To maintain a clear understanding of stakeholders’ needs and the ability to analyze them, the Company lists several different ways stakeholders can contact Fubon in the web page dedicated to them and welcomes their opinions and feedback at any time. The six teams under the ESG Task Force also stay in contact with stakeholders to determine if their needs have been responded to effectively.
In early 2018, Fubon Financial Holdings hosted a stakeholder’s forum to understand the material issues that concerned stakeholders the most, and those material issues were used to form the materiality matrix. In this matrix, the x-axis represents each issue’s level of materiality to the Company’s operations. The y-axis represents the issues’ level of impact on each stakeholder’s evaluations and decision-making. The z-axis reflects the level of positive and negative impact caused by the enterprise and its value chains in the environmental, social, and economic domains. The size of the graphic bubbles on the matrix represents the level of positive/negative impact of each material issue on environment, social and economic factors related to Fubon Financial Holdings and its value chain.
In 2019, we adjusted major material concerns based on sustainability trends in the global financial sector, issues that stakeholders felt were important to Fubon and the Company’s operating strategies. The new top three material issues that emerged were “sustainable finance,” “risk identification and management,” and “inclusive financial products and services,” and strengthening corporate governance and information disclosure were also given greater priority. The emphasis on these material issues showed that Fubon Financial Holdings takes the views of its stakeholders seriously and aligns itself with international trends. Fubon’s responses to the top three material issues have been as follows:
- Sustainable finance: In response to sustainable finance trends, consolidated the existing issues “environmental and social risk management for investment and finance” and “financial products that address climate change” into a broader “sustainable finance” category that encompasses ESG factors.
- Risk identification and management: At the end of 2018, the Company adopted the TCFD risk management framework and in 2019 became a TCFD Supporter, leading the financial sector value chain in confronting climate change risk.
- Inclusive financial products and services: In response to major social changes, the Company is developing inclusive financial products and services to support the elderly and disadvantaged.
The Company has responded to ongoing concerns from regulatory authorities and all stakeholders by embracing “ethical corporate management” and “compliance and anticrime measures” as core commitments, resulting in more mature and stable corporate governance and management systems. Meanwhile, efforts on the issue of “disclosure of information on financial products and risk communication” have progressed to the point where it is fully covered by the policies and management rules of Fubon Financial Holdings and its subsidiaries. Consequently, the relative importance of the three issues has been slightly altered.
Each issue is classified as a key issue, important issue, or continuous issue. Together, all of these elements form the materiality matrix, with each issue disclosed according to its level of importance:
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|Issues Classification||Key Issues||Important Issues||Continuous Issues|
|Definition||These issues highly affect stakeholders, are essential to business operations, and have significant impact on ESG.||These issues are identified as material in one to two aspects on the three axes of the matrix. They are considered important to business operations.||These issues are identified as material in zero to one aspect on the three axes of the matrix. They are mostly basic management issues found in daily operations.|
|Level of Disclosure||The strategic goal, management, and performance of the issue is disclosed in detail in the report and other channels.||The management and performance of each issue are fully explained in the report.||The report only discloses the basic performance tracking results.|
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