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Corporations Strengthen CSR and Seize Sustainable Business Opportunities

中華公司治理協會昨天舉行「邁向企業永續治理,增加公司長期價值」研討會,會前合影。...

Ambassador Eugene Chien (third right) alongside members of the Taiwan Corporate Governance Association

         Estimates predict that by 2030 there will be 12 trillion dollars in annual revenue as well as 380 million jobs in relation to sustainable development. Zhu Zhuyuan, Deputy Director of the Taiwan Corporate Governance Association mentioned on February 22 that corporations should pursue sustainable development. Green business opportunities are proven to increase profitability and help the world. Zhu Zhuyuan pointed out that the UN Sustainable Development Goals (SDGs) are not only a global development trend, but also a great business opportunity for the future of companies.

        The Taiwan Corporate Governance Association and the Center for Public Policy and Law of National Taiwan University jointly hosted a seminar on corporate sustainability governance and the long-term value of companies. The Chairman of the Corporate Governance Association, and others attended the seminar. Wang Wenyu, Director of the Center for Public Policy and Law mentioned in his speech that companies successfully looking after stakeholders is one of the latest trends and a company’s emphasis on social sustainability and environmental development can bring both external and internal benefits to the company. Furthermore, the director continued by stating how global enterprises are responding to sustainable governance. In the US for example, the Dow Jones uses a sustainable development index to track the best performing companies. Taiwan has also developed its own sustainability index and is attracting the attention of institutional investors. Corporations attach importance to sustainable governance, communities, customers, and supply chains. Good management of these factors can bring long term value to companies.

        Director Zhu Zhuyuan explained the latest international development trends while giving a speech on corporate sustainability governance development. He further mentioned how corporate social responsibility (CSR) has reached global consensus. Corporate governance should be more effective, and information disclosure should be more transparent and socially responsible. The Director continued, saying that corporate social responsibility means that in addition to pursuing the best interest of shareholders, enterprises must take into account the interests of other stakeholders, including employees, consumers, suppliers, communities, and the environment. Mr. Zhu said that enterprises should fulfill their social responsibilities and follow the sustainable development goals. Steps that companies should take include doing well in the industry as well as enhancing core competitiveness. Companies should also be responsible for CSR, social and corporate governance principles (ESG), and linking the UN Sustainable Development Goals to their business platform. It is important for companies to care for employees and encourage their CSR participation by developing a CSR report that explains the company’s social impact. Winning CSR awards and the favor of social responsible investment (SRI) institutions add points to the brand.

        The Chairman of the Taiwan Institute for Sustainable Energy, Eugene Chien delivered a keynote speech on the international development trends of SDGs and ESG. Dr. Chien mentioned how the goal for global sustainable development is comprehensive, committed, and transparent. Ambassador Chien said that the four major dimensions and implications of the Sustainable Development Goals include: risk of inaction, seizing opportunities, governance and transparency, as well as the need for partners. Ambassador Chien also gave some examples like that of Apple who is committed to the use of green energy, if the supply chain does not follow this example there might be a crisis.