Environmental Education Site
Rules and Regulations
Principles for Ethical
Management and
Guidelines for Conduct
Management and
Guidelines for Conduct
Corporate Governance
Best Practice Principles
Best Practice Principles
Guidance on Corporate
Social Responsibility
Social Responsibility
Female Directors account for 53%. 3 of the 5 independent Directors are women, and female independent Director serves as the convener of the audit committee. In 2023, the Board was convened 13 times and average attendance by all Directors reached 97.81% (99.45% if attendance by proxy is included). The actual attendance rate of individual Directors also exceeded 80%.
FFHC appointed EY Business Advisory Services Inc. (hereinafter referred to as the external consultant) in 2023 to conduct external performance appraisal on the Board of Directors and each functional committee. Based on response to the Board & Directors Performance Evaluation Questionnaire, document reviews and on-site interviews, the external consultant, utilizing their methodology, concluded that the overall achievement percentile of three major aspects of the Company (including the board composition, board members, and process/information) is “top performance”. The result indicates that the operations of FFHC’s board and functional committees are beyond current regulatory standards and can be regarded as the industry benchmark.
First Bank signed and joined the Equator Principles (EPs) Association in 2020. First Commercial Bank approved a total of 19 credit cases applicable to the Equator Principles between 2021 and 2023. Locations of these cases were mostly the Asia-Pacific region (Taiwan), with energy, electricity and oil and gas being the predominant industries. Two cases were disapproved. For applicable cases, a dedicated "Environmental and Social Risk Project Team" would be formed by the business, review, post-loan management and other units, which are put in charge of risk classification. In addition, based on the "Environmental and Social Risk Assessment Report" and "Environmental and Social Monitoring Report" issued by an independent and qualified third-party institution, First Commercial Bank will conduct environmental and social risk reviews and post-loan monitoring to confirm that undertaken cases align with the guidelines of the Equator Principles. In doing so, we could adequately reduce potential credit risks and leverage the financial industry's influence to support sustainable development for environment and society.
The Group has established the sustainable credit, sustainable investments, and sustainable insurance policies. The fulfillment of ESG investigation procedures encompass all businesses from investments, financing, consulting, and insurance. Continuing improvements to the ESG Factor Review Mechanism inspects whether the enterprises that are invested into or financed have violated criteria in product sustainability, human rights, environmental protection, and major social controversies while also incorporating coal and atypical oil and gas industries into review. Additionally, the Coalition of Movers and Shakers on Sustainable Finance was formed with 5 major industry peers to reinforce the negotiation mechanisms for enterprise investments and financing. If the enterprise seeking investments or financing is in major violation and does not submit an improvement plan after negotiations, investment and financing positions will gradually decrease. Our active guidance of customers to focus on issues of sustainability will hopefully support the goal of net zero in 2050.
Published the 2023 Sustainability Report in Chinese and English in accordance with the Global Reporting Initiative Standards 2021 and the Sustainability Accounting Standards Board (SASB) and obtain third-party assurance to increase the quality of information disclosure on ESG.
FFHC's 2021 and 2023 TCFD reports obtained the highest level certification of "LEVEL-5+" by the British Standards Institute (BSI).
FFHC has established a management system with regard to climate-related lobbying activities and participation in trade associations, which is applicable to the Company's and various subsidiaries' participation in domestic and foreign climate-related trade associations. Through clearly-defined management, annual reviews and a monitoring system, we strive to make sure if their climate-related activities and potential positions are consistent with the "Paris Agreement".
FFHC appointed EY Business Advisory Services Inc. (hereinafter referred to as the external consultant) in 2023 to conduct external performance appraisal on the Board of Directors and each functional committee. Based on response to the Board & Directors Performance Evaluation Questionnaire, document reviews and on-site interviews, the external consultant, utilizing their methodology, concluded that the overall achievement percentile of three major aspects of the Company (including the board composition, board members, and process/information) is “top performance”. The result indicates that the operations of FFHC’s board and functional committees are beyond current regulatory standards and can be regarded as the industry benchmark.
First Bank signed and joined the Equator Principles (EPs) Association in 2020. First Commercial Bank approved a total of 19 credit cases applicable to the Equator Principles between 2021 and 2023. Locations of these cases were mostly the Asia-Pacific region (Taiwan), with energy, electricity and oil and gas being the predominant industries. Two cases were disapproved. For applicable cases, a dedicated "Environmental and Social Risk Project Team" would be formed by the business, review, post-loan management and other units, which are put in charge of risk classification. In addition, based on the "Environmental and Social Risk Assessment Report" and "Environmental and Social Monitoring Report" issued by an independent and qualified third-party institution, First Commercial Bank will conduct environmental and social risk reviews and post-loan monitoring to confirm that undertaken cases align with the guidelines of the Equator Principles. In doing so, we could adequately reduce potential credit risks and leverage the financial industry's influence to support sustainable development for environment and society.
The Group has established the sustainable credit, sustainable investments, and sustainable insurance policies. The fulfillment of ESG investigation procedures encompass all businesses from investments, financing, consulting, and insurance. Continuing improvements to the ESG Factor Review Mechanism inspects whether the enterprises that are invested into or financed have violated criteria in product sustainability, human rights, environmental protection, and major social controversies while also incorporating coal and atypical oil and gas industries into review. Additionally, the Coalition of Movers and Shakers on Sustainable Finance was formed with 5 major industry peers to reinforce the negotiation mechanisms for enterprise investments and financing. If the enterprise seeking investments or financing is in major violation and does not submit an improvement plan after negotiations, investment and financing positions will gradually decrease. Our active guidance of customers to focus on issues of sustainability will hopefully support the goal of net zero in 2050.
Published the 2023 Sustainability Report in Chinese and English in accordance with the Global Reporting Initiative Standards 2021 and the Sustainability Accounting Standards Board (SASB) and obtain third-party assurance to increase the quality of information disclosure on ESG.
FFHC's 2021 and 2023 TCFD reports obtained the highest level certification of "LEVEL-5+" by the British Standards Institute (BSI).
FFHC has established a management system with regard to climate-related lobbying activities and participation in trade associations, which is applicable to the Company's and various subsidiaries' participation in domestic and foreign climate-related trade associations. Through clearly-defined management, annual reviews and a monitoring system, we strive to make sure if their climate-related activities and potential positions are consistent with the "Paris Agreement".
Received the "Master Award" in the "Fifth National Enterprise Environmental Protection Awards", becoming the first enterprise to collect the award for consecutive five times.
The Bank added the "Carbon Calculator" function with Mastercard Incorporated for its credit cards in 2023, allowing credit card holders to understand the amount of carbon emissions from their credit card consumption each month. This marks the first time that a government-owned bank offers such service.
First Commercial Bank’s Green cards have been certified to both the British Standards Institution's "PAS2060: 2014 Carbon Neutrality" and the Ministry of Environment's "Carbon Footprint Reduction Label" in 2023.
First Financial Holding rolled out the "ESG Sustainable Application Map Inquiry Tool", which was unprecedented in the industry.
The Green Light Sustainability Program has made donations to a total of 7 social welfare organizations and 64 remote elementary schools, and replaced 17,792 sets of LED lamps, reducing carbon emissions by about 799 metric tons.
FFHC had constructed 23 solar-powered branches as of 2023, contributing to an annual reduction of 122.04 metric tons of CO2e. Between 2015 and 2023, FFHC purchased green electricity, carbon credits and renewable energy certificates totaling 8,608,000 kWh.
The "Green Finance Education Hall" at Wanhua Branch became the first in the finance industry to receive the "Environmental Education Site" certification. The Company's Green Finance Education Hall is the only environmental education facility in the financial industry. In 2023, it received an "Outstanding Award" in an environmental education facility review organized by the Ministry of Environment. We conducted a total of 33 sessions of promotional environmental education courses in 2023, catering to enterprises, government agencies and schools. A total of 1,290 people attended.
The Group continues to push forward multiple green financing projects to support industries in their transition to low carbon emissions. As of the end of 2023, approved domestic and foreign green financing projects had reached NT$227.93 billion cumulatively. In particular, the Group has granted loans to a cumulative total of 215 clients for the "Sustainability Linked Loan", in which companies whose ESG performance indicators have improved are prioritized. A cumulative total of NT$346.3 billion has been approved.
The Bank added the "Carbon Calculator" function with Mastercard Incorporated for its credit cards in 2023, allowing credit card holders to understand the amount of carbon emissions from their credit card consumption each month. This marks the first time that a government-owned bank offers such service.
First Commercial Bank’s Green cards have been certified to both the British Standards Institution's "PAS2060: 2014 Carbon Neutrality" and the Ministry of Environment's "Carbon Footprint Reduction Label" in 2023.
First Financial Holding rolled out the "ESG Sustainable Application Map Inquiry Tool", which was unprecedented in the industry.
The Green Light Sustainability Program has made donations to a total of 7 social welfare organizations and 64 remote elementary schools, and replaced 17,792 sets of LED lamps, reducing carbon emissions by about 799 metric tons.
FFHC had constructed 23 solar-powered branches as of 2023, contributing to an annual reduction of 122.04 metric tons of CO2e. Between 2015 and 2023, FFHC purchased green electricity, carbon credits and renewable energy certificates totaling 8,608,000 kWh.
The "Green Finance Education Hall" at Wanhua Branch became the first in the finance industry to receive the "Environmental Education Site" certification. The Company's Green Finance Education Hall is the only environmental education facility in the financial industry. In 2023, it received an "Outstanding Award" in an environmental education facility review organized by the Ministry of Environment. We conducted a total of 33 sessions of promotional environmental education courses in 2023, catering to enterprises, government agencies and schools. A total of 1,290 people attended.
The Group continues to push forward multiple green financing projects to support industries in their transition to low carbon emissions. As of the end of 2023, approved domestic and foreign green financing projects had reached NT$227.93 billion cumulatively. In particular, the Group has granted loans to a cumulative total of 215 clients for the "Sustainability Linked Loan", in which companies whose ESG performance indicators have improved are prioritized. A cumulative total of NT$346.3 billion has been approved.
In 2023, First Commercial Bank was the first runner-up in Group A for the health care trust award in the "Second Evaluation on Promotion of the Trust 2.0 Plan by the Trust Industry". The Bank undertook a total of 27 cases with outstanding trust assets amounting to NT$25.349 billion, which accounts for 6.19% of the Bank's overall trust business.
First Bank has remained the number one bank in Taiwan in terms of SME lending market share for 14 years in a row, which is the best way to support local companies.
FFHC was included in the "Taiwan Employment Creation 99 Index" for the 14th consecutive year.
Our annual salary is in the P65 range of the market (P65 means our standard of compensation is superior to 65% of our competitors). After a comprehensive 2023 average adjustments of 2.5% for promotions, the average salary of full-time employees in non-managerial roles is NT$1,397,000 with 4.49% growth. Total expenditure for employee benefits in 2023 was NT$18.73 billion with 5.1% increase. FFHC has been selected as "Taiwan High Compensation 100 Index" for 10 consecutive years.
FFHC has been actively building a gender-equal and gender-friendly work system and workplace environment. The average compensation of female employees and executives have outpaced those of their male counterparts. The share of our female employees occupied 60.1%. FFHC has been selected as a constituent stock in the Bloomberg Gender-Equality Index (GEI).
FFHC provides NT$100,000 for the first child and NT$150,000 for the second child and every child thereafter. Child birth subsidy of NT$26.31 million was disbursed in 2023 and contributed to the birth of 227 babies.
Awarded the "OHS SDGs" by the Occupational Safety and Health Administration, Ministry of Labor, as well as "Happy Enterprise Gold Award" and "Happy Enterprise Silver Award" presented by the 1111 Job Bank
First Bank has remained the number one bank in Taiwan in terms of SME lending market share for 14 years in a row, which is the best way to support local companies.
FFHC was included in the "Taiwan Employment Creation 99 Index" for the 14th consecutive year.
Our annual salary is in the P65 range of the market (P65 means our standard of compensation is superior to 65% of our competitors). After a comprehensive 2023 average adjustments of 2.5% for promotions, the average salary of full-time employees in non-managerial roles is NT$1,397,000 with 4.49% growth. Total expenditure for employee benefits in 2023 was NT$18.73 billion with 5.1% increase. FFHC has been selected as "Taiwan High Compensation 100 Index" for 10 consecutive years.
FFHC has been actively building a gender-equal and gender-friendly work system and workplace environment. The average compensation of female employees and executives have outpaced those of their male counterparts. The share of our female employees occupied 60.1%. FFHC has been selected as a constituent stock in the Bloomberg Gender-Equality Index (GEI).
FFHC provides NT$100,000 for the first child and NT$150,000 for the second child and every child thereafter. Child birth subsidy of NT$26.31 million was disbursed in 2023 and contributed to the birth of 227 babies.
Awarded the "OHS SDGs" by the Occupational Safety and Health Administration, Ministry of Labor, as well as "Happy Enterprise Gold Award" and "Happy Enterprise Silver Award" presented by the 1111 Job Bank
We have refurbished 33 existing buildings, which obtained the Green Building Label from the Ministry of the Interior (Diamond class for 29 buildings, Copper class for 1 building, and Certified for 2 buildings). 2 newly constructed buildings obtained the “Gold-class” Green Building Label. Our London Branch received the “Pass” green building rating in the BREEAM (Building Research Establishment Environmental Assessment Method) assessment.
"ISO 14064-1 Greenhouse Gas Inventory System" certification was obtained for all domestic and foreign company locations. (Scope 1 & Scope 2)
"ISO 50001 Energy Management System" certification was obtained for all domestic company locations.
"ISO 14001 Environmental Management System" certification was obtained for all domestic company locations.
Introduced “ISO 46001 Water Efficiency Management Systems” at the headquarters building.
First Bank, First Securities, First Securities Investment Trust, First Life Insurance and First Financial AMC all introduced to "ISO 14064-1 Scope 3 (Indirect emissions from transportation - business travel)" and had been verified.
First Bank Head Office Business Department and Wanhua Branch obtained "Product Carbon Footprint Label" certification.
First Bank Wanhua Branch obtained the "environmental education site" certification.
6 employees obtained the "Environmental Educator Qualifications" certification.
First Bank Head Quarter obtained “near zero-carbon building” certification.
"ISO 14064-1 Greenhouse Gas Inventory System" certification was obtained for all domestic and foreign company locations. (Scope 1 & Scope 2)
"ISO 50001 Energy Management System" certification was obtained for all domestic company locations.
"ISO 14001 Environmental Management System" certification was obtained for all domestic company locations.
Introduced “ISO 46001 Water Efficiency Management Systems” at the headquarters building.
First Bank, First Securities, First Securities Investment Trust, First Life Insurance and First Financial AMC all introduced to "ISO 14064-1 Scope 3 (Indirect emissions from transportation - business travel)" and had been verified.
First Bank Head Office Business Department and Wanhua Branch obtained "Product Carbon Footprint Label" certification.
First Bank Wanhua Branch obtained the "environmental education site" certification.
6 employees obtained the "Environmental Educator Qualifications" certification.
First Bank Head Quarter obtained “near zero-carbon building” certification.
Chairman's Message
As we entered the post-pandemic period in 2023, tourism, travel and leisure activities started to perk up, the labor market gradually improved, applications and opportunities relating to emerging technologies such as AI expanded, and businesses continued to invest in R&D and process improvement in response to the trends of digitalization and the transition to net zero, which fueled consumption and investment momentum. Based on a solid operating foundation, the Group stayed on top of business opportunities to reboot the economy, as it continued to enhance the integration of its core operations with ESG factors internally, and concentrated on innovation in FinTech as well as talent cultivation and transformation. Externally, it actively engaged in negotiations with potential financing and investment targets, and urged them to make the transition to carbon reduction and sustainable development. Thanks to concerted efforts, the Group turned in impressive growth and operating results in 2023, as our assets increased to NT$4.43 trillion. Its consolidated net income totaled NT$67.255 billion. Its after-tax net profit reached NT$22.461 billion, up 9.06% from the previous year while setting a new profit record again. The Group's consolidated after-tax ROE and ROA amounted to 9.51% and 0.52%, respectively, and its after-tax earnings per share was NT$1.65.
