The Board of Directors serves as the highest decision-making body for risk management in the Company, overseeing the effective operation of risk management mechanism to ensure that the Company's business strategies can be effectively implemented to achieve business objectives. The Board authorizes the Chairperson to be the convener of risk management plans, coordinating and directing the plan promotion and operation.
The Corporate Governance and Risk Management Team under the Sustainable Development Committee consolidates risk elements identified at each level of the organizational management system, risk response strategies and implementation reviews, and reports to the Sustainable Development Committee on the execution of risk management. The Sustainable Development Committee then reports to the Board at least once a year on the performance of the overall risk management plan.
The Company has established the “Risk Management Policies and Procedures” to enhance its risk management awareness and execution capability. Through the establishment of a systematic management method, we incorporate relevant response plans as a basis for formulating business strategies. This approach ensures that risks stay within a tolerable level, minimizing potential losses to safeguard the interests of customer s, employees, and other stakeholders, thus increasing shareholder value and achieving optimal allocation of corporate resources.
As countries around the world strengthen their carbon reduction targets and policies, aiming for net zero emission by 2050, the pressure on business operation and customers’ demand for supply chain sustainability have intensified. Although Taiflex is not subject to the major electricity consumer clause, we have mapped out relevant investments to reduce carbon emissions in response to the low carbon transition driven by global climate changes. We will continue to focus on and implement climate action targets following the Paris Agreement as well as the targets of stakeholders, and gradually incorporate them into our sustainable development strategy.
The Company reports its annual sustainable development plan to the Board of Directors each year. Details on the annual implementation results can be found in the corresponding year's sustainability report. In addition, the Company has published its Climate-related Financial Disclosures (TCFD) Report. For further information, please visit the “TCFD Report” and “Sustainability Report” sections on the Company's official website.
The organization's governance of climate-re lated risks and opportunities
The actual and pote ntial impact of climate-re lated risks and opportunities on the organiza tion's business, strategy and financial planning
The organization's process for identifying, assessing and managing climate-related risks
Metrics and targets for assessing and manag ing climate-related risks and opportunities
