Date: Jun 01, 2016
By: Chen Wei-han / Staff reporter
The New Power Party (NPP) yesterday proposed a draft “nonprofit corporation act” aimed at
tightening oversight of government-funded corporations.
While the development of nonprofit corporations that are partially funded by the government has been on the rise, there are few laws regulating such entities, leading to the privatization of many, which results in public assets becoming private property, NPP Legislator Hsu Yung-ming (徐永明) said.
“Corporations that derive more than 50 percent of their funding from the government have to be supervised by the Legislative Yuan, but many corporations have escaped government oversight by lowering the amount of government funding,” Hsu said.
“Some government-funded corporations were transformed into private companies, and government funds became company assets at taxpayers’ expense,” he said. [FULL STORY]