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Faraday Leads Industry to Adopt TCFD Framework for Corporate Sustainability

Published: Dec 03,2020

HSINCHU, Taiwan - Faraday Technology announced support for the TCFD (Task Force on Climate-related Financial Disclosures) recommendations. Faraday is the world’s first ASIC design company and among the first thirty Taiwanese companies listed as a supporter on the TCFD website.

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Faraday lists climate change as one of its major corporate sustainability issues. Faraday follows the TCFD framework to identify and disclose the risks and opportunities of climate change, providing stakeholders with decision-useful climate-related financial information. In addition to these initiatives, Faraday works in partnership with suppliers and partners to promote environmental sustainability on an ongoing basis.

Steve Wang, president of Faraday, said, “Climate change is one of the most critical sustainability issues facing the semiconductor industry today. As an application-specific integrated circuit (ASIC) design company specializing in low-power solutions, Faraday takes a proactive step in supporting the TCFD recommendations. By adopting the TCFD framework, we can effectively disclose climate-related financial risks, opportunities, and strategies of our business and corporate governance for our stakeholders’ concerns.”

To implement corporate sustainability, Faraday has also devoted effort to developing a robust business continuity plan (BCP). As testimony to the effectiveness of this BCP, during the COVID-19 outbreak and the US-China tech war, Faraday quickly established an emergency response command center, and deployed five teams for administration, information, supply chain, R&D, and business operations.

Faraday immediately surveyed the affected parts, and determined the appropriate priority of projects and support plans. Following this initial assessment, Faraday executed on risk management protocols and operating systems to reduce the impact on the supply chain and other operational risks that may arise as a result of the offending events. The resulting plan has received worldwide recognition from customers for its flexible supply chain management, rapid response time and risk control capabilities.

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