英文摘要 |
As the importance of institutional investors in the securities market increases gradually, international organizations and countries expect institutional investors to play a more active role in corporate governance. Among all, in order to encourage institutional investors to aggressively participate in the corporate governance of the companies they invested, the U.K. promulgates “The U.K. Stewardship Code”, which is a “soft law” delineating principles of best practices that derives compliance from its “comply or explain” provisions. Thereafter more and more nations follow the U.K. approach and start drafting their Stewardship Codes which reflect their individual needs A Stewardship Code was adopted in Taiwan in 2016, and revised on August 10, 2020, in order to encourage institutional investors to pay attention to the operating conditions of the companies they invested, and actively participate in their corporate governance, so as to improve the corporate governance of Taiwanese companies. This article will begin with the rise of institutional shareholder activism. Then, it will discuss suggestions offered by the G20/OECD Principles of Corporate Governance and will examine the current regulatory system in Taiwan through a comparative study of the U.K. law. After drawing lessons from the U.K. experience, reform suggestions will be made as a reference for improving Taiwan’s regulatory system. |