TECO Electric & Machinery Co., Ltd. has been ranked in the top 5% in the TCGA corporate governance evaluation for the seventh straight year, an honor attained by only 10 TWSE-listed companies, which underscores the remarkable performance and trustworthiness of the company’s board of directors, according to chairperson Sophia Chiu.
In order to uphold this honor, the secretariat of the board of directors formulates evaluation reports based on the results of a self-evaluation questionnaire survey as reference for the board of directors to guide continuous improvement.
The company has entrusted the Taiwan Corporate Governance Association (TCGA) with evaluating the performance of its board of directors. In its 2021 evaluation report, the TCGA points out that “The company’s managing directors meet once every two months to review and discuss its major business plans and proposals, in order to reach a consensus before sending them to the board of directors for resolution, raising the latter’s meeting efficiency significantly.”
The TCGA also affirmed the company’s setup of an “R&D innovation committee,” comprising outside experts and scholars, to keep track of emerging technologies on the market and consider the company’s product-development direction systematically, with a view to formulating short-, mid-, and long-term product roadmaps that promote the company’s competitiveness.
CONSTANT IMPROVEMENT IN CORPORATE GOVERNANCE
In addition to constant improvement governed by the law and all relevant regulations, the company is working, with reference to the suggestions of the Taiwan Corporate Governance Association, to modify the criteria for judging the results of its self-evaluation questionnaire, formulate a manual setting the code of ethical practice for directors, and evaluate the performance of the in-house auditing chief, with reference to the opinions of independent directors, thereby strengthening the functioning of the auditing committee.
In addition, the company’s corporate governance center, founded in 2015, has set the company’s corporate governance targets and coordinated the efforts of 11 relevant units and more than 20 supervisors and other members in attaining those targets, including the corporate governance and sustainability committee, the investor relations unit, the secretariat of the board of directors, and the units of human resources, legal compliance, internal auditing, information services, accounting, corporate purchasing, corporate administration, performance development, and health & safety.
SUSTAINABILITY AWARDS
Meanwhile, TECO has also scored remarkable performance for the cause of sustainability, as evidenced by its having been honored with Taiwan Corporate Sustainability Awards (TCSA) by the Business Council for Sustainable Development of the Republic of China (BCSD-Taiwan, formerly the Taiwan Corporate Sustainability Association) for six consecutive years, its inclusion by the FTSE4Good TIP Taiwan ESG Index as a constituent stock for two years in a row, its inclusion by the Dow Jones Sustainability Emerging Markets Index 2020 as a constituent stock, and coverage by the S&P Sustainability Yearbook 2021.
Amid the COVID-19 pandemic, TECO has since late year held quarterly investors’ conferences online, to update investors on the company’s business and financial situation. TECO reports that it plans to attend international meetings on corporate governance and keep close tabs on the latest corporate governance trends worldwide. (Advertorial)
Tropical Storm Nari is not a threat to Taiwan, based on its positioning and trajectory, the Central Weather Administration (CWA) said yesterday. Nari has strengthened from a tropical depression that was positioned south of Japan, it said. The eye of the storm is about 2,100km east of Taipei, with a north-northeast trajectory moving toward the eastern seaboard of Japan, CWA data showed. Based on its current path, the storm would not affect Taiwan, the agency said.
The Taipei Department of Health’s latest inspection of fresh fruit and vegetables sold in local markets revealed a 25 percent failure rate, with most contraventions involving excessive pesticide residues, while two durians were also found to contain heavy metal cadmium at levels exceeding safety limits. Health Food and Drug Division Director Lin Kuan-chen (林冠蓁) yesterday said the agency routinely conducts inspections of fresh produce sold at traditional markets, supermarkets, hypermarkets, retail outlets and restaurants, testing for pesticide residues and other harmful substances. In its most recent inspection, conducted in May, the department randomly collected 52 samples from various locations, with testing showing
Taipei and other northern cities are to host air-raid drills from 1:30pm to 2pm tomorrow as part of urban resilience drills held alongside the Han Kuang exercises, Taiwan’s largest annual military exercises. Taipei, New Taipei City, Keelung, Taoyuan, Yilan County, Hsinchu City and Hsinchu County are to hold the annual Wanan air defense exercise tomorrow, following similar drills held in central and southern Taiwan yesterday and today respectively. The Taipei Mass Rapid Transit (MRT) and Maokong Gondola are to run as usual, although stations and passenger parking lots would have an “entry only, no exit” policy once air raid sirens sound, Taipei
Taiwan is bracing for a political shake-up as a majority of directly elected lawmakers from the main opposition Chinese Nationalist Party (KMT) face the prospect of early removal from office in an unprecedented wave of recall votes slated for July 26 and Aug. 23. The outcome of the public votes targeting 26 KMT lawmakers in the next two months — and potentially five more at later dates — could upend the power structure in the legislature, where the KMT and the smaller Taiwan People’s Party (TPP) currently hold a combined majority. After denying direct involvement in the recall campaigns for months, the
RSS