CTBC Financial Holding Co and its two subsidiaries, CTBC Bank Co and Taiwan Life Insurance Co, have received the CG6013 (2021) outstanding enterprise certification, the highest rating for corporate governance system evaluation granted to a financial institution by the Taiwan Corporate Governance Association.
The association presented the certification to CTBC Financial vice chairman Thomas Chen at a ceremony in Taipei. The corporate governance system evaluation reflects the Financial Supervisory Commission’s policy direction to encourage sustainable development of enterprises in the nation, CTBC Financial said in a statement.
While receiving the certificate, Chen said the company would continue to follow its founding principles, grow its operations and improve corporate governance.
Acting on its commitments, the company in June 2020 established a sustainable development committee under its board as its highest supervisory body.
In 2021, the company was in the top fifth percentile in the commission’s ranking of corporate governance and led the financial sector in Taiwan by publishing the Climate Risk Assessment Report, the statement said.
CBTC Bank in 2019 became a signatory of the Equator Principles to mandate stringent controls to regulate the environmental and social effects of its financial projects. The same year, it announced it would comply with the UN Principles for Responsible Banking, the statement said.
Pursuant to the UN Sustainable Development Goals (SDGs), the bank has over the past two years responded to the COVID-19 pandemic by offering short-term stimulus, debt moratorium, favorable financing and other instruments to clients to stabilize Taiwanese society, the statement said, adding that the bank remains committed to sustainable banking to align with SDGs.
At the same time, Taiwan Life Insurance has established responsible investment and sustainable insurance policies to promote responsible investments, sustainable products and fair client practices with an eye toward integrating environmental, social and governance concerns, the statement said.
Leading the industry, the insurer has further promised NT$53.45 billion (US$1.86 billion) in green energy loans and investments while focusing on the IFRS 17, Insurance Capital Standard 2.0 and fair client practices, among other policies on its client and sustainability-oriented road map, it said.