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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.。
The Company has established the "Sustainable Development Best Practice Principles for Yang Ming Marine Transport Corporation," taking into consideration the characteristics of the shipping industry and having regard to the "Sustainable Development Best Practice Principles for TWSE/TPEx Listed Companies." The Principles are for the management and all employees to follow. In addition to managing the risks and impacts of the overall operating activities on the economy, governance, environment, and society, we take being a corporate citizen as our responsibility.。
In 2021, the Company formed the Sustainable Operation Strategy Team to promote sustainable development strategies. The team is chaired by the Chairman. Under the team are the Customer Service Division, Environmental Sustainability Division, Corporate Governance and Integrity Division, and Employee Care and Social Commitment Division. 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).
In accordance with the "Regulations Governing Establishment of internal audits Systems by Public Companies," Yang Ming has incorporated sustainability information management into the Company's internal control system. Each responsible unit prepares and updates the annual sustainability report, which is coordinated by the Public Affairs Department and submitted to the Board of Directors for discussion and resolution before release.
STRUCTURE OF SUSTAINABLE OPERATION STRATEGY TEAM
Sustainable Operation Strategy Team’s Strategies
| Sustainable Operation Strategy Team’s Divisions | Sustainable Development Strategy | Description of Responsible Issues and Duties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Customer Service Division | Provision of excellent shipping services to fulfill the commitment of serving customers | Enhance transportation quality and customer satisfaction, strengthen the service network, offer diversified digital services, and develop smart ships to realize and convey the three core corporate values, safety and security of vessels, personnel and cargos. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate Governance and Integrity Division | Strengthening corporate governance and integrity management | Improve the Company’s corporate governance system, identify and assess climate-related risks and opportunities, boost information disclosure transparency, ensure ethical management and legal compliance, reinforce information security control, optimize supply chain management, and maintain shareholders’ rights and interests. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental Sustainability Division | Energy saving and emissions reduction to achieve environmental sustainability | Value and improve vessel efficiency and resource management, and research and assess low-carbon fuels and eco-friendly ships with the aims of reducing carbon emissions, protecting marine ecology, and maintaining biodiversity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Care and Social Commitment Division | Employee care and talent cultivation Enhance social participation to give back to society |
Live up to the Company’s human rights commitments and responsibilities, plan employee benefits and health promotion activities, implement occupational health and safety, develop a diverse range of talent, promote gender equality, and show the Company’s care to local communities, facilitate cultural development, and promote ocean education together with the Yang Ming Cultural Foundation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Implementation Results of the Sustainable Operation Strategy Team:
- 3 reports were made to the Board of Directors in 2023:
- On March 9, 2023, the GHG inventory and verification schedule planning for the Company's subsidiaries in the consolidated financial statements was reported at the 382nd board meeting. The implementation progress will be reported to the Board of Directors on a quarterly basis for control in order to strengthen the Board of Directors' responsibility for sustainable development.
- On May 12, 2023, the results of sustainability strategies were reported to the 383rd board meeting. The content of the report includes:
(1) Sustainability goal implementation outcomes in 2022 and the setting of sustainability goals for 2023.
(2) Identification of material issues of concern and key stakeholders, communication channels, and the means and frequency of response.
(3) The Company’s intellectual property management plan. - On September 27, 2023, the quantitative analysis of the 2023 TCFD Climate-related Financial Disclosure Report was reported to the 386th board meeting, including:
(1) Identification of the Company’s climate change risks and opportunities.
(2) Proposal of risk impact response strategies and financial impact analysis for the impacts that may be caused by climate change.
- The Sustainable Operation Strategy Team held 19 meetings in 2023.
Board of Directors’ Suggestions for Supervision:
- An understanding of the details of the selection of third-party verification bodies, compliance with independence and objectivity requirement, and subsidiaries’ method of conducting inventory shall be gained.
- For the content of the climate change-related risk financial impact assessment report, considering that a single measure may address different risks or opportunities at the same time, in order to facilitate decision-making, assessment and analysis, an integrated assessment shall be made to focus on the amount of impact and the estimated cost of risk response, and the estimation logic shall be checked. In addition, it is recommended that the report provide the timing of priority or secondary alerts (decision-making), ship deployment planning, or potential impact analysis.
SUSTAINABLE DEVELOPMENT GOALS AND IMPLEMENTATION OVERVIEW
Yang Ming’s mission and vision are to be an excellent transportation group dedicated to offering high-quality transportation services to meet customers’ needs. However, excellence is not only about this, but also about giving consideration to the issues all stakeholders are concerned about and facilitating the sustainable development of society and the Earth’s environment.
Strengthening corporate governance and integrity management
- Strengthening corporate governance and integrity management
- Provision of excellent shipping services to fulfill the commitment of serving customers
- Energy saving and emissions reduction to achieve environmental sustainability
- Employee care and talent cultivation
- Enhance social participation to give back to society
Corresponding SDGs
Sustainable Operation Strategy Team
Corporate Governance and Integrity Division
Short-term Goals
- Implement policies for diverse board members, have at least one female director, ensure the number of independent directors is no less than one third, and have directors with industry experience
- Provide information on the proceedings of the shareholders' meeting within the legal deadline
- Convene at least one investor conference per quarter
- Disclose the link to the audio-visual information of investor conferences
- Maintain the rating under the Climate Change Program (CDP) and the Dow Jones Sustainability Indices (CSA) questionnaire
- Execute internal control system optimization projects
- Incorporate privacy protection into internal auditing
- Formulate a privacy policy
- Obtain ISO 37001 anti-bribery management systems certification
- Formulate anti-corruption and anti-bribery policies and amend relevant standards in line with international trends
- Deepen employees' awareness of ethical management by organizing related education and training, and set both the participation rate target and the pass rate target at 100% for on-shore employees and 90% for seafarers on-board
- Organize three educational training sessions to enhance personnel’s legal awareness and another three to improve their compliance with laws. Hold training courses on internal material information processing and the prevention of insider trading. The target participation rate and target pass rate are 100%
- Add “emerging risks” to the risk assessment items
- The sustainability self-assessment questionnaire review rate for key Tier 1 suppliers reaches 80%, and 100% of new suppliers complete a sustainability statement survey
- Conduct sustainability risk assessment and due diligence on key Tier 1 suppliers and plan an elimination mechanism, in order to enhance the depth of engagement
Medium-term Goals
- Maintain the Company’s ranking in the top 6-20% in the corporate governance evaluation
- Implement the board diversity policy and increase the number of female directors to two
- Directors are equipped with industry experience, risk management and information security backgrounds
- Maintain the rights and interests of shareholders and enhance information transparency
- Maintain the effectiveness of the internal control system
- Continue to strengthen personal privacy management
- Zero incidents of ethical management violations, corruption, and conflicts of interest
- Zero insider trading violations
- Continue to optimize the Group's risk assessment policy and content
- Implement a supplier sustainability management mechanism and set up an elimination mechanism
Long-term Goals
- Increase the Company’ ranking to top 5% in the corporate governance evaluation
- Enhance ethical operation management mechanisms and improve information transparency and awareness
- Both genders represent more than one third of board seats
- Strengthen employees' awareness of legal compliance and risk control, and ethical operation management mechanisms
- Continue to optimize the sustainable management mechanism for suppliers