INFORMATION SECURITY:The Taipei Bar Association said disclosing shareholder lists is unlikely to protect shareholders’ interests — and might actually harm them
Date: May 04, 2017
By: Lauly Li / Staff reporter
Representatives of business groups, lawyers, accountants and bookkeepers’ unions yesterday opposed the Ministry of Economic Affair’s proposed amendment to the Company Act (公司法) at a public hearing in Taipei, citing concerns over increased operating costs and inconvenience to small and medium-sized enterprises (SME).
The Chinese National Federation of Industries (CNFI, 全國工業總會) and the Chinese National Association of Industry and Commerce, Taiwan (CNAIC, 工商協進會) said they are worried about the proposed amendment, as it demands that non-publicly listed companies upload sensitive information, such as a full list of shareholders and financial statements, to an online platform.
“If an SME is not listed on the Taiwan Stock Exchange or the Taipei Exchange, it is not obliged to disclose that information. This simply adds an unnecessary burden to SMEs,” CNFI representative Wang hui-ling (王慧玲) told the hearing, which was convened by the ministry.
The Taipei Bar Association (台北市律師公會) said it does not think disclosing shareholder lists would protect shareholders’ interests. [FULL STORY]