United Microelectronics Corporation (UMC) bases its corporate governance structures and practices on Taiwan's Company, and Securities and Exchange Laws, and their related rules and regulations.

In Taiwan, the basic corporate governance organizational model is a two-tier structure that consists of a Board of Directors and Supervisors, both of whom are elected by shareholders. Generally, the Board of Directors is responsible for ensuring compliance with laws and regulations, avoiding conflicts of interest, and overall management of a company's business. Supervisors are responsible for the effective monitoring of a company's board and management, and generally function in a capacity equivalent to the Audit Committee in the U.S.

Under the Taiwanese Corporate Law and Securities and Exchange Law, Taiwan-based companies are not required to have an Audit or Compensation committee as required in the United States. UMC has entrusted these types of responsibilities to its Supervisors. This type of arrangement is common in Taiwan.