Corporate Governance

Far Eastern New Century Corporation (FENC) established the “Sustainability Committee” on November 12, 2020. The Sustainability Committee actively fulfills the following responsibilities under the oversight of the Board of Directors:

1. Promote and strengthen the corporate governance and integrity;
2. Implement and develop matters related to corporate sustainable development;
3. Supervise other matters related to corporate sustainable development approved by the Board.

FENC has established the Sustainability Implementation Committee and 3 dedicated personnel in the Sustainability Team to jointly integrate internal resources to achieve four goals: Exercise corporate governance; Foster a sustainable environment; Preserve public welfare; and Enhance disclosure of corporate sustainable development information. They regularly report the implementation of sustainable development initiatives and projects to the Sustainability Committee.

Committee Operation

A total of 2 meetings were held in 2024. The sixth meeting of the second session was held on April 11, 2024. Humphrey Cheng, the President of Corporate Management, represents the Convener of the Sustainability Implementation Committee, reported to the three members of the sustainable development progress and execution of ESG projects and performance, including: GHG management, initiating internal carbon pricing, expanding renewable energy, develop recycling technologies and green products, promote sustainable finance, strengthen occupational safety and health management, talent development and retention, execute environmental education curriculum, promote sustainable supply chain program, utilize multiple channels of stakeholder engagement to strengthen the relationships, engage with the community through diverse ESG activities, improve sustainability awareness, upgrade the digital platform for ESG information collection, etc. There were proposals for deliberation including publishing the 2023 sustainability report (Chinese and English versions) and revising part of the Company’s “Operational Procedure for Preparation and Assurance of the Sustainability Report”, etc. All resolutions were approved by all members presented and the Convener of the Sustainability Committee, Independent Director Johnsee Lee, reported the “Review report of the sixth meeting of the second session of the Sustainability Committee” to all the Directors presented on Board Meeting on May 9, 2024.

The third session Committee members were elected by the Board of Directors on August 7, 2024. Three members have expertise in sustainable development, including corporate governance operation, corporate risk management, corporate business strategy planning, employee rights care, supply chain management, energy reliability and non-profit organization management, etc., that meet the professional competence required by the committee fields.

The first meeting of the third session was held on October 16, 2024. Humphrey Cheng, the President of Corporate Management, represents the Convener of the Sustainability Implementation Committee, reported to the three members of the sustainable development progress and execution of ESG projects and performance, including: publishing the TCFD report, GHG management, initiating internal carbon pricing, expand renewable energy, develop recycling technologies and green products, promote sustainable finance, execute environmental education curriculum, promote sustainable supply chain program, identify stakeholders and material topics, adopt IFRS Sustainability Disclosure Standard, engage with community through diverse ESG activities and improve sustainability awareness, etc. “Planning 2025 sustainability projects” was proposed for deliberation. All resolutions were approved by all members presented and the Convener of the Sustainability Committee, Independent Director Sy-Ming Guu, reported the “Review report of the first meeting of the third session of the Sustainability Committee” to all the Directors presented on Board Meeting on November 8, 2024.
 

 

Members of the second session	The sixth meeting of the second session (April 11, 2024)	Members of the third session	The first meeting of the third session (October 16, 2024)	Attendance Rate (%)
(Convener) Independent Director, Johnsee Lee	V	(Convener) Independent Director, Sy-Ming Guu	V	100%
Independent Director, Raymond R. M. Tai	V	Independent Director, Way Kuo	V	100%
Non-executive Director, Kuan-Tao Li	V	Non-executive Director, Kuan-Tao Li	V	100%

Last Update: November 11, 2024

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