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Using panel data on banks publicly listed in Taiwan over 1997 to 2008, this paper examines the determinants of board size and composition in an environment where most banks have concentrated ownership and investor protection is weak. The result shows that board size and composition reflect the bank-specific and ownership characteristics. First, bank size and bank age are the key determinants of banks’ board size. Besides, board independence increase with the controlling shareholders’ ownership, but decrease with the ownership of outside directors. However, board size and structure are both not sensitive to the benefits and costs of monitoring and advising. Thus, contrary to the finding of US unregulated firms with disperse ownership, our results are not supportive of the view that banks structure boards in an efficient response to their operating environment.       Key words: Board size, board composition, ownership.

The determinants of board size and composition: Evidence from Taiwan banks