TAIPEI (Taiwan News) — In response to the rising epidemic alerts in Taiwan, shareholders in the country have been advised to carry out voting remotely in the coming weeks, when many companies will hold annual shareholder meetings.
The proxy season, or annual shareholder meeting period, usually falls between May and June in Taiwan. Up to 261 listed companies will host events from May 17 to 28, which has alarmed companies wary of COVID-19 transmission.
An employee of Yuen Foong Yu Paper told NTDTV that fewer investors turned up at this year's shareholder meeting. Media reported that Taiwan's top financial regulator is mulling a plan to either postpone the meetings or make broadcasting them online mandatory.
The Central Epidemic Command Center (CECC) raised the COVID-19 alert levels for Taipei City and New Taipei City to Level 3 on May 15. The Taiwan Depository & Clearing Corporation (TDCC), the country's central securities depository, issued a statement on Tuesday (May 18) calling on companies listed on the Taiwan Stock Exchange (TWSE), Taipei Exchange (TPEx), and Emerging Stock Board (ESB) to comply with pandemic restrictions, such as social distancing and real-name registration, during meetings.
The TDCC is encouraging individual and institutional investors to join shareholder meetings online and cast their ballots through the company's e-voting platform stockvote, e-passbook app, or stock trading apps developed by their stock brokerages.