15 October, 2018
To enhance the information transparency of corporate governance and employee rights, the FSC on July 6, 2018 amended the regulations governing the information to be published in annual reports by banks, bills finance corporations, and financial holding companies, respectively, requiring the disclosure of the re-employment of retired chairman or general manager (CEO) of the company or affiliated companies as a high-rank advisor.
The disclosure of the afore-mentioned information is also required in the Financial Institution Prospectuses for Offering and Issuance of Securities.
In addition, for requiring banks to protect the rights of the financial industry employees and for establishing a consistent standard on the labor relations record to be complied, the FSC also requires disclosure of any violation of the Labor Standards Act, found as a result of labor inspection, in the annual reports of banks, bills finance corporations, and financial holding companies.
For further information, please contact:
C. Y. Huang, Partner, Tsar & Tsai Law Firm
CYHuang@TsarTsai.com.tw
