SINGAPORE, Aug. 22, 2022 /PRNewswire/ — The Asia Responsible Enterprise Awards (AREA) 2022 is pleased to honor 72 exemplary award recipients for championing ESG to build a resilient world and a sustainable future for all.
The AREA is the most prominent CSR recognition program across Asia initiated by the region’s leading NGO, Enterprise Asia. The award recipients were selected through a stringent judging process which is based on the 3 criterions of effectiveness and reach, relevance, and sustainability.
SinoPac Holdings‘ Award-Winning CSR Initiatives
Established in 2002, SinoPac Holdings consists of subsidiaries in financial services including banking, securities, investment trusts, leasing, and venture capital. The company is based in Taiwan and has a service network with locations in mainland China, Hong Kong, Macau, Vietnam, Thailand, Myanmar, Los Angeles, and London.
SinoPac Holdings received an award for its corporate sustainability report under the Corporate Sustainability Reporting category and 3 awards for its CSR programs under the categories of Social Empowerment, Investment In People, and Green Leadership.
Fulfillment of Sustainability Commitment and Be a Model of Sustainability
SinoPac Holdings’ ‘Fulfillment of Sustainability Commitment and Be a Model of Sustainability’ report, which was awarded under the Corporate Sustainability Reporting category, was published in compliance with Taiwan regulations, GRI Standards, Commercial Banks and Consumer Finance Standard of Sustainability Accounting Standards Board (SASB), the Task Force on Climate-Related Financial Disclosures published by the International Financial Stability Board, and the framework of the Integrated Reporting developed by the International Integrated Reporting Council for the disclosure of sustainable strategies and performance.
SinoPac Holdings upholds the vision of ‘Fulfillment of a Beautiful Life Through Finance’ by upholding the four sustainable development missions, namely Ethics and Decency, Wealth Building, Environmental Sustainability, and Social Responsibility. In December 2021, the Board of Directors approved including sustainability as one of its business strategies. Since 1 July 2022, the company has also ceased financing for new thermal coal and unconventional Oil & Gas projects nor renewing the existing project. The contents of sustainability reports are provided by the staff of the company’s subsidiaries and business unit who are engaging or responsible for the relevant business/ activities.
Organizing Song of Life for the Elderly: Record the Stories of Taiwan
The company’s ‘Organizing Song of Life for the Elderly: Record the Stories of Taiwan‘ project received the award under the Social Empowerment category. Since 2018, SinoPac Holdings has held 24 outdoor charity concerts, "Your Concert," with Hsieh Ming-Yu, Pun Car Band, and Southern Winds studio, which are dedicated to performing songs that soothed the hearts of the elderly.
Moreover, SinoPac Holdings has sponsored "Song of Life Co-creation" since 2019. A total of six "Songs of Life" have been created in three-years time and were recorded by the elderly in the album "Old Days," which was released and published on the music streaming platform in 2021. In the same year, online live broadcasts were used to deliver memorable songs, which were highly recognized by the elderly and netizens, attracting the participation of over 65,000 people. In addition, SinoPac Holdings organized concert tours and used music as a medium to help people build cash flow and medical protection after retirement and provided seniors with high-quality retirement life.
In the future, SinoPac Holdings will continue to support the creation of "Song of Life" to ensure the rebirth of elderly cultural diversity.
SinoPac Sustainable Talent Development Project
SinoPac Holdings’ ‘SinoPac Sustainable Talent Development Project’, which was awarded under the Investment In People category, has led the company to integrate the ESG aspect into its daily operations and businesses and developed concrete action plans in response to SDGs. It actively conducted various leadership, management and digital transformation training courses with diversified learning channels. The company also provides different benefits to fully care for employees’ physical and mental health, embracing the concept of ‘only happy employees can become the pillars of the company to create more value for society’.
SinoPac Holdings provides equal opportunities for employees. The company actively participates in global salary surveys every year and has taken into consideration the company’s operating performance, personal performance, and external market compensation level to ensure that the salary level is competitive in the market. As a result, SinoPac Holdings has been selected as the constituent of the "Taiwan High Compensation 100 Index" in 2021.
Furthermore, SinoPac Holdings focuses on creating a financial environment with equality, openness, and diversity, providing suitable financial products and services to underprivileged social groups. SinoPac Holdings continues to promote accessible finance and is also dedicated to providing convenient and suitable financial services for SMEs and financially underprivileged social groups.
Building a Smart Green Energy Ecosphere
The company’s ‘Building a Smart Green Energy Ecosphere’ project, which received the award under the Green Leadership category, was initiated in response to SDG7’s goal of "Affordable and Sustainable Energy" and supports the Taiwan government’s renewable energy policy.
Each subsidiary of SinoPac Holdings has also built a complete and professional portfolio of ESG financial products and services based on their core business. Bank SinoPac cooperated with local governments including New Taipei City, Taoyuan City, and Tainan City to provide solar-power financing projects, providing a comprehensive financial service for the power plants from the construction period to the operation period. Bank SinoPac also issued green bonds to enhance its green capital capabilities, utilized its role as a professional bond underwriter to guide and assist companies in issuing green bonds, or to assist green enterprises in fundraising, and launched green enterprise insurance to provide related services for companies investing in green industries.
As of the end of 2021, Bank SinoPac assisted a total of 5,866 domestic power plants with a total installed capacity of 1.9GW, which is equivalent to the annual power consumption of 740,000 households (4 persons per household). Moreover, the total loan outstanding amount for solar power generation equipment of domestic and overseas enterprises was approximately NTD59.23 billion, leading Bank SinoPac to become a successive winner of the "Top Solar System Award" awarded by the Energy Bureau of the Ministry of Economic Affairs from 2016 to 2021.
Bank SinoPac supports the development of the renewable energy industry to achieve the goal of the government’s green energy policy for renewable energy to account for 20% of electricity generation in 2025. In 2022, Bank SinoPac has begun nurturing internal Net-Zero seeds to assist companies to transform into low-carbon operations and declared the goal of becoming a net-zero carbon emission bank by 2050, fulfilling SDG13 ‘Climate Action Goals’.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development. Please visit www.enterpriseasia.org for more information.
About Asia Responsible Enterprise Awards (AREA)
The Asia Responsible Enterprise Awards program recognizes Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Responsible Business Leadership, and Corporate Sustainability Reporting. For more information, visit: www.enterpriseasia.org/area.