03.2021 Leader's Remarks
Chairman Douglas Hsu’s Address at Yearend Dinner
Far Eastern Magazine /
The impact of Covid-19 expedited changes in external environment, Chairman Douglas Hsu has reminded us to steer our position clearly and find the right path to keep moving forward.
We should be celebrating the Lunar New Year with a festive mode; however, Covid-19 has brought severe challenges to the world as well as unprecedented impact on the industries. Even the big oil companies in the U. S. suffered record losses. The Wall Street in New York City is no longer the same. In addition to the pandemic, whether the outcome of the Sino-U.S. conflicts could be resolved, how the Biden Administration will adjust its cross-strait policies are closely related to the vital challenges at the moment that deserves our full attention.
Entering the post-pandemic era, people are facing with the new normal, such as the comprehensive applications of 5G in daily life; contactless business opportunities due to social distancing measures, all have changed the shopping model. I used to make frequent business travels. Now I can simply use internet to join online meetings around the world. Therefore, the pandemic has not only pushed the restructuring of cross-national supply chains, but also allowed each nation to recognize the importance of environmental protection, to focus more on Environmental Social Governance (ESG), and the need for green energy for the enterprises has also greatly increased.
No one can see clearly the new landscape of the complexities in the new normal, nor predict its developments. Companies can only strengthen their competence, define their own positions, and look for the appropriate development objectives, and thus adjust their operating mindset, through changes, transformation, and innovation to reinvent themselves, elevate their competitiveness, and quickly adapt to the new normal.
Despite the different environments of each industry of the Group companies, we must advance with the time and move toward digitization. Our business models have to incorporate with sustainable strategies. While developing commerce, also preserve the environment, and dedicating to research and developments, and the application of green materials, to build a new green supply chain and green production processes.
During the process of business transformation, the management reporting system is the most important. Take Far Eastern New Century (FENC) for example, production and sales are both operating systematically. How to empower the management reporting is our target. With the vertically integrated productions, FENC must operate thoroughly with a comprehensive review of its managements in China, Vietnam, and Taiwan. Organizational structure must be clear, should be able to respond accordingly in real time and in a speedy manner; financial data should also be transparent, and the financial statements should be consistent across periodical reviews, reports and systematic management. Auditors and board of directors should also perform their duties well. In addition to handling domestic businesses, each department should also be able to deal with overseas businesses. Human resource department must speed up to cultivate the foreign language capabilities of our colleagues, as well as the training of new technologies including AI, IoT, and Big Data, these are all details that the management team must pay close attention.
People often wonder how I am able to manage over two hundred Group companies across-industries considering the challenges of managing one company already. In fact, Far Eastern can grow significantly to this day thanks to the efforts by all of you. In order to proceed to the next phase of 70 years, management reporting system is the key. You are all top talents, and follow the founding spirit of “Sincerity, Diligence, Thrift, Prudence, and Innovation”. My responsibility is to lead you all to breakthrough with action, embrace the new era. During which, each company and each department are facing with different challenges, we must respond to the trend, make timely adjustment, and continue to learn. Hope that you may be outstanding leaders, deal with new changes with new mindset, winning the final victory over new norm. The future of Far Eastern lies in your hands!