Succession Plan for Senior Management
The Corporation has established succession plans for important management personnel in accordance with the "Succession System for Important Management Personnel" passed by the 33rd meeting of the 8th Board on December 18, 2019. It purposes to ensure sustainable management and growth, and establish a succession system for important management personnel to pass on the professionalism and experiences of important management personnel.
Succession Plan for Senior Management
The Corporation's president, senior vice presidents and each head of division(office) are appointed from internal development and external recruitment, and approval by the board of directors.
Succession System and Stages of Implement
It's implemented through five stages: identification of key skills, availability of current talent, development of successors, evaluation of successors, and approval of management personnel, the details are as follows:
Identify the qualification and conditions in accordance with the department's business responsibility of the Corporation's organizational regulation.
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Experience and Performance
- Core Competencies: planning and organizational capabilities, guidance, customer oriented, continuous improvement, and performance enhancement
- Possess majors in strategic thinking, operational planning, Research & Development innovation, business sensibility, financial analysis, etc.
- The experience and conditions of professional managers in compliance with laws and regulations or required functions
- Performance Appraisal
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Core Values and personality traits
- Discipline、Integrity、Efficiency、Innovation and Sensibility
- Business thinking and leadership culture
- The Human Resource Department consolidates the qualifications and functions of the next important management levels, and evaluates the reserve risks, then provide the name list for the management team to review.
- The list of high-potential talents would be sent to President for confirmation, and then submitted to Chairman for approval.
- With the assistance of the management team or professional consultants, focus on vertical and horizontal thinking training.
- Initiate job agency rotation and coordination performance evaluation mechanism.
- The agency schedule is planned according to the needs of the individual case, in principle is for one year, but shall not exceed two years.
The management team regularly reviews the effectiveness of talent development.
According to the vacancy situation of important management positions and the business objectives and organizational needs, the succession plans would be sent to Chairman for confirmation and then submitted to Board of Directors for approval.
Training & Development
In order to facilitate the development of succession talents, the Corporation has been assessing the managerial proficiency for different levels of management since 2019. The goals are:
- Inventory Corporation's current managerial capabilities and correctly grasp training needs.
- According to the assessment results and the Corporation's medium and long-term development strategy, carry out the training plan for different levels of management and define the learning passport for each management level.
- Establish management talent pool and develop talent echelon.
According to the Talent Echelon Building project, the corporation has defined key positions in 2022 as well as the conditions and qualifications for each position, and establish the high potential talent pool and the Individual Development Plan. In 2023, the same mechanism was used to complete the formulation of qualifications for all department and above management positions throughout the company. Those high potentials were brought into the high potential talent pool, and joined with the previously established Individual Development Plan to implement the advanced managerial capability training courses together. In 2023, 10 classes with 271 person-times were completed and other 12 classes will be delivered in 2024.
Currently, over 90% of the Corporation managements have completed the managerial proficiency assessment, and the learning passport for each management level was developed accordingly. In 2023, 2 classes with 50 person-times were completed and other 4 classes will be delivered in 2024.
In the meantime, it has been over three years since the job rotation plan started in 2021 to facilitate the development of succession talents, and above 112 managements have completed the cross-department experience. The process to cultivate the job rotation cultural, professional and management ability and interdisciplinary thinking could enhance the competitiveness of the corporation.
In line with this Corporation's Succession Plan for Senior Management, all senior managers of the Corporation are not only required with professional and experienced background, but also follow with the Corporation 's Code of Ethical Conduct and Ethical Corporate Management Best Practice Principles, and receive education for ethics and integrity, prevention of insider trading, confidential information protection, and Gender Equality in Employment Act through training courses and professional function training courses etc., furthermore, they also participate the professional training courses in order to cultivate their business thinking which conform to the Corporation's five core values ”Discipline、Integrity、Efficiency、Innovation and Sensibility”.
Senior managers are cultivated to have excellent decision-making ability and business vision, as the result, senior managers are also arranged to participate the Board of Directors meeting, management meeting and responsible for significant business project. Taking the responsibility of corporate sustainability is expected to the senior managers.