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Yang Ming’s mission and vision are to be an excellent transportation group dedicated to offering high-quality transportation services to meet customers’ needs. Also giving consideration to the issues all stakeholders are concerned about and facilitating the sustainable development of society and the Earth’s environment.
In 2021, the Sustainable Operation Strategy Team was instituted. There are four responsible divisions subordinate to the team, the Customer Service Division, Environmental Sustainability Division, Corporate Governance and Integrity Division, and Employee Care and Social Commitment Division. The team is chaired by the Chairman, with the President and the chief officers of groups serving as the supervisor of each division. The executive secretary of each division is responsible for convening division meetings on an annual basis.
Through these interdepartmental meetings, the Company may focus on discussing the sustainability goals with the most significant impact on container transport processes and services and aligning them with the Sustainable Development Goals of the United Nations (UN SDGs). “Provision of excellent shipping services to fulfill the commitment to serving customers,” “energy saving and emissions reduction to achieve environmental sustainability,” “strengthening corporate governance and integrity management,” “employee care and talent cultivation,” and “enhancing social participation to give back to society” are Yang Ming’s sustainable development strategies. Division supervisors review the implementation and performance of the sustainability strategies and designate responsible units to set and carry out short-term/medium-term/long-term goals with respect to stakeholders’ concerns and the significant issues related to the respective policies. The implementation goals are reviewed every year from the perspective of corporate governance, environmental protection, and social co-prosperity, and different projects are developed to gradually promote sustainable operations. The Board of Directors supervises the promotion of sustainable development to demonstrate the Company’s commitments and determination.
Below are the relevant proposals reported to the Board by the Company's Sustainable Operation Strategy Team.
- At the 382nd Board meeting dated March 9, 2023, the subsidiaries in the consolidated financial statements’ GHG inventory and verification schedule was reported. Subsequent reporting of the above will be made on a quarterly basis to substantiate the Board’s responsibilities over supervising sustainable development. During the meeting, directors discussed recommendations on the selection criteria and relevant regulations for third-party verification agencies to ensure independence and objectivity. Additionally, there was a focus on understanding the detailed procedures for conducting the inventory of subsidiaries.
- At the 383rd Board meeting dated May 12, 2023, the results of implementing sustainability strategies were reported. The proposals being reported included (1) results of implementing the sustainability objectives of 2022 and formulation of new ones for 2023; (2) identification of material issues and stakeholders and the status of communication such as communication channels, feedback methods and frequency; and (3) plans for managing the Company’s intellectual properties.
- At the 386th Board meeting dated September 27, 2023, a quantified analysis of the 2023 TCFD (Task Force on Climate-Related Financial Disclosures) was reported. Details of the above include (1) the company’s identification of climate-change risks and opportunities; and (2) proposals for coping strategies and analysis of affected finances in respect of potential climate-change impact. Addressing potential impact on finances caused by climate change, the Board members pointed out that an integrated assessment of the amount of capital for such impact and risk response should be made with verified logic to allow for better strategic decision-making and analysis. This is in consideration that a single measure might be stretched thin when employed to manage different risks or opportunities. The Board also advised on adding the following to the report: time frame for priority or secondary alertness (decision-making), plans for new equipment on ships, and analysis of potential impact.
STRUCTURE OF SUSTAINABLE OPERATION STRATEGY TEAM
SUSTAINABLE DEVELOPMENT
Becoming an excellent transportation group is the mission and vision of Yang Ming. The definition of Excellence is not just to create quality shipping services to meet customer needs or economic values for shareholders, but also take the key topics of stakeholders’concern into consideration, so as to facilitate the sustainable development of the society and the environment on the planet.
Strengthening corporate governance and integrity management
- Strengthening corporate governance and integrity management
- Provision of excellent shipping services to fulfill the commitment of customer service
- Energy saving and emissions reduction to achieve environmental sustainability
- Employee care and talent cultivation
- Improvement of social engagement to exercise the philosophy of taking from society and giving back to society
Corresponding SDGs
Sustainable Operation Strategy Team
Corporate Governance and Integrity Division
Short-term Sustainability Goals
- Continue to participate in the Taiwan Enterprise Sustainability Award.
- Optimize the Chinese and English versions of the Corporate ESG website.
- Implement policies for diverse board members.
- Maintain the rights and interests of shareholders and enhance information transparency.
- Hold at least one investor conference per quarter.
- Answer the DJSI questionnaire and continue to complete TCFD and CDP climate change questionnaires.
- Execute internal control system optimization projects.
- Develop two quantification models, namely a long-term corporate cash management model and a proper risk-adjusted internal rate of return.
- Conduct audits based on project type and perform internal audits at overseas locations.
- Have the contract management system go live.
- Strengthen employees’ awareness of legal compliance and risk control as well as ethical operation management mechanisms.
- Create case studies on internal punishment and communicate the case studies once a year.
- Ingrain ethical management in employees through relevant education and training every year, achieve the target participation rate of 93% and the target pass rate of 93% with 0.5 course hours, and offer education and training in English to employees at overseas locations and onboard employees.
- Propagate the Group’s whistleblowing channels and whistleblower protection measures.
- Join the Maritime Anti-Corruption Network (MACN).
- Introduce the ISO37001 anti-bribery management system certification.
- Communicate the importance of legal compliance every quarter and organize at least 3 education and training sessions in the year.
- Create a mechanism for the avoidance of conflicts of interest in the Group.
- Encourage employees to obtain international internal audit certificates or CPA licenses. We expect to have one employee that will acquire a CPA license in 2023.
- Promote the Procurement Portal and enhance the functions of the portal.
- Optimize the sustainable management mechanism for suppliers on an ongoing basis, conduct a sustainability risk assessment for tier 1 key suppliers and implement due diligence and evaluation systems to deepen engagement.
- Carry out written reviews for over 50 tier 1 key suppliers and on-site reviews for 5 tier 1 key suppliers.
- Require suppliers identified as having high risk to make improvements, follow-ups, and replacements.
Mid-/Long-term Goals
- Increase the Company to top 5% of the corporate governance evaluation.
- Enhance ethical operation management mechanisms and improve information transparency and awareness.
- Have auditors obtain professional licenses.
- Continue to optimize the sustainable management mechanism for suppliers.
- Maintain zero violations of bribery laws or property losses due to corruption involvement in lawsuits.