|Information transparency and integrity are two key aspects within our corporate governance and operations. Our company complies with laws and regulations, conducts internal control and audits, and assesses internal and external risks to ensure guidelines and policies are in place and to protect the rights of our stakeholders. In 2019, we ranked in the top 36-50% among the listed companies for the Corporate Governance Evaluation.||
Board of Directors
Our Board consists of 9 directors of which 3 are independent directors, a 33% representation. The directors serve a three-year term, and the meetings are held quarterly. Our board members come from a wide array of backgrounds, including management, material industry, finance, agriculture and business laws, and providing expertise in their area of specialty to assist the operational decisions. To ensure that women have a fair opportunity to participate in the various decision making roles at our company, the board of directors includes a female director, a step toward gender equality.
We established Board of Directors Guidelines and Rules along with conflict of interest avoidance acts. The board held 7 meetings in 2019 with an average attendance rate of 90.5%. Effective starting in 2019, our Board of Directors is covered with Directors and Officers Liability Insurance to reduce the risks of being sued while managing the company. Meanwhile, fortify our company’s risk management capability and effectiveness of our directors.
Within our company website and the CSR link, there are dedicated mailbox and direct line providing different channels for the stakeholders to communicate with us; the company also has designated mailbox for the whistleblowers. Moreover, a whistleblower protection program is in place which protects the whistleblower’s identity and tracks the progress of the concerned issues.
Ethics and Integrity
Management and operation of Internal Control
We implemented “Internal Control System and Guidelines”, which explain the purpose of such policy designs, how they will be executed and evaluated, and also how the subsidiaries will be monitored and managed. The audit team, under the direct supervision of the board of directors, performs the internal controls in the 8 business cycles as prescribed in the “Regulations Governing Establishment of Internal Control System”, Information Security, and the other operating procedures. Moreover, the audit team uses the risk assessment findings to draw up the annual audit plan and to lay out the items to be audited each month. The audit team then reports regularly to the Audit Committee and Board of Directors on its reviews and evaluations. In 2019, there were 49 audit reports and 5 reports required follow-ups.
Each year, the internal control auditors participate in continuous educational trainings to enhance their knowledge and capability in the area of audit. Closely monitoring the internal control assessments within each business unit, evaluating and identifying the potential operating risks, and adjusting strategies as necessary, the internal control auditors ensure the business operations are in compliance to the laws & regulations and company policies & guidelines to reach the company goals.