Stakeholder engagement
Since the foundation of Faraday, we have upheld the management principles of honesty, transparency, and responsibility, and we have set integrity as our fundamental policy. By dedicating ourselves to pursuing sustainable development and growth for the company, we create reasonable benefits and value for shareholders, employees and society alike. We build multiple transparent, effective, timely communication channels with all stakeholders, which has won us the trust and support of our stakeholders. We stay constantly alert of stakeholders’ desires, suggestions, and needs for the company, which serve as a reference and basis for setting the company’s development plans for future corporate social responsibility and future operations, and in turn helps realize our corporate social responsibility value and positive influence.
Identifying stakeholders
Faraday is a listed company; the company’s operational development involves multiple stakeholders. The company employs the principle of materiality, following the GRI standards, and with consideration of the five principles (dependency, responsibility, tension, influence, and diverse perspectives) in the AA1000 Stakeholder Engagement Standard (SES) 2015. Through rules of thumb, the company’s major stakeholders are identified.
- Groups or individuals to whom the company’s decisions have legal, commercial, or operational responsibilities.
- Any groups or individuals on whom the company’s operations have an impact.
- Any groups or individuals who can have an impact on the company’s operational performance.
Through an analysis based on the above principles, the stakeholders’ given priority consideration by the company are: Customers; employees; investors/shareholders; subcontractors/contractors; and government agencies.
Issues of concern to stakeholders
| Area | Issue | Meaning for Faraday | Relevant GRI issue | Internal |
External |
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| Faraday | Employees | Customers | Investors/Shareholders | Subcontractors/Contractors | Government agencies | ||||
| Economic | Corporate governance & operational results | Faraday is dedicated to pursuing sustainable operations and long-term benefit, in order to maintain a leading position in the industry and to create value for stakeholders. | 201-1 | ||||||
| Risk management | Establishing robust corporate risk management mechanisms and enhancing the company’s ability to respond to crises has become a necessary underpinning for corporate sustainable operations and maintaining corporate competitiveness. | 201-2 | |||||||
| Integrity & legal compliance | Compliance with the law’s fundamental principles related to sustainable development; operations with integrity are, further, the basic operational environment for creating the company’s sustainable development. | 205-3、206-1 | |||||||
| Customer service management | The Customer Mindset is the core of Faraday’s corporate culture; doing the utmost to enhance the company’s and the customers’ competitiveness is the fundamental key to long-term operations. | Self-defined | |||||||
| Sustainable supply chain management | Collaboration with global business partners enhances the overall value chain’s sustainability record, and lowers potential risks for society and the environment. | 308-1、414-1 | |||||||
| Competitiveness in R&D, innovation & quality | Continuous innovation helps strengthen core competitiveness and make sustainable development a reality. | Self-defined | |||||||
| Customer confidentiality & information security | Protection of confidential information is Faraday’s commitment to customers, shareholders, employees, subcontractors and other partners; the company makes sure business secrets and partner privacy is safeguarded. | 418-1 | |||||||
| Environmental | Green product design | In considering product lifecycles, Faraday is dedicated to reducing our environmental footprint, and lowering products’ impacts on the environment and society, as well as energy usage. At the same time, by carefully evaluating our choice of low-risk raw materials, Faraday complies with the Hazardous Substance-Free Product Standard. | 416-1、302-5 | ||||||
| Societal | Employee-employer relationships & friendly workplace | Guaranteeing employees’ basic rights and providing a harmonious work atmosphere is Faraday’s duty & responsibility. | 401-1、401-2 401-3、202-2 405-2 |
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| Employee career development | Faraday considers talent cultivation and development to be extremely important, and the company has robust training resources and learning environments. In compliance with the company’s operational goals and policies, Faraday has established a comprehensive training and development system and roadmaps. Through dedication to growing and maintaining high-capacity technical talents, Faraday further strengthens the company’s intellectual capital and overall competitiveness. | 404-1、404-3 | |||||||
| Employee salary & benefits | Providing salaries that are overall competitive and better-than-legally- mandated benefits builds employee coherence and morale, and has become the source of momentum for the company’s sustainable development. | 201-3、202-1 | |||||||
Methods and frequency of communication with stakeholders
| Stakeholder | Relationship to the organization | Topics of concern | Communication methods and frequency |
|---|---|---|---|
| Customers | Customers are Faraday’s ideal strategic partners. We uphold a customer-oriented spirit in developing all manner of products and services, dedicating ourselves to help customers succeed. |
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| Employees | Faraday’s most important resource, creating maximum value for the company. |
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| Investors & Shareholders | Providing the funding that Faraday needs for business operations. |
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| Subcontractors & Contractors | Providing the resources and services needed for the company’s operations, to grow alongside Faraday. |
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| Government gencies | Utilizing the infrastructure and governmental services provided by the government; obeying governmental laws. |
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Determining stakeholders’ issues of concern
With regard to the Stakeholders’ Level of Concern and the Degree of Impact on Company Operations, and via matrix analysis, material issues are identified. Issues that are high in both Level of Concern and in Degree of Impact on Company Operations are then identified as issues for high-priority disclosure.
A total of 11 material themes
The top four major issues: Sustainable supply chain management, competitiveness in R&D, innovation & quality, customer confidentiality & information security, and talent attraction and retention.
Major issues: Employee safety and health, customer service management, diversity and inclusion of employee, employee career development, environment protect policy, climate change, and green product design.
Secondary issues: Greenhouse gas emission and reduction, water resource management, waste management, and social participation.
