Financial institutes will be subject to stronger supervision when electing executives and deliberating the qualification of major shareholders.
 
The Financial Services Commission(FSC) issued an advance notice on Wednesday of supervision regulations for financial firms’ governance. The move comes after the commission issued an advance notice of an implementation plan earlier in March.
 
According to the rules, financial institutes must reveal on their Web sites and report to the commission whether a candidate for the post of executive meets the qualifications set by law. The institute must also post the term, duties and rights of executives online.
 
Financial companies must also reveal and inform the commission when dismissing executives. They must disclose the reason for dismissal and future plans for picking out replacements.