萬國法律事務所

DDP Legislator Kao Chi-Peng's Corporation Act amendment proposal, in which requires corporations to upload the Shareholders List onto certain public electronic platform and requires corporation to disclose its financial statements upon certain conditions, has raised discussions. Enterprise groups stated that such requirements would jeopardize the wiliness of investment, and might infringe corporation's trade secret, therefore increases corporations' compliance cost.

42 articles in Legislator Kao's amendment proposal of the Corporation Act are different from the amendment proposal made the Executive Yuan. Other notable articles are as follows:

1. The salvation of "zombie companies". The amendment provides that the property of companies that are not liquidated in 10 years after dissolution shall be confiscated by the government treasury. However, the Ministry of Finance do not agree with such amendment proposal, holding that the government might still be able to collect unpaid tax from some dissolved companies that did not liquidate after 10 years.

2. Contribution of capitals made through cash no longer need to be certified by accountants. However, many accountants disagree with the amendment because such amendment is against the legislative tendency around anti-money laundering issues.

3. The addition of Company Secretary. The amendment proposal granted 7 legal powers to the Company Secretary. However, the accountant's association and some enterprises oppose to the proposal as the grant of powers would trench their duty.

4. Require the non-public companies to set up remuneration committees. Such alteration would affect more than 160,000 non-public companies.