TWSE CSR

Embracing Sustainability and beyond.

Message from the Chairman

Message from the Chairman

As global capital markets increasingly highlight the importance of sustainable development in recent years, standards have been raised for corporate sustainability disclosure. In July 2024, the European Union passed the Corporate Sustainability Due Diligence Directive (CSDDD), requiring corporate giants to check their global value chains for human rights along with environmental risks and harms, setting a higher bar for responsible corporate behavior. In view of international practices and in line with Taiwan’s commitment to achieving net zero emissions by 2050, the TWSE not only works tirelessly to reach its own sustainability and net zero goals, but also actively engages and encourages companies to adopt sustainable operations. By innovating our systems and introducing emerging technologies, we continue to strengthen the practice of environmental, social, and governance (ESG) principles among listed companies, thereby leading market development toward a sustainable future.
The TWSE remains dedicated to sustainable development and upholds the spirit of innovation and sustainability, working hand in hand with stakeholders to achieve an inclusive and prosperous relationship between society and the environment. By embracing high-quality governance and taking specific actions in our commitment to ESG principles, we are doing our part to create a more sustainable future for our Earth.

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2024 Market Overview

Market value of listed stocks rose
from 17th to

12th

Trading value of listed stocks jumped
from 19th to

10th

2024 Market Overview
TAIEX Annual Growth

28.47%

Trading value of listed securities increased by

48.5%

Market value of listed securities increased by

30.0%

Number of listed companies rose from 997 to

1,031

Number of ETFs grew from 153 to

174

ETFs AUM increased by

82.8%

Cumulative number of investors grew to

13.22million

Price-to-book ratio

2.49

Price-to-earnings ratio

21.29

Cash and Stock Dividends yield reached

2.46%

Market Value percentage held by foreign Investors increased to

45.41%

2024 Sustainability Performance Highlights

2024 Sustainability Performance Highlights

Awards and Certifications

Awards
  • HR Asia Best Companies to Work for in Asia 2024 and Sustainable Workplace Awards 2024 The evaluation scores of the three indicators of core (collective organization
    for real engagement), self (heart, mind & soul), and group (think, feel & do) are higher than the average of the Taiwan market.
    The TWSE held eight carbon reduction initiatives working to achieve SDGs, actively promoted net zero carbon emissions and supply chain management, and led by example to guide businesses to reduce carbon emissions.
  • 2024 Taipei City Net Zero Leadership Award in the Industrial and Commercial Industry SegmentThe TWSE is pivoting towards renewable energy, reducing paper and plastic consumption, lowering operational carbon emissions, and increasing energy efficiency.
  • Silver Award of the Social Group at the 2024 8th PwC Sustainability Impact Awards With the theme of “ESG InfoHub Drives Changes and Achieves Excellence,” the TWSE illustrated the influence of the ESG InfoHub on ESG information disclosure in Taiwan’s capital market, which guides sustainability funds to invest in companies with excellent ESG performance.
  • Family-Friendly Award at the 2024 Ministry of Labor’s Work-Life Balance Awards
  • Performance award in the FSC’s financial cyber security offensive and defensive exercises
  • Excellence award from the FSC’s Financial Information Sharing and Analysis Center (F-ISAC) for information sharing
  • Digital Trust Talent Development Pioneer Award by BSI
  • Gold Award for Digital Inclusion and Outstanding Award for Digital Service for the FundRich app,
    which exceeded 160,000 downloads
Certifications
  • May 2024 Completed review of BSI 10012 Personal Information Management System (PIMS), and was renewed in November.
  • June 2024 Certified for the new standard ISO 27001:2022 Information Security Management System (ISMS).
  • July 2024 Became the world’s first exchange to be awarded the ISO 14068-1 carbon neutrality verification certificate by BSI.
  • November 2024 Maintained re-certification of ISO 22301 Business Continuity Management System (BCMS).

Sustainable Strategies

Strategic Theme 1

Sustainable Market

Create a transparent, fair, and sustainable market environment to drive the stable growth of enterprises.
Stimulate green innovation, propel sustainable investment, and collaborate with global partners.

Strategy 1: Market Stability
  1. Establish diverse digital platforms to meet the needs of stakeholders.
  2. Promote anti-fraud measures and enhance the quality of information disclosure to maintain market safety.
Strategy 2: Financial Inclusion
  1. Innovate products and regulations to promote responsible and sustainable financial services.
  2. Establish carbon trading mechanisms and platforms to advance the country towards net-zero emissions.
Strategy 3: International Cooperation
  1. Continue to deepen connections with international organizations, respond to initiatives, and cultivate green-collar talents.
  2. Promote exchanges with foreign institutional investors and attract international funds.
Strategic Theme 2

Sustainable Responsibility

Fulfill our ESG responsibilities to promote positive, sustainable transformation.
Create social value and environmental contribution through climate action and a happy workplace.

Strategy 4: Green Operations
  1. Implement climate change response strategies to address risks and seize opportunities.
  2. Digitize internal and external processes to increase the use of renewable energy and achieve carbon neutrality.
Strategy 5: Integrity Governance
  1. Uphold anti-corruption and integrity in business operations and implement internal control mechanisms.
  2. Strengthen information security management to ensure operation continuity.
Strategy 6: Social Inclusion
  1. Establish a fair and inclusive workplace culture and cultivate employees’ sustainability awareness.
  2. Promote social welfare and inclusion and support sustainable development goals (SDGs).
ESG InfoHub

Launch of Domestic Carbon Credit Trading Platform

  • Increase incentives for companies to reduce carbon emissions
  • Boost green job opportunities
  • Align with international practices
TWSE Awarded First Carbon Neutrality Certificate

TWSE Awarded First Carbon Neutrality Certificate

  • Responded to Taiwan’s 2050 net zero transformation goal
  • Committed to advance sustainability practices and carbon reduction measures
New ESG Digital Platform

New ESG Digital Platform

  • Disclosure of corporate ESG information and sustainable economic activities
  • Sustainability report preparation and submission
  • GHG emissions and reduction reporting

Implementing SDG Actions 2024 Achievements

  • No Poverty

    • Sponsored the Financial Services Education Fund, Financial Literacy for Youth (FLY) Courses, the College of Global Banking and Finance, and other talent development programs.
    • Donated to social welfare programs including healthcare, disease treatment, care for vulnerable groups, and emergency assistance.

  • Zero Hunger

    • Donated to the Greenbox Foundation for Babies Waiting for Homes and the Paramitas Foundation, providing subsidies for meals, medical expenses, and living allowances for orphaned children as well as children and adolescents from poor and disadvantaged families in remote areas.

  • Good Health and Well-Being

    • Held the “Family Day of Taiwan Stock Exchange 2024,” bringing the happy and friendly corporate culture from the workplace to the family.
    • Offer a variety of benefits, including group insurance, marriage and childbirth subsidies, and wellness programs.
    • Donated to the medical expenses of impoverished patients at Taipei Veterans General Hospital and Taipei Medical University Shuang Ho Hospital, promoting well-being for all ages.

  • Quality Education

    • Working with digital platforms, research institutes, NGOs, and top academic institutions, the TWSE sponsored and conducted over 20 domestic and international forums and over 50 online and in-person forums, courses, and workshops on ESG talent training, carbon reduction, and net zero emissions, reaching over 5,000 participants.
    • The TWSE and BSI jointly conducted 38 sessions of ISO certificate courses in carbon inventory, carbon footprint , and carbon neutrality, issuing more than 1,200 certificates.
    • The TWSE launched a series of seminars to promote sustainability with a focus on climate change and net zero carbon emissions in northern, central, and southern Taiwan. The seminars focused on the transformation of Taiwan’s capital market and its integration with international standards, with more than 700 directors and corporate governance executives participating.
    • Participated in the 2024 SDG Asia Exhibition, to raise awareness and promote understanding of ESG, financial fraud prevention, and overview of the digital service of bank guarantees for securities borrowing and lending.
    • Published the “High School Investment and Financial Management Teaching Plan” and compiled a special unit on “Financial Sustainability” to enhance students’ understanding of ESG.
    • Regularly issued TWSE publications, including the Annual Report, Sustainability Report, monthly reports of the centralized market, latest international securities market regulations and development, Guide to Investing in Taiwan, and Market Insights, all of which are available on the official website.
    • Created innovative financial education courses, through engaging online videos that integrate basic concepts, key investment themes, and various information channels in a systematic way, to motivate learning through game design elements.
    • Sponsored the Taiwan Printed Circuit Association (TPCA) Environment Foundation, to promote the design of environmentally friendly teaching curriculum for elementary and junior high schools.

  • Gender Equality

    • The TWSE Board of Directors includes four female directors, accounting for 26.67% of board seats.
    • Participated in the WFE’s “Ring the Bell for Gender Equality” initiative.
    • Conducted training on the prevention of unlawful infringement in the workplace, gender equality, and prevention of workplace bullying, with 760 participants.

  • Affordable and Clean Energy

    • Rented additional office space on the 36th floor of the Taipei 101 building for visitor reception and meetings, and continued to purchase green energy to maintain 100% renewable energy use for offices in Taipei 101.
    • TWSE’s First Data Center initiated use of green energy in March, and RE50 for 2024.
    • Expanded solar power generation and energy storage equipment, with a total output of 16,330 kWh in 2024.

  • Decent Work and Economic Growth

    • Encourage listed companies and companies applying for listing to adjust the salary for its non-executive employees in accordance with Paragraph 6, Article 14 of the “Securities and Exchange Act.”
    • TIB encourages businesses with key technologies and innovative capabilities or business models to raise funds on the securities market and fuel their growth.
    • In line with the FSC’s policy to establish a distinctively Taiwanese asset management center in Asia, the TWSE established the Capital Market Service Group to attract high-quality domestic and international enterprises to list in Taiwan and enhance our capital market.
    • Continue to support startup circles and collaborate with government agencies and resources to attract listings through multiple channels and actively support the development of startups.
    • Conducted industry activities, inviting government, industry, and academic representatives to share industry trends and listing experiences to encourage and accelerate innovative companies’ entry into the capital market.

  • Industry, Innovation, and Infrastructure

    • Drafted relevant strategies and action plans for constructing Taiwan’s ESG ecosystem in cooperation with the FSC’s “Sustainable Development Action Plans for TWSE and TPEx Listed Companies.”
    • Upgraded the ESG InfoHub website with an optimized dashboard and the addition of a page on sustainability courses and listed companies’ negative ESG material events, to provide investors with more comprehensive sustainability information.
    • Launched a new ESG Digital Platform with a user-friendly reporting interface to assist listed companies in efficiently disclosing ESG-related information in a uniform format.
    • As of year-end 2024, thirty-three ESG-related thematic indices have been launched and authorized for diversified applications.
    • ESG-related indices have been successfully licensed to issue ETFs, ETNs, index futures, index funds, and serve as investment performance tracking indicators for government retirement funds, with a total AUM of over TWD380 billion.
    • Established the IR ENGAGE platform to provide multi-tier ESG value-added database and facilitate communication plus engagement between listed companies and institutional investors on ESG-related topics.

  • Reduced Inequalities

    • Assisted the FSC in reducing the threshold for declaration and public disclosure of substantial shareholding from 10% to 5%, so that significant changes in shareholding are reported in a timely and transparent manner.
    • Strengthened monitoring through CPAs, underwriters, and other intermediaries. Established suitable management approaches, training programs, grievance channels, and related policies.
    • Assisted securities firms in implementing protection and management mechanisms for information and communications security; continued to augment their digital transformation to provide more convenient and diverse services for investors.
    • Expanded scope of review of sustainability reports to enhance disclosure quality.

  • Responsible Consumption and Production

    • Continue to observe companies’ sustainability practices during their listing and review process.
    • Encourage companies to conduct carbon footprint verification with assurance in line with the FSC’s “Sustainable Development Guidemap.”
    • Revised the “Rules Governing the Preparation and Filing of Sustainability Reports by TWSE Listed Companies,” requiring all listed companies to prepare their sustainability report from 2025 onward. Additionally, listed companies (including subsidiaries on consolidated financial statements) should, in phases, disclose their carbon reduction goals, strategies, and specific action plans.
    • Promoted the evaluation mechanism for Stewardship for Institutional Investors to enhance stewardship information disclosure and transparency.
    • Revised and added ESG metrics into the Corporate Governance Evaluation indicators.

  • Climate Action

    • The TCX International Carbon Credit Trading Platform introduced nature-based and carbon dioxide removal (CDR) projects, including blue and green carbon, to meet the business needs in the global supply chain for reducing carbon or achieving carbon neutrality.
    • The Domestic Carbon Credit Trading Platform was launched, with projects spanning multiple industries such as agriculture, petrochemicals, steel, transportation, and services.
    • TIP launched the “S&P TIP Taiwan Carbon Reduced ESG 50 Index,” highlighting the performance of Taiwanese companies transitioning towards low carbon and net zero emission.
    • The TWSE became the world’s first exchange to be awarded the ISO 14068-1 carbon neutrality verification certificate by BSI.
    • Conducted sustainability-related training courses, carbon reduction activities, and a family day event aligned with SDGs.
    • Encourage companies to align with IFRS Sustainability Disclosure Standards by publishing reference documents and conducting seminars and educational training, to boost the quality of climate information disclosure and our capital market’s international competitiveness.

  • Life Below Water

    • Donated to relevant associations to help protect the oceans and coastlines, plus prevent the destruction of Taiwan’s coastlines from overdevelopment.
    • Donated to associations that promote environmental education to help schools at all levels conduct environmental education and carry out beach cleanup activities.
    • Donated to promote marine ecology conservation and sustainable ocean projects, and support the study of marine ecology and ocean sustainability.

  • Life on Land

    • Made donations to associations dedicated to increasing forest coverage and biodiversity, to safeguard the environment and plant trees for greenification.
    • Supported associations involved in hands-on education to enhance understanding of ecological sustainability, so as to raise awareness of issues such as land and natural resource utilization.
    • Made donations to protect wild birds and their habitats, create a good living environment, and perform other conservation work.
    • Sponsored animal conservation, promotion of environmental sustainability, and compiling of teaching materials related to animal conservation.

  • Peace, Justice, and Strong Institutions

    • In addition to regular management of listed companies, spot checks and verification of material information may be conducted from time to time.
    • To ensure that brokers are in regulatory compliance, conducted regular audits, special audits, and audits targeting their operations to prevent money laundering and counter terrorism financing, as well as anti-fraud evaluation.
    • Reported suspicious investment fraud advertisements from online media platforms to the FSC, and legally requested the media platforms to take them down, thereby stopping investment fraud ads at the source.
    • Carried out market surveillance and early warning operations to maintain market order, including auditing illegal transactions, recording and reviewing TV investment programs.

  • Partnerships for the Goals

    • Signed MOUs with the Eswatini Stock Exchange and the Philippine Stock Exchange.
    • As a contributing participant in international organizations, the TWSE aims to enhance global visibility and strengthen Taiwan’s ties with markets worldwide.
    • The TCX signed a MOU with Verra to promote the development, issuance, and use of high-quality carbon credits.

No Poverty

  • Sponsored the Financial Services Education Fund, Financial Literacy for Youth (FLY) Courses, the College of Global Banking and Finance, and other talent development programs.
  • Donated to social welfare programs including healthcare, disease treatment, care for vulnerable groups, and emergency assistance.

Love for Society

Milestones of Sustainable Development

2010
  • The TWSE introduced the “Corporate Social Responsibility Best Practice Principles for TWSE/ GTSM Listed Companies.”
  • The TWSE unveiled the “Ethical Corporate Management Best Practice Principles for TWSE/ GTSM Listed Companies.”
  • The TWSE launched the “TWSE RA Taiwan Employment Creation 99 Index.”
  • 2010
    2010
    • The TWSE introduced the “Corporate Social Responsibility Best Practice Principles for TWSE/ GTSM Listed Companies.”
    • The TWSE unveiled the “Ethical Corporate Management Best Practice Principles for TWSE/ GTSM Listed Companies.”
    • The TWSE launched the “TWSE RA Taiwan Employment Creation 99 Index.”
  • 2011
    2011
    • The TWSE organized the “Business Integrity and Corporate Social Responsibility for Listed Companies Forum” for four consecutive years.
  • 2013
    2013
    • The FSC inaugurated the “Corporate Governance Roadmap 2013.”
    • The TWSE established the Corporate Governance Center.
  • 2014
    2014
    • The TWSE joined the WFE Sustainability Working Group.
    • The TWSE created the “TWSE RAFI® Taiwan High Compensation 100 Index.”
  • 2015
    2015
    • The TWSE made it mandatory for certain TWSE-listed companies to prepare and publish a CSR report.
    • The TWSE launched the “Taiwan Corporate Governance 100 Index.”
  • 2016
    2016
    • The TWSE announced the “Stewardship Principles for Institutional Investors.”
  • 2017
    2017
    • TIP launched the “FTSE4Good TIP Taiwan ESG Index,“ and “TIP Taiwan Market Small/Mid-Cap Corporate Governance Index.”
  • 2018
    2018
    • The FSC introduced the “New Corporate Governance Roadmap.”
  • 2019
    2019
    • The TWSE amended the “Rules Governing the Preparation and Filing of Corporate Social Responsibility Reports by TWSE-Listed Companies” following the latest GRI Standards' update.
    • TIP launched the “Taiwan Labor Rights Index.”
  • 2020
    2020
    • The FSC announced the “Corporate Governance 3.0 – Sustainable Development Roadmap.”
    • TIP launched two sustainability indices.
  • 2021
    2021
    • Amended the “Taiwan Stock Exchange Corporation Rules Governing the Preparation and Filing of Corporate Social Responsibility Reports by TWSE-Listed Companies” into the “Taiwan Stock Exchange Corporation Rules Governing the Preparation and Filing of Sustainability Reports by TWSE-Listed Companies.”
    • Amended the “Corporate Social Responsibility Best Practice Principles for TWSE/GTSM Listed Companies” into the “Sustainable Development Best Practice Principles for TWSE/TPEx Listed Companies.”
    • TIP launched eight sustainability indices.
  • 2022
    2022
    • The FSC launched the “Sustainable Development Guidemap for TWSE and TPEx Listed Companies.”
    • The TWSE regulated sustainability disclosure indicators and climate-related information for listed companies.
    • TIP launched eight sustainability (including green energy) indices.
  • 2023
    2023
    • The FSC announced “Sustainable Development Action Plans for TWSE- and TPEx- Listed Companies (2023).”
    • The FSC released the “Roadmap for Taiwan listed companies to align with IFRS Sustainability Disclosure Standards.”
    • TIP launched six sustainability indices.
    • The TWSE and the National Development Fund of the Executive Yuan jointly established the TCX.
    • The TCX international carbon credit trading platform was launched.
  • 2024
    2024
    • The TCX Domestic Carbon Credit Trading Platform was launched.
    • TIP launched the S&P TIP Taiwan Carbon Reduced ESG 50 Index and TIP Taiwan Gender Equality Index.
    • The TWSE became the world's first exchange to be awarded the ISO 14068-1 carbon neutrality verification certificate by BSI.
Download the Latest Sustainability Report Limited Assurance Report for the 2024 Sustainability Report Limited Assurance Report on the 2024 GHG Inventory Report Reasonable Assurance Statement on the TWSE’s 2024 GHG Emissions