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Vol.20 2011.1
GOVERNMENT INFORMATION
The Remuneration Committee of OTC-listed or TSE-listed Companies Need to Be Established Before the End of 2011.
According to Financial Supervisory Commission, Executive Yuan, R.O.C, all the OTC-listed or TSE-listed, and the Emerging Stock Board listed companies must establish the Remuneration Committee in the future. The Remuneration Committee shall consist of a minimum of three members, who are professional and independent non-executive director, and they have to stipulate the performance evaluation and the compensation policy of the member of the board of supervisor and the managerial level at least two times a year.

All the kinds of companies mentioned above shall set up the committee before the end of 2011 excepting the companies which have capital above ten billion New Taiwan Dollars.

There are 1,610 OTC-listed, TSE-listed and the Emerging Stock Board listed companies which have to find a minimum of three members to establish Remuneration Committee by the end of 2011. The members should have professional qualification. For example, university lecturer or above, whose specialty is related to the business of the company such as Finance, Accounting or Legal, had working experiences over five years. Moreover, professionals like judge, prosecutor, attorney or accountant, who had working experiences over five years also can be the member of the committee. Because the large amount of qualified member will be needed, Financial Supervisory Commission provides buffer measure that the Remuneration Committee could have less than one third of the members represented by executive director within the following three years. However, the one third of members can’t be the convener or chairman.

If the board wants to reject or revise the recommendation of the Remuneration Committee, it needs two third of executive directors to attend and half of them agree. Also, if the compensation they decided was more than the recommendation, they have to declare the reason of the differences on M.O.P.S (http://emops.twse.com.tw/emops_all.htm) in two days.

(resources：Commercial Times)
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