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Article NO. Content


Corporate Governance Best-Practice Principles for Securities Firms  CH

Amended Date: 2021.01.06 (Articles 3, 3-1, 5, 6, 7, 10, 11, 22, 23, 24, 26, 28, 28-1, 28-2, 28-3, 31, 35, 37, 37-1, 39, 42, 46, 49, 57 amended,English version coming soon)
Current English version amended on 2019.01.14 
Categories: Corporate Governance
Article 33     Independent directors of a securities firm shall attend a meeting in person, and not to have their proxy who are not independent directors to act on their behalf, to submit a proposal for matters to be submitted to the board of director under Article 14-3 of the Securities and Exchange Act. If an independent director expresses an adverse or qualified opinion, his or her opinion shall be stated in the minutes of the board meeting. If an independent director is unable to attend a board meeting in person to express an adverse or qualified opinion, he or she shall submit a written opinion prior to the meeting, unless with a legitimate reason, and his or her opinion shall be stated in the minutes of the board meeting.
    When the board of directors resolves a matter relating to one of the following circumstances, the matter and resolution shall be stated in the meeting minutes and shall also be declared at the information reporting website designated by the competent authority within two days of the date of the board meeting:
  1. An independent director has expressed an adverse or qualified opinion, which has been stated in the meeting minutes or described in a written statement.
  2. Where a securities firm has set up an audit committee, a matter not passed at the audit committee but approved by more than two thirds of all directors.
    During the proceeding of the board meetings, depending on the information in the proposal, managers from the relevant departments who are not directors may be notified to sit in at the meetings, make report on the current business conditions of the company and respond to inquiries raised by the directors. Where necessary, accountants, lawyers or other professionals may be invited to sit in at the meetings so as to assist the directors in understanding the conditions of the company for the purpose of adopting an appropriate resolution, provided they shall recuse themselves from the meeting during discussion and voting.