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 8 – Employment and Economic Growth”, “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.

In 2022, the Company also received a “Golden Award” for its Sustainability Report under the “2022 Taiwan Corporate Sustainability Award” organized by the Taiwan Institute for Sustainable Energy (TAISE).

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
  • Handling of meeting related matters for Board of Directors and shareholders' meeting
  • Providing such information as the directors may require in the conduct of his business
  • Keeping abreast of the latest regulatory developments related to the Company’s operations
  • Assisting directors in their appointment and continuing education
Corporate Governance Framework
Risk Management

On December 22, 2020, the Company set up its Risk Management Committee, a functional committee under the Board, in order to reduce its operational risks and implement corporate governance. The Risk Management Committee, responsible for implementing risk management, has three members, more than half of the independent directors (including two independent directors), among whom the convenor of the committee, Huang, Hsin Hsien, has legal expertise and possesses the professional competence required by the committee. To implement Corporate Governance 3.0, PLANET compiled its 2022 Sustainability Report and included the climate-related risks and opportunities posing financial impacts on the company in the report. The Risk Management Committee holds at least two meetings each year to review the policies and implementation status and report to the Board. Risk monitoring is carried out by the Audit Office to ensure the effectiveness of risk management. The term of office of the Risk Management Committee members is the same as the term of office of the Board that appoints the committee members.

On December 21, 2022, in accordance with the "Risk Management Best-Practice Principles for TWSE/TPEX Listed Companies", PLANET renamed the "Regulations of Risk Management Committee" into "Organizational Procedures of Risk Management Committee", and revised the regulations and added the "Risk Management Policies and Procedures" to strengthen the Company’s risk management and improve its crisis response ability, so as to achieve the goal of risk control and lay a solid foundation for the sustainable operation of the Company.

The Company has established the "Internal Control System", the "Implementation Rules for Internal Audit", the "Organizational Procedures of Risk Management Committee" and the "Risk Management Policies and Procedures", and the amendments of these regulations are subject to the approval of the Board of Directors. The Company also has an Audit Office, which is directly responsible for the Board of Directors and assists the Board and management to supervise various internal systems and procedures. The Audit Office implements annual audit plans to ensure the effectiveness of internal control systems, the reliability of financial reporting and compliance with relevant laws and regulations, and provides recommendations for improvement when appropriate.

◾ Risk Management Policy and Procedures

PLANET has established its risk management policy and procedures appropriately after considering the overall size, business characteristics, risk nature and operational activities of the Company and its subsidiary. The policy and procedures cover the following aspects:

  • Risk management objectives
  • Risk governance and culture
  • Risk management organizational structure and responsibilities
  • Risk management procedures
  • Risk reporting and disclosure

The company has set up a sound risk management structure to manage all kinds of risks that may affect the achievement of the company's objectives. The company integrates risk management into operational activities and daily management process to achieve risk management objectives.

◾ 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

The Company's risk management process includes risk identification, risk analysis, risk assessment, risk response, risk monitoring and review, and is carried out through PDCA circle management approach.

◾ 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.

As of 2022, PLANET has not experienced any major incidents affecting the company's operations or infringing privacy of its customers. The total number of incidents involving information leakage, information theft or loss of customer data is 0.

Control of Risks Associated with Information Security

PLANET’s information security management system is evaluated at least once a year, or is re-evaluated in case of major changes in the company. The evaluation results are presented at the management review meeting and are revised as appropriate to control and mitigate information security risks.

The Company attaches great importance to information security management. On December 21, 2022, the implementation status of information security management was reported to the Board of Directors, and in December 2022, the Company participated in the "Information Security Liability Insurance" with an insurance period from January 1, 2023 to January 1, 2024, with the aim to obtain an overall information security protection for the Company.

◾ 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, product design and output are assets of the company. To safeguard its assets, the company has established the “Regulations Governing Business Secret Management” to prevent infringement of the company's trade secrets, trademarks, patents, copyrights and other intellectual property rights. The custodian of the company's intellectual property rights should be responsible for keeping and safeguarding PLANET’s business secrets, and should not disclose them at will.

PLANET expressly stipulates the confidentiality agreement and ownership of intellectual properties in the labor contract. Newly-recruited employees receive relevant education and training after reporting to duty. Relevant units have also strengthened employees’ awareness of intellectual property protection comprehensively and constantly required employees and relevant external parties to ensure information security, thus avoiding business losses caused by outflow of intellectual properties.

◾ Patent Protection

To further 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 to enhance product differentiation and market competitiveness.

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

In 2022, PLANET obtained 2 patents. The company has obtained 38 patents in total over the years.

Internal auditors conduct quarterly patent ownership and expiration control audits according to the annual audit plan to ensure the validity of intellectual property rights.