Sustainability

  • In order for UBOT to implement corporate social responsibility so as to drive economic, environmental, and social progress and thus achieve the goal of sustainable development, UBOT has gradually implemented the 17 goals in response to the United Nations Sustainable Development Goals (SDGs) with a view to bolstering our contribution to the national economy, improving the quality of life of employees, community and society, as well as facilitating sustainable development-oriented competitive advantage while conforming to international development trends. When pursuing sustainable operation and profit, UBOT not only attaches great importance to stakeholders’ rights and interests, but also places great emphasis on environmental, social and corporate governance factors, and includes them in our management approaches and operating activities while establishing a sustainable development philosophy in which our goals and vision are rooted in economic development, social justice, and environmental protection.
  • In an effort to promote corporate social responsibility and sustainable development, the Board of Directors passed a resolution to establish the Regulations Governing the Establishment of Corporate Social Responsibility Committee in 2015, and then set up the Union Bank of Taiwan Corporate Social Responsibility Committee (CSR Committee). In line with international development trends while realizing the goal of sustainable development, the Board of Directors approved amendments to the Sustainable Development Committee Charter in 2022, where the Corporate Social Responsibility Committee was renamed “Sustainable Development Committee” (also known as ESG Committee) to serve as the supreme sustainable development decision-making center within the company, while the Union Bank of Taiwan Sustainable Development Best Practice Principles were formulated to manage the risks and impacts caused by UBOT to the economy, the environment, and society.
  • The ESG Committee is tasked with overseeing UBOT’s sustainable development policy, management approach, and specific promotion programs.
  • The ESG Committee has a number of subordinated teams in a number of areas, including Corporate Governance, Customer Care, Employee Care, Environmental Sustainability, Social Welfare, and Sustainable Finance where these teams are responsible for drafting schemes for UBOT’s sustainable development execution plan or matters instructed by the ESG Committee, and then submit them to the ESG Committee for review or for future reference.

Structure of the Sustainable Development Committee

Stakeholder Identification
UBOT’s stakeholders primarily consist of shareholders/investors, customers, employees, partners/suppliers, community/general public, government/competent authorities, and media.


  • Regarding the above stakeholders, members of the various functional groups under ESG Committee were responsible for making interaction, collecting opinions and making communication with the social public and stakeholders via various channels and platforms, including a dedicated section on UBOT's corporate website in both Chinese and English, visitor message, annual report, shareholders’ meetings, 24-hour customer service hotline and service mailbox, text customer service app, customer suggestion box, community seminars, and various social welfare activities, etc. In addition, UBOT reports the status of communication with stakeholders to the Board of Directors on a regular basis each year. The identification of stakeholders, as well as method and channels of communication with stakeholders are detailed in the following table.
  • For information on Communication with stakeholders in 2024, please refer to stakeholder discussion section of the sustainability report

First, key topics are ranked according to stakeholder concerns based on the above information compiled in the initial stage, along with assessments on the level of importance to stakeholders for each issue aimed at understanding stakeholders’ advice and expectations of UBOT from the economic, social, and environmental aspects. Then, these key topics are assessed by senior managers and senior staff in each area of business based on the local and international financial environment, current status of the industry, strategic development, government policies, references from industry players, and opinions from external consultants and experts, alongside the positive and negative impacts of topics listed in GRI 3 Material Topics on the economy, the environment, and people (including human rights), in order to learn about the impacts of related real or potential financial risks. The assessments results for the 21 topics compiled throughout this process are detailed as follows:

Board Diversity Policy
The Bank adopted the "Corporate Governance Code of Practice" at the 18th meeting of the 8th Board of Directors on March 18, 2015, and set out a diversity policy in Chapter 4 "Strengthening the Functions of the Board of Directors". The nomination and selection of the Bank's Board of Directors is conducted in accordance with the provisions of the Company's Articles of Association and adopts a "candidate nomination system". In addition to evaluating the academic qualifications of each candidate, the Bank also consults with stakeholders and follows the "Procedures for Election of Directors" and " Corporate Governance Best Practice Principles " to ensure the diversity and independence of board members. Pursuant to Article 29, Paragraph 1 of the Bank's "Corporate Governance Code of Practice", members of the Board of Directors should generally possess the knowledge, skills and qualities necessary to perform their duties. In order to achieve the ideal goal of corporate governance of the Bank, the Board of Directors as a whole should possess the following capabilities:
  • Operational judgment ability
  • Accounting and financial analysis skills
  • Business management capabilities
  • Risk management capabilities
  • Crisis management capabilities
  • Industry knowledge
  • International market perspective
  • Leadership
  • Decision-making ability
Board of Directors
Board of Directors Register of Directors
  • Diversity and Independence of the directors and supervisors
    Name Nationality Gender Professional designation and experience
    Diversified core program
    Operation judgement Corporate management Finance and accounting Industry and academic knowledge International view of market Leadership and decision-making Risk management
    Jeff Lin Republic of China Male V V V V V V V
    Zhen-Xong Jiang Republic of China Male V V V V V
    Yao-Hsien Li Republic of China Male V V V V V V V
    Tzung-Hang Lee Republic of China Male V V V V
    Lin-Yu Fan Republic of China Female V V V V V V
    Han-Ming Hsieh Republic of China Male V V V V V V
    Si-Yong Lin Republic of China Male V V V V V V
    Wen-Ming Li Republic of China Male V V V V V
    Herman Tu Republic of China Male V V V V V V V
  • Diversity in the Board of Directors
    • The Bank's policy on diversity is based on the following specific objectives and circumstances: Board members should have different professional knowledge and skills, gender and age. In order to achieve the ideal goal of corporate governance, the Board of Directors as a whole should possess the following competencies: operational judgment, business management, accounting and finance, industry knowledge, international market view, leadership decision-making, and risk management, etc. It is expected that at least three out of the total number of Board members should possess any of these competencies, and that at least four out of the seven competencies mentioned above should be possessed by individual Board members. Currently, members of the Board of Directors possess the professional qualifications listed in the table above, and have achieved the goal of diversifying their professional knowledge.
    • In addition, the Bank also attaches great importance to gender equality in the composition of the Board of Directors, and has at least one or more female directors since the establishment of the Board. At present, there is one female director on the Board of Directors, accounting for 11.11%, which is in line with the Bank's plan, but in order to strengthen the diversity of directors, the proportion will be gradually increased in the future, and it is expected to achieve the ideal goal of more than one-third.
    • The current age range of board members is: one (11.1%) is between 50 and 59 years old, three (33.3%) are between 60 and 69 years old, four (44.5%) are between 70 and 79 years old, and one (11.1%) is between 80 and 89 years old, thus achieving the goal of age diversity.
    • Currently, three board members have served for more than 20 years (33.3%), and six have served for less than 5 years (66.7%), with an average term of 12.93 years.
  • Board Independence
    The Bank has three independent directors (33.3%), two independent directors were reappointed for a second term, and one independent director assumed office in June 113th.
    In order to strengthen the independence of the Board of Directors, starting from the 11th Board of Directors, the term of office of independent directors will not exceed three consecutive terms.
    None of the independent directors of the Bank is also an independent director of another public company.
  • Diversity of directors is oriented, complementary, and implemented. In the future, the Bank will continue to update its diversity policy in a timely manner depending on the operation, business model, and development needs of the Board of Directors, including, but not limited to, the criteria for the two major aspects of basic qualifications and values, and professional knowledge and skills, so as to ensure that the Board members generally possess the knowledge, skills, and qualities necessary for the performance of their duties.
  • Board related information
  • Audit Committee
    Register of Independent Directors
    Title Name of Director Experience & Qualification
    Independent Managing Director Yao-Hsien Li Manager of Federal Bills Finance Co. ;
    Manager of UBOT Bills Finance Department
    Independent Director Tzung-Hang Lee the Board of Examiner ;
    Visiting Scholar of University of Manchester;
    Professor of Tamkang University
    Independent Director Lin-Yu Fan VP of , Fuh Hwa Securities Investment Trust Co., Ltd;
    Jian Fuh Hwa Securities Investment Trust Co., Ltd;
    Director of Union Insurance Co., Ltd.
  • Information about the Audit Committee
    The Audit Committee is a functional committee established under the Board of Directors. The Board of Directors, in order to improve its supervisory function and to strengthen the management function, appoints independent persons with professional backgrounds as members of the Audit Committee to assist the Board of Directors in making decisions by dividing the work into specialized roles and by taking an independent stance, so that the management's operating activities can be more effectively supervised.
    In accordance with Article 14-4 of the Securities and Exchange Act, the Company established an Audit Committee on 8 June, 2016, which consists of all independent directors and has three members.
    UBOT Organizational procedures of the audit committee
  • Remuneration Committee
    Remuneration Committee Members
    Committee member Lin-Yu Fan possesses industry-academia knowledge and expertise in operational judgment, while Tzung-Hang Lee has professional expertise in information technology, e-commerce, digital economy and other fields and extensive work experience, which meet the professional capabilities required by the committee.
    Title Name of Director Experience & Qualification
    Member Lin-Yu Fan VP of , Fuh Hwa Securities Investment Trust Co., Ltd.
    Jian Fuh Hwa Securities Investment Trust Co., Ltd.
    Director of Union Insurance Co., Ltd.
    Member Tzung-Hang Lee The Board of Examiner.
    Visiting Scholar of University of Manchester.
    Professor of Tamkang University.
    Member Wen-Ming Li Taiwan Chemical Fiber Corporation Specialist.
    Senior Specialist of Federal Construction Enterprise Co., Ltd.
    Managing Director of E Ink Forex Brokerage Co., Ltd.
  • Information about the Remuneration Committee
    The purpose of the Remuneration Committee is to establish and review the policies, systems, standards and structures for the performance evaluation and remuneration of the Company's directors and managers, and to submit its recommendations to the Board of Directors for discussion.
    Remuneration Committee Organizational Procedures
  • Scope of Responsibilities：
    To faithfully perform the following duties with the care of a good steward and to be accountable to the Board of Directors, and to submit proposals for discussion by the Board of Directors.
    To establish and periodically review the policies, systems, standards and structures for performance evaluation and compensation of directors and managers.
    Evaluate and set the compensation of directors and managers on a regular basis.
  • Issues Discussed and Resolutions of the Remuneration Committee：
    In the case of the 2023 annual manager's compensation distribution, the average number of shares issued times closing price/salary on the day before the board of directors resolved the distribution of compensation was 0.68 for the president and 0.63 for the other managers.
  • Nomination Committee
    Nomination Committee Members
    Committee member Lin-Yu Fan possesses industry-academia knowledge and expertise in operational judgment, while Tzung-Hang Lee has professional expertise in information technology, e-commerce, digital economy and other fields and extensive work experience, which meet the professional capabilities required by the committee.
    Title Name of Director Experience & Qualification
    Member Lin-Yu Fan VP of , Fuh Hwa Securities Investment Trust Co., Ltd.
    Jian Fuh Hwa Securities Investment Trust Co., Ltd.
    Director of Union Insurance Co., Ltd.
    Member Tzung-Hang Lee The Board of Examiner.
    Visiting Scholar of University of Manchester.
    Professor of Tamkang University.
    Member Jeff Lin Director of UBOT.
    Vice President of UBOT.
    President of UBOT.
  • Information about the Nomination Committee
    Nomination Committee Organizational procedures
  • Communication policy between independent directors and auditors
    Communication between independent internal directors and auditors
    The Chief Auditor is involved in all Board of Directors meetings and Audit Committee meetings, and reports regularly to the Audit Committee on the progress of ongoing audits. Before the end of the financial year, the internal audit department would submit in writing the next year’s audit plan for review by the Audit Committee. Furthermore, internal auditors engage independent directors in half-yearly meetings to present internal audit reports and to discuss any weaknesses found in the internal control system.
    Communication between independent directors and accountants
    The CPA hold regular meetings with the independent directors on a semi-annual basis on the audit method of financial reports and major audit adjustments

  • Articles of Association and Regulations
    UBOT Articles of Association
    UBOT Corporate Governance Best Practice Principles
    UBOT Sustainable Development Best Practice Principles
  • External auditors’ independence
    The Bank's Audit Committee evaluates the independence and suitability of its assigned CPAs annually. In addition to requiring CPAs to provide the "Declaration of Independence" and "Audit Quality Indicators (AQIs)," the audit committee shall also evaluate the independence and suitability of the assigned CPAs in accordance with Note 1 of the standards and the 13 items of AQI indicator for evaluation. It was confirmed that the CPAs have no other financial interests or business relationship with the Bank, except for the expenses of audit and taxation matters, and that the CPAs’ family members do not violate the independence requirements. AQI information is used as reference to confirm that the CPAs and the firm have the training hours that are comparable to the industry average, and the Company will continue to introduce digital audit tools in the next 3 years to improve audit quality. The evaluation results of the most recent year were discussed and approved by the Audit Committee on March 11, 2024, and were submitted to the Board of Directors' resolution on March 11, 2024 to evaluate the independence and suitability of the CPAs.
    Evaluation Items Evaluation Result Independence
    I. To maintain the independence of the CPAs engaged in audit and certification, the following principles shall be observed:
    (I) Whether there is any significant financial interest relationship with the Bank. None Yes
    (II) Whether there is any improper relationship with the Bank. None Yes
    (III) Whether the CPAs make the members of the audit service team honest, fair, objective and independent. Yes Yes
    II. Does the CPAs avoid the following situations that affect their independence:
    (I) Whether the Bank obtains financial interests through the Bank, or whether there is a conflict of interest with the Bank due to other matters of interest. None Yes
    (II) Is there any joint investment or profit sharing with the Bank. None Yes
    (III) Whether the company uses the name of its certified public accountant for others? None Yes
    (IV) Having any money lending or lending relationship with the Bank, except for normal dealings with financial institutions? None Yes
    (V) Are there any management functions that are involved in the decision-making of the Bank? None Yes
    (VI) Concurrently engaged in any other business that may lose its independence? None Yes
    (VII) Any director/supervisor serving in the Bank, or any position that has a direct and significant impact on the audit case. None Yes
    (VIII) Are there any defenders of the Bank's positions or opinions that causes doubts about the objectivity of such opinions? None Yes
    (IX) Are there any relatives of the directors, supervisors, managers, or personnel who have a significant impact on the audit of the Bank? None Yes
    (X) Are there any business-related commissions received? None Yes
  • Operating procedure for internal important information
    In order to establish the Bank’s fair important internal information processing and disclosure mechanism to prevent information from being disclosed inadequately and to ensure the accuracy and consistency of the information released by the Bank to the public and enhance the control over prevention of insider trading, the Bank defined the “Operating Procedure for Processing of Important Internal Information”.
    Including (but not limited to) directors are not allowed to trade their stocks during the closed period of 30 days before the announcement of annual financial reports and 15 days before the announcement of quarterly financial reports , and relevant contents are placed in the Company's internal system.
  • Specific implementation status of ban on insider trading
    Before the annual or quarterly closed period when stocks are prohibited from trading, the Company will issue a letter reminding directors, managers and insiders of the prohibition on stock trading.
  • Appointment, promotion, appraisal, salary and compensation procedures for internal auditors
    The Company has an Internal Audit System, which is published in the internal system, and stipulates that the appointment, removal, promotion, rewards and punishment, rotation, and evaluation of internal auditors shall be signed by the Chief Auditor and reported to the Chairman of the Board of Directors for his/her approval. However, personnel involved in other management and business units should be approved by the President after consulting with the personnel unit in advance before signing and submitting to the Chairman for approval. Salary and compensation are handled in accordance with the “Key Points for Salary Operations” approved by the Board of Directors.
  • Human Rights Due Diligence Process
    The Bank has established a human rights due diligence process and has taken appropriate measures to improve the human rights impact of its business activities in order to achieve the goal of “Talent Stainability”.
  • Union Bank Of Taiwan Preventive Program against Unlawful Acts of Violence in the Performance of Duty
    The Bank has established the “Preventive Program against Unlawful Acts of Violence in the Performance of Duty” to provide employees with the opportunity to file complaints about workplace violence, workplace bullying, sexual harassment, or employment discrimination in order to maintain a safe workplace environment. A written statement on the prevention of workplace violence is publicly announced and posted in each workplace, and unit supervisors are required to fill out a form to confirm the status of potentially unlawful workplace behaviors. The supervisors are required to check and identify whether or not the behavior constitutes workplace harassment, and they are also required to perform supervisory functions to prohibit potential workplace harassment among their colleagues.
    The Bank encourages employees to report all incidents of aggression or intimidation and assists in tracking them down. The rights and privacy of the victims of complaints or notifications are kept completely confidential. Upon receipt of a complaint, the department shall, depending on the type and seriousness of the case, assign appropriate personnel to set up an investigation team within three days to conduct mediation or investigation (if the complainant and the complainee agree to the mediation, they may not enter into the investigation process) and respond to the incident. If the investigation process is initiated, the investigation team should consist of at least three members, including at least two external professionals. When the investigation team meets, at least one-half of all members should attend the meeting, and at least one-half of the external professionals should attend the meeting. The investigation period should be completed within two months; if necessary, it may be extended by one month to avoid any disadvantage to the complainant or relevant personnel.At the same time, the victim is provided with job adjustment, psychological counseling, and medical and legal assistance. Upon completion of the investigation, the case is submitted to the Personnel Review Committee/Sexual Harassment Review Committee for consideration and punishment. Review the environment and job redesign after the incident. If the preventive or control measures are found to be insufficient, the implementation method or priority should be adjusted in a timely manner to identify room for improvement.
  • Remuneration Policy for President and Senior Executive Vice President
    The Bank's President and Senior Executive Vice President receive fixed salaries based on the Manager's Compensation Gap Table, and the Bank's President and Senior Executive Vice President receive variable salaries that are closely related to various indicators of the Bank's business performance in order to ensure the Bank's sustainable operation and development. The variable compensation is divided into short-term and long-term incentives, with short-term incentives paid in cash and long-term incentives paid in the form of 100% linked stock.
    • Short-term incentive pay
      Item Calculation Indicators Weight
      Annual Performance Bonus Financial Indicators (Net Income After Tax, Earnings Per Share After Tax, Return on Assets) 40%
      Compliance and Internal Control Indicators 25%
      Significant Issues Indicator (top three significant issues of the year, if duplicated with other indicators, then deferred downward) 15%
      Risk management indicators (credit risk, market risk, climate change and environmental sustainability risk) 10%
      Financial Sustainability Performance Indicators 10%
      * Calculated and adjusted according to individual performance
    • Long-term incentive pay
      Item Calculation Indicators
      Employee remuneration allotment Earnings before taxes
      Performance grade
The Bank has established the principle that the value of the Bank's stock held by the President and Vice President should be more than two times his/her regular annual salary within five years of assuming the position.
However, the first application shall be within five years after the announcement.

Implement Financial Cyber Security Action Plan and measures to continuously enhance cybersecurity protection, creating a secure financial service development environment. This serves as the foundation for financial technology innovation, providing consumers with secure, convenient, and diverse financial services.

Development of the enterprise culture of ethical management, all directors and senior management have signed off on the compliance with ethical management policies, and actively implement the commitment to the integrity management policy and supervise the actual implementation of the company's internal management and business activities.
  • Integrity management related
    Code of Ethical Conduct for Directors and Managerial
  • Fair Treatment of Customers Philosophy
    Union Bank of Taiwan has established a corporate culture centered around the philosophy of "Fair Treatment of Customers." To protect customer rights and interests, and in accordance with the Treating Customers Fairly Principles for Financial Institutions issued by the Financial Supervisory Commission, the Bank has formulated the Fair Treatment of Customers Policy and Strategic Implementation Steps. This provides guidance for the three lines of defense in implementing fair treatment principles, and is regularly reviewed and revised to ensure that the Bank treats customers fairly when providing various financial products or services. In addition, to provide more customer-friendly products and quality services that better meet customer needs, the Bank reviews, makes recommendations, and tracks improvements on financial inclusion service policies and their implementation based on customer feedback, while continuously optimizing various financial products and services. Furthermore, the Fair Treatment of Customers system has been incorporated into compliance training courses, with both online and in-person courses being offered. Through educational promotion, these courses enhance employees' awareness and professional knowledge of regulatory compliance and fair treatment of customers. This ensures that employees treat customers fairly and reasonably when conducting business, allowing customers to experience the Bank's care and dedication, thereby increasing customer confidence in the Bank.
  • Ten Principles of Fair Treatment of Customers
    1. Contracting with Fairness and Integrity:
      The responsibilities owed to customers cannot be contractually limited or exempted in advance.
      Contracts for providing financial products or services should be established based on principles of fairness, reasonableness, mutual benefit, and good faith.
      Any ambiguity in contract terms should be interpreted in favor of the customer.
    2. Care and Loyalty:
      When providing financial products or services, the manager should ensure they are acting in the best interests of the customer.
      When entering into agreements with customers for products or services of a fiduciary, entrusted, or similar nature, fiduciary duties should be fulfilled in accordance with applicable regulations or contractual agreements.
      Financial or transaction-related information of customers should be kept confidential from third parties, except as otherwise provided by other laws or regulatory authorities.
    3. Truthful Advertising:
      When publishing or broadcasting advertisements and conducting business promotion or sales activities, there shall be no false, fraudulent, concealing or other misleading actions. Specific information should be disclosed according to relevant regulatory requirements to ensure the truthfulness of the advertising content.
      The obligations owed to the customer shall not be less than what is stated in advertisements, materials, or explanations provided.
      The promotion of financial education should not be used to recommend specific financial products or services.
    4. Product or Service Suitability:
      Before establishing contracts for financial products or services, sufficient understanding of customer information should be obtained to ensure the suitability of such products or services for the customer.
      The first sale of high-risk complex products should be approved by the Board of Directors or Executive Board of Directors.
    5. Notification and Disclosure:
      Before establishing contracts for financial products or services with customers, the important contents of such contracts and their associated risks should be fully explained and disclosed to the customer.
      For matters involving the collection, processing, and use of customer personal data, customers should be fully informed of their relevant rights regarding personal data protection and the potential disadvantages of refusing consent.
      Explanations and disclosures to customers should be made in writing or other formats that customers can fully understand, and the content should include, but not be limited to, important matters concerning customer rights such as transaction costs, potential returns, and risks.
      When selling high-risk complex products, records of notification of important contract content and risk disclosure should be kept through audio or video recording, except for automated non-counter channel transactions or cases where the customer does not consent.
    6. Compensation and Performance Balance:
      The compensation system for sales staff should balance and consider factors such as customers’ interests, the various risks that financial products or services may pose to both the Bank and its customers, and the fees charged. It should avoid direct links to the sales performance of specific financial products or solely considering the achievement of sales targets of sales staff.
    7. Complaint Protection:
      The Bank provides appropriate complaint channels for customers and establishes a comprehensive customer dispute resolution system.
    8. Sales Staff Professionalism:
      The Bank's sales staff should possess certain qualifications or participate in regular educational training to ensure their professionalism.
    9. Friendly Service:
      Throughout all stages of designing and selling financial products and services, including conceptualization, development, testing, launching, sales, and review, the needs of specific groups such as the elderly and people with disabilities should be considered.
      Plan and implement measures for the fair treatment of specific groups such as the elderly and people with disabilities according to business characteristics. Monitor and evaluate the financial products or services provided to ensure they meet customer needs, and review the effectiveness of processes and regulations for fair treatment of the elderly and disabled customers. Encourage each unit to establish policies, strategies, and internal regulations that exceed current legal requirements to promote sustainable innovation and inclusive financial services.
    10. Implementation of Ethical Management
      Ethical management culture should be promoted from the top down, with related measures planned and implemented, such as an employee code of conduct, conflict of interest prevention measures, appropriate whistleblowing channels, relevant education and training, comprehensive risk management measures, assessment mechanisms for dishonest behavior risks, clearly defined operational procedures in dishonesty prevention programs, disciplinary and grievance systems for violations, implementation and regular review and revision of the aforementioned programs.
      An effective accounting system and internal control system should be established, and the Audit Department should formulate relevant audit plans based on the risk assessment results of unethical behavior. These plans should be used to audit compliance with dishonesty prevention programs, or a certified public accountant may be entrusted to perform the audit.
  • Fair Treatment of Customers Management Committee Organizational Structure
    Under the Board of Directors, Union Bank of Taiwan has established the Fair Treatment of Consumers Management Committee as the main organization for planning, reviewing, and implementing fair customer treatment issues. The President serves as the convener, and independent directors are invited to attend and provide guidance. Meetings are held quarterly, and reports on the implementation of fair treatment principles are submitted to the Board of Directors.

  • Union Bank of Taiwan Sustainable Lending and Investment Policy
    UBOT Sustainable Lending and Investment Policy
  • Sustainable development bonds and fund investments
    The details of our investment in New Taiwan Dollar bonds approved by the Taiwan Securities OTC Trading Center for Green Bonds are as follows:
    Bond Name：TSMC 6th Unsecured Corporate Bond in 2020-Tranche B(Short Name：P09台積6B，Bond Code：B618C4) NT$300million.
    Bond Name：TAIWAN POWER COMPANY 4TH UNSECURED BOND-B ISSUE IN 2020(Short Name：P09台電4B，Bond Code：B903XL) NT$200million.
    Yuanta Bank 1st Unsecured Financial Debentures in 2024(Short Name：P13元大銀1，Bond Code：G10832) NT$300million.
    The total investment balance of ESG funds is US$2.85 million.

We have been continuously developing innovative digital financial services, optimizing the digital financial service platform, and actively promoting electronic transactions and services, we also encourage our customers to apply for electronic bills. Through these paperless actions, we hope to achieve the goals of environmental protection, energy conservation and carbon reduction.

Inclusive Finance Statement
In response to the United Nations Sustainable Development Goals (SDGs) and the Inclusive Finance Initiative. The Board of Directors of the Bank issued a statement on inclusive finance and followed this statement to promote financial products and services with the aim of satisfying groups lacking financial services and realizing the vision of inclusive finance, so as to reduce the gap between rich and poor, promote social equity and achieve inclusive growth.
UBOT Inclusive Finance Statement

In order to treat employees fairly and protect their rights and interests, the Bank has established the “Employee Performance Appraisal Program” whereby the supervisors of each level will approve the performance appraisals of employees at the end of each year based on various financial and non-financial indicators, and the appraisal results will be used as the basis for promotion, salary adjustment, and performance bonus allocation through self-assessment by employees and performance interviews with supervisors. For business personnel, performance bonuses are paid in accordance with the methods established by each business grade, such as the “Regulations for the Evaluation of Wealth Management Department Personnel” and the “Regulations for the Appointment, Removal, Promotion, and Promotion Evaluation of the Consumer Financial Services Customer Service Specialist” for monthly/quarterly evaluations of performance and non-financial indicators. For the rest of the staff, if there is a profit in the annual financial statements each year, the Board of Directors will consider the operating performance of each grade in the year and approve the unit performance bonus according to the bonus rules set by each grade, such as the “Business Unit Performance Assessment Rules” and the “Key Points of Head Office Management Unit Assessment”, and then the supervisors will adjust the allocation according to the individual performance. In addition, the “Regulations for Handling Employee Reward and Punishment Cases” has been formulated to convene meetings at any time to review reward and punishment cases, and to increase the deduction of bonuses and restrict the appraisal grade according to the reward and punishment situations, in order to establish a fair appraisal, reward, and punishment system and to safeguard the rights and interests of the employees and the overall discipline.
In order to increase employee centripetal force and encourage employee retention, long-term incentive measures are implemented：
˙Each year, based on the profitability of the previous year, the Company makes appropriations for employee stock dividends and distributes them to employees who have been in the Company for at least two years.
˙A commemorative watch and a crystal trophy will be presented to employees who have reached their 20th and 30th anniversaries of service, and each employee will be recognized at the Head Office's tailgate event.
Employees who have been working for more than one year can apply for transfer by filling out the “Employee Volunteer Service Area Survey Form” in order to immediately understand the inner thoughts and actual needs of employees, so that the balance between rotation and life can be achieved and the functional development of employees can be improved. An employee current job satisfaction survey is conducted on the internal website at the end of each year. From 2020 to 2023, the satisfaction rates were 97%, 97.2%, 98%, and 97.8% respectively.
In 2023, our organization held a total of 30 health promotion seminars, focusing on three main areas: nutrition, psychology, and exercise. We invited nutritionists and psychologists to lead these sessi.
  • Personnel structure
    As of the end of 2023, there were 4,316 full-time employees at Union Bank, Union Finance & Leasing International Corporation, Union Information Technology Corp., Union Securities Investment Trust Co., Ltd., Union Finance Co., Ltd., and Union Venture Capital Co., Ltd.
    Category/Year 2023
    Number of employees in Taiwan 4,310
    Ratio of total employees (%) 99.86
    Ratio of supervisors to total management positions (%) 99.33
    Number of overseas employees 6
    Ratio of total employees (%) 0.14
    Ratio of supervisors to total management positions (%) 0.67
  • Distribution of female employees
    category percentage target (by 2030)
    Women as a percentage of the total labor force 64% >50%
    Percentage of women in all management positions, including entry-level, mid-level and senior management positions 53% >45%
    Women as a percentage of all entry-level management positions 58% >45%
    Percentage of women in top management positions 38% >45%
    Percentage of women holding management positions in revenue-generating departments as a percentage of all department management positions 41% >50%
    Percentage of women in STEM (Science, Technology, Engineering, Mathematics) related positions 28% >50%
  • Employee turnover rate
    Employee turnover rate over the years
    Category/Year 2020 2021 2022 2023
    Number of people at the end of the year 4,012 3,932 3,914 3,981
    Employee turnover rate (%) 7.85 13.35 14.05 13.36
    Employee voluntary turnover rate (%) 7.40 12.87 13.72 13.01
  • Recruitment
    Category/Year 2020 2021 2022 2023
    Total number of newly hired employees 625 445 532 599
    Internal vacancy filling rate (%)* 70.8 38.1 50.9 54.7
    Average recruitment cost 638 763 3,263 3,798
    *Percentage of all open vacancies filled with internal hires
    internal vacancy filling (by 2023) By gender By age
    male female 30 years old &Below 30 to 50 years old 50 years old and above
    Number of Employees 307 384 189 345 157
  • Wage Equality
    Category Ratio (Female:Male)
    Managerial Employees Salary 1.02:1
    Managerial Employees Compensation 0.96:1
    Nonmanagerial Employees Salary 0.95:1
    Nonmanagerial Employees Compensation 0.95:1
  • Salary index: the Difference between Female and Male
    Category Gender Difference(%)
    the Salary Average 9.30%
    the Salary Median 8.09%
    the Bonus Average 11.69%
    the Bonus Median 11.72%
    Note 1: The salary includes the monthly base salary and perk from January to December; the bonus includes all the variable salary, such as annual leave pay, year-end bonus, and performance bonus etc.
    Note 2: Gender Difference (Salary)= (Male Salary- Female Salary)/ Male Salary; Gender Difference (Bonus)= (Male Bonus- Female Bonus)/ Male Bonus.

    Thousand units
    FY 2020 FY 2021 FY 2022 FY 2023
    a) Total Revenue $14,430,362 $16,688,773 $15,985,339 $17,934,627
    b) Total Operating Expenses $10,198,147 $10,672,705 $10,936,188 $12,070,837
    c) Total Employee Related Expenses (Salary + benefit) $3,965,882 $4,301,694 $4,298,695 $4,682,035
    Human Capital rate of Return (a - (b-c)) / c 2.07 2.40 2.17 2.25

    Absenteeism Rate FY 2020 FY 2021 FY 2022 FY 2023
    Data Coverage (Percentage of employees, operations, or revenue) 0.04% 0.05% 0.02% 0.06%
  • The Company promotes the policy of workplace diversity to realize the diversity of employment and fairness of salary and promotion opportunities, and all policies do not discriminate on the basis of gender, sexual orientation, race, class, age, marriage, language, ideology, religion, party affiliation, nationality, place of birth, appearance, facial features, physical or mental handicap, or any form of discrimination.In 2023, 63.6% of the employees were female and 53% of the supervisors were female; 26.8% of the employees were under 30 years old, 53% were over 30 years old and under 50 years old, and 20.2% were over 50 years old; and 18 employees were physically and mentally challenged, which was 5 more than the number of employees stipulated in the “Law for the Protection of Rights and Interests of Persons with Physical and Mental Disabilities”.
  • The Employee Welfare Committee has been established and contributes 0.5% of the employees' salaries and 0.1% of the employees' operating revenues to the Employee Welfare Committee for the purpose of handling employee welfare matters, such as giving annual bonuses, organizing Mother's Day parties, and providing subsidies for marriages, funerals, births (including those of spouses), and major natural disasters.
  • In order to promote family care benefits and in line with the Labor Standards Act, physiological leave, maternity leave, paternity leave, paternity leave, and abortion leave have been established; employees may apply for leave without pay for childcare before their children reach the age of 3. The Bank has also set up a breastfeeding room to provide a quality breastfeeding environment for its female colleagues.
  • Processes employee preferential deposits, employee preferential guaranteed loans and unsecured consumer loans.
  • The Bank provides group insurance (including term life insurance, group injury insurance, work-related injury insurance, occupational disaster insurance, cancer health insurance, and hospitalization and medical insurance for employees and their dependents) in accordance with the social insurance system.
  • The Bank has established a retirement plan for its employees and set up a Labor Retirement Reserve Supervisory Committee. 2%~15% of the reserve fund is deposited in the Trust Department of the Bank of Taiwan in order to protect the rights and interests of the laborers, and the Bank will pay a pension to any employee who applies for the retirement system under the Labor Standards Law, and whose seniority meets the requirements for retirement under the Labor Standards Law or the Bank's work rules. The Labor Pension Act came into effect on July 1, 2005, and the Bank contributes 6% of the employees' monthly pension to the employees' individual pension accounts in accordance with the Act.
  • The Bank has established a Labor and Employee Meeting Regulations to maintain harmonious labor relations at all times.
  • UBOT Occupational Safety and Health Guidelines
  • UBOT Occupational Safety and Health Management Regulations
  • Human Rights Policy
    UBOT Human Rights Policy
    Union Bank of Taiwan Human Rights Policy and implementation results

  • Talent Development
    In response to the rapid changes in financial technology, the digital economy, and ESG (Environmental, Social, and Governance) trends, we have implemented a talent development program that provides intensive employee training courses. This initiative aims to streamline operational processes, enhance customer service levels, and cultivate well-rounded financial service professionals, ultimately strengthening employee competitiveness and promoting corporate sustainability.
  • Training Overview
    Category Internal Training External Training Digital Learning Total
    Number of Trainees (instances) 15,845 8,005 31,231 55,081
    Training Expenses (NTD) 8,949,000 6,958,000 290,000 16,197,000
  • Training System
    Employee Development Training Series
    Target Audience Reserved Managers New Employees
    Course Advanced Management Talent Program Pre-Employment Training for New Bankers
    Duration 168 hours 232 hours
    Participants 20 employees 88 employees
  • Employee Professional Training Series
    • Internal Audits & Controls
    • Anti-Money Laundering
    • Regulatory Compliance
    • Business-related Training
    • Information Security
    • Digital Finance
    • Fair Customer Treatment
    • Sexual Harassment Prevention
    • Sustainable Finance
      Category Beginner Level Intermediate Level Digital Learning
      Target Audience Business Unit Operators Experienced Personnel All Employees
      Participants 834 289 3,950
  • Employee Training Statistics (Year 2023)
    Category Type Sessions Total Participants Total Training Hours Average Training Hours per Employee
    Internal Training Professional Courses 246 42,942 158,571 3.69
    Pre-Employment Training 4 272 1,606 5.90
    Occupational Safety 1 3,862 3,862 1.00
    Subtotal 251 47,076 164,039 3.48
    External Training Professional Courses 438 7,635 41,125 5.39
    Corporate Governance 6 60 180 3.00
    ESG 19 38 225 5.92
    Occupational Safety 61 238 2,206 9.27
    Leadership Training 13 34 3,471 102.09
    Subtotal 537 8,005 47,207 5.90
    Total 788 55,081 211,246 3.84
    Note: Average Training Hours per Employee = Total Training Hours / Total Participants
  • Average Employee Training Hours
    Year 2023 - Average Training Hours Male Female Total Hours Average Hours
    Position Management Level 58.77 68.11 43,200 63.72
    Non-Management Level 53.41 49.58 168,046 50.89
  • Employee Professional Certification Statistics
    Certification Type Quantity
    Financial Certifications 21,176
    Non-Financial Certifications 537
    Language Proficiency Certifications 68
    Total 21,781
    Total Employees: 3,981
    Average Certifications per Employee: 6
  • Effectiveness of Training Programs
    Advanced Management Talent Program
    • Diverse Courses:
      • Next-Gen Leadership Development
      • Communication & Presentation Skills
      • Corporate Management & Social Responsibility
      • Talent Management
    • Professional Courses:
      • Report Analysis
      • Financial Business Project Studies
      • Anti-Money Laundering Case Studies
    • Sustainability Courses:
      • Green Energy Industry Development
      • Carbon Credit Trading
      • Green Electricity
    • Digital Finance:
      • ChatGPT
      • AI Evolution
      • AI Applications in Banking
      • iPASS Data Empowerment
      • Big Data Applications
    • Industry Visits
      Outcome:
      • Provided a clearer vision for the bank’s future development
      • Enhanced self-value and professional capabilities
      • 20 participants completed training in Year 2023, with 30% promoted to managerial roles Healthy & Safe Workplace
      • Established “Workplace Safety and Health Guidelines” and “Occupational Health and Safety Regulations”
      • Continuously improving workplace safety and hygiene conditions to reduce occupational hazards and safeguard employees' physical and mental well-being
      Key Initiatives:
      • Conducted 26 on-site professional medical consultation sessions
      • Monthly employee health awareness programs
      • Bank-wide "Musculoskeletal Symptoms Survey" (3,830 responses in Year 2023)
      • Organized training on psychological and physical workplace safety, covering:
        Protection against workplace violence
        Workload management
        Human factor hazards
        Maternal health protection
        Sexual harassment prevention
        Total participants: 3,862 (Year 2023)
    Certification-based Salary Adjustment Plan
    Employees who obtain the following certifications receive a NTD 1,000 salary increase per certification:
    1. Trust Business Professional Exam
    2. Life Insurance Agent Qualification
    3. Basic Internal Control Exam
      Certification Year 2022 Year 2023
      Trust Business Certification 2,763 2,900
      Life Insurance Agent Qualification 2,772 3,054
      Basic Internal Control Exam 2,379 2,868
    Digital Learning Plan
    • As internet technology advances, some in-person training sessions are shifting to online formats
    • Dedicated training portal established for digital courses
    • Adoption of video conferencing software for meetings and announcements, reducing commuting time and carbon footprint
    Year 2023 Achievements:
    • 35 courses uploaded to the training portal, with 31,231 enrollments
    • Monthly financial management training and four weekly morning meetings conducted via video conferencing software
    Industry-Academia Collaboration Plan
    To ensure a sustainable talent pipeline, we have partnered with over 30 universities to provide internship opportunities for students, allowing them to gain hands-on industry experience.
    Plan to collaborate with universities to implement the employment program promoted by the Ministry of Labor, cultivating students' professional financial knowledge, enhancing their understanding of banking practices, and assisting them in increasing their willingness to enter the financial industry.
    Year 2023 Outcomes:
    • 259 internship applications received, 103 students onboarded (nearly 50% retention rate)
    • 18 students participated in the Employment Program

  • In order to fulfill corporate social responsibilities and enhance social well-being, we have cared about all the people and things in Taiwan for a long time. Including educational promotion, participation in arts and culture, social care to charity ,we execute specific actions in social welfare as follows:
  • Total investment in social welfare totaling NT41.24 million in 2023

UBOT, in collaboration with its suppliers, has established the "Supplier Commitment Letter on Compliance with CSR, Ethical Management and Legal Provisions" and the "Supplier Self-Assessment Form". These documents must be signed by our suppliers prior to engaging in transactions, with the aim of promoting and advocating our corporate social responsibility policies. Suppliers are expected to commit to upholding corporate ethics, integrity management, employee safety and rights protection, as well as environmental protection. If deficiencies in the supplier's execution of business are discovered during the collaboration, necessary corrective measures will be implemented immediately, requiring them to rectify and improve. The explanation of our corporate social responsibility advocacy policy is as follows:
  • Corporate Ethics
    • Engaging in business activities based on the principles of fairness, honesty, trustworthiness, and transparency, we implement a policy of integrity in operations and actively prevent dishonest behavior. This is in accordance with the principles outlined in the "Ethical Management and Guidelines for TWSE/TPEx Listed Companies" and our own Ethical Corporate Management Best Practice Principles in Business Operations.
    • Due to the necessity of obtaining confidential information for business purposes, it is imperative to strictly adhere to the relevant regulations concerning intellectual property rights and the company's operational guidelines. Employees must not disclose any company trade secrets, trademarks, patents, copyrights, or other intellectual property of which they are aware to any third parties. Furthermore, employees are prohibited from inquiring about or collecting any company trade secrets, trademarks, patents, copyrights, or other intellectual property that are not pertinent to their job responsibilities.
    • Business activities should be conducted in accordance with the Fair Trade Act and relevant competition regulations.
    • Marketing and labeling of products and services must comply with relevant regulations and international standards. Deceptive, misleading, fraudulent, or any other actions that undermine consumer trust and violate consumer rights are strictly prohibited.
  • Employee Rights and Welfare
    • It is essential to comply with the Labor Standards Act and relevant labor regulations, while also respecting internationally recognized principles of fundamental labor rights. This includes adherence to international human rights conventions, such as gender equality, the right to work, and the prohibition of discrimination, in order to uphold and protect the dignity and basic human rights of employees.
    • Provide employees with a safe and healthy working environment, ensure compliance with local labor safety and health regulations, mitigate hazardous factors in the workplace, and prevent occupational accidents.
  • Environmental Protection
    • It is essential to comply with environmental regulations and to appropriately protect the natural environment. During the implementation of operational activities and internal management, efforts should be made to enhance the efficiency of resource utilization, considering the impact of operations on ecological benefits. Under the premise of meeting product quality requirements, priority should be given to using recycled materials that have a low environmental impact, ensuring the sustainable use of Earth's resources to achieve the goal of environmental sustainability.
    • To mitigate the impact of operations on the natural environment and society, and to promote the concept of sustainable consumption, the Bank and its suppliers should adopt the principle of environmental protection. This entails minimizing emissions of pollutants, toxic substances, and waste, as well as ensuring proper waste disposal management. Furthermore, we must prevent the contamination of water, air, and land during research and development, procurement, production, operations, and service activities, thereby taking responsibility for environmental protection and management.
    • It is advisable to consult applicable domestic and international standards or guidelines for conducting greenhouse gas inventories. Attention should be given to the impact of climate change on operational activities, and relevant carbon management measures should be formulated to mitigate the effects of these activities on climate change.

Chapter1. UBOT Energy and Environmental Management Policy
  1. Abide by laws and regulations related to energy and environmental protection.
  2. Support energy conservation and carbon reduction, and continue to implement green procurement.
  3. Attach importance to education and promotion to raise employees’ energy conservation awareness.
  4. Implement target management to establish a sustainable operating environment.
  5. Implement GHG reduction and disclose related data.
  6. Use products with water-saving label to reduce waste of water resources.
  7. Comply with waste sorting and resource recycling and reuse.

Chapter2. Disclosure of Annual Carbon Dioxide GHG Emissions
  1. In 2016, emissions amounted to 6,157 MT/CO2e
  2. In 2017, emissions amounted to 5,385 MT/CO2e
  3. In 2018, emissions amounted to 5,263 MT/CO2e
  4. In 2019, emissions amounted to 5,023 MT/CO2e
  5. In 2020, emissions amounted to 5,016 MT/CO2e
  6. In 2021, emissions amounted to 4,838 MT/CO2e
  7. In 2022, emissions amounted to 4,408 MT/CO2e
  8. 2023 annual emissions:
    • Scope 1: 439.3939 MT/CO2e
    • Scope 2: 7,356.3762 MT/CO2e
    • Scope 3: 2,268.6949 MT/CO2e
      (business travel and products used by organizations not included in Scope 1 and 2).

Chapter3. Disclosure of Water Usage and Waste Generation
In 2021, the water consumption was 82,100 cubic meters, and the waste generated amounted to 173.2 metric tons.
In 2022, the water consumption was 64,454 cubic meters, and the waste generated amounted to 155.9 metric tons.
In 2023, the water consumption was 72,362 cubic meters, and the waste generated amounted to 156.8 metric tons.
In 2024, the water consumption was 72,356 cubic meters, and the waste generated amounted to 174.7 metric tons.

Chapter4. ISO50001, ISO14064, and ISO14001 Certificates
  1. The buildings of The Bank's Head Office, the Chungshan, Taoying, Minquan, and Lingya.
    • Obtained ISO50001 Energy Management System certification through external verification by SGS, valid from December 1, 2021, to December 1, 2024.
  2. The Bank's head office obtained ISO14001 Environmental Management System certification through external verification by SGS, valid from December 12, 2023, to December 12, 2026.
  3. The entire Bank has received an ISO14064 greenhouse gas verification opinion through external verification conducted by SGS, with the issuance date of April 14, 2024.

Chapter5. The Goals and Measures for Energy Conservation and Carbon Reduction for 2023
  • The Bank has set the goal of reducing electricity consumption by 1% annually over a five-year period from 2021 to 2025, using the year 2020 as the base year.
  • The Bank has implemented the following energy-saving measures:
    1. Each branch prominently displays the sign "Power saving in progress" to remind both staff and customers to save electricity.
    2. Set the air-conditioning for indoor temperature in all buildings in summer as not lower than 26 degrees Celsius as the control standard.
    3. The doors and windows of the building must remain closed at all times to prevent the loss of conditioned air.
    4. Turn off lights and air conditioners in unoccupied spaces.
    5. Review the air conditioning system and replace outdated facilities with energy-saving variable frequency equipment.
    6. Review the lighting system and replace traditional light bulbs with energy-efficient LED lights.
    7. Regular maintenance of all electrical equipment is essential to maintain optimal operating conditions.
    8. Respond to and encourage neighboring businesses to participate in global energy saving, carbon reduction activities.
  • Energy Conservation Rate Achieved: The total electricity consumption of the Bank in the year 2023 decreased by 8.66% compared to the electricity consumption in 2020.

Chapter1. Employee Working Environment and Personal Safety Protection Measures
  1. All offices are equipped with access control, security, and fire protection facilities. In addition to these facilities, the business premises also have security personnel and alarm systems.
  2. Conduct an inspection of carbon dioxide concentration and lighting brightness in the work environment every six months.
  3. Conduct a safety inspection of electrical equipment in the workplace every six months.
  4. Conduct a fire safety inspection and reporting operations in the workplace every year.
  5. Conduct a building public safety inspection and reporting operations in the workplace every two years.
  6. Conduct a health examination for on-duty employees every three years and implement safety and health education training.

Chapter7. Badge of Accredited Healthy Workplace
  1. Obtaining the Badge of Accredited Healthy Workplace: Head office and branch buildings located in Kaohsiung, Neihu, Nanto, Chungshan, Songjiang, Xinzhuang, Minquan, Chiayi, Fuqiang, and Jiuru.
  2. Acquisition of the Badge of Accredited Healthy Workplace: Lingya Building.

Chapter8. Green Procurement and Green Electricity Procurement
  1. In 2022, the total procurement amount for new investments in energy-saving or environmentally certified machinery and equipment, as well as eco-friendly products bearing energy-saving labels, water-saving labels, and green building material labels, amounted to NT$38.68 million.
  2. In 2023, the total procurement amount for new investments in energy-saving or environmentally certified machinery and equipment, as well as eco-friendly products bearing energy-saving labels, water-saving labels, and green building material labels, amounted to NT$54.54 million.
  3. In 2024, 294,000 degrees of renewable green energy were utilized.

Chapter9. The UBOT's Carbon Reduction Targets, Strategies, and Specific Action Plans