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Taiwan Semiconductor Manufacturing Company

Taiwan Semiconductor Manufacturing Company

taiwan semiconductorTaiwan Semiconductor Manufacturing Company Limited (TSMC) is a foundry, which manufactures semiconductors using its manufacturing processes for its customers based on their own or third parties’ integrated circuit designs.

TSMC considers product lifecycle and chemical management in the design of its products and implements a number of energy and water conservation strategies to consistently reduce the impact of its operations. Notably, the company’s fabs are all certified to internationally recognized product carbon and water footprint standards, ISO 14067 and 14046. These environmental management expectations also extend to the company’s suppliers, which are required to collect energy and water data and disclose resource management plans as well as utilize ISO 14001 environmental management systems. In addition, TSMC is the single largest purchaser of the Taiwanese government’s green power and has 1.3 MW of total installed solar capacity. In terms of its management of conflict minerals in its supply chain, the company is an active participant in the Extractives Working Group and impressively cited that as of the end of 2015, 100% of its smelters sourcing to its suppliers are certified as conflict-free under the Conflict-Free Smelter Program. TSMC also provides strong employee benefits and compensation that promote personal well-being, productivity and growth.

TSMC has received scrutiny for its board composition (i.e. lacking an independent chairman, several long-serving directors). The company also does not disclose its executive pay practices and lacks an independent compensation committee. It is worth noting, however, that this issue is prevalent within the Taiwanese home market.



Industry: Information Technology
Country: Taiwan
Website: http://www.tsmc.com/english/default.htm
Disclaimer:

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 12/31/16 and may not reflect current opinions or subsequent events.


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