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The Financial Supervisory Commission (FSC) on Tuesday said that it would amend regulations to ban independent directors from convening extraordinary shareholders’ meetings.
Instead, the right to convene such meetings would go to a company’s audit committee, which is composed entirely of independent directors and has at least three members, the commission said.
The audit committee would take a more important role in corporate governance and has more rights than any individual independent director, it added.
The commission would solicit public opinions for 30 days and, barring any significant objections, the new rules would take effect after that, it said.
So far all companies listed
The Financial Supervisory Commission (FSC) is to tighten its review of listed companies’ capital reduction plans after dozens of firms announced reductions in the first quarter, the commission said yesterday.
The commission requires certified public accountants to justify the necessity of a capital reduction and its effects on a company’s financial structure if it plans to cut capital by more than 50 percent.
Given a rise in the number of local companies that have applied to reduce capital, the commission has asked the Securities and Futures Investors Protection Center to help review the plans on a case-by-case basis, Securities and Futures Bureau