QIC Inside Investor Relations Volume 51: Taiwan Ranks 1st in the APAC region with 16 Companies Selected for the 2023 Bloomberg Gender Equality Index
Picture Source: KnowLaw
A total of 484 companies from 45 countries and regions, spanning 11 sectors with a combined market capitalization of US$16 trillion were selected for the 2023 Bloomberg Gender Equality Index (GEI). Of the 484 companies selected worldwide, 16 companies are from Taiwan: AUO Corp (2409 TT), King’s Town Bank (2809 TT), Fubon FHC (2881 TT), Cathay FHC (2882 TT), E. Sun FHC (2884 TT), Yuanta FHC (2885 TT), Taishin FHC (2887 TT), Shin Kong FHC (2888 TT), SinoPac FHC (2890 TT), CTBC FHC (2891 TT), First FHC (2892 TT), Sinbon Electronics (3023 TT), Win Semi (3105 TT), Oneness (4743 TT), Zhen Ding (4958 TT), & Taiwan Cooperative FHC (5880 TT).
Taiwanese companies are starting to recognize the importance of gender equality and are willing to disclose their progress with stakeholders through the Bloomberg GEI Assessment. Taiwan saw 10 new companies included in the 2023 GEI Index, ranking 1st in new entrants and the number of companiesincluded in the APAC region.
Bloomberg launched the Bloomberg Gender Equality Index in 2016 to provide investors with a comprehensive drill-down, such as standardized statistics and corporate policies, of companies’ efforts to create a gender-equal workplace. The Bloomberg Gender Equality Index assesses companies' performance on gender diversity, equality, and inclusion policies through 70 indicators across five key dimensions – Leadership & Talent Pipeline, Equal Pay & Gender Pay Parity, Inclusive Culture, Anti-sexual Harassment Policies, and External Brand.
World renown brands such as Coca-Cola, HSBC, Cathay Pacific, Intel, and Nvidia are all constituents of the Bloomberg Gender Equality Index.
Peter T. Grauer, the Chairman of Bloomberg LP stated: “As companies continue to grapple with the COVID-19 pandemic, the “S” in environmental, social, & governance (ESG) data has become more important than ever before. Companies that provide an inclusive environment supporting work-life balance and flexible work arrangements will eventually succeed in retaining a talented workforce and gain a competitive advantage in a business environment that has been significantly altered, possibly forever.”
Longtime Advocates of Diverse and Inclusive Workplaces – Win Semi, Oneness Biotech, & King’s Town Bank – were Once Again Included in the Bloomberg GEI Index
Win Semi (3105 TT) is committed build a diverse workplace and that is why for two consecutive years, Win Semi has been included in the Bloomberg Gender Equality Index and strives to continually improve on the five key dimensions – Win Semi achieved a perfect score in the Anti-sexual Harassment Policies dimension this year. In 2021, 51.3% of Win Semi’s workforce was represented by women, of which female representation in IT functions, Engineering functions, and new employees outperformed the industry average.
Oneness Biotech (4743 TT) has once again received international recognition for its achievements in promoting a diverse and inclusive workplace. “Oneness believes that gender diversity is one of the keys to creating sustainable corporate value.” Oneness’ representative stated, “We are honored to be the only biotech company in Taiwan to be included in the Bloomberg Gender Equality Index again this year. In 2021, 43% of our board seats are held by female directors, and 57% of executive roles are held by female executives. These figures are well above the industry averages and it shows our commitment to gender diversity and female leadership in the workplace. Going forward, we will work with our employees to further promote and implement diversity, equality, and inclusion in the workplace to build a sustainable work environment.”
King’s Town Bank (2809 TT) proves its long-standing commitment to a gender-diverse workplace by being a constituent of the Bloomberg Gender Equality Index for the 3rd year in a row. KTB has been conscientious of recognizing and promoting outstanding female talent; women comprise of 41.3% of senior executives in 2021, a significant increase from 2.6% in 2004. Furthermore, KTB achieved equal pay between gender by having a fair and equitable performance evaluation system that does not discriminate based on gender. KTB also actively strives to reduce the gender gap in the workplace and will also act to achieve the SDG 5 Gender Equality of the United Nations Sustainable Development Goals.
Zhen Ding and Brogent Demonstrate Commitment to Gender Equality and Transparent Disclosure
Zhen Ding (4958 TT) is honored to be selected as a constituent of the 2023 Bloomberg Gender Equality Index on its initial participation. In 2021, Zhen Ding established the subcommittee “Social Inclusion Implementation Team” which falls under the Board of Directors committee “Sustainable Development Committee”; the subcommittee is responsible for protecting human rights and promoting diversity, equality, and inclusion in the workplace from the top down. As the first PCB company in Taiwan to be selected as a constituent member, Zhen Ding shared, “For a company to develop well, it needs to attract excellent talent. We attract and foster these talents by creating an excellent corporate culture through a transparent, positive, and equal atmosphere. To enhance employees’ on-the-job experience and increase their sense of belonging, the company has several multicultural programs for employees, including benefits such as paid maternity leave and flexible work hours for child care. We strive to support employees’ work-life balance.
Although Brogent (5263 TT) did not make it into the index because of the market capitalization requirement, it still chose to participate in the Bloomberg Gender Equality Index Assessment. The purpose is to benchmark itself against international disclosure standards, increase its disclosure transparency, but also to understand the current status of gender equality implementation within Brogent, and use this assessment as an opportunity to further enhance the diversity, equality, and inclusive policies.
Global Push for Strengthening Gender Equality Disclosures
“The first step to implementing gender equality is to understand how much of a gender gap exists within an organization and the cause of it, but this step is already a challenge for many companies,” said Alex Lee, the CEO of QIC, “most companies don’t know what sort of indicators to track and don’t usually collect relevant data, thus they cannot accurately define, and develop strategies to address these gender equality gaps. For example, The gender pay gap is extremely wide in Taiwan, and the unequal pay threatens to disengage female workforce participation, reduce talent retention and employee engagement, and the company's reputation within the workforce. As a result, more and more countries are now requiring companies to conduct regular gender pay assessments, audits, and disclose relevant data. Through analyzing gender pay data, companies can understand the causes of the gap and develop specific action plans to eliminate pay inequality in the workplace.”
“The Bloomberg Gender Equality Index framework and questionnaire provide companies with excellent guidelines for understanding which gender issues are of interest and importance to investors,” added Alex Lee, “as more and more investors incorporate ESG data into their investment decisions, companies participating in the Bloomberg GEI Assessment will be able to stand out and attract investors by disclosing their gender diversity, equality, and inclusion efforts and achievements through the Bloomberg Professional Service platform to over 300 thousand professional investors worldwide.”
Companies need to be well-prepared for the rise of sustainable investing by providing better disclosure of ESG information, third-party rating improvement, increasing awareness and participation of the board of directors and management team, and improving communication with institutional investors. QIC has worked with many listed companies in Taiwan on improving their ESG communication and on attracting long-term focused investors. If you are looking for guidance in developing a successful ESG strategy, please reach out to us.
Contact: yvonnehuang@qtumic.com