Sustainable Development Organization and Management
Sustainable Development Committee
We established its Sustainable Development Committee (SDC) with five working groups in 2019, with the chairman being the committee chair, the general manager the vice committee chair, and managers and above officers the committee members. SDC holds the Sustainability Strategy Meeting in each October to set targets for material topics for disclosure for each working group to implement corresponding action plans. The Committee also meets quarterly to report on the status of target implementation
In addition, we have also arranged regular workshops on relevant topics of sustainability for the committee so that committee members can gain more knowledge on sustainability and learn from other benchmark enterprises. To enhance the awareness of the value of corporate sustainability in employees, we began the Introduction to Corporate Sustainable Development course in the training for new employees in 2021. In 2022 we began to plan required courses on enhancing sustainability awareness for administration in 2023. At the beginning, indirect personnel (officers and general professional employees) will be the target trainees. Then, we will transform them into e-learning courses to develop a consensus for all employees and enhance the sustainability awareness in management at all levels so as to develop a sustainability culture.
Process for identifying material sustainability issues in 2022
Each year we periodically identify material sustainability issues to provide an important reference for setting short-, medium-, and long-term goals in our business strategies. In 2022, we prioritized the material sustainability issues and assessed the significance of their impacts in accordance with the four steps to determine material topics in the GRI Universal Standards 2021.
First, based on our operational activities and business relationships, the stakeholder profile, and the sustainability context, we gathered information of the relevant sustainability issues; identified key stakeholders; analyzed the significance of the actual or potential impacts of our operations on the economy, environment, and people, including on their human rights; and combined with the results of stakeholder engagement. Then, material sustainability issues are validated after SDC discussion. Lastly, after reviewing the scope of impact and management boundaries of each issue, the management approaches and targets were defined for the reference of the future disclosure of sustainability information.
STEP 01
Understand the organization’s context
●Identify key stakeholders (4 groups)
●Gather sustainability issues (19 topics)
STEP 03
Assess the significance of the impacts
●Assess the severity of the impacts (actual or potential benefits/losses)
●Assess the likelihood of the impacts
●Refer to the tension of stakeholders
STEP 02
Identify the tension of the impacts
●Identify actual and potential impacts (SDC and relevant core officers)
●Investigate the tension of stakeholders (165 questionnaires)
STEP 04
Determine material sustainability issues
●Prioritize material issues for disclosures (validated 10 material issues)
●Validate the scope and aspects of the impacts
●Correspond to GRI topics/disclosure indicators (corresponding to 15 GRI topic standards and 3 self-defined topics)
●Correspond to SASB industry metrics: Resource Transformation-Industrial Machinery and Goods