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Based on a reply letter dated 31 July 2008 from the Financial Supervisory
Commission, on 20 August 2008 the Ministry of Economic Affairs issued an interpretation
stating that in consideration of the impact of independent directors on the review
of companies’ financial reports and on companies' practical operations, and to maintain
an appropriate balance between reelections of the entire board and elections to
directorships that have fallen vacant, it is not necessary, in the case of a public-issuing
company that has adopted a system of nominated candidates for directorship elections,
that an ordinary or independent directorship should be vacant at the time the company
makes an announcement inviting nominations. The
company may make such an announcement in advance if a directorship will fall vacant
at a later date, prior to an election by a shareholders' meeting.
Also, according to an MOEA interpretation dated 2 September 2008,
if a shareholders' meeting has not elected a sufficient number of directors and
independent directors, so that one or more directorships remain vacant, this is
a natural outcome of the election, and registration of the elected directors should
be allowed.
