Far Eastern New Century Corporation (Stock code: 1402, “FENC”) received the “CSR Annual Survey - Grand Prize in the Traditional Industrial Group” of the 14th Annual Corporate Social Responsibility Award by Global Views Magazine in 2018 and was awarded the “Excellence Award” in 2017, highlighting its recognized CSR achievements. Today (2nd May) Mr. Douglas Tong Hsu, Chairman of FENC received the Prize from Mr. Ching-Te Lai, Premier of Executive Yuan at the ceremony and as a panel speaker to share how to innovate and commercialize green products, whilst echoing to the United Nations’ (UN) Sustainable Development Goals (SDGs) to achieve a win-win for society and environment.
Annual Corporate Social Responsibility Award by Global Views Magazine has been one of the prestigious CSR awards in Taiwan, and Global Views Magazine is the first media to promote CSR evaluation. CSR Annual Survey’s criteria consist of corporate governance, social performance, environmental performance, CSR strategic planning, stakeholders’ communication, data transparency, which scrutinized thoroughly on enterprises’ CSR performance. For example, jury members pick the winner through CSR documentation reviews, final round interviews, and severe jury’s debates on the candidates. Therefore, it is a solid evidence for FENC’s outstanding CSR performance to receive awards for several years in a row.
FENC has formed a CSR committee supervised by the Board of Directors. There are 154 CSR committee members working from different locations and divisions and reporting execution performance regularly to the Board. In order to better understand the latest sustainable trend for CSR committee members, FENC internally conducted five workshops in Taiwan and China to have 165 participants on promoting the idea for articulating “Strategic Roadmap in Sustainability”. Afterwards, it is concluded with CSR action plans to align with the Company’s sustainable strategy and the UN’s SDGs.
FENC’s R&D team has been leading in green innovation, and in 2017, 26% of the production business revenues is derived from green-related products. The world’s first PFC-Free solutions were introduced by FENC in 2017, which eliminates further PFC pollution without compromising performance and reduces the damages to mankind. Moreover, with the cutting-edge know-how on polymerization and closed loop recycling, FENC turned ocean waste PET bottles into TopGreen® Ocean Filament, and as of 2017, Adidas sold out a million pairs of shoes manufactured by TopGreen® Ocean Filament.
For mitigating the impacts between climate change risk and the company’s operation, FENC partnered with National Cheng Kung University’s Industrial Sustainable Development Center to collaborate on “Adaption System of Climate Risk for Enterprises”. Through the systematic analysis on climate factors, FENC could take actions proactively to prevent property and casualty loss in plants. FENC launched Taiwan’s first green bond verified by a third party with total amount of NT$ 3 billion. The purpose for the capital raised is to invest in four green projects: recycled PET, new batch polymer, waterless dyeing and green building projects. With reserved budgets of NT$ 2 billion for the energy conservation and NT$ 1 billion for the environmental protection, FENC planned to elevate the resource efficiency and mitigate the impact of the environment by introducing green solutions with more green production lines, energy reserving equipment and closed loop recycling and less resource consumption.
FENC has been awarded accolades globally and domestically for its CSR achievements. Worldwide, FENC has been nominated by Forbes as one of the world’s top 500 best employers and is a constituent of the MSCI ESG Leaders Indexes and FTSE4Good Emerging Index. Locally, FENC was awarded not only the CSR Grand Prize by Global Views Magazine, but also the “Best Report of the Year” by Taiwan Corporate Sustainability Award and “One of the Top 50 Large Enterprises of Excellence in CSR” by CommonWealth Magazine. Also, FENC was ranked Top 5% in the Taiwan Stock Exchange Corporate Governance Evaluation. These honors speak volumes about the solid sustainable performance FENC has reached in society, economy and sustainability.
