Infromation Appraisal> Investor Relations > Corporate Governance > Appraisal > Infromation Appraisal
Appraisal result of "Corporate Information Disclosure & Transparence Ranking System"
The recent media focus on corporate governance has prompted calls for greater transparency and disclosure on companies around the globe. As a result, several leading financial-information providers have launched disclosure rankings, evaluations, and research related to how companies disclose information to rely on market force and mechanisms to encourage voluntary disclosures of companies. Securities and Futures Institute (“SFI”), entrusted by the Taiwan Stock Exchange Corporation (“TSEC”) and the Gre Tai Securities Market (“GTSM”), therefore launched “Information Disclosure and Transparency Rankings System”(IDTRS) to evaluate the level of transparency for all listed companies in Taiwan since 2003. The objectives are:
- To promote corporate transparency by developing evaluation criteria which can not only well examine local disclosure practices but also comply with international standards.
- To assist companies in reducing cost of capital as disclosure level increase.
- To enable investors to better protect their interest through use of ranking results as an additional decision-making tool.
- To help regulators better monitor the market.
he IDTRS gauged the level of corporate transparency by searching annual report, regulatory filling via inter net, and company web sites. In order to access the transparency and disclosure practices of listed companies, IDTRS set evaluation criteria and grouped them into the following five categories:
- Compliance with the mandatory disclosures
- Timeliness of reporting
- Disclosure of annual report
- Disclosure of Financial forecast
- Corporate website disclosure
TXC Corporation, since 2004, had fully met the criteria set by IDTRS and was listed as A rank. In addition, TXC is also categoried as a company volunteered to disclose operation result since 2004. TXC Corp is ranked as A+ company in 2007 and also remarked as a company that discloses information voluntarily.The following table shows the appraisal result of TXC Corporation.