STOCK TITAN

Hon Hai Technology Group (Foxconn) Completes Independent Audits At 9 More Manufacturing Sites

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

Hon Hai Technology Group (Foxconn) has completed independent third-party audits across nine manufacturing sites in five countries, achieving an overall compliance rate of 89% under the Responsible Business Alliance Validated Assessment Program (RBA VAP). The audits, covering facilities in China, Vietnam, Malaysia, India, and Mexico, evaluated labor rights, occupational health and safety, environment, ethics, and supply chain management.

Notable achievements include:

  • Environment and ethics compliance rates exceeded 97%
  • Labor, health and safety, and supply chain management each achieved over 80% compliance
  • Quang Chau campus in Vietnam earned Silver level recognition
  • The audit scope covered 210,000 employees with 1,067 worker interviews

Only one priority non-compliance was identified, related to overtime hours of an outsourced service provider, which has been addressed. Areas needing improvement include management of dispatched workers ratio, overtime hours, social insurance calculations, and working environment in India.

Loading...
Loading translation...

Positive

  • High compliance rates: 97% for environment and ethics, over 80% for other categories
  • Successful completion of audits across 9 manufacturing sites in 5 countries
  • Only one priority non-compliance identified and already addressed
  • Expansion of audit program from 8 sites in 2023 to 58 sites by end of 2024

Negative

  • Issues with overtime hours management in outsourced operations
  • Needed improvements in dispatched workers ratio management
  • Concerns about working environment conditions in India facilities
  • Deficiencies in social insurance calculations and severance payment timing

News Market Reaction 1 Alert

+3.12% News Effect

On the day this news was published, HNHPF gained 3.12%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Demonstrating verified compliance with RBA VAP standards

TAIPEI, April 1, 2025 /PRNewswire/ -- Hon Hai Technology Group ("Foxconn") (TWSE:2317) has completed independent, third-party audits of nine manufacturing campuses covering five countries, demonstrating, for a second year, a commitment to critical compliance and transparency in social and environmental responsibility by the world's largest electronics manufacturing service provider.

No priority findings were assessed for the most part in the audits conducted under the Responsible Business Alliance Validated Assessment Program (RBA VAP), an industry standard that recognizes a factory's commitment to social and environmental responsibility and focuses on verified closure of issues identified in a VAP assessment.

The audits covered Foxconn manufacturing sites in China, Vietnam, Malaysia, India and Mexico, showing an overall compliance rate of 89%. The Quang Chau campus in Vietnam's Bac Giang province was recognized at a Silver level under RBA VAP, outperforming the average score in the local industry.

According to RBA, customers, investors, governments and other stakeholders consider the verified closure of audit findings critical to demonstrating compliance to their requirements. To enhance sustainability in Foxconn's operations and serve as a global best-practice model, the audits in 2024 also focused on campuses needing to strengthen third-party checks based on comprehensive assessment of their operational complexity, employee size, and past record in third-party audits. Audit areas covered labor rights, occupational health and safety, environment, ethics, supply chain management and interviews with 1,067 employees. Total scope included 210,000 employees and took the equivalent of 96 man-days.

No priority findings were assessed, with the exception of one priority non-compliance in supply chain management due to overtime hours of an outsourced service provider, which has been addressed. The compliance rates for environment and ethics each reached over 97%, while those for labor, health and safety, and supply chain management each reached over 80%. Findings indicated a need to strengthen the management of the ratio of dispatched workers, overtime hours, calculation for social insurance and on-time severance payment, as well as attention to the on-site working environment in India.

By end 2024, RBA VAP audits have been done at 58 sites with 8 recognized at Platinum level, 17 at Gold, and 20 at Silver. The first audits in 2023 covered eight sites in China and India.

About Foxconn here.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/hon-hai-technology-group-foxconn-completes-independent-audits-at-9-more-manufacturing-sites-302417020.html

SOURCE Hon Hai Technology Group (Foxconn)

FAQ

What was the overall compliance rate for Foxconn (HNHPF) in the 2024 RBA VAP audits?

Foxconn achieved an 89% overall compliance rate across nine manufacturing sites in five countries during the 2024 RBA VAP audits.

How many Foxconn manufacturing sites have completed RBA VAP audits by end of 2024?

By end of 2024, 58 Foxconn sites completed RBA VAP audits, with 8 achieving Platinum level, 17 Gold level, and 20 Silver level recognition.

What were the highest compliance rates achieved in Foxconn's 2024 RBA audit?

Environment and ethics each achieved the highest compliance rates of over 97% in the 2024 RBA audit.

What major issues were identified in Foxconn's 2024 RBA audit?

The audit identified one priority non-compliance related to overtime hours of an outsourced service provider, plus needs for improvement in dispatched workers ratio management and working conditions in India.
Hon Hai Precision Inds Ltd

OTC:HNHPF

HNHPF Rankings

HNHPF Latest News

HNHPF Stock Data

99.80B
6.98B
0.03%
Electronic Components
Technology
Link
Taiwan
New Taipei City