Remuneration Policies
As a high-tech chemical company, we are committed to enhancing the highest quality and services for our clients. We also follow the philosophy of “loving management” to manage the company, providing reasonable benefits and welfare for our employees and maintaining harmonious labor relations.
The Company adopts practices that exceed the requirements of the Labor Standards Act, offering employees a stable work environment for growth and remuneration. We regularly review our remuneration levels against industry standards to ensure competitiveness and sound internal management. In addition to this, we also offer variable remuneration such as bonuses, determined based on individual performance and achievement of organizational goals (or profitability), to reward employees for their outstanding performance and share the fruits of business success with employees.
▍Board Governance of Remuneration Management
The Board of Directors is Everlight’s highest governance body, which has legally established a Remuneration Committee.
The responsibilities of this committee include:
- Regular review the Company’s remuneration measures and provide recommendations for amendments.
- Formulate and regularly review the policy, system, standards and structure of performance assessment and remuneration of directors and managers.
- Regularly review the remuneration for directors and managers.
▍Remuneration Decision Process
Article 27 of the Company’s Articles of Incorporation stipulates that 5% of the Company’s annual profits shall be allocated as employee remuneration if the company is profitable for the year. The salaries and bonuses of managers are determined based on the Company’s standards for remuneration, taking into account their roles, contributions, performance outcomes, and responsibilities. Remuneration decisions are reviewed individually by the Remuneration Committee on a regular basis and submitted to the board for approval. Performance evaluation includes criteria such as professional competence, interpersonal skills, philosophical skills and leadership abilities and integrated into the calculation of annual bonuses and employee remuneration. The remuneration of the Board of Directors (including independent directors) shall be reviewed and approved at the second meeting of each session of the board of directors.
▍Board Remuneration
In accordance with the Company’s articles of association, the remuneration for Board of Directors is determined regardless of the Company’s profit or loss. The Board of Directors is authorized to set the remuneration based on the directors’ involvement in the Company’s operations and their contributions, taking into consideration the remuneration n level of industry peers. The reasonableness of the remuneration is approved by the Remuneration Committee and the Board of Directors. The remuneration package for directors includes fixed remuneration and director bonuses but does not include variable pay. Independent directors receive only fixed salaries. The Company’s articles of association stipulate that up to 2% of the annual profits may be allocated as director’s remuneration, which is linked to the company’s annual profitability.
▍Tax Policy
Everlight operates with integrity and complies with the law, and always aims to accurately reflect facts and adhere to contracts and commitments. Our tax policy is designed to comply with the tax laws and regulations of each country where we operate. Over the years, we have avoided negative incidents or penalties due to tax risks. This commitment to lawful and honest tax practices reflects our dedication to responsible corporate conduct and supports our reputation for reliability and ethical business conduct.
The income tax paid by Everlight from 2020 to 2023 is as follows. Since the Company’s consolidated revenue has not yet reached the revenue threshold of NT$27 billion, country-by-country reports was not disclosed.
| Company Name | Everlight Chemical Industrial Corporation, Taiwan |
|---|---|
| Revenue (2020-2023) | NT$33,723,180,000【Note 1】 |
| Pre-tax Profit (Loss) (2020-2023) | NT$1,455,007,000 |
| Accrued Income Tax (2020-2023) | NT$280,539,000 |
| Income Tax Paid (2020-2023) | NT$255,128,000 |
Note 1: This is the consolidated amount for the whole group.
