Within the Successor Project, the successor and the core value must maintain consistency, and has the characteristics with (but not limited to) integrity, commitment, innovation, and win the trust of customers.
Succession Planning and Operation of the Board Members
In accordance with the "Code of Corporate Governance" stipulated by TTY, the directors selected by considering diversification, and formulating appropriate diversification policies based on operations, operating styles and development needs, including the following two major standards:
1. Fundamental conditions and value: sexuality (At least 2 female directors), age, nationality and culture.
2. Professional knowledge and skills: professional backgrounds (law, accounting & tax, biotechnology & pharmacautical industrial, finance, marketing or technology), professional skills and industrial experiences. TTY enacted the directors in 2021 with all candidates qualified for the invistigation and regulations.
TTY annually evaluates the operational performance of the board of directors and functional committees based on the "Measures for the Performance Evaluation of the Board of Directors and Functional Committees". Through the measurement items of performance evaluation, including the control of company goals and tasks, responsibility recognition, participation in operations, internal relationship management and communication, professional functions and training, internal control and specific opinions, etc., to confirm the effective operation of the board of directors, and evaluate directors performance as a reference for future selection of directors.
Succession Planning and Operation of the Main Management
The “Successor Project” was established in year 2019, and the following progress was made:
♦ Year 2020：
- The Successor Project/manpower inventory and development workshop was held in two sessions in February to give training and explains the standards and procedure for successor evaluation to managerial levels and above.
- 4 manpower inventory meetings were held in July for employee successor evaluation by corresponding supervisors.
- Planned development and succession timing for key positions and key persons based on the decisions made in the manpower inventory meetings.
- Year-end review of the project, learning results, and the implementation of the development activities to ensure the right persons are ready for each critical position in the scheduled timetable.
♦ Year 2021：
- Complete the talent inventory meeting for all key positions in mid-May, and continuously update the list of high-potential and successor members for each position, and confirm the annual development and learning plan of each members.
- Due to the epidemic (COVID-19) in May, the company started working from home. The company simultaneously installed the online management function learning platform, and provided management function articles and lectures through the platform in order for the potential candidates and successors can study without interruption when they work from home.
- One "Master Lecture" is held in March, April, November and December. Experts, scholars and business leaders are invited to elaborate and share on the topics of M&A in biotechnology and pharmaceutical, and new trends in intellectual property evaluation, corporate internationalization experience, CDMO layout and global M&A strategy, to strengthen the management performance of senior executives and their abilities to deploy the global strategy.
- Starting from December, the reading club planned according to the company's strategy and needs at all levels. It is expected to hold: performance management in January, talent cultivation in February, coaching leadership in March... etc. It is planned to invite external professional tutors for various management Conduct conceptual and situational guidance, and discussion on issues to enhance the leadership awareness and effectiveness.
- In 2020-2021, the high-potential and successor members identified by each department, as the organization grows and along with the individual's short-, medium- and long-term development plan, in addition to the internal job rotation by the department head or the level-up experience based on ability promotion, the rotation or promotion across functional departments will also be carried out through the internal selection mechanism. A total of 21 people rotated and 42 people promoted in 2020-2021.
In light of the necessity of the advancement and growth of the TTY Group, the recruitment for qualified executives considers not only the talent pool outside the Company, but also takes potential mid-high executives from our existing members and turns them into gems. This is done through an individuals' ability enhancement, cross-task training, timely job rotations, and overseas experiences. The plan is to build manpower capable of diverse fields of associated works for a more powerful, well-organized operation team with solid objectives.