Operation-related Laws and Regulations Compliance

Operation-related Laws and Regulations Compliance

2-3 Regulatory Compliance

Novatech follows the laws and regulations of the relevant authorities and the ISO management system framework to establish the company's rules and regulations. We established a regular review mechanism, to enable amending the Company's ordinance to comply with the latest international legal trends, so the Company's operations will not be significantly affected by changes in regulations. While promoting the Company's economic development, we also fulfill our commitment to the environment and social protection, and have the chance to bring new business
opportunities for the Company's environmentally friendly products. The definition of significant penalties in the Company follows the regulations of the Taipei Exchange regarding the verification and public processing procedures for significant information of listed companies with tradable securities. It includes events that may cause significant damage or impact on the company, orders from relevant authorities to suspend or cease operations, revoke
pollution-related permits, or instances where the cumulative amount of fines for a single event exceeds one million NTD. In 2022, Novatech had no significant penalties or violations of socio-economic regulations that had a significant impact on thecompany's operations.


 

Regulatory Violations and Violation of Integrity Management Reporting Mailbox

In addition to formal legal regulations and review mechanisms, Novatech also encourages colleagues to come forward to report illegal or unethical behavior The company has a whistle-blowing system that covers violations of company policies and any acts that may harm the company's interests, such as fraud, misappropriation of company assets, or accepting undue benefits. Meanwhile, the company has implemented mechanisms to protect
whistle-blowers and provide incentives. It commits to safeguarding whistle-blowers from dismissal, demotion, salary reduction, impairment of their legal, contractual, or customary rights, or any other disadvantageous treatment due to their whistle-blowing activities. The incentive mechanism involves discussions by the relevant authorities to determine the amount of the whistle-blower reward based on the magnitude of verified cases. Whistle-blowers are provided with an immediate reward of at least NT$6,000 for cases found to be true. The company does not publicly announce or provide additional recognition to protect whistle-blowers and encourage colleagues to report wrongdoing. For those who violate the integrity of the Company's management, in order to maintain objectivity and impartiality, the Company provides a channel of appeal to the appropriate person, the Board of Directors or the shareholders' meeting to discuss the relevant information for a final decision if the recipient disagrees with the resolution of the unit and can prove it.
The Company has established an integrity management reporting mailbox, accessible to both external and internal stakeholders, as well as an employee-exclusive suggestion box for integrity management-related recommendations. Through comprehensive internal and external communication channels, the Company ensures that all stakeholders can effectively offer feedback and raise concerns. In the year 2022, Novatech did not receive reports of bribery, corruption, anti-competitive behavior incidents, andconsequently, there were no associated legal lawsuits or incurred costs.










 




 

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