Corporate Governance

Far Eastern New Century understands that if a corporation is operated corruptly and unethically it will harm the reputations of the corporation itself, society, and many other stakeholders. Regarding the Legal Department, the “Legal Compliance Team” is established to promote and conduct corporate ethical management, including “Business Corruption Self-Assessments”, during quarterly compliance reviews. The implementation status is subsequently reported to the Board of Directors. FENC found no incidence of corruption in the year 2023.

In order to lower the risks of corporate corruption, Far Eastern New Century has not only included a rule on conflicts of interest in its board meeting regulations, but also implemented the idea of "Sincerity, Diligence, Thrift, Prudence, and innovation", and coordinated behavioral norms such as the "Principles of Ethical Corporate Management" and "Code of Ethics" with appropriate reward systems and standards such as a variety of complete internal control system and operational methods (including managerial policies, authorization systems, and division of labor by function). This supplements the internal evaluation processes and allows for total control. To raise awareness of Corporate Ethics, The Company requires new employees to conduct anti-corruption for the "Code of Ethics" and "Principles of Ethical Corporate and Management" when they join the company. The Company organized courses aimed at the employee awareness of Ethical Corporate and Management and anti-corruption training on October 31, 2023, which included cases of insider trading, disclosing trade secrets and forgery, through the training prevents the risk of fraud and illegal activities.

Far Eastern New Century has established multiple reporting channels (e.g. the audit committee and auditing department email addresses) through which stakeholders can report corrupt activities. The reporting channels are independent investigation mechanisms that conduct relevant investigation and inspection. In 2023 we undertook the auditing tasks for "Remuneration Committee Operations" and the result shows the Committee met the required standards. In addition, two cases of violations reported by retired employees and current employees were found not to have violated the legal policies of the corporation.

To raise awareness on anti-corruption practices, we implemented anti-corruption training through online courses and classroom training for board members, all employees, suppliers and contractors. The content includes FENC's code of ethics, integrity management, reporting channels, disciplinary measures and other policies that fully cover all aspects of dishonest behaviors such as anti-bribery, violation of integrity, violation of law or breach of fiduciary duty.

In 2023, 100% of full-time employees, and 100% of the board members have completed anti-corruption training. 100% of new employees have signed a statement, promising to obey the company's " Code of Ethics”
 

Audit Committee e-mail address：auditcommittee@fenc.com
Auditing Department e-mail address：feaudit@fenc.com

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