Stakeholder engagement
Identify Important Stakeholders
YOKE seeks to establish a communication and response mechanism on sustainability issues by maintaining our interaction with stakeholders. Through the five major aspects of “responsibility, influence, tension, dependency and multiple perspectives” of the AA1000 SES, we were able to identify our key stakeholders. Relevant functional managers at YOKE responsible for sustainability-related affairs were asked to assess and discuss the pool of stakeholders in order to establish the categories of key stakeholders.
After discussion with the functional managers, we confirmed that there is no significant change in the identification results of the existing stakeholders, understood their concerns about YOKE, and reported to the General manager for approval, the important stakeholders in 2021 were identified as shareholders, customers, employees, suppliers, scholars/students, etc.
Engagement with key stakeholders
The establishment of various stakeholders carried different implications and interactions with YOKE’s operational activities and different departments have sought to engage stakeholders through various methods of communication. We had continued to communicate and discuss the modalities of stakeholder engagement in 2021 and produced various results.
Types of stakeholders | Shareholder Protector of safety |
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Implications to YOKE | YOKE commits financial, intellectual, manpower, manufacturing, social and environmental capital into establishing its distinctive safety awareness. |
Accountable departments | Finance Dept |
Method/frequency of engagement | Shareholders’ meeting (annual) Board of directors meeting (quarterly) Strategic meetings (annual) |
Results | Two shareholders’ meetings and seven Board of Directors meetings were held in 2021, along with a strategic meeting held at the end of 2021 to verify our annual operating objectives for 2022. |
Key issues for disclosure | Traceability and localized purchase Effective use of energy/resource in production Safety and health in the work environment |
Corresponding GRI topic | 204 Procurement practice (2016) 302 Energy (2016) 403 Occupational health and safety (2018) |
Introspection and response | To establish links to environment, society, and corporate governance through the aspect of operational strategy to build a foundation and momentum for sustainable development. Instead of short-term profits, we will focus on our pursuit of long-term optimization regarding stakeholder interests. |
Short-term plan | We will continue optimize the PLM R&D management system and improve the R&D process to accelerate the R&D design energy and competitiveness under the increasing demand of ODM/OEM; enhance the R&D momentum through industry-academia cooperation and strengthen the professional skills of employees to create a more competitive operating environment and product advantages to break through the market difficulties and grow. |
Long-term strategy | We will continue to promote the market demand for Grade 120 high strength alloy steel products and optimize the manufacturing process through industry-academia cooperation and smart manufacturing, so as to reduce the use of materials and consumption of YOKE products and move towards sustainable manufacturing. |