Compliance is prerequisite for the local operation of a company. Nova reviews the compliance with laws and other requirements of the authorities and the International Organization for Standardization (ISO) on a regular basis to ensure that the latest enactments and requirements are met. Sticking to the business philosophy of integrity, we review the changes in laws and regulations on a regular basis and strictly abide by the requirements of the authorities. On the whole, changes in laws and regulations will not have a significant impact on the Company. It is possible that the amendments to environmental enactments will create new business opportunities for the Company. In 2019, there were no fines or socioeconomic violations that significantly affected the Company's operations.
Management Approach
| Disclosure | Nova's Practices |
|---|---|
| Importance | Guarantee the compliance of the Company's business activities and ensure that the director and managerial officers abide by the Company Act, Securities and Exchange Act, and other laws an regulations |
| Management strategies | Set up mechanisms for reviewing compliance with laws and other requirements on a regular basis to prevent the breaches of laws and meet the trends and requirements of the latest enactments |
| Policies/commitments | Code of Ethical Conduct and Regulations Governing Rewards and Disciplinary Actions for Employees |
| Goals/targets |
|
| Responsibility | President |
| Resources | Auditing Office and Central Security Management Office |
| Grievance mechanisms | If employees violate laws and requirements, different grievance mechanisms will apply according to their ranks. |
| Action plans |
|
| Effectiveness assessment | There were no socioeconomic violations reported in 2019. |
Procedures for Identifying Environmental
Health and Safety Regulations
In addition to adopting the statutory requirements and review mechanisms, we also encourage employees to report illegal or unethical conduct. We have a concrete whistle-blowing system in place to encourage employees to report illegal activities to managerial officers, the internal audit officer or other appropriate personnel with sufficient evidence presented. We will handle the reported evidence in a confidential and responsible manner and protect whistle-blowers from any form of threat to the best of our ability.。
