Stakeholder Engagement
TCC values the opinions of its stakeholders, actively communicating and engaging with regard to material sustainability issues, which are incorporated in the corporate sustainable development blueprint. In line with the nature of the industry and with reference to the GRI Standards, SASB Standards, and Dow Jones Sustainability Index (DJSI) as well as AA1000 Stakeholder Engagement Standard, it employs the five principles, i.e. Responsibility, Influence, Tension, Diverse Perspectives, and Dependency in the identification and ordering of stakeholder significance.
The results of the latest stakeholder engagement and its related plans were discussed at the interdepartmental meeting of the Corporate Sustainability Development Committee in November 8th, 2023. The discussion result was reported to the Board of Directors in November 10th, 2023. The mechanism of communication and reporting will be conducted at least twice each year. The result of the latest stakeholder engagement and the discussion topics are as below:
Assessment Process for Stakeholders and Material Topics
Sustainability Dialogues with Stakeholders
Pursuant to the AA1000 Stakeholder Engagement Standard (SES), TCC employs the five principles, i.e. Responsibility, Influence, Tension, Diverse Perspectives, and Dependency in the identification and the ordering of stakeholder significance as follows: government agencies, clients, employees, local communities, shareholders/investors, environmental groups/NGOs, the media, industry associations/industrial and academic entities, suppliers/contractors, and sustainability associations.
Identification of Sustainability Issues
TCC conducts sustainability issue identification every other year. The “Double Materiality” analysis principle is adopted this year. In accordance with the GRI Universal Standards 2021, with reference to the international trends of sustainable development, international sustainability ratings(e.g. MSCI, S&P CSA and CDP), sustainability disclosure standards, industry characteristics, and benchmark corporate practices, TCC compiled a list of sustainability issues of survey. Through the double materiality analysis, a total of 8 material sustainability topics were identified, including “climate actions and net-zero emissions,” “resource co-processing,” “green energy and energy storage,” “R&D innovation,” “sustainable products and services,” “biodiversity,” “legal compliance,” and “workplace health and safety.” Meanwhile, considering that “pollution control and management” and “water resources management” have a higher negative impact on the economy, environment, people and human rights, and are the focuses in the industry disclosure of various sustainability disclosure standards, both are also included in the material sustainability topics this year. A total of 12 material sustainability topics were identified for TCC in 2023. The identification result was adopted by the Board of Directors. Also, the development and achievement on these material sustainability topics are linked to the executive remuneration.
Sustainability Impact Valuation
Since 2023, TCC has reviewed the impact of its value chain activities on human well-being through an external perspective (Outside In). Following the Natural Capital Protocol, the Social & Human Capital Protocol, and the ISO 14008:2019 framework for environmental impacts and related considerations, TCC further integrates the Impact-Weighted Accounts (IWA) developed by Harvard Business School and the monetary valuation methods from the Value Balancing Alliance (VBA) into Materiality Analysis. From upstream supply chain and production operations to downstream products and services, TCC employs the impact pathway method to analyze the cross-domain intersections of economic, environmental, and social issues. Based on Profit and Loss (P&L) approach, TCC incorporates externalities, whether costs (negative) or benefits (positive), transforming the changes and impacts of operational activities on stakeholder well-being into a consistent monetary language. The sustainability impact management framework is based on the Triple Bottom Line (TBL).
Matrix of Material Issues
Stakeholder engagement programs
TCC is convinced that only with smooth and effective engagement with its stakeholders can TCC capture the pulses in the markets, economy, society, and environment, and ultimately put TCC’s sustainability missions of “Nature First” and “Benefit to Society” into action. As a result, TCC implements stakeholder engagement programs that are applied to all local operations and stakeholder categories. These programs include conducting local stakeholder or community impact assessments to understand the potential effects of operations on stakeholders. Concurrently, TCC systematically designed sustainability issue survey questionnaires, with which it collects and analyzes feedback of stakeholders; meanwhile, it evaluates the impacts and risk levels of sustainability issues on corporate operation, identifying material issues and prioritizing responses and reactions to meet stakeholders' expectations toward TCC.
Upholding the spirit of open transparency, TCC not only establishes clear communication channels but also discloses information through diverse formats, ensuring effective and quality communication results with its stakeholders. TCC proactively meets with local stakeholders to identify emerging concerns. This includes visiting nearby villages and schools, promoting sustainable ideas via featured programs, and enhancing residents' understanding of TCC while building their participation capabilities to ensure effective communication with TCC.
In addition, TCC values stakeholder expectations and regularly reviews the surveys of perceptions for local stakeholders on engagement strategy. TCC promptly responds to and continuously tracks grievances raised by stakeholders, ensuring proper handling and adjustments to the engagement program to maintain interactions. Important issues identified during the engagement process are also incorporated into the corporate operation and sustainable development blueprint, so that TCC may better promote sustainable operation, fulfilling its corporate social responsibilities. Please refer to TCC Stakeholder Engagement Policy for more information.
Just Transition
Point of Contact
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Government Agencies
Spokesperson Ms. Yeh, Vice President
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Shareholders / Investors
Finance Department, Ms. Huang
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Clients
Engineering Affairs Department, Mr. Chang
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Employees
Human Resources Department, Mr. Hsu
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Suppliers / Contractors
Procurement Department, Ms. Wu
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Media
Office of responsibility and Sustainability, Ms. Yeh, Vice President
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Local Communities
TCC DAKA, Mr. Lee
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Industry Associations / Industrial & Academic Organizations
Engineering Affairs Department, Mr. Chang
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Sustainability Associations
Engineering Affairs Department, Mr. Chang
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Environmental Groups / NGOs
Environment Safety, Mr. Hsiao