25 August 2021
The Financial Supervision and Administration Commission ("Financial Management Committee") recently announced that all public offering companies will stop holding shareholders' meetings from May 24 to June 30. The shareholders' meetings will be postponed from July 1 to August 31. With the approval of the command center, the Financial Management Committee announced on June 29 that in addition to the physical shareholders meeting, public offering companies that meet the following conditions may use the physical shareholders meeting and use video-assisted methods to convene between August 16 and August 31 . Shareholders' meeting :
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The company should meet the conditions listed on the right |
There is no proposal for election of directors and supervisors at the regular shareholders' meeting; or there is a proposal for election of directors and supervisors, but the number of candidates does not exceed the number of seats to be elected. |
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There was no proposal to dismiss a director or supervisor from the regular shareholders' meeting. |
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Companies that are unlisted or not traded at the business premises of a securities firm shall be limited to entrusting a stock affairs agency to handle stock affairs. |
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Notice of postponing the shareholders meeting |
The company should make announcements on major news at the public information observatory, and add relevant updated information about the shareholders meeting in the shareholders meeting area. |
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Handling method |
Video assistant operating platform:
The platform provided by the Taiwan Centralized Depository and Clearing House Co., Ltd. ("Chip Insurance Company") shall be used, and the relevant guidelines set by the company for holding physical shareholders' meetings and assisted by video shall be followed. |
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Provisional motion and amendment to the original motion:
Shareholders who want to participate in the shareholders meeting by video should register with the company in advance and agree to abstain from voting on the proposal and exercise of the provisional motion and amendments to the original proposal, and agree to abstain from participating in the physical shareholders meeting. |
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Participation in the video part of electronic voting shareholders:
Shareholders who have exercised their voting rights electronically are no longer allowed to participate in the shareholders' meeting via video, but they can still speak at the physical shareholders' meeting. The company should provide a channel for questions before the shareholders' meeting and the company's response method. |
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The number of people allowed in the venue of the entity shareholders meeting |
Under the pandemic alert level 3, the number of people allowed in the physical shareholders meeting venue is not more than 20 people in each room and 40 people outside each room. The company should also comply with the epidemic prevention measures and related guidelines set by the command center. |
The Taiwan Stock Exchange, the Securities Counter Trading Center, and CHIP have updated relevant questions and answers (QA) on their official websites. The relevant links are as follows:.
● Taiwan Stock Exchange: postponed the shareholder meeting in response to the impact of the epidemic
https://www.twse.com.tw/zh/page/listed/delay.html
● Securities counter trading center: Special area for postponing the shareholders meeting in response to severe and special infectious pneumonia
https://www.tpex.org.tw/storage/about_otc_news/2021/meeting.htm
● Taiwan Centralized Depository Clearing House: Postponement area of shareholders meeting of public company
https://www.tdcc.com.tw/portal/zh/page/show/40289796782a4190017a56f557fe0116
For other relevant information, please refer to the press release of the Financial Management Committee on June 29: The physical shareholders meeting of the open public offering company can be assisted by video to meet the needs of epidemic prevention and take into account the smooth holding of the shareholders meeting. Website: https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&
dataserno=202106290003&aplistdn=ou=news,ou=multisite,ou=chinese,
ou=ap_root, o=fsc,c=tw&dtable=News
In addition, for information about non-public offering companies holding shareholder meetings, please refer to the introduction of this Exchange's "Notes for Shareholders Meetings under the Epidemic 2-Non-public Issuing Companies".
For further information, please contact:
Huang Yuting, Lee Tsai & Partners
lawtec@leetsai.com
