FENC is issuing its 7th CSR Report, a commitment to the Company’s aggressive efforts in enhancing stakeholder dialogue, reaching sustainable development goals and creating a sustainable future.
Year after year, FENC’s CSR performance consistently wins wide recognitions. We are the only corporation in the world to receive the honor of Outstanding Practice – World Class from GCSA. For the second year in a row, FENC is the winner of CSR Comprehensive Survey – Manufacturing Industry Category from Global Views Monthly Corporate Social Responsibility Award. Additional honors received include CDP-Water Security-Leadership Level and CDP-Climate Change-Management Level; being selected as constituents of international sustainable benchmark indicators such as MSCI ESG Leaders Index and FTSE4Good Emerging Indexes; 7 awards from TCSA, among which are Top 50 Corporate Sustainability and Report Awards.
To address stakeholders’ concerns with actions, the Sustainability Strategy Blueprint continues to serve as the primary framework for the 2019 CSR Report. In addition, we construct a secondary framework with material topics to illustrate their significance to FENC, the Company’s management approaches and actual performance. We also developed sustainable strategies and established short- (2020), mid- (2025) and long-term (2030) targets. By tracking the progress each year, we are striding forward and reaching our sustainable development goals.
The 2019 report presents project highlights in 5 Special Reports. In “Fighting COVID-19 and Safeguarding National Health with Advanced Deployment”, the report covers how FENC provides medical grade fiber to produce the skin-friendly inner layer of face masks and protect public health and safety. “Creating Paradigm for Circular Economy” points out FENC’s world-leading status with its rPET production capacity. “70 Years of Love, FE HAPPY GO” celebrates the 70th anniversary of Far Eastern Group with coverage on the campaign, “7,000 Steps a Day”, which promotes healthful living. “Climate-related Financial Risk Assessment” charts FENC’s assessment of climate-related risks and their impact on corporate operation, the quantification of financial impacts and corresponding measures adopted. “Expansion of CSR Scope” announces the addition of 6 FENC business locations in the scope of the report, including Taiwan, Vietnam, Japan and the U.S. All 5 projects are continuations of FENC’s efforts in sustainable development as well as the belief in coexisting with the society and environment in harmony.
FENC is leading the green product industry with NT$34.75 billion in revenue. In 2016, the Company assisted adidas and Parley for the Oceans by introducing Ocean Plastic, yarns spun from recycled PET bottles from the ocean. As of 2019, we have successfully kept 2,810 metric tons of waste plastic from the ocean. Our customers think very highly of the product quality we offer. In 2019, FENC is the only corporation in the world to receive adidas’ global performance awards in the Sustainability and People categories as well as North Asia performance award in the People category. Coca-Cola also presented FENC with Sustainability Award and Gold Supplier Award.
Environmental sustainability is one of the key long-term goals for FENC. Among the reduction targets we established for energy, water resources, air pollution and waste, we were able to reach the short-, mid- and long-term targets for energy, air pollution and waste ahead of schedule in 2019, which is a remarkable achievement in project implementation. Furthermore, FENC is constructing solar power stations and promote the use of renewable energy. In 2019, we accumulated 11.15 million kWh of renewable energy.
Human rights are paramount to FENC, and all production sites have signed FENC Human Rights Policy in 2019. Additionally, for the employees at Taiwan locations, the average salary we offer is 41% higher than the market rate, and the hours of staff training have been growing for 8 consecutive years. The efforts won FENC the 2019 Happiness Enterprise Award from 1111 Job Bank and TTQS Silver Medal from Workforce Development Agency, Ministry of Labor.
FENC is second to none when it comes to giving back to the society, topping NT$140 million in social engagement and cash investment for the year 2019, which increased 89% from the previous year. Y. Z. Hsu Science and Technology Memorial Foundation has been hosting the Y. Z. Hsu Science Award over the years to encourage technological research and development among the academia and has awarded a total of NT$150 million in prizes. Far Eastern Memorial Foundation collaborates with Economic Daily News and Bloomberg News, bringing Bloomberg Weekly, the authoritative voice on economic affairs, to the readers in Taiwan. Approximately 4.45 million issues have been circulated in 2019.
The scope of disclosure of the 2019 FENC CSR Report accounts for 93% on the Company’s consolidated statement, and the report is in full disclosure in accordance with the latest GRI Standard issued by Global Reporting Initiative (GRI) with third-party assurance from SGS Taiwan Limited. FENC will continue to publish the CSR Report on a regular basis, aggressively engaging in stakeholder dialogue and fulfilling its pledge to building a sustainable future.
Download 2019 FENC CSR Report at http://csr.fenc.com/report.aspx?lang=en.