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 2022.
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 nnovation", 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 Ethical, The Company requires new employee conduct anti-corruption for "Code of Ethics" and "Principles of Ethical Corporate and Management" when they join the company. The Company organize Courses aimed at the employee awareness of Ethical Corporate and Management and anti-corruption training on October 1, 2022, which are included cases of insider trading, disclose trade secrets and forgery, through the training prevents the risk of fraud and prevent 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 which conduct relevant investigation and inspection. In 2022 we undertook the "Board Meeting Management" and "Remuneration Committee" auditing tasks, checking that the management of the board's conflicts of interest and the running of the Remuneration Committee both met 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 to board members, all employees, suppliers and contractors. The content includes FENC's code of ethics, integrity management, reporting channels, disciplinary measures and other policies fully cover all aspects of dishonest behaviors such as anti-bribery, violation of integrity, violation of law or breach of fiduciary duty.
In 2022, 90% of full-time employees, and 100% of the board members have completed anti-corruption training. 100% of new employee have signed a statement, promise to obey the company's " Code of Ethics”
Audit Committee e-mail address：email@example.com
Auditing Department e-mail address：firstname.lastname@example.org
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