Stakeholder engagement
Identify Important Stakeholders
We maintain constant interaction with stakeholders to build a communication and response mechanism on sustainability issues. We also identify stakeholders through the five attributes of stakeholders : responsibility, influence, tension, dependency, and diverse perspectives of AA1000 SES. After the departmental assessment and discussion a few years ago, we determined the key stakeholder groups.
After the further discussion of the importance of stakeholders at the 2022 SDC meeting, we discovered that our interaction with “scholars/students” had reduced in the last two years following the acquisition of important outcomes and reduction of the scope of industry-academia collaboration. Hence, they were excluded from the stakeholder groups in 2022. Eventually, we finalized the following four stakeholder groups: shareholders, customers, employees, and suppliers.
Engagement with key stakeholders
Each identified stakeholder group had different significance in and interactions with our operational activities. Additionally, different departments engaged with stakeholders through various methods of communication. In 2022 we continued with various methods of communication and engagement and output various results.
In consideration of the significance to YOKE of individual stakeholder groups, the sustainability issues that concern them, and their expectations, by combining the idea of sustainable impact assessment, we included their opinions in managing each sustainability issue to get twice the result with half the effort so as to maximize the power of sustainability through collaboration with stakeholders.
Types of stakeholders | Shareholders Guardian of safety value |
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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) Strategy meetings (annual) |
Results | Two meetings of shareholders and seven Board meetings were held in 2022, and one strategy meeting was held at the end of the year to verify the annual operating objectives for 2023. |
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 | Continue to optimize and systematize R&D management, accelerate R&D and enhance competitiveness, and continue industry-academia collaboration to help upgrade technical competency to build a more competitive operational environment and product advantages and so break through market adversities and grow against the tie. |
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. |