On October 1, 2026, Senior Counsel, Chen Yenpo, of IS Tech Law Office was invited to give a presentation on “Governance in the ESG” to undergraduate students at the International College of Innovation, National Chengchi University.
簡報內容的英文及中文摘要如下：
Corporate Governance and Sustainable Business Policy: The Core Role of “G” in ESG
1. Corporate Governance and Sustainable Business Policy:
The Core Role of “G” in ESG
In the ESG framework, Governance (“G”) serves as the structural foundation that translates Environmental (“E”) and Social (“S”) commitments into actionable, long-term corporate practices. Governance fundamentally addresses power allocation, decision-making, monitoring, and accountability, resolving the core question: “Who decides, who monitors, and who is accountable?”
Any climate transition target (E) or human rights policy (S) requires board-level oversight, strategic capital allocation, enterprise risk management, and transparent disclosure. Without strong governance, E&S initiatives risk becoming empty slogans or exposing the company to greenwashing liability.
2. Taiwan’s Regulatory Architecture & Sustainability Roadmap
Taiwan has established a robust corporate governance and sustainability regime anchored by the Company Act, Securities and Exchange Act, stock exchange rules, and FSC guidelines.
(1) Article 1 of the Company Act: Mandates that companies must comply with laws, respect business ethics, and promote public interests while pursuing profit.
(2) Regulatory Milestones: Evolving from the 2013 Corporate Governance Roadmap to “Corporate Governance 3.0” and subsequent sustainability blueprints, all listed and OTC companies in Taiwan are mandated to file Sustainability Reports starting in 2025.
(3) Key Governance Tools: Mandatory independent directors (at least 3 and 1/3 of the board); an Audit Committee comprising solely independent directors; ESG-linked executive remuneration; and strong minority shareholder protection combined with institutional investor stewardship.
3. Practical Case Studies: Learning from Governance Failures-Volkswagen Dieselgate
The course utilizes prominent international cases to analyze how information asymmetry and control failures generate catastrophic legal and operational risks:
(1) Volkswagen “Dieselgate”: VW installed illegal “defeat devices” to bypass emission tests, resulting in over US$30 billion in penalties and executive criminal indictments. Beyond environmental fraud, this was fundamentally a governance failure—a system where compliance warnings could not challenge commercial targets or reach the board.
(2) Recent 2026 Precedents: Including the Fiducian greenwashing case regarding inadequate oversight of underlying fund assets; the ASX project disclosure case demonstrating that operational updates are core governance issues; and governance disputes involving Tata Sons control dynamics and Shein’s dual-class voting structures.
4. Conclusion and Practical Takeaways
Effective ESG governance does not restrict business operations; rather, it ensures that corporate power is properly monitored, information is transparently communicated, and risks are rigorously managed. For international professionals and practitioners, the core takeaway is clear: ESG disclosure is a governance issue. Companies can only secure long-term value in the global market by establishing open internal escalation channels, empowering compliance and risk functions to challenge business strategies, and aligning executive compensation with measurable sustainability metrics.
公司治理與永續企業政策：ESG 中「G」的核心角色
一、 核心觀念：為什麼 E 與 S 最終必須回歸 G？
在 ESG 架構中，「G」（公司治理）是將環境（E）與社會（S）承諾轉化為實際行動的制度基石。治理本質上關乎權力分配、決策流程與監督機制，核心在於解答：「誰來決策？誰來監督？誰應負責？」 任何氣候轉型目標或人權供應鏈政策，皆需透過董事會的戰略引導與風險管控來落實。缺乏健全治理，E 與 S 易流於空談或引發漂綠風險。
二、 台灣法規架構與永續發展藍圖
台灣逐步建構完整的公司治理與永續規範體系，涵蓋《公司法》與《證券交易法》等。依據《公司法》第 1 條，企業在追求營利之餘，須遵守法規、商業倫理並促進公共利益。隨著永續藍圖推進，自 2025 年起，全體上市櫃公司皆強制申報永續報告書（ESG Report）。關鍵治理工具包含強制設置獨立董事、審計委員會、薪酬委員會並連結 ESG 指標，藉此強化市場紀律與股東權益。
三、 實務案例剖析：從福斯柴油門事件看治理失靈
簡報透過國際指標案例揭示控制失靈的代價：
福斯汽車柴油門事件：福斯因作弊軟體面臨巨額罰金與高管起訴。此案不只是環保違規，更是典型的治理失靈——當合規警告無法向上呈報或挑戰商業目標時，內部機制即告崩潰。
近期國際案件（2026）：例如 Fiducian 基金漂綠案（未確實監督化石燃料投資）、澳洲證交所專案資訊誤導案（營運專案揭露即是治理問題），以及 Tata Sons 與 Shein 涉及的控制權與少數股東權益保護議題。
四、 結論與實務建議
健全的 ESG 治理確保決策權力受監督、資訊透明且風險受控。ESG 資訊揭露即是治理問題。唯有建立暢通的內部通報管道、賦予合規與風控單位實質挑戰權限，並將永續指標納入高階薪酬，企業才能在瞬息萬變的全球市場中實現長遠價值。
課程簡報 Slides for the Class
Corporate Governance and Sustainable Business Policy: T…