The Asia Responsible Enterprise Awards (AREA) 2024 is pleased to honor Far Eastern Department Stores Ltd. as champions of sustainable and responsible business practices. Presented by leading regional NGO Enterprise Asia, the AREA is the most reputable award recognition program recognizing organizational efforts in creating a culture of compassion, integrity and being socially responsible corporate citizens.
Far Eastern Department Stores Ltd. was presented with the trophies for the Social Empowerment and Corporate Sustainability Reporting categories for its “Share FEDS’s Love by Christmas Charity Lighting in 2023” and “Sustain for a Good Life” projects.
Under the “Share FEDS’s Love by Christmas Charity Lighting in 2023” project, on every Christmas Eve, Far Eastern Department Stores’ (FEDS) Tainan store holds a Christmas charity lighting event to celebrate the festival with rural children. The event held its 15th consecutive year as of 2023.
FEDS met the rural children’s needs in two aspects. The first was with material assistance, such as donation of shoes and supplies. The other method was through spiritual care via a one-day local Christmas tour which included themed activities. FEDS integrated its resources in all channels and created a public welfare platform to maximize the synergy of public welfare.
In 2023, as Covid-19 eased, FEDS expanded its activities and invited 200 children to participate in the Christmas charity lighting event. Over the past 15 years, nearly 3,500 underprivileged children have benefited. Through a long-term investment by integrating public welfare resources, the company has organized the Christmas charity event that has been held for 15 consecutive years. This charity raised 3,240 presents for children in 2023 and acquired 22 cooperative units.
In upholding the spirit of “Thinking Globally, Acting Locally”, Far Eastern Department Stores (FEDS) aligns itself with international sustainable development trends, and leverages its core capabilities to build a dialogue platform under the “Sustain for a Good Life” initiative.
FEDS has set its 2030 targets in accordance with this mindset. The company’s Energy Saving target is to achieve a 15% reduction in electricity consumption per NTD 1 of sales. Its Carbon Reduction target is to reach 30% carbon reduction on its path toward Net Zero. Its Green Energy target is to develop solar energy with a 20% increase in green energy usage. Its Waste Reduction target is to reduce its waste generation and increase the proportion of its resource recycling to 50%. Its Public Welfare target is to care for society by holding more than 500 public welfare events every year alongside 8,000 hours of service by employee volunteers. Its Digitalization target is to promote the ‘E-ization’ and the degree of digitization for all the company’s operations reached 98%.
FEDS is committed to building a sustainable value creation chain, combining upstream counter manufacturers and downstream consumers in the industry chain to plan six sustainable actions, connecting the upstream to downstream of the value chain, including the operation of the stores, counter vendors move-in, merchandise procurement management to customer service, so as to satisfy each consumer with an aim to create the maximum sustainable value in every aspect.
FEDS communicates with its stakeholders about the sustainable actions and concrete implementation performance of the company through sustainability reports and it discloses relevant information on the company’s dedicated ESG website, hoping to work together with stakeholders to achieve the sustainable vision of “Sustain for a Good Life”.
A truly responsible enterprise strictly adheres to the principles of accountability and transparency. FEDS’s commitment to creating extensive and detailed sustainability reports alongside its successful CSR program has made it a paragon of responsible enterprises.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplifting the economic status of people across Asia and ensuring a legacy of hope, innovation, and courage for future generations. Please visit https://www.enterpriseasia.org/ for more information.
About Asia Responsible Enterprise Awards (AREA)
The Asia Responsible Enterprise Awards program recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. For more information, visit https://enterpriseasia.org/area/.