我國於2023年公布《台灣2050淨零排放的路徑和策略》，以回應全球環境保護、社會責任和企業治理(Environment、Social and Governance，簡稱ESG)的行動。為實現董事會成員性別多元化的目標，金管會在2021年修訂了《公司治理實務守則》，並根據「新版公司治理藍圖 2020」提出女性董事的比例目標，以加強公司治理運作，促進董事、監察人和高階經理人酬金資訊的透明度和合理性，同時提升企業揭露與永續報告書中非財務性資性的品質。

本研究探討台灣上市櫃公司女性董事占比是否能顯著為企業ESG績效有重大影響性，並延伸探討董監事薪酬與企業ESG績效之關聯性。以2018年至2022年我國上市櫃公司，共 7,940 筆，以檢視其行動的實質效益。
實證結果發現：(1)2018-2022年上市櫃公司女性董事比例與企業ESG績效表現呈現負相關。(2)2018-2022年上市櫃公司董監事薪酬與企業ESG績效表現呈現正相關。(3)2018-2022年上市櫃電子工業產業公司與非電子工業產業公司董監事薪酬與企業ESG績效表現呈現正相關。(4)2018-2022年公司治理高於平均數上市櫃公司董監事薪酬為負相關(5)COVID-19期間對董監事薪酬增加幅度具削弱影響。

In 2023, our country unveiled the 「Taiwan’s 2050 Net-Zero Emissions Pathway」 in response to global environmental protection, social responsibility, and corporate governance (Environment, Social, and Governance, ESG) initiatives. To achieve the goal of gender diversity among board members, the Financial Supervisory Commission (FSC) revised the Corporate Governance Best Practice Principles in 2021, proposing targets for the proportion of female directors based on the 「New Corporate Governance Blueprint 2020」. This aims to enhance corporate governance, promote transparency and fairness in the compensation information of directors, supervisors, and senior executives, and elevate the quality of non-financial information disclosed in corporate disclosures and sustainability reports.
This study investigates whether the proportion of female directors in listed companies in Taiwan significantly impacts corporate ESG performance and extends the exploration to the correlation between director and supervisor remuneration and corporate ESG performance. The empirical analysis covers the period from 2018 to 2022, encompassing a total of 7,940 observations of listed companies in our country to examine the substantive benefits of these initiatives.

The empirical findings indicate that:(1) The proportion of female directors in listed companies from 2018 to 2022 is negatively correlated with corporate ESG performance.
(2) Director and supervisor compensation in listed companies from 2018 to 2022 is positively correlated with corporate ESG performance.(3) In the electronic industry, both electronic and non-electronic companies in the listed market show a positive correlation between director and supervisor compensation and corporate ESG performance from 2018 to 2022.(4) Listed companies with corporate governance above the average from 2019 to 2022 show a negative correlation between director and supervisor compensation.(5) The increase in director and supervisor compensation during the COVID-19 period has a weakened impact.

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