PLANET strictly aligns its corporate governance with the 2030 Agenda for Sustainable Development adopted by the UN. There are 17 Sustainable Development Goals (SDGs) to be achieved. Among them, PLANET is targeting “Goal 8 – Employment and Economic Growth”, “Goal 10 - Reduced Inequalities”, “Goal 13 - Climate Action” and “Goal 16 - Peace, justice and strong institutions”.
PLANET’s management team values the development and proactive implementation of governance culture. PLANET was consecutively ranked among the top 5% of outstanding companies from 2021 to 2023 Corporate Governance Evaluation conducted by the Taiwan Stock Exchange (TWSE) and Taipei Exchange (TPEx), which was another great reward for the joint effort made by the entire company.
In 2023, the Company also received a “Platinum Award” for its Sustainability Report under the “2023 Taiwan Corporate Sustainability Award” organized by the Taiwan Institute for Sustainable Energy (TAISE).
PLANET has drawn up its “Code of Practice on Corporate Governance” in accordance with the “Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies”. In 2019, the Company appointed a director of corporate governance who would be responsible for the implementation of corporate governance in accordance with the following principles:
On December 22, 2020, the Company set up its Risk Management Committee, a functional committee under the Board, in order to reduce its operational risks and implement corporate governance. The Risk Management Committee, responsible for implementing risk management, has three members, more than half of the independent directors (including two independent directors), among whom the convenor of the committee, Huang, Hsin Hsien, has legal expertise and possesses the professional competence required by the committee. To implement Corporate Governance 3.0, PLANET compiled its Sustainability Report and included the climate-related risks and opportunities posing financial impacts on the company in the report. The Risk Management Committee holds at least two meetings each year to review the policies and implementation status and report to the Board. Risk monitoring is carried out by the Audit Office to ensure the effectiveness of risk management. The term of office of the Risk Management Committee members is the same as the term of office of the Board that appoints the committee members.
OOn December 21, 2022, in accordance with the "Risk Management Best-Practice Principles for TWSE/TPEX Listed Companies", PLANET renamed the "Regulations of Risk Management Committee" into "Organizational Procedures of Risk Management Committee", and revised the regulations and added the "Risk Management Policies and Procedures" to strengthen the Company’s risk management and improve its crisis response ability, so as to achieve the goal of risk control and lay a solid foundation for the sustainable operation of the Company.
The Company has established the "Internal Control System", the "Implementation Rules for Internal Audit", the "Organizational Procedures of Risk Management Committee" and the "Risk Management Policies and Procedures", and the amendments of these regulations are subject to the approval of the Board of Directors. The Company also has an Audit Office, which is directly responsible for the Board of Directors and assists the Board and management to supervise various internal systems and procedures. The Audit Office implements annual audit plans to ensure the effectiveness of internal control systems, the reliability of financial reporting and compliance with relevant laws and regulations, and provides recommendations for improvement when appropriate.
PLANET has established its risk management policy and procedures appropriately after considering the overall size, business characteristics, risk nature and operational activities of the Company and its subsidiary. The policy and procedures cover the following aspects:
The company has set up a sound risk management structure to manage all kinds of risks that may affect the achievement of the company's objectives. The company integrates risk management into operational activities and daily management process to achieve risk management objectives.
For effective control of business risks, PLANET established the Risk Management Committee which is under the board of directors and responsible for the implementation of risk management, and reports to the board of directors regularly. The committee is composed of members respectively controlling corporate risks, financial risks and operating risks. Procedures have also been formulated on risk identification, measurement, monitoring, reporting and handling.
The Company's risk management process includes risk identification, risk analysis, risk assessment, risk response, risk monitoring and review, and is carried out through PDCA circle management approach.
PLANET requires all its staff members, supervisors, managers, and directors not to engage in or use any reason to instruct other people to engage in any illegal or unethical activities. The rules of integrity must be strictly observed, while employee code of conduct must be established and clarified. Employees are also required to protect corporate assets and reputation and observe other company rules. As to execution of business activities, product design and procurement, employees must follow relevant rules and regulations and perform strict observance of discipline. PLANET explicitly states in its Rules Governing Ethical Corporate Management that it prohibits offering or taking of bribes, offering of illegal political donations, inappropriate sponsorship or charity donations, offering of improper gifts, treatment or other unjustified benefits, infringement of intellectual property rights and unfair competition. PLANET has also established prevention measures and procedures to prevent products or services from causing damages to the interests of stakeholder, protect the rights of customers and prevent loss of assets, penalties and damage to reputation of the company.