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With the growth of Taiwan’s financial market, the number of listed companies has been increasing, reflecting the vibrancy of Taiwan’s capital market and the expansion of corporate scale (see the chart below). In this context, shareholders’ meetings are not only a crucial aspect of corporate governance but also an important event for investors. These meetings determine the future direction of the company and involve critical decisions such as dividend distribution, capital increase or reduction, all of which directly impact investment returns.
Understanding the full process—from shareholders’ meeting resolutions to dividend distribution—is essential for investors to grasp key corporate developments and make informed decisions. TEJ’s “Shareholders’ Meeting Information” provides comprehensive data related to shareholders’ meetings, covering key details such as meeting dates, agenda items, dividend distribution, and board elections. The data helps investors gain in-depth insights into corporate operations and future development strategies. Additionally, with TEJ’s real-time data updates, investors can ensure the timeliness and accuracy of their investment decisions.
Chart 1, Number of Listed(TSE and OTC) Companies in Taiwan (2010–2024)
資料來源: 資料來源:TEJ整理
In Taiwan, listed companies must comply with the relevant provisions of the Company Act and the Regulations Governing the Administration of Shareholder Services of Public Companies when convening shareholders’ meetings to ensure shareholder rights and market transparency.
Shareholders’ meetings in Taiwan are mainly categorized into annual general meetings (AGMs) and extraordinary general meetings (EGMs). According to regulations:
Additionally, companies are required to suspend share transfers within the following periods to confirm shareholder registries and holdings:
Shareholders who wish to participate must complete their share transfer procedures within the specified timeframe. For detailed legal provisions and timelines, please refer to the chart below.
Chart 2, Timeline of Shareholders’ Meeting (Annual / Extraordinary)
From the timeline chart above, it is evident that in the first half of each year, information disclosures from listed companies are continuous. Key announcements—such as dividend distribution, board director and supervisor elections, candidate list releases, changes to meeting proposals, and ex-dividend dates—all significantly impact stock prices, ETF selection, board decisions, and investor interests.
For instance, Delta Electronics (2308) is scheduled to hold its shareholders’ meeting on May 30, 2024. According to regulations, share transfers must be suspended within 60 days before the meeting, which means the suspension period is from April 1 to May 30, 2024. Shareholders must complete their share transfers by March 29, 2024, to be eligible to participate in the meeting.
The chart below illustrates that from February until the ex-dividend date, all shareholder-related announcements are recorded and flagged in the TEJ “Shareholders’ Meeting Information” database. Users can filter and utilize data through various database fields for efficient analysis and application.
Chart 3, Delta Electronics 2024 Shareholders’ Meeting Schedule
From the timeline chart above, it is evident that in the first half of each year, information disclosures from listed companies are continuous. Key announcements—such as dividend distribution, board director and supervisor elections, candidate list releases, changes to meeting proposals, and ex-dividend dates—all significantly impact stock prices, ETF selection, board decisions, and investor interests.
For instance, Delta Electronics (2308) is scheduled to hold its shareholders’ meeting on May 30, 2024. According to regulations, share transfers must be suspended within 60 days before the meeting, which means the suspension period is from April 1 to May 30, 2024. Shareholders must complete their share transfers by March 29, 2024, to be eligible to participate in the meeting.
The chart below illustrates that from February until the ex-dividend date, all shareholder-related announcements are recorded and flagged in the TEJ “Shareholders’ Meeting Information” database. Users can filter and utilize data through various database fields for efficient analysis and application.
Market Observation Post System (MOPS): For accessing major announcements and public disclosures.
Shareholders’ meeting date, location, major proposals, and start and end dates of share transfer suspension for TSE, OTC, and emerging market companies.
Table 1, Important dates for shareholders’ meetings:
| Shareholders’ Meeting Date | The scheduled date for annual general meetings (AGMs) and extraordinary general meetings (EGMs). |
| Board Meeting Date | The date when the board of directors resolves to convene the shareholders’ meeting. |
| Share Transfer Suspension Period (Start and End Dates) | The period during which share transfers are suspended, starting within 60 days before the AGM to confirm the shareholder registry. |
| Last Share Transfer Date | The final date for shareholders to complete share transfers to be eligible to participate in the meeting. |
| Margin Trading Suspension Period | The timeframe when margin trading is suspended in relation to the shareholders’ meeting. |
| Resumption Date for Margin Trading | The date when margin trading is allowed to resume. |
| Last Day for Short-Sell Buyback | The final date by which investors must buy back shares to cover their short positions. |
| Ex-Dividend Date | The date when a company’s stock trades without the right to receive dividends, including cash dividends, stock dividends, capital increases, reductions, and GDR ex-dividend dates. |
STARLUX Airlines (2646) held its shareholders’ meeting on June 14, 2024, where a proposal for a public offering of new shares as part of its initial capital increase prior to listing was discussed and approved. The proposal included a resolution for existing shareholders to waive their preemptive rights.
Following the shareholders’ meeting, the company initiated the required procedures for the cash capital increase and disclosed major announcements on the Market Observation Post System (MOPS). Key highlights of the capital increase announcements are as follows:
All detailed information regarding this capital increase will be included and presented in the TEJ “Shareholders’ Meeting Information” database.
Private placement refers to a company seeking investments from specific institutional or large-scale investors for purchasing its newly issued securities. This approach helps reduce underwriting and administrative costs, shortens the fundraising timeline, and efficiently achieves capital-raising objectives.
For example, Alchip-KY (3661) held its shareholders’ meeting on May 30, 2024, where a proposal for conducting a private placement of common shares was discussed and approved. The key details are as follows:
All relevant announcements regarding this private placement will be included and presented in the TEJ ” Shareholders’ Meeting Information” database.
Capital reduction is a method for companies to adjust their capital structure. It can be categorized into three types: cash capital reduction, treasury stock capital reduction, and loss offset capital reduction. According to Article 172, Paragraph 5 of the Company Act, capital reduction proposals must be listed in the agenda of the shareholders’ meeting with a clear explanation of their main content and cannot be proposed as an ad-hoc motion.
The following explains capital reduction cases mentioned in shareholders’ meetings and how they are recorded in the TEJ “Shareholders’ Meeting Information” database.
Innolux Corporation (3481) held its shareholders’ meeting on May 31, 2024, where the proposal for a cash capital reduction was discussed and approved. After the shareholders’ meeting, the company proceeded with the necessary procedures for the capital reduction and announced the relevant information on the Market Observation Post System (MOPS). Key excerpts from the capital reduction announcement are as follows:
On July 10, 2024, the company announced the capital reduction record date and the share exchange plan, stating that the capital would be reduced by NT$10,894,360,010 with a reduction ratio of 12%. Shareholders would receive a cash refund of NT$1.2 per share (for details, refer to the TEJ Capital Formation Database).
Les Enphants (2911) held its shareholders’ meeting on May 24, 2024, where the proposal for a capital reduction to offset losses was discussed and approved. After the shareholders’ meeting, the company proceeded with the necessary procedures for the capital reduction and announced the relevant information on the Market Observation Post System (MOPS). Key excerpts from the capital reduction announcement are as follows:
On August 1, 2024, the company announced the capital reduction record date and the share exchange plan, stating that the capital would be reduced by NT$350,419,990, with a reduction ratio of 25% (for details, refer to the TEJ Capital Formation Database).
The complete information regarding this capital reduction will be recorded and presented in the TEJ ” Shareholders’ Meeting Information” database as follows.
The TEJ “Shareholders’ Meeting Information” provides information on the dividend policy resolutions passed during each shareholders’ meeting and accumulates the annual dividend amounts. This facilitates comparisons over different periods or across companies based on an annual frequency.
The example below shows TSMC (2330) and its quarterly dividend distribution for 2024. In the fourth quarter, a dividend of NT$4.5 per share will be distributed, with the ex-dividend date set for June 12, 2025. The accumulated annual cash dividend for 2024 amounts to NT$16.99977526 per share.
Statistics show that in 2024, there were over 76,000 major announcements made by listed companies on the Market Observation Post System (MOPS), with more than 41,000 of these announcements occurring during the peak shareholders’ meeting season in the first half of the year. TEJ conducts daily screening, categorizing, and organizing of nearly a thousand announcements, transforming them into actionable information for investors.
The TEJ “Shareholders’ Meeting Information” database not only helps investors stay updated on shareholders’ meeting resolutions, dividend policies, and market trends but also serves as a valuable data source for quantitative investment strategies. By providing comprehensive and structured information, the database supports various investment strategies, including dividend arbitrage, event-driven trading, and corporate governance analysis, enabling investors to gain deeper market insights and make more informed investment decisions.
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