Thibaut Bruttin, Director General of Reporters Without Borders (RSF), met with Taiwanese President Lai Ching-te in Taipei on 16 October 2024.

The meeting focused on strategies to bolster Taiwan’s democratic resilience against disinformation. Bruttin was accompanied by key figures from RSF and Taiwan’s leadership, including Secretary-General of the National Security Council Joseph Wu and Deputy Minister of Foreign Affairs François Wu.

The delegation also included notable figures from RSF’s Taipei Bureau, such as Director Cédric Alviani, Advocacy Manager Aleksandra Bielakowska, and Development and Projects Manager Shataakshi Verma.

The talks were held in the context of Taiwan’s rising prominence in global press freedom, with the nation moving from 35th to 27th place in RSF’s 2024 World Press Freedom Index.

Bruttin praised Taiwan’s advancement but emphasised the importance of continued reforms to ensure that Taiwan’s media remains resilient in the face of increasing disinformation campaigns, particularly given the island’s tense geopolitical situation with the People’s Republic of China.

“Taiwan, as a regional leader in press freedom and the only democracy in the Chinese-speaking world, has everything to gain from aligning its media regulations with international standards,” Bruttin stated. He argued that reforms are crucial not only for combating disinformation but also for restoring public trust in the Taiwanese media, which he noted is alarmingly low.

According to recent studies, only three out of ten Taiwanese citizens trust the media, a figure that ranks among the lowest in democratic nations. Bruttin attributed this in part to Taiwan’s polarised and sensationalist media landscape.

During the meeting, Bruttin outlined several key RSF initiatives that Taiwan could adopt to enhance its media environment.

Among these was the Journalism Trust Initiative (JTI), the world’s first ISO-certified media quality standard, designed to promote reliable and transparent journalism.

He also discussed the Paris Charter on Artificial Intelligence and Journalism, which aims to ensure ethical standards in the use of AI within the media.

Additionally, Bruttin introduced RSF’s Propaganda Monitor, a project that tracks and counters propaganda and disinformation worldwide, including efforts by state actors.

Bruttin stressed that implementing these initiatives could help Taiwan build a more transparent and trusted media sector, crucial for democratic stability. He also addressed the role of international platforms, which often dominate local media landscapes, posing a long-term threat to the viability of independent journalism.

Bruttin’s visit coincided with two significant events for RSF in Taiwan.

Firstly, the organisation held its inaugural Asia-Pacific Correspondents Seminar, which gathered regional representatives from RSF for internal discussions on the state of press freedom across Asia.

Secondly, RSF celebrated the seventh anniversary of its Taipei Bureau, which was opened in 2017 to strengthen RSF’s presence in the region. The anniversary reception saw over 200 prominent figures from the media and academic spheres attend, highlighting the increasing significance of RSF’s work in Asia.

Taiwan’s media landscape has long been under pressure due to aggressive efforts by the People’s Republic of China to assert sovereignty over the island. China’s state-sponsored disinformation campaigns are frequently aimed at destabilising Taiwan’s democratic institutions.

These efforts have exacerbated divisions within Taiwan’s media sector, which is already fragmented and prone to sensationalist reporting. Bruttin’s recommendations reflect a broader push to enhance Taiwan’s ability to resist such external interference through robust media governance and public trust-building measures.

Bruttin’s discussions with President Lai follow a similar visit by RSF’s previous Director General, Christophe Deloire, in 2017, when he met with then-President Tsai Ing-wen. RSF has consistently praised Taiwan for its commitment to press freedom but continues to advocate for further regulatory improvements.

On 16 September 2024, Taiwan’s Financial Supervisory Commission (FSC) rejected an application from CTBC Financial Holding Co. to launch a tender offer for Shin Kong Financial Holding Co., potentially clearing the path for Taishin Financial Holding Co. to proceed with its proposed merger with Shin Kong Financial.

Jean Chiu, vice chairperson of the FSC, stated at a press conference that CTBC Financial failed to provide a comprehensive implementation plan for the acquisition. CTBC had proposed acquiring between 10% and 51% of Shin Kong Financial’s shares initially, with plans to later fully integrate the company.

However, the FSC raised concerns over CTBC’s lack of detailed provisions on how it would manage various potential outcomes, particularly if it failed to secure full control of Shin Kong.

Additionally, the FSC highlighted gaps in CTBC’s understanding of the financial health of Shin Kong’s life insurance subsidiary, as well as a lack of firm commitments regarding raising the capital size of this subsidiary.

This uncertainty, combined with the method of payment proposed by CTBC—using a mix of cash and its own stock—raised concerns that the tender offer could negatively affect shareholders due to potential fluctuations in CTBC’s stock price during the transaction process.

CTBC’s proposal, announced on 20 August, included an offer of NT$4.09 (US$0.13) per share in cash and an exchange of 0.3132 CTBC shares for each Shin Kong share, amounting to NT$14.55 (US$0.46) per share. This bid was labeled by Taishin Financial as a hostile takeover attempt, as Shin Kong Financial’s board had not approved the offer.

In response, Taishin Financial, which has been vying for Shin Kong through a merger, revised its stock swap offer on 11 September.

The new offer included 0.672 Taishin shares plus 0.175 preferred shares for each Shin Kong share, translating to NT$14.18 per share—closer to CTBC’s offer. Taishin had earlier disclosed on 22 August its original plan to offer 0.6022 shares of its stock per Shin Kong share, which amounted to NT$11.32 (US$0.36).

Chiu emphasized that tender offers based on stock payments are rare in Taiwan, with only six cases since the 2002 revision of tender offer regulations.

She referenced Fubon Financial Holding’s acquisition of Jih Sun Financial in 2023, where cash was used instead of shares, to highlight how tender offers have traditionally been handled in the local market.

Chiu concluded by stating that although Taiwan’s financial market operates on free-market principles, takeovers should avoid disrupting market order and respect corporate stability.

Taishin Financial and Shin Kong Financial are set to hold a special general meeting on 9 October to secure shareholder approval for their merger plan, which will then require the FSC’s endorsement.