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。

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Sustainable Governance

Sustainable Governance

Corporate sustainability is built upon robust governance. FENC pursues sustainable governance to create sustainable prosperity

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Sustainable Risk Control

Opportunity is a double-edged sword. With opportunities for corporate development, come risks. Such risks can only be offset through control mechanism in order for opportunities to become means of fulfilling sustainable management.

To reinforce corporate governance and establish sound risk control to reach corporate targets, the Board approved Risk Control Policy on November 12th, 2020. The objective is to ensure sustainable management, reduce damages and enhance corporate profit. Risks and opportunities should be evaluated accordingly for all business conducts to identify, evaluate, monitor and control risks, keeping risks within manageable range to rationalize risks and benefits.
Risk Management Policies

Structure of Risk Control Organization

FENC’s risk management organizational structure is divided into three levels. Board of directors, Administrative Department, all businesses and applicable units in order, the relevant rights and responsibilities are stipulated in Risk Management Policies.

  1. Board of Directors
    The BOD is the highest decision-making unit of the risk management. Audit committee and Sustainability Committee monitors the corporate risk and ESG risk management policies and framework to ensure the effectiveness of risk management in accordance.
  2. Corporate Management
    Comprehensively review the overall risk management and formulate the relevant mechanisms.
    Monthly: Hold various regular meetings, review risk management related issues, monitor implementation and coordinated operation of risk management.
    Yearly: Submit a risk management report to the BOD. The 2020 risk management report was reported to the BOD on November 12, 2020.
  3. Operating Business and Relevant Divisions
    Response team shall immediately report any risk event when emergency and material risk might impact the Company. Communicating with external and internal stakeholders ensures to comply with the laws and regulations and minimizes possible losses and damages. 
    Identify risk in the field of divisions, adjust for risk planning implement necessary process of risk management and report management status to Corporate Management on a regular basis.
    Response team shall immediately report any risk event when emergency and material risk might impact the Company. Communicating with external and internal stakeholders ensures to comply with the laws and regulations and minimizes possible losses and damages. We conduct various monthly meetings with the highest governing entity, covering risk issues such as management and sales; industry management; energy conservation, which ensures proper focus and management from the highest governing entity.
     

FENC Regular Meetings

Environment Social Governance

Corresponding Issue

Important Meeting

Interval

Corresponding Issue

Highest Ranking Attendee

Board Meeting

Board Meeting

Quaterly

■ ● 

Chairman

Audit Committee

Quaterly

Independent Directors and Directors

Remuneration Committee

Semi-annual

Sustainability Committee

Annual

■ ● 

Themed Meeting

Management Meeting

Annual

■ 

Chairman

Human resources management and development

Semi-annual

● 

Special report on R&D

Annual

■ 

Seminar on industry strategies 

Semi-annual

Budget review

Annual

 Energy conservation

Annual

Regular Meeting

Operation review meeting

Monthly

■ ● 

Sales Meeting

Semi-monthly

Risk management meeting

Monthly

■ ● 

President of Corporate Management

 

FENC Risk Management Principle and Processes
 

Six Principles

1. Considering the uncertainty of risk factors and collecting the best information to develop prioritized action plans.

2. Achieving optimal resource allocation and utilization.

3. Establishing necessary preventive mechanism and emergency action plans.

4. Constantly identifying and responding to changes.

5. Complying with laws and regulations.

6. Strengthening trust and communication with stakeholders

Seven Processes


Major Risks

FENC identifies potential risks and their sources for all departments. For more details on measures established, please refer to the corresponding chapters in FENC Sustainability Report or FENC Annual Report.

  1. Financial Risk
    Including the volatility of local and foreign interest rates, currency exchange rates and credit risks, etc.
  2. Strategic and Operational Risk
    Including operations strategies, local and overseas market competitions, industry alliance, policy or regulation changes, etc.
  3. Information Security Risk
    Including but not limited to potential threats to the confidentiality, integrity, availability of the Company’s information asset due to any natural, man-made or technical factors.
  4. Environmental and Energy Risk
    Including the change of climate, natural resources, government energy and related financial and taxes policies, etc.
  5. ESG Risks
    ESG risks encompass risks induced by the environment, society and governance that are derived out of global corporate sustainability issues.
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