its supervisory assessment, FSC Taiwan has identified certain issues and has decided to amend the code of practice to strengthen the corporate governance of financial holding companies and banks. The key amendments to the code of practice address issues related to the implementation of principles of communication and interaction between the company and the controlling shareholder. The authority is also revising relevant norms for the exercise of the chairman's duties, establishing a governance structure to promote sustainable development, planning to carry out risk assessment and risk management of environmental, social, and corporate governance issues related to company operations, and implementing relevant norms for the board of directors to perform sustainable development responsibilities.
Related Links (in Chinese): Press Release on Code of Practice on Corporate Governance
Keywords: Asia Pacific, Taiwan, Banking, Corporate Governance, Code Of Practice, Sustainable Development, ESG, Credit Risk, Operational Risk, FSC Taiwan
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