Reported 10 months ago
Taiwan Depository & Clearing Corporation (TDCC) has set up a reporting hotline to eliminate proxy solicitation in shareholder meetings, offering a maximum reward of 200,000 NTD to whistle-blowers whose reports are verified and result in fines imposed by the Financial Supervisory Commission (FSC) under the Securities Exchange Act. TDCC advises individuals encountering irregularities such as unauthorized collection or payment for proxy solicitation to provide concrete evidence when reporting to facilitate further investigation. To protect shareholder rights and prevent disputes in shareholder meetings, solicitors and issuers of proxy documents are urged to adhere to the relevant rules governing proxy solicitation. The FSC has instructed TDCC to audit solicitation activities aimed at individuals and companies seeking proxies. TDCC Manager Chen Zi-Ding emphasized the Corporation's efforts in enhancing education and training for solicitation personnel, as well as regulatory compliance promotion, resulting in a significant improvement in the solicitation business market and a reduction in violations year by year. TDCC will actively investigate ownership disputes or suspicious cases involving illegal solicitation based on the specific evidence provided in reports. Chen suggested that when discovering cases of illegal proxy solicitation, individuals should provide recorded evidence such as audio or video recordings of transactions or specific details of the solicitation process to TDCC for effective investigation and to maintain shareholder rights and market order. TDCC reporting hotline: (02)2547-3733. In cases where violations are verified by the FSC and lead to fines according to securities trading regulations, the maximum reward of 200,000 NTD can be granted to the whistle-blower.
Source: YAHOO