Caring for the elderly! Fubon Life Insurance wins “Best Initiative in Social Responsibility”.
Fubon Financial and its subsidiaries’ focus on ESG (Environmental, Social, and Governance) development has been recognized both domestically and overseas through a number of awards. The Asset, a financial media outlet, announced the winners of its “2020 The Asset ESG Corporate Awards”. For the tenth consecutive year, Fubon Financial was the sole winner in the financial industry of the “Excellence in ESG－Platinum Award”, while its subsidiary Fubon Life Insurance won the award for “Best Initiative in Social Responsibility” for its efforts to care for the elderly, especially those with dementia. These awards doubly affirmed Fubon’s long belief in sustainable business practices.
Richard M. Tsai, the chairman of Fubon Financial, said that the company launched its ESG engineering in 2015. Faced with the impact of climate change on the global ecosystem and environment, it took the responsibility as a financial services provider to sign the framework of the Equator Principles (EP) to introduce a Task Force on Climate-related Financial Disclosures (TCFD) to become a supporter of TCFD. Fubon Financial also reports the Principles for Sustainable Insurance (PSI) and participates in the World Economic Forum (WEF) to connect itself to global society.
Tsai further explained that Fubon Financial’s subsidiaries utilize ESG engineering in their daily operations, including Taipei Fubon Bank’s participation in the credit underwriting of offshore wind power operators, where it enjoys the highest market share among all Taiwanese banks. Similarly, Fubon Insurance is a supporter of clean energy, evidenced by its highest market share in the solar photovoltaic and offshore wind power industries; Fubon Securities helps raise funds for renewable energy operators; and Fubon Asset Management launched the Fubon Taiwan Sustainable Development High Dividend Fund in August 2020 to drive sustainably responsible investment.
Fubon Life Insurance has long participated in the caring of those with dementia through four principles: dementia prevention; assistance in finding missing persons; support; and knowledge-bridging. For five years it has been promoting a program— “Get a Bracelet if Diagnosed with Dementia”—with the Federation for the Welfare of the Elderly through 100 hospitals in Taiwan, which helps to locate missing people with the disease, and so far, more than 10,000 people have benefitted; the success rate in finding those wearing this bracelet is close to 100%. Local governments in Taipei, Taichung, Miaoli, Penghu, and Kinmen joined the program in 2020. Fubon Life Insurance continues to promote dementia education with the Taiwan Alzheimer's Disease Association to educate nearly 1mn students around Taiwan each year about the disease, with the aim of building the foundation of a dementia-friendly society.
Fubon Life Insurance is connecting industry, government, and the medical profession to solidify a dementia-friendly society for the benefit of all. Educating people about dementia allows them to approach those suffering from the disease with greater compassion, and thereby create a better social safety net. This why Fubon Life Insurance won the award for “Best Initiative in Social Responsibility” from The Asset.