Infromation Appraisal

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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:

  1. To promote corporate transparency by developing evaluation criteria which can not only well examine local disclosure practices but also comply with international standards.
  2. To assist companies in reducing cost of capital as disclosure level increase.
  3. To enable investors to better protect their interest through use of ranking results as an additional decision-making tool.
  4. 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:

 

  1. Compliance with the mandatory disclosures
  2. Timeliness of reporting
  3. Disclosure of annual report
  4. Disclosure of Financial forecast
  5. 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.

 

Year Number of Company of Appraisal Appraisal Result Willingness to disclosure without being requested File
2014(Twelfth) 1,393 A++ Stop Announcement
2013(Eleventh) 1,350 A++ Stop Announcement
2012(Tenth) 1,297 Top 5 A++ Stop Announcement
2011(Ninth) 1,228 Top 17 A++ Stop Announcement
2010(Eighth) 1,190 Top 10 A+ Yes
2009(Seventh) 1,154 Top 10 A+ Yes
2008(Sixth) 1,118 Top 10 A+ Yes
2007(Fifth) 1,098 A+ Yes
2006(Fourth) 1,086 A Yes
2005(Third) 1,032 A Yes
2004(Second) 981 Top one third Yes
2003(First) 919 N/A N/A