In a recent court judgment, the Taipei District Court (“TPDC”) affirmed, as upheld by the Taiwan High Court (“THC”) in April 2010, the validity of a package limitation clause in a contract of carriage. The TPDC held that not all clauses for the exclusion or limitation of liability, as contained in a document relating to a contract of carriage, would be void, and that whether such exclusion or limitation would be unconscionable depends on the underlying facts and circumstances leading to the conclusion of the contract in question. The TPDC nevertheless limited the application of the package limitation clause to losses occurred during air transportation.
The Internet is widely used by nearly every household on the planet and the penetration rate continues to climb each year. E-commerce or online shopping is transforming the retail sector where some markets have been affected more than others.
Since the global financial
crisis in 2009, international insurers (such as Prudential, Aegon and the ING
Group) have withdrawn their physical presence from the Taiwan insurance market
due to fierce price competition from local players and low growth in the Taiwan
market in comparison to the neighboring China and other emerging Asian markets.
The global economy and market underwent a
volatile year in 2011 faced with an historically severe natural disaster in
Japan, a crisis in the Euro Zone and debt crisis in the United States. Despite
the global downturn, merger and acquisitions (M&A) remained robust and
active in Taiwan in 2011.
According to the Companies Act, “in convening a meeting of the Board of Directors,
a notice setting forth therein the subject(s) to be discussed at the meeting shall be
given to each Director and Supervisor no later than 7 days prior to the scheduled
In the December/January 2011 issue, we reported that an amendment to the Securities and Exchange
Law was adopted to request listing companies establishing compensation committees. And, under the
authorization of the Law, qualifications of the members and the competence of the compensation
committee will be promulgated by the Financial Supervisory Commission (FSC), the financial
regulator in Taiwan.