Sustainable Corporate Governance

PLANET strictly aligns its corporate governance with the 2030 Agenda for Sustainable Development adopted by the UN. There are 17 Sustainable Development Goals (SDGs) to be achieved. Among them, PLANET is targeting “Goal 10 -- Reduced Inequalities”, “Goal 13 – Climate Action”, and “Goal 16 -- Peace, justice and strong institutions”.

PLANET’s management team values the development and proactive implementation of governance culture. PLANET was consecutively ranked among the top 5% of outstanding companies in 2020 and 2021 Corporate Governance Evaluation conducted by the Taiwan Stock Exchange (TWSE) and Taipei Exchange (TPEx), which was another great reward for the joint effort made by the entire company.

PLANET has drawn up its “Code of Practice on Corporate Governance” in accordance with the “Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies”. In 2019, the company appointed a director of corporate governance who would be responsible for the implementation of corporate governance in accordance with the following principles:

  • Builds an effective and complete corporate governance framework
  • Protects shareholders' interests
  • Enhances the functions of the board of directors
  • Effective management by the Audit committee
  • Respects the interests of engaged parties
  • Enhances information disclosure
Corporate Governance Framework
Risk Management
◾ Risk Management Scope, Policies and Process

PLANET has classified its risks into 3 types, namely corporate risks, financial risks and operating risks. To effectively control risks and realize sustainable operations, PLANET has established the “Internal Control System”, the “Enforcement Rules of Internal Audit”, and the “Risk Management Committee Regulations”, the amendments of which are subject to the resolution of the board of directors. The company has established an internal audit office, which directly reports to the board of directors and assists the board of directors and the management team in supervising the running of internal systems and processes. The internal audit office implements the annual audit plan, ensuring the effectiveness of the internal control system, the reliability of financial reports and the compliance with relevant laws and regulations. The internal audit office also provides timely suggestions for improvement to effectively implement the internal system and the supervision mechanism and to supervise the implementation of various risk management measures.

To effectively control business risks, PLANET established the Risk Management Committee and formulated the “The Organization Regulations for Risk Management Committee” on December 22, 2020. The Risk Management Committee is one of the functional committees under the Board of Directors and more than half of the members of the committee are independent directors. Currently the committee has a total of three members (including two independent directors), and it is the responsible unit for the company’s risk management. To implement Corporate Governance 3.0, the company incorporated the TCFD issues, such as risks and opportunities arising from the financial impact of climate change, into in its Sustainability report. At least two risk management committee meetings are held annually, which are reported to the Board of Directors for review.

◾ Organizational Structure of Risk Management Committee

For effective control of business risks, PLANET established the Risk Management Committee which is under the board of directors and responsible for the implementation of risk management, and reports to the board of directors regularly. The committee is composed of members respectively controlling corporate risks, financial risks and operating risks. Procedures have also been formulated on risk identification, measurement, monitoring, reporting and handling.

◾ Risk Management Processes and Operations

PLANET's risk management process includes risk identification, risk assessment, risk control, risk reporting and disclosure, and response to risk disclosure, which is operated with the PDCA model.

◾ Ethical Business Operation

PLANET requires all its staff members, supervisors, managers, and directors not to engage in or use any reason to instruct other people to engage in any illegal or unethical activities. The rules of integrity must be strictly observed, while employee code of conduct must be established and clarified. Employees are also required to protect corporate assets and reputation and observe other company rules. As to execution of business activities, product design and procurement, employees must follow relevant rules and regulations and perform strict observance of discipline. PLANET explicitly states in its Rules Governing Ethical Corporate Management that it prohibits offering or taking of bribes, offering of illegal political donations, inappropriate sponsorship or charity donations, offering of improper gifts, treatment or other unjustified benefits, infringement of intellectual property rights and unfair competition. PLANET has also established prevention measures and procedures to prevent products or services from causing damages to the interests of stakeholder, protect the rights of customers and prevent loss of assets, penalties and damage to reputation of the company.

Information Security and Privacy Management

PLANET strictly safeguards the security and privacy of its operation-related information and assets as well as the stakeholders, including customers, shareholders, suppliers and employees. PLANET has established the “Information Security Policy” as the basis of its information security management, based on which the company is able to implement and improve its works related to information security. PLANET is committed to continuous enhancement of its information safety management mechanism, thus ensuring the smooth operation and effectiveness of its information security management and privacy protection mechanism.

PLANET began to promote the establishment of the ISO 27001 Information Security Management System in December 2021, and obtained the ISO 27001:2013 certification in May 2022.

In 2021, there were no major incidents affecting the company's operations and infringing customers' privacy rights.

◾ Organizational Structure for Information Security

PLANET’s information security management is in the charge of the Information Management Team under the CEO Office. In line with the establishment of the ISO 27001 system, the Information Management Team was renamed as MIS in 2022.

The office’s responsibilities mainly include information security and protection related works, emergency response to information security incidents and post-incidents recovery matters. The purpose of the office is to prevent the occurrence of information security incidents and minimize the impact exerted by information security incidents on the company's operations and loss of company assets.

◾ Information Security Policy 『Information Security, Everyone's Responsibility』

By strictly following ISO 27001 international standards to establish its information security objectives, PLANET is able to avoid the improper use, leakage, modification and destruction of information caused by human negligence and natural disasters, thus to minimize the potential risks and hazards to the company.

Intellectual Property Management
  • Protection of Business Secrets
  • PLANET’s brand and the design and output associated with its products are assets of the company. To safeguard its assets, PLANET has established the “Managerial Regulations of Business Secrets” to prevent infringement of the company's trade secrets, trademarks, patents, copyrights and other intellectual property rights. PLANET stipulates the confidentiality agreement and ownership of intellectual properties in the labor contract. New employees receive relevant education and training after reporting to duty. Relevant departments have also strengthened employees’ awareness of intellectual property protection comprehensively and constantly required employees to ensure information security, thus avoiding business losses caused by outflow of intellectual properties.

  • Patent Protection
  • To continue to encourage technological innovation, PLANET has established the “Research and Development Innovation Incentive Measures” and the “Innovation/Improvement Proposals Incentive Measures” to motivate employees to file various patent applications through a diversified incentive system, thus enhancing product differentiation and market competitiveness.

    PLANET frequently evaluates and analyzes the current situation of the industry and its competitors, and takes necessary legal measures in conjunction with legal affairs firms and patent law firms if it locates any possible infringement of its patents.

    PLANET constantly reviews the status of all relevant patent applications and conducts evaluation on patent extension and invalidation, so as to effectively manage its patents.

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