By Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) yesterday bolstered regulations on who qualifies to be an independent director of a listed company, with the rules to take effect on Wednesday next week. People who have audited a company in the two preceding financial years or the current year cannot be appointed as independent directors, the amendments say. Independent directors should not be paid more than NT$500,000 (US$16,556) for providing financial, accountancy or legal services for the company, Chang said. However, if a lawyer has earned more than NT$500,000 working for a listed company’s chairperson, they can become an independent director, he said. Listed companies would not need to immediately dismiss independent directors who do not qualify according to the amended rules, but must appoint new candidates after their terms expire, he said.

Source: Taipei Times December 26, 2019 16:03 UTC