TECO Honored With Four Sustainability Awards
For the fifth year in a row, TECO Electric & Machinery Co., Ltd. has won the honor of Taiwan Corporate Sustainability Awards 2018, in acknowledgement of its long-term dedication to the fulfillment of corporate social responsibilities and quest for materializing the concept of sustainable development.
TECO was granted the awards in four categories, including platinum award for Top 50 reports in the corporate sustainability category, Top 50 corporate sustainability award in the general performance category, social harmony award, and transparency and integrity award, both in the single-item performance category. Sophia Chiu, TECO chairperson, attended the awarding ceremony on 22 Nov. to receive the awards.
High regard for corporate governance and the rights of stakeholders
In order to exercise corporate influence, TECO has been materializing corporate governance, developing green industry, promoting carbon abatement via process improvement, perfecting personnel policy, in order to forge an enterprise seeking all-round development in environment, society, and governance (ESG). Externally, it has led suppliers in creating a green supply chain, accelerating industrial upgrading, and contributing to the development of a society with equal emphasis on technology and humanities. Inside out, TECO, in a steady and practical manner, has been actively materializing the concept of sustainable development in economy/governance, environmental sustainability, and social harmony, reasons for it to hit top 5% list in corporate governance evaluation by Taiwan Stock Exchange for fourth straight year and the corporate citizen award granted by the Commonwealth magazine for seventh consecutive year.
Strengthening corporate core competitiveness and contributing to environmental sustainability in social development
Throughout product life, from development, production, to waste disposal, TECO has taken into account energy conservation, emission reduction, and cut on waste in energy and resources, listing environmental sustainability as the foremost objective. TECO, for instance, started to sell high-efficiency, energy-conserving motors in 2017, having helped customers cut power consumption by 606 million kilowatts/hour annually and reduce 335,800 metric tons in emission, in addition to achieving, in conjunction with the use of inverters, over 35% saving in power consumption for industrial motors. In process, TECO has installed energy management system in production lines at factories and rooftop PV power system at its Guanyin factory in Taoyuan City, via its own PV power technological team, paving the way for the development green energy business.
The company has also joined hands with suppliers in forging a sustainable environment, strengthening local procurement and reducing carbon footprint in the procurement process, on top of boosting the development of local economy. In 2016, TECO added a " letter of pledge for human rights and environmental sustainability" to its basic supplier contract, followed by the addition of a article on termination or revocation of the contracts for violation of the pledge. Over 78% of the suppliers have signed the revised basic contract.
In sustainable management, TECO has paid special attention on forging an enterprise of well being. In order to encourage employees taking annual leave according to schedule, for the sake of proper relaxation, it includes the situation of employees taking such leave in their performance evaluation. Consequently, the average execution rate for annual leave among employees has topped 85%.
As a giveback to the society, TECO instituted TECO Technology Foundation 25 years ago, sponsoring "TECO Award" to encourage those with outstanding contributions in technology and humanities and "Green Tech" award to push exchanges and development among domestic and foreign topnotch colleges in the study of climate change and energy conservation/carbon abatement. In addition, it has sponsored projects on artistic, humanistic, and scientific education of teenagers in rural areas and heritage of aboriginal culture.
Sophia Chiu pointed out that since its inception, TECO has been adhering to the concept of " carrying out integrity-oriented management, materializing corporate governance, fulfilling social responsibilities, and seeking sustainable development," in continuing efforts in environment, society, and corporate governance. Meanwhile, in line with the vision of "energy conservation, emission reduction, smart application, and automation," it hopes to integrate the company's sustainable performance and the UN/s sustainable development goals (SDGs), thereby inducing industrial development and fulfilling corporate social responsibilities.