Explanations on the material issues for disclosure
Corresponding GRI topics
After reviewing the standards of the 31 topics in the GRI Standards, we corresponded them to the material issues and selected the standards of 15 relevant GRI topics and 3 self-defined topics. The Disclosure Team convened meetings to review how each material issue impacts YOKE and the value chain, which led to the conclusion of setting the boundary of disclosure on YOKE as an individual entity, with the scope of impact varying slightly for each issue.
| Material topics for disclosure | Implications and impacts to YOKE | Duration of impact | Corresponding SDG | |||
|---|---|---|---|---|---|---|
| Actual | Potential future impact | |||||
| Within one year | 2-3 years | Over 3 years | ||||
| Ethical corporate management | Positive: Our clientele includes world-leading brands of safety lifting components and fittings with stringent requirements for the business integrity of suppliers. YOKE, with well-known enterprises as its operating benchmark, continues to promote “Accountability and integrity” as its 5A core values. We expect all senior management and colleagues to comply with the provisions of the law and the company's internal regulations.
Negative: Base on the integrity and responsibility corporate culture and the relevant mechanisms, failure in compliance with the relevant codes of conduct of an individual may affect organizational reputation and operations. |
◉ |   
|
|||
| Innovation management | Positive: “Aggressive innovation” is one of our 5A core values, with which we continuously create sustainable safety value for worldwide industries. As lifting components are products critical to safety, global complete quality management system regulations and product safety standards are established to ensure product quality and safety. By selling products worldwide with a good reputation, we combine internal and external R&D capacity to maintain industry leadership to inject new safety value to products. In recent years, we have provided suppliers with active guidance to improve their manufacturing capabilities and operational capacity to increase overall industry competitive strengths through collaboration. Negative: Failing to continue product and process innovation for self-contentment with existing advantages and overlooking the need for level pegging of suppliers may affect the company’s long-term competitiveness. |
◉ |  
|
|||
| Quality management | ◉ | |||||
| Sustainable supply chain | ◉ | |
||||
| Talents attraction and retention | Positive: Sustained operational growth hinges on the joint effort of all employees and only by building a competitive human resources system and comprehensive safety and health environment will we be able to inspire our colleagues to take joy in their work and commit to their careers. Additionally, we understand that labor-management harmony and valuing the human rights at work and physical and mental health employees are indispensable to build a friendly workplace. Negative: Failing to properly manage talents development within the organization, ensure work safety, and respect human rights may affect talents attraction and retention to further affect overall organization development. |
◉ |  |
|||
| Human capital development | ◉ |  |
||||
| Occupational safety and health | ◉ | |
||||
| Climate strategy | Positive: Advance consideration of the directions and goals of business transition to reduce transition impacts and create of business opportunities through mitigation and adaptive management. In response to climate change, apart from energy conservation and emissions reduction, we also actively engage in materials R&D and process improvement to reduce investment in plain iron resources and consumption of the relevant materials. We also include the responsibilities within the product life cycle in the design and actively implement product CFV to enhance operational competitiveness in the long run. Negative: Failing to make forward-looking analysis and address climate-related issues from the viewpoint of risk management may miss the opportunity for low-carbon transition, thus restricting by climate-related regulations or receiving physical impacts. |
◉ | 
|
|||
| Product responsibility | ◉ | |
||||
| Information security | Positive: When strengthening corporate competitiveness through digital transformation, we can also continuously prepare for the impacts and counteractions of information security risks, improve the relevant hardware and software, and enhance the information security awareness of employees at the same time to lower the impact of potential information security threats and so to ensure operational security. Negative: Failing to build sufficient mechanisms to for information security protection may need to face the losses or operational impacts from information security threats. |
◉ | |
|||
