Sustainable development vision
China Life has always considered it vital to incorporate corporate social responsibilities with its own businesses. It uses its corporate resources and strengths to generate positive influence on to society. Our goal is to “maximize interest and value for our customers, shareholders, employees and society, becoming the must trustworthy insurance company on the market.” By implementing comprehensive social governance and risk management mechanisms as well as establishing corporate social responsibility committees, China Life addresses the material issues our stakeholders' value the most, thereby realizing our commitment to corporate social responsibility.
We continue to adopt an active and stable approach in providing services to our customers. Our products offer long-term promises, making China Life the most trustworthy insurance brands.
The strong support from our shareholders is key to China Life’s business growth. By focusing on long-term growth and incorporating risk management as the basic governance principles, our shareholder acquire reasonable returns and deem China Life as an ideal investment choice.
Employees are China Life’s most important assets. We strive to make China Life an enjoyable working environment for each and every employee. By helping employees cultivate professional expertise, we help promote a healthy career development.
Social and environmental conditions have significant impact on the development of the insurance industry. Through diverse charity welfare programs and green business operations, China Life gives back to society and looks after the environment in the pursuit of sustainable development.
|Article 1||To fulfill the corporate social responsibility initiatives and to promote economic, environmental, and social advancement for purposes of sustainable development, the Company establishes the Corporate Social Responsibility Best Practice Principles (herein after referred to as “the Principles”), based on the Corporate Social Responsibility Best Practice Principles for TWSE/GTSM Listed Companies jointly promulgated by the Taiwan Stock Exchange (TWSE) and the Taipei Exchange (TPEx), and the Company’s operations.
The Principles are the Company’s guidelines regarding corporate social responsibility, which will be used to manage the risk and impact on the economy, environment and society.
|Article 2||The Principles are applicable to the Company’s overall operations. The Company has proactively fulfilled corporate social responsibilities when engaging in business operations, in order to meet international trends. It has increased its economic contribution by serving as a responsible corporate citizen and improved living quality of employees, communities and the society, thereby enhancing the Company’s competitiveness based on corporate responsibility.|
|Article 3||In fulfilling corporate social responsibilities, the Company shall, in its corporate management guidelines and business operations, give due consideration to the rights and interests of stakeholders and, while pursuing sustainable operations and profits, also give due consideration to the environment, society and corporate governance.
The Company shall evaluate the risks of environment, society and corporate governance issues and enact related risk management policies or strategies.
|Article 4||The Company will carry out the following principles regarding the realization of corporate social responsibilities.
1. Fulfill corporate governance
2. Develop sustainable environment
3. Maintain social welfare
4. Enhance information disclosure on corporate social responsibility
|Article 5||The Company shall take into consideration the correlation between the development of domestic and international corporate social responsibility principles and corporate core business operations, and the effect of the operation of the Company and of their respective business groups as a whole on stakeholders, in establishing policies, systems or relevant management guidelines, and concrete promotion plans for corporate social responsibility programs.
When a shareholder proposes a motion involving corporate social responsibility, the Company's board of directors is advised to review and consider including it in the shareholders meeting agenda.
|Article 6||The Company is advised to establish an effective corporate framework and related ethical codes to enhance corporate governance based on the Corporate Social Responsibility Best Practice Principles for TWSE/GTSM Listed Companies, Ethical Corporate Management Best Practice Principles for TWSE/GTSM Listed Companies, as well as Guidelines for the Adoption of Codes of Ethical Conduct for TWSE/GTSM Listed Companies.|
|Article 7||The Company’s directors shall perform due care as good administrators by urging the Company to fulfill social responsibility and continue making improvements via timely reviews of its implementation performance, thereby confirming fulfillment of corporate social responsibilities.
The Company’s board of directors are advised to take the following matters into account along with full consideration of the profit of interested parties when fulfilling its corporate social responsibilities:
1. Propose mission and vision regarding corporate social responsibility, and finalize social responsibility policies, systems or guidelines.
2. Incorporate corporate social responsibility into the Company’s operations and development, and finalize the action plans related to corporate social responsibility.
3. Disclose corporate social responsibility-related information regularly and ensure its accuracy.
The Company’s board of directors shall delegate high-level executives to handle economic, environmental and social issues related to operations and demand executives report updates to the board of directors. The details regarding operating procedures and responsible staff shall be concrete and specific.
|Article 8||The Company is advised to hold corporate social responsibility-related education and training on a regular basis, which will include promotion of the second paragraph of Article 7.|
|Article 9||The Company is advised to set up a dedicated unit for corporate social responsibility, responsible for corporate social responsibility related policies, systems or related guidelines, as well as the proposal and execution of action plans. The department shall report to the board of directors on a regular basis.
The Company is advised to establish reasonable remuneration policies in order to ensure that the Company’s remuneration scheme is in alignment with the organization’s business strategies and interested parties’ profit.
The Company’s performance review is advised to be incorporated with the Company’s corporate social responsibility policies; with clear and effective reward and discipline systems established.
|Article 10||The Company shall, based on respect for the rights and interests of stakeholders, identify stakeholders of the company, and establish a dedicated section for stakeholders on the Company’s website. In addition, the Company shall use appropriate communication methods in understanding the reasonable expectations and demands of stakeholders, and properly respond to the important corporate social responsibility issues stakeholders are concerned about.|
|Article 11||The Company shall comply with international principles related to environmental laws, in order to properly protect the environment, and shall devote itself to achieving environmental sustainability goals when engaging in business operations and internal management.|
|Article 12||The Company is advised to devote itself to improving the use efficiency of different resources and employ renewable materials which have a lesser impact on the environment, thereby working toward a sustainable use of the Earth’s resources.|
|Article 13||The Company is advised to establish a proper environmental management system according to the characteristics of its industry. The system shall include the following items:
1. Collect and evaluate the information related to the business activities’ impact on the natural environment.
2. Establish measurable objectives for environmentally sustainable goals and review the sustainability and relevance of the goal on a regular basis.
3. Establish implementation measures such as tangible projects or action plans, reviewing the performance of the plans on a regular basis.
|Article 14||The Company is advised to establish a dedicated unit or assign dedicated personnel for drafting, promoting, and maintaining relevant environment management systems and concrete action plans, and shall hold environment education courses for their managers and other employees on a periodic basis.|
|Article 15||The Company is advised to reduce the impact of its operations on the environment and human beings by considering operational impact on ecological efficiency, promoting green consumption, and engage in R&D, procurement, operation and services, etc., based on the following principles:
1. Reduce resources and energy consumption of products and services.
2. Reduce pollutants and well-manage waste.
3. Improve the recyclability and reusability of raw materials and products.
4. Maximize the sustainability of renewable resources.
5. Extend the durability of products.
6. Improve the efficiency of products and services.
|Article 16||In order to improve the water use efficiency, the Company shall properly use water resources in a sustainable manner and develop relevant management measures.
The Company shall exert full effort in reducing the repercussions on human health and the environment, in addition to adopting the best possible measures to manage pollution and control technologies.
|Article 17||The Company shall evaluate present/future risks and opportunities that climate change has on enterprises and take responsive measures for climate change issues.
The Company shall adopt universal standards and guidance (viable both domestically and internationally) to check and disclose enterprise greenhouse gas emissions. The scope will include:
1. Direct greenhouse gas emission: emissions from operations that are owned or controlled by the company.
2. Indirect greenhouse gas emission: emissions resulting from the generation of externally purchased or acquired electricity, heating, or steam
The Company is advised to calculate green gas emission, water consumption and the total waste (weight), and develop policies related to energy saving, carbon reduction, reduction of green gas emission, reduction of water usage, and other waste management. Moreover, the Company shall include the carbon credits into its carbon reduction strategy, in order to launch eco-friendly policies and lessen its business operations’ repercussion on the climate change.
|Article 18||The Company shall comply with relevant laws and regulations, and the International Bill of Human Rights, with respect to rights such as gender equality, the right to work, and prohibition of discrimination.
The Company shall comply with the internationally recognized labor rights, including the freedom of association, the right of collective bargaining, caring for vulnerable groups, prohibiting the use of child labor, eliminating all forms of forced labor, eliminating recruitment and employment discrimination, and shall ensure that their human resource policies do not contain differential treatment based on gender, race, socioeconomic status, age, or marital and family status, so as to achieve equality and fairness in employment, hiring conditions, remuneration, benefits, training, evaluation, and promotion opportunities.
The Company shall provide an effective and appropriate grievance mechanism for matters that compromise labor rights and interests, to ensure equality and transparency of the complaint process. The grievance channel shall be simple, convenient and smooth. The company shall respond to any employee's grievance in an appropriate manner.
|Article 19||The Company shall provide employees with information to allow them to understand the labor laws and labor rights of the country in which they operate.|
|Article 20||The Company is advised to provide employees with a safe and healthy workplace, including the provision of necessary health and first-aid facilities. The Company shall be committed to reducing hazardous factors in order to prevent occupational disasters. The Company is advised to organize training on safety and health for their employees on a regular basis.|
|Article 21||The Company shall create a good environment in advancing employee career development, encouraging employees to improve themselves, and assisting them with career advancement.
The Company shall formulate and implement reasonable employee welfare measures (including remuneration, vacation and other benefits, etc.), and appropriately translate employees’ work performance into remuneration, in ensuring successful recruitment, retention and encouragement of human resources and achieve the goal of sustainable operations.
|Article 22||The Company shall establish regular communication channels for employees, so that employees are granted their right to access the information and voice their opinions regarding business management activities and decisions.
The Company shall respect the employee representatives’ power to negotiate working conditions, and provide employees with necessary IT and hardware facilities to promote negotiation and collaboration between employers, employees and employee representatives.
The Company shall notify employees of operation changes that may have a significant impact on employees in a reasonable manner.
|Article 22-1||In face of customers or consumers, the Company should treat them fairly and reasonably, including the compilation of principles regarding fairness and integrity, obligation of attention and loyalty, authenticity of advertisement, appropriateness of the product or service provided, duty of disclosure, the balance of commission and sales performance, actions for consumer complaints, professionalism of the sales representatives.|
|Article 23||The Company shall take responsibility for products and services and value marketing ethics. In the process of research and development, procurement, production, operations, and services, the Company shall ensure the transparency and safety of its products and services. The Company shall further establish and disclose policies on consumer rights and interests, and enforce them in the course of business operations, in order to prevent the products or services from adversely impacting the rights, interests, health, or safety of consumers.|
The Company shall ensure the quality of products and services by following government regulations and relevant industry standards.
The Company shall comply with laws, regulations and international standards regarding customer health and safety, customer privacy, marketing and labeling of products and services, and shall not deceive, mislead, commit fraud or any other acts that undermines consumer trust and harms consumer rights or interests.
|Article 25||The Company is advised to evaluate and manage all risks that may cause disruptions of operations and lessen such impact on consumers and society.
The Company is advised to provide transparent and effective procedures for accepting consumer complaints, and fairly handle consumer complaints on a timely manner. It shall comply with laws and regulations related to the Personal Information Protection Act in respecting consumers' privacy and protecting personal data provided by consumers.
|Article 26||The Company is advised to evaluate the environmental and social impacts of procurement activities on the suppliers’ communities, and cooperate with its suppliers in fulfilling corporate social responsibilities.
The Company is advised to formulate supplier management policies, demand suppliers to follow relevant regulations regarding issues such as environmental protection, occupational safety and health, or labor human rights, etc. Prior to engaging in commercial dealings, the Company is advised to assess whether there is any record of a supplier's impact on the environment and society, and avoid conducting transactions with those in violation of the Company’s corporate social responsibility policies.
When the Company enters into a contract with any of its major suppliers, the terms of the contract shall include policies on mutual compliance with corporate social responsibility. The contract may be terminated or rescinded any time if the supplier has violated such policy and has caused significant negative impact on the environment and society of the supply source community.
|Article 27||The Company shall evaluate the impact of its business operations on the community. The Company shall also hire local manpower to enhance the community acceptance.
To promote community development, the Company is advised to, through capital investment, commercial activities, donations, volunteering service or other charitable professional services; participate in events held by citizen’s organizations, charities and local government agencies relating to community development and community education.
|Article 28||The Company shall disclose information in accordance with relevant laws, regulations and the Corporate Governance Best Practice Principles for TWSE/GTSM listed Companies and shall fully disclose relevant and reliable information related to their corporate social responsibility initiatives to improve information transparency.
The Company’s disclosure of relevant information on corporate social responsibility is as follows:
1. The policy, systems or relevant management guidelines, and concrete promotion plans for corporate social responsibility initiatives, as resolved by the board of directors.
2. The risks and the impact on the corporate operations and financial condition arising from exercising corporate governance, fostering a sustainable environment and preserving social public welfare.
3. Goals and measures for realizing the corporate social responsibility initiatives established by the Company, as well as their implementation performance.
4. Major stakeholders and their concerns.
5. Disclosure of information on major suppliers' management and performance with respect to major environmental and social issues.
6. Other information relating to corporate social responsibility initiatives.
|Article 29||The Company shall adopt internationally recognized standards or guidelines when producing corporate social responsibility reports, to disclose the status of their implementation of its corporate social responsibility policies. It also is advised to obtain a third-party assurance or verification for reports to enhance the reliability of the reports. The contents of the reports should include:
1. The policy, system, or relevant management guidelines and concrete promotion plans for implementing corporate social responsibility initiatives.
2. Major stakeholders and their concerns.
3. The implementation performance and review of corporate governance, sustainable environment development, public welfare protection and promotion of economic development.
4. Future direction of improvements and goals.
|Article 30||The Company shall at all times monitor the development of domestic and foreign corporate social responsibility standards and the change of business environment so as to examine and improve their established corporate social responsibility framework and to obtain better results from the implementation of its corporate social responsibility policies.|
|Article 31||The Corporate Social Responsibility Best Practice Principles of the Company shall be implemented after being approved by the board of directors. The same applies for any amendments.|
China Life established the “Corporate Social Responsibility Committee” in 2014 and changed its name to the "Corporate Sustainability Committee" in 2021.The CSR Committee Rules require that the Company Chairperson serves as the Committee chairperson. The Committee shall include one chairperson, one vice chairperson, three regular members, and one executive secretary. 50% of members must be China Life directors. The Committee structure is closely aligned with the Company’s management and governance strategies, and reports to the Board of Directors to ensure its effectiveness.
Organizational Framework and Responsibilities
Key Agenda Items of the CSR Committee in 2020
Corporate Sustainability Awareness Education and Training
In 2020, the Company offered all home office employees ESG awareness education and practical training. Classes tailor-made for various objectives and subjects enhanced both focus and results. In total, the Company held 38 classes and reached 2,665.5 participation hours.
2020 ESG Topic Education and Training
|Theme||Education and Training Name||Participants|
|Sustainable Thinking Leadership||Introduction to Sustainability Trends and Topics||High-level managers and home office employees|
|Implementing Sustainable Strategies||ESG Awareness Education and Training||All home office employees|
|Formulating Sustainability Goals||Promotion and Training on Formulating ESG Goals||Department heads and home office employees|