FENC issues the latest Sustainability Report: A quantum leap in sustainable governance, together in the fight against COVID-19
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FENC issues the 8th Sustainability Report (SR) in 2020 as COVID-19 rages through the world. Our commitment to stakeholder dialogue is continuous. Together, we fight against the pandemic and for a better future.
FENC has been recognized repeatedly for its performance in corporate sustainability. In 2020, the Company was once again honored with multiple awards and evaluations, including 5 TCSA awards – Top 10 Taiwanese Companies Sustainability Model Award; the 4th Best Corporate Sustainability Report Award; Gold English Report Award; Circular Economy Leadership Award; People Development Award. The Company also received GCSA – Great Practice; Global Views Monthly Corporate Social Responsibility Award – Excellence in Manufacturing Industry category as well as Winner in Environmental Sustainability category; CDP Leadership Level in Water Security and Supplier Engagement Rating as well as Management Level in Climate Change. In addition, FENC is now a constituent of 5 sustainability indexes, including MSCI ESG Leaders Index, FTSE4Good Emerging Indexes, Taiwan Corporate Governance 100 Index, FTSE4Good TIP Taiwan ESG Index and Taiwan Sustainability Index.
The world suffered a major blow from COVID-19 in 2020, quickly shifting the focus of global sustainability. To demonstrate its commitment in sustainable development, FENC established the Sustainability Committee under the Board of Directors, making a quantum leap in corporate sustainability. Meanwhile, the Board approved Risk Management Policies to strengthen corporate governance and risk management. The Company continues to disclose the short-term (2020), mid-term (2025) and long-term (2030) targets with implementation progress and updates on action plans in the SR to keep the Company on track to accomplish its sustainability development goals.
FENC presents the 2020 special projects in 3 special reports. “Protect the Nation, Unite against the Pandemic” shares how FENC supports the fight against the COVID-19 pandemic by providing the best materials for medical supplies and developing products that safeguard public health. FENC also establishes robust company-wide measures to protect the health of employees and the general public. “Developing Circular Economy and Sustainable Value” highlights FENC’s leadership status in global rPET production and application as well as its breakthrough in chemical recycling for PET. “Promoting Sustainable Development with Sustainable Finance” reveals FENC’s 2 sustainable financial products, which were launched in 2020 to advance FENC’s sustainable transformation.
With an array of green product lines, FENC is the market leader, reaching NT$32.77 billion in 2020 revenue. The Company also forms collaborative partnership with customers in an effort to generate technological innovation. During 2020 TITAS, FENC pioneered virtual exhibition to supplement the brick and mortar showroom, dissolving the boundary between the virtual and real worlds to showcase new products and maintain customer rapport.
FENC’s sustainable strategies focus on avoidance and recycling with specific targets established for the reduction of waste, energy, water withdrawal and air pollution. In 2020, the Company accomplished the 3 reduction targets ahead of schedule. The result is a testament to the Company’s performance. Additionally, to respond to climate change, FENC develops products that mitigate its effects, increases the use of renewable energy and expands the number of solar power stations. The Company also reached 12,417 kW in the installed capacity of renewable energy and implemented the latest version of ISO 14064-1 to continue reducing GHG emissions.
FENC is dedicated to the protection of human rights. In 2018, the Company enacted FENC Human Rights Policy, which was signed by all FENC sites in 2019. In 2020, the Company conducted human rights due diligence to identify the impact of human rights risks and signed Zero Fees for Migrant Workers Policy Statement. Starting in 2021, migrant workers are no longer responsible for paying any recruitment fees, which greatly improves their human rights. In face of the COVID-19 pandemic, FENC implemented Reimbursements for Expat Employees to protect employee safety and express gratitude for the hard work of expatriate employees.
FENC devoted NT$240 million in cash investment for social engagement in 2020, which grew by 71%. Far Eastern Y. Z. Hsu Science and Technology Memorial Foundation has a long tradition of encouraging academicians for their dedication in scientific research, development and innovation with Y. Z. Hsu Science Award. As of 2020, the Company has awarded NT$160 million in prizes. Far Eastern Memorial Foundation collaborated with Keelung City Government, bridging the rural-urban divide through local regeneration by holding Keelung Taiping International Workshop.
The scope of disclosure within the SR covers entities accounting for 93% of the revenues on the consolidated statement. Preparation of the report follows the latest GRI Standards, and the report received third-party assurance from SGS Taiwan Limited. In the future, FENC will continue to publish the SR on a regular basis to engage in stakeholder dialogue and make sustainable vision a reality.
Download the 2020 FENC Sustainability Report at https://csr.fenc.com/report.aspx?lang=en
