Message from the Chairman
The year 2022 is one filled with turbulence. Geopolitical stability was shattered by the Russian invasion of Ukraine; the financial world braced for high volatility amid rate hikes in the West; business costs skyrocketed due to the surge in inflation. Meanwhile, the world is still trying to tame COVID-19, which is hindering the global economic prospect. Though uncertainties crowded the business sphere during the year, FENC delivered a spectacular performance with 263.9 billion in consolidated revenues, more than a 10% jump from the previous year. More significantly, this is a record-setting milestone to the Company.
FENC leads the world’s polyester and recycling industries. Its competitive edge is founded upon a regional supply chain buttressed with a vertically integrated production and distribution network, allowing the Company to market its high-functional and eco-friendly products to the world. To continue solidifying its leading status and seizing growth momentum, FENC reviews its corporate vision periodically, establishes short-, mid- and long-term goals and bolsters its workforce with a robust talent cultivation system. Above all, discipline serves as the overarching principle that propels FENC towards excellence. It is with discipline running through the veins of its employees and corporate culture that FENC thrives with brilliance.
I have the privilege of being the recipient of the 2022 TCSA Corporate Sustainability Lifetime Achievement Award and would like to dedicate it to the unyielding devotion Far Eastern employees have given to the promotion of sustainability. The award is a vote of confidence to what we have done. It is also an aspiration for what is to come. With a greater sense of mission and obligation to reach sustainability, FENC will continue to embody its core values through the fostering of sustainable environment, society and governance, personifying corporate ESG.
To push forward the global march towards a low-carbon vision and energy transformation, FENC has established the Company-wide GHG reduction targets. With 2020 as the baseline year, the Company pledges to reduce 20% of GHG emissions by 2025, 40% by 2030 and reach net zero by 2050. The grand carbon-reduction scheme will unfold through five major strategies. With tremendous efforts already taking place in 2022, FENC reduced GHG emissions by 14% compared to the baseline year, keeping it on track for net zero. In March 2023, FENC published its first TCFD Report and submitted the signed commitment letter to the SBTi, striving towards net zero alongside its global counterparts.
FENC has accumulated over three decades of experience in the recycled polyester industry, acquiring the ability to transform post-consumer PET bottles and textiles into high-valued green products that give its customers one-stop solutions. In 2022, FENC’s ocean recycled anti-bursting jersey shined during the FIFA World Cup as the uniform of multiple national teams, including the champion, Argentina. Made of FENC’s recycled ocean polyester filament, the product has given Taiwan international visibility. FENC is also the first corporation in Taiwan whose rPET is approved by the Ministry of Health and Welfare for the production of food containers. In March 2022, the first rPET water bottle made of this rPET was released in Taiwan. FENC has once again brought sustainability to all households.
Employees are FENC’s most treasured asset. Hence, the Company established a robust system with diverse digital learning options to cultivate top talents. To fuel overseas growth, language courses are offered with programs fostering internationalization skills. Meanwhile, all labor policies and implementation at FENC follow international standards to protect human rights. Based on the outcome of the human rights due diligence, FENC continues to dive into human rights management to ensure a happy workplace.
The refinement of sustainable governance is an ongoing endeavor at FENC. For five consecutive years since 2019, FENC has been ranking among the top 5% in corporate governance evaluation, the highest level, putting the Company ahead of its peers as the only corporation with this record in the industry. FENC is also spearheading innovations in sustainable financing in Taiwan, issuing the first sustainable financial products in Taiwan and Asia. It is the only private corporation in the world to issue four types of sustainable bonds through the International Capital Market Association (ICMA). By fusing its core capabilities with these products, FENC has created a sustainable business model.
Looking into the future, as FENC continues pushing its sustainable undertakings forward, it will continue to inspire and expand sustainable values for the stakeholders. While the age of AI is upon us, FENC must embrace emerging technologies, honing digital and sustainable competitiveness and charting the course for industry transition.