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60 Taiwan Development Perspectives 2009
VII. Conclusion and Recommendations
Taiwan should enact a set of financial supervision
regulations based on the concept of corporate governance
and require financial institutions to strictly implement
corporate governance provided for in the
OECD Principles of Corporate Governance. Supervision
through the implementation of corporate governance
for financial services will enhance the legal
framework to stabilize the financial system. Whatever
may have caused financial instability; it is clear that
enforcement of corporate governance in the foreseeable
future will be stricter than it has been before.
In order to advance the lines of defense against financial
instability, Taiwan’s regulators should strengthen
the prudential orientation of the financial regulatory
and supervisory framework. Implementing corporate
governance in the financial sector will be one of
the mechanisms that will help management strengthen
safety and soundness of the financial system and protect
public interests.
In addition, the adoption of earlier risk assessment
and an early warning system will allow Taiwan’s financial
authorities to have more time to deal with a financial
failure at an earlier stage. A prudent financial supervision
regulatory framework will give Taiwan a safe
and sound financial market.
Better corporate governance will help raise capital
support for Taiwan’s sustainable economic growth.
When the entire legal infrastructure is in place, all that
is needed for financial supervision is to make financial
supervision work. Without legal enforcement, the financial
supervisory authorities are a toothless tiger.