DIVERSE: The exchange would ease its listing terms to allow companies with great potential to hold IPOs even if they have yet to turn a profit, the TWSE chairman said
Taipei Times
Date: Jan 04, 2018
By: Crystal Hsu / Staff reporter
Taiwan Stock Exchange Corp (TWSE, 台灣證交所) aims to ease listing requirements while shoring up corporate governance this year to make local capital markets more vibrant and healthy, TWSE chairman Hsu Jan-yau (許璋瑤) said yesterday.
Starting this year, the exchange would require initial public offering (IPO) applicants to establish an audit committee with three or more independent directors, Hsu said.
IPO applicants must also buy directors’ and officers’ liability insurance, he said, a type of insurance that covers directors and officers for claims made against them while they serve on a board of directors or as an officer.
The requirement is intended to make independent directors more helpful and accountable, following financial fraud involving game developer XPEC Entertainment Inc (樂陞科技) and other listed firms, he added. [FULL STORY]