Integrity and Transparency
A Trustworthy Company
Nanya adheres to regulations and abides by moral standards. We continue to strengthen corporate governance and risk management mechanisms and use comprehensive education and training programs to improve the professional ethics of all employees and build common prosperity in the industry to become the most trustworthy company.
Statistics
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DJSI
World IndexInclusion as Constituent of " DJSI World Index " and “Emerging Markets Index”
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98.5 %
98.5% of customers were satisfied with the overall performance of Nanya
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TOP 5 %
Top 5% in the 8th Corporate Governance Evaluation of TWSE Listed Companies
Strategy and Performance
Corporate Governance
Nanya believes that through comprehensive and efficient corporate governance mechanisms, we are able to reinforce the Company’s operations and protect shareholders' interests. Nanya was selected as a constituent of the Dow Jones Sustainability Indices (DJSI) World and Emerging Markets in 2021 and was awarded a Bronze Class Medal in the S&P Global Sustainability Yearbook 2022. Currently, the Company is also one of the constituent stocks of the FTSE4Good TIP Taiwan ESG Index and the TWSE Corporate Governance 100 Index. Moreover, Nanya was also ranked in the top 5% for the fourth time in the 8th Corporate Governance Evaluation of TWSE Listed Companies released in 2022. The aforementioned performance shows that our continued efforts in corporate governance are recognized. Read More
Won the "Excellent Business Entity for Use of E-invoices in 2021"
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Nanya strengthens company operations through integrity and transparency in financial disclosures and its tax policy, and was recognized by the National Taxation Bureau of the Northern Area, Ministry of Finance for excellent performance in 2021. Director-General Hsiu-Chung Wang of the National Taxation Bureau of the Northern Area visited Nanya and handed over the award on behalf of the Ministry of Finance. A total of 136 companies were recognized by the National Taxation Bureau of the Northern Area for excellent performance in 2021, accounting for only 0.025% of all companies under its jurisdiction. Receiving the award is quite the accomplishment, and once again recognizes Nanya for its efforts in improving corporate governance.
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Won the "Excellent Business Entity for Use of E-invoices in 2021"
Risk Management
To reinforce functions of the Board of Directors and risk management mechanisms, Nanya established the Risk Management Committee under the board in 2020. Nanya formulated the Risk Management Regulations, which was approved by the Board of Directors. In accordance with the Risk Management Regulations, the risk management policies are effective identification, analysis and assessment, control and action, ongoing supervision of various risks, and enhancement in risk awareness of the staff, with the aim of controlling risks within the tolerance level, and ensuring the integrity, effectiveness, and efficiency optimization of risk management.
The Risk Management Steering Center shall meet quarterly to review the operational performance and business continuity plans of each risk management team to ensure the applicability, suitability, and effectiveness of the ongoing operations of these risk teams. The Risk Management Committee shall meet at least once a year and report the situation of risk management or major risk items to the Board of Directors in a timely manner. The Auditors shall annually check the implementation status of risk management policies and higher risk items at irregular intervals, provide suggestions for improvements in a timely manner, and follow up the improvement results.
Missions and Commitments
Risk Management Missions
We will establish and maintain effective risk management systems and constantly improve them, lower operation cost to ensure corporate sustainable profits, and create a quality working environment to achieve the goals of corporate sustainable operation.
Risk Management Commitments
All employees shall adhere to their commitments and managers in particular should lead by example and fulfill their supervisory responsibilities.
- We shall ensure that employees of all levels receive adequate training and have the skills for performing various risk management tasks to ensure the normal operations of the Company.
- The Company shall provide necessary resources to maintain the effective operations of risk management mechanisms and continue to implement improvements to reduce risks.
- We shall strengthen communication with stakeholders, increase the risk management awareness of all employees, and fulfill our risk management policy.
Duties of the Risk Management Steering Center
Risk Identification
In accordance with the mechanisms and values of the ISO 31000 Enterprise Risk Management (ERM) Guidelines, Nanya formulated risk management policies and procedures in combination with our long-term goals of business strategy to serve as guiding principles. We shall annually review emerging risks in the near three to five years and follow them up. Through long-term planning and promotion, we aim to establish the staff's risk awareness and further internalize the awareness in daily management to ensure the normal operations of the Company.
Response Measures to Risks
After the risk identification, items that required improvement plans were mainly on the aspects of operations, accounting for 7 items, and information security, accounting for 2 items. Each group had formulated response measures against these items, and the measures were implementing. Moreover, related handling mechanisms were established.
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Operational risk
- Electricity: Important equipment comply with SEMI-F47 (Semiconductor Equipment Materials International) for the response ability of power system to voltage sag, in order to ensure continued operation when there is a sudden drop in voltage within the controllable range. DUPS (dynamic uninterruptible power supply) and diesel emergency power generation system may be installed for important equipment and systems, so that it can continue operations using oil in the underground storage tank and supply from Formosa Petrochemical Corporation. Simulated different power rationing scenarios for emergency response drills each year
- Manpower: Strengthened elite talent training, improved salaries and benefits, and maintained the employees' royalty to the Company. Collaborated with high-quality universities and colleges on internships to prevent unstable manpower condition, and cooperated with manpower agencies for a long time to recruit short-term manpower immediately
- COVID-19: Established a pandemic management center; formulated pandemic prevention and management plans; set up reporting mechanisms and environmental disinfection operating procedures; and monitored real-time pandemic risks of each plant area through seat management, electronic supplier health declaration forms, pandemic prevention promotion, and regular audits We established an Pandemic Response Task Force, which monitor domestic and foreign pandemic situations at all times, and promoted various pandemic prevention and response measures so as to ensure normal operations of the Company
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Information Security Risk
- Computers of relatively high risk endpoints are managed using ACL (Access Control List), and some important equipment have UTM (Unified Threat Management) system to lower the scope affected by risks
- We plan to install an information security monitoring system to monitor the list of assets and network topology, implement vulnerability management and risk assessment, and use AI for big data analysis to achieve early discovery of potential threats
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Finance Risk
The sales of DRAM products are mainly conducted in US dollars. Nanya established an offshore subsidiary at the end of 2018 to reduce the impact of exchange rates on the US dollar positions held by the parent company. In the future, we will continue to periodically review and manage the US dollar positions and implement the following practices:
- Convert the US dollar cash to the New Taiwan dollar and keep the lowest US dollar positions
- Evaluate the use of pre-selling Foreign Exchange Forward to lower the exchange rate risk of accounts receivable
- Evaluate the increase in debt denominated in US dollars to offset the exchange rate risk of accounts receivable for retention of reasonable US dollar net positions to reduce the impact of appreciation (depreciation) in New Taiwan dollars on profit and loss
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Hazard Risk
- Under the continued operation of EHS management systems (ISO45001 & ISO14001), the Safety and Health Committee is convened by the manager of operations each month, and the Safety and Hygiene Division continues to identify potential EHS risks. We have established indicators and continue to monitor low risk hazards. For medium and high risks, we proposed and implemented improvement plans, and presented the risks that were identified and their control measures in quarterly risk management meetings
- In 2021, we found vulnerabilities in the pipelines of our natural gas supply system when reviewing medium risks, specifically the risk of natural gas supply being interrupted if an accidental collision causes leakage and the gas cannot be bypassed during repair. In response, we immediately reviewed the design to strengthen current pipelines and increase backup pipelines for natural gas supply to effectively control this risk. For medium high risks, in response to the construction of the parking tower in preparation for future factory expansion, Nanya sent personnel to step up daily inspections and audits of the construction site and conduct monthly reviews of deficiencies, in order to lower the risk of severe occupational accidents from occurring in the process
- We have consistently directed our efforts to the implementation of Enterprise Risk Management (ERM), and we continue to identify potential risks and implement management measures for different levels of risk to mitigate the impact of incidents. We continue to improve our BCP/BCM to rapidly recover from impacts and reduce losses
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Legal Risk
- Compliance with the Personal Data Protection Act: In response to the personal data protection regulations of the European Union, United States, China, and Taiwan, Nanya has obtained the consent or authorization of employees and customers and updated labor contracts and employee manuals of overseas subsidiaries to ensure employee and customer privacy. With regard to cross-border transmission of information, we have signed cross-border agreements that comply with the regulations of each country or the official version agreements, and immediately update the versions to ensure their effectiveness
- Compliance with the climate change regulations: We will cooperate with the government's long-term goals and implement carbon emission reduction measures, which are also included in the planning and design of new factories. The best available control technology (BACT) is used for air pollution prevention equipment. The prohibition or restricted use of GHG with high warming potential are prohibited or restricted, and may affect the use of process raw materials. We will evaluate a voluntary reduction plan to offset our emissions, and pay carbon fees according to the type of emissions, which may increase operating costs. A late penalty equal to 0.5% the amount of carbon fees payable will be imposed for each day payment is overdue, and a maximum fine of NT$1 million may be imposed. Nanya has low risk of being ordered to suspend operations
- Intellectual property protection: Due to the industry's characteristics, it is inevitable that we will face lawsuits filed by non-patent entities (NPEs). Nanya has formulated intellectual property management strategies, strengthened its patent portfolio, effectively defended against frivolous lawsuit, and established a trade secret registration system to systematically manage trade secrets. The implementation progress is reported to the Board of Directors each year, and is disclosed on the official website.
- Compliance with antitrust regulation: During the era of global commercial activities, many countries have strengthened antitrust law enforcement. The awareness of and compliance with antitrust regulations are highly associated with corporate development and reputation, and the management may bear civil liability for non-compliance with such regulations. Nanya has collaborated with legal experts of different countries, periodically gathered international antitrust standards and enforcement status, and comprehensively promoted the compliance with antitrust regulations to the staff. Currently, we have only one antitrust lawsuit case being appealed in the courts in Brazil, and this has no material impacts on our operations.
Emerging Risks
Department heads gathered emerging risks in 2021, and senior executives identified three material emerging risks. Nanya has formulated response countermeasures while continuing to implement improvements with the aim of mitigating related impacts.
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Emerging Risk 1
Information Security-Hacking/Viruses may cause production, operations, or financial losses
Risk type
Other Risks
Risk description
- The rise and convenience of the Internet and rise of cryptocurrency provides an excellent environment for cyber criminals to hide. The number of information security incidents (mainly extortion) has significantly increased due to cyberattacks from hackers/viruses. The number of major information security incidents among public companies in Taiwan in the fourth quarter of 2021 was higher than the total of the first three quarters
- According to Nanya's internal statistics, the number of hacking attempts has significantly increased since the beginning of 2021; information security risk significantly increased as the number of hacking attempts in 2022Q1 increased 174% compared to the 2021Q4, and increased 702% compared with the first quarter of 2021
Impact
- If hackers use system vulnerabilities or social engineering to obtain classified and sensitive data of Nanya or customers, they will be able to threaten or extort the Company or customers and cause financial loss or customer/business loss
- The Company has successfully developed process technology and designed products. If hacking causes R&D data to be stolen or leaked, it will threaten the Company's sustainable development and profitability
- If hackers damage the Company's system or database, it will paralyze the Company's operations or cause production or operational losses
Response measures
- Step up network monitoring mechanisms to immediately discover abnormal conduct and lower the probability of hacking or data leakage
- Strengthen the depth of defense between the physical layer and data layer to increase the difficulty of hacking and encrypt classified documents to protect them from being used or threatened after being leaked
- Continue to patch system vulnerabilities to lower known risks
- Continue to analyze emerging hacking methods, patch system and network vulnerabilities to block attacks
- Continue to conduct information security incident drills to improve emergency response abilities for hacking
- Evaluate the purchase of information security insurance to reduce the losses caused by hackers
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Emerging Risk 2
China accelerating the development of DRAM technology may hinder Nanya's business development in China
Risk type
Environmental risks
Risk description
- The COVID-19 pandemic disrupted global supply chains and increased dependence on technology products. The US-China conflict caused each country to expand the scope and scale of technological developments, and build self-sufficient supply chains
- China already decided to develop a self-sufficient semiconductor supply chain before the COVID-19 pandemic and US-China trade war. Hence, as the US and China continue to decouple, we expect China's government to continue supporting DRAM manufacturers, and it will affect our business development in China
Impact
- Nanya does not have any factories in China, and we expect Chinese companies to give priority to the products of local DRAM manufacturers to avoid geopolitical risk
- At present, China's DRAM products are mainly used in mobiles and consumer electronics products, and partially overlap with Nanya's products. We expect the products to start affecting our sales in China's market in 2023
- In the future, if Chinese DRAM manufacturers make a breakthrough in the development of technologies and products, it will increase their output and may hinder our business development in China
Response measures
- Continue to observe developments in US-China relations and make timely adjustments to sales strategy in response
- Monitor the progress of new demand from customers and commence mass production in a timely manner to increase global sales capacity; actively expand customers in sales regions around the world and increase the percentage of sales accounted for by European and American markets
- Continue to research and develop new technologies and products, actively expand the market with higher added value, and increase the proportion of revenue from the markets, to reduce the potential impact of Chinese DRAM manufacturers
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Emerging Risk 3
The government's energy transformation and carbon reduction policy may put pressure on Nanya's operations
Risk type
Geopolitics
Risk description
- Taiwan's government adopted a new energy policy to achieve a non-nuclear homeland and international carbon reduction commitment by 2025, and is thus promoting the energy transformation of Taiwan Power Company and general enterprises
- Taiwan's government may begin collecting carbon fees in 2023, which might increase Nanya's operating costs
- The government is expected to set carbon emission limits for each industry in 3-5 years to control total GHG emissions
Impact
- During peak electricity usage in the future, if the power generators or transmission and distribution systems of Taiwan Power Company malfunction and renewable energy supply is unstable, it may result in power rationing
- When Taiwan begins to collect carbon fees in the future, Nanya expects expenses to increase NT$47-150 million each year in 2023-2025. Starting in 2026, carbon fees will gradually increase as the new factory is completed and machinery is installed, which will impact profits
- Additional expenses are required to purchase carbon rights when GHG emissions exceed the total limit
Response measures
- To respond to and prevent the risk of power rationing, we have installed diesel fuel power generators and Dynamic Uninterruptible Power Supply (DUPS) to increase the operational resilience of our factories, and planned the following measures:
a.Set electricity saving plans and reduce overall electricity consumption
b.Reduce electricity use for non-production purposes when there is insufficient power supply
c.Review available space and install solar panels to generate electricity for self use - In response to future limits on GHG emissions, Nanya began implementing the SBT project in 2022 to reduce GHG emissions
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Emerging Risk 4
The war between Russia and Ukraine may prevent Nanya from obtaining sufficient supply of special gases, and cause production to be suspended
Risk type
Geopolitics
Risk description
- Nanya uses neon, krypton, and argon gas mixture in its processes, and indirectly uses neon. The supply of neon has been impacted by the war between Russia and Ukraine
- Two Ukrainian companies Ingas (located in Mariupol) and Cryoin (located in Odessa) supply approximately 45%-54% of the world's neon. According to a report by Reuters in March 2022, Ingas and Cryoin have been forced to suspend operations. The damage to their neon production lines remains unclear
Impact
- The price of neon, krypton, and argon gas mixture to be used in 2022 Q4 was significantly higher compared with the same period last year (before the war), causing procurement cost to significantly increase
- There is significant uncertainty in the neon, krypton, and argon gas mixture that Nanya will need to purchase in 2023. If neon production lines are severely damaged, even if the war between Russia and Ukraine ends, it will take time for Ingas and Cryoin to return to normal supply. It will also take time for companies in other regions to increase production, so there might continue to be a shortage of neon supply starting in 2023. Failing to stock up might cause production to be suspended
Response measures
- Nanya has a safety stock of neon, krypton, and argon gas mixture until the end of 2022, and also required suppliers to increase their stock
- We are negotiating long-term contracts with current suppliers to ensure sufficient supply for 2023
- We will continue to use diverse supply sources and monitor subsequent developments to lower our risk
Information Security
Nanya has actively promoted information security systems to ensure the security of the information of the Company and customers. In 2019, we obtained the ISO 27001:2013 Information Security Management System certification, which could be strengthened to ensure the smooth operations of the Company and we could earn trust from suppliers and customers.
We established an inter-departmental Information Security Steering Committee (ISSC) to advance information security management. The President serves as the convener and five level 1 supervisors were appointed as Committee Members. They include the Chief Information Security Officer (CISO) (Special Assistant Shin-An Niu) and heads of the Quality Reliability Assurance Division, Legal & IP Division, Human Resources Division, and Information Technology Division. Meetings of the Information Security Steering Committee (ISSC) are convened every week. The committee is mainly responsible for the planning, formulation, approval, and supervision of the Information Security policies, goals, and related regulations. In addition, the committee quarterly reports the results of the operations of the Information Security Management System to the Risk Management Steering Center. In addition, our four executive directors also actively participate in the Company's quarterly information security meetings and annual information security management review meetings to ensure the effectiveness and benefits of the management.
In coordination with the enactment of the Cyber Security Management Act, Nanya is required to obtain 4 effective cyber security certificates the same as government agencies with Grade A information security responsibilities. We have already obtained EC-Council CCISO (Certified Chief Information Security Officer), EC-Council ECSA (Certified Security Analyst), EC-Council CEH (Certificated Ethical Hacker), and ISO/IEC 27001: 2013 Information Security Management System (ISMS) Lead Auditor (ISMS chief auditor) to enhance the professional competencies and efficiency of information security personnel.
Information Security Risk Assessment and Drills
As different departments have different information system structures, we have performed risk evaluation and identification on these systems based on the severity of the impact of each system on key operation procedures so as to define the degree of severity of each system. The severity degrees are to serve as the basis for determining the frequency of post-disaster recovery exercises. The severity is classified into three degrees from important to minor (Degree 1 to 3). Description of each degree is explained below:
Degree of severity and recovery cycle table
The recovery drill cycle is also divided based on the severity degrees (semi-annually, every two years, no drills required). Each department shall register the rating of the systems they are responsible for operations and maintenance in the list in the "information system severity degree classification" document. All Degree 1 systems are provided with multiple backup mechanisms placed in different server rooms in different buildings. All production information is provided with remote backup through encryption and the Company conducts recovery exercises each year to ensure the regular operations of the system. The Company has a total of 17 systems that required drills in 2021. We completed drills for 17 systems and the completion rate was 100%. Each information system management unit notifies the response units in the execution of response measures in accordance with the response procedures in the "Information System Response Plan" in the event of major anomalies. Read More
Business Integrity
Nanya upholds the corporate culture and spirit for "diligence". We use ethical, honest, fair, transparent, and responsible business philosophies to strengthen legal compliance. Nanya maintains neutrality in politics and encourages employees to perform their civic duties.
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Antitrust
To ensure employees understand and abide by the Antitrust Law and reduce the risks of violations, Nanya established policies and strictly requires employees and managers to abide by laws and regulations and report the compliance status to the Board of Directors. We also organize regular training courses for related employees and require them to sign the compliance handbook. As of the end of 2021, the Company had one antitrust litigation in process. Please refer to 2021 Nanya Annual Report page 159.
Regulations
- Antitrust Policy
- Antitrust and Competition Legal Compliance Principles
- Antitrust and Competition Legal Compliance Operating Procedures
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Anti-Corruption
All employees must abide by Nanya Technology Corporation's "Human Resources Management Regulations". Any abuse of powers, embezzlement, bribery, acceptance of commissions, once verified, shall result in termination of employment without exception. The direct supervisors shall also be punished accordingly based on the circumstances. No cases of material corruption had occurred in 2021.
Regulations
- Human Resources Management Regulations
- Reporting Regulations
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Ethical Code of Conduct
Nanya referenced the Code of Conduct of the Responsible Business Alliance and established the Labor Ethical Management Policy and Business and Ethical Code of Conduct as the basis for compliance by all employees (including managerial officers), employees of subsidiaries, customers, and suppliers in the business operations. In 2020, the Company continued to organize the "RBA Labor and Ethical Code of Conduct Course" and "Business and Ethical Code of Conduct Course" for all employees (including the staff of subsidiaries), training coverage rate was 100%. The Company also provides the virtual "RBA Labor and Ethical Code of Conduct Course" for all new recruits.
Regulations
- Labor and Ethics Policy
- Business and Ethical Code of Conduct
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Protection of Personal Data
Nanya established policies to guide the Company's employees and suppliers in personal data management. The policies specify the organization and duties for personal data protection and provide principles on the collection/processing/use of personal data to meet related regulations for the protection of personal data. We organized personal data protection courses for personal data officers and personal data custodians in departments in 2021 with a total of 31 individuals completed the training. The Company annually conducts internal audits of personal data to ensure the implementation degree of personal data management. As the Company's personal information protection has been rigorously and effectively executed, there were no violations in 2021. Read More
Regulations
- Privacy Policy
- Personal Data Management Procedures
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Internal Control
Nanya established an effective internal control system based on the Company and its subsidiaries' overall operation activities and its industry regulations following the 'Regulations Governing Establishment of Internal Control Systems by Public Companies.' The company conducts reviews promptly to respond to changes in the Company's internal and external environment as well as to ensure the system design and implementation remain effective. Read More
Regulations
- Internal Control System
Customer Service
Nanya is committed to providing the best customer service and is convinced that quality and timely customer service is crucial to the maintenance of customer relationships. Good customer relationships will help us build customer loyalty, and consolidate the good and trusted partnerships with customers. Our vision is to become the best memory partner in the smart era as well as a service-oriented enterprise. Through close cooperation with MCU makers and customers, we will strengthen product R&D and manufacturing in order to satisfy diverse requirements, provide customers with comprehensive products and system solutions, and offer better and more trustworthy service.
Customer Service Process
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Product Design and Testing Verification Stage
- In order to improve the efficiency and frequency of customer service and effectively build close relationships with customers, Nanya organizes irregular technology exchange events to meet the technical needs of customers. In 2021, we held a total of 93 events, providing technical supports and assisting customers' engineering personnel to solve problems in design and testing.
- Nanya assisted customers in understanding the characteristics of their product platforms so that the new product development progress and verification cycles of customers were significantly accelerated, reducing investment risks and helping final products to be launched in a timely manner in the demand market.
- 1,036 cases of customer platform parameter measurement service were completed in 2021.
- Nanya provides joint qualification services for customers to assist them in development and verification at the initial stage of products. Therefore, compatibility issues may be detected early, and improved before mass production. A total of 29 cases were completed under the joint verification services in 2021.
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Production and Sales Stage
- Nanya has been certified for ISO 9001: 2015 and IATF 16949: 2016 quality system. The Quality Assurance Division monitors and controls product quality as well as implements improvements in order to make sure that all production processes are fully optimized.
- The sales staff continuously communicates with the customer and sends the weekly projections of the customer’s future demand forecast back to the Company. The Company’s production and sales system converts the information into a production plan after the head office aggregates the needs of global business feedback and the plan is adjusted according to the weekly feedback from sales staff so as to meet customer needs.
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After-sales Service Stage
- In order to accelerate the efficiency of problem analysis, Nanya's service team will fully understand the problems reported by customers first, update analysis progress to customers based on analysis plans, and send customers the corrective measures and handling methods once analysis is completed. Over the years, the company has been able to reply to over 90% of customers' complaints within target deadlines.
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Customer Privacy Protection
Nanya has formulated the Confidential Information Management Procedure. Regarding the documents provided by customers, after internal filing procedure and the confidentiality classification, these documents are archived in the document control center. In the future, if employees require access to these documents, they have to go through the document application procedure. Based on the level of document confidentiality and the purpose of use, corresponding supervisors give their approval and then the document control center will authorize the access and distribute the documents to the applicants. In 2021, no case involving violation of customer privacy occurred. If a customer suspects or discovers evidence indicating an information leak, a complaint can be lodged through the Nanya Complaint Mailbox and Complaint Hotline.
Customer satisfaction
Nanya has a complete SOP and Customer Satisfaction Committee for handling customer satisfaction. We use the PDCA (Plan, Do, Check, Action) management cycle to improve customer satisfaction. The Committee is formed by units across departments, including supervisors of marketing, business, operations management, market application engineering, and quality assurance departments. Its main work items include selecting survey subjects, distributing and collecting questionnaires, data analysis, periodic review of customers' opinions, coordinate and propose suitable improvement plans, and present customer satisfaction results during meetings of senior managers. Finally, we provide the direction for continual improvement to customers. The units are integrated into a complete and effective cross-function service team, and achieve customer relationship management for mutual prosperity through services, as we continue to improve customer satisfaction.
The average overall satisfaction score of 2021 was 93.8 points, reaching the target of 90 points, and maintaining customer satisfaction above 90 points. The target score for 2022 is 91 points or above. We review the actual results in the customer satisfaction survey each year and learn from the benchmark to set at a reasonable target value, which is submitted by the Quality Assurance Division to the president for approval.
Nanya has gained the recognition of customers for its overall performance over the years, with overall satisfaction score reaching 80 points and above. In 2021, 98.5% of customers were satisfied with the overall performance of Nanya, and has remained above 95% for 4 consecutive years. The goal for customer satisfaction is 95% and above in 2022.