Stakeholder Dialogue

Identification of Stakeholders and Material Topics

While pursuing sustainable management, FENC takes into account recommendations from as well as impacts on stakeholders in order to foster sustainable growth for the Company and the society.

Each year, Sustainability Implementation Committee identifies stakeholders and material topics for FENC. A survey is administered every 3 to 4 years to collect feedback from external sources. The last survey was conducted in 2019, and 576 surveys were collected. The stakeholders and material topics identified are approved by high-level executives to ensure that FENC’s sustainable management and the content of FENC Sustainability Report are in line with the expectations of the stakeholders.

COVID-19 magnified the impact of the material topic, Perfecting Risk Management, on stakeholders, corporate sustainability, external economy, environment and society. Considering the increasing influence of "media" on corporate management in recent years, it is listed as one of the major stakeholders.

Analysis Process and Outcome

Process

Outcome

Stakeholder

14 categories of stakeholders are identified based on 104 CSR reports from Taiwanese corporations and global customers.
The 5 principles and 2 engagement plans from AA1000 SES (Stakeholder Engagement Standard 2015) are consulted to produce the survey, which is then administered among members of FENC Sustainability Implementation Committee. A total of 128 (96%) valid surveys are collected.

8 categories of stakeholders are identified.

Employees / Labor Union
Direct Customers
Government
Industry Association
External Evaluation Agencies / Media (New)
Shareholders / Investors / Financial Institutions
Local Residents and Organizations
Partners (Suppliers / Contractors)

Material Topic

In-depth analysis is conducted on 109 CSR reports, research studies and sustainability websites, including Sustainability Accounting Standards Board (SASB), the Global Risk Report 2019 by World Economic Forum, WBCSD Vision 2050, Fashion Pact G7 and Green Biz.
Evaluation standards on material topics are established based on GRI Standards. Nine categories of questions are designed for the survey, which is administered to internal and external stakeholders. A total of 448 (90%) of surveys are collected.

The analysis produced 12 material topics and 7 topics of concern.
The raging COVID-19 pandemic makes corporate sustainability actions an imminent task for the world. Based on the analysis conducted in 2019, FENC also consulted UN SDGs, TCFD and Global Risk Report 2020 by World Economic Forum to examine emerging risks posed by the pandemic. With executive approval, the Matrix of FENC Material Topics is determined.

Analysis Process of Stakeholders and Material Topics

FENC Major Stakeholders

Matrix of FENC Material Topics

Notes:
1. The significance of each material topic to FENC and management guidelines will be elaborated in “Material Topics”.
2. There are 7 other topics of concerns, including “Construct happy workplace”, “Foster employee career planning", “Promote product marketing”, “Coordinate sustainable supply chain development”, “Cultivate compassionate bonds”, “Optimize land resources”, “Build sustainable community”.
3. “Optimize land resources” and “Build sustainable community” apply to FERD only; “Construct happy workplace”, “Foster employee career planning” and “Reinforce environmental safety and health management” apply to production business only.
Online Survey on Issues Related to Corporate Sustainability for Far Eastern New Century

Next：Dialogue and Response Back

遠東新世紀股份有限公司〈原遠東紡織〉，乃台灣規模最宏大、最多元化的紡織及相關產品製造者。本公司共分化纖、紡織、石化、土地開發與轉投資五大事業。

Sustainable Vision