Since its inception, Eternal has been deeply committed to R&D initiatives. We have formulated intellectual property policies in line with our operational goals and R&D resources to protect our intangible assets, enhance our corporate image, and create product differentiation, which is a key prerequisite for the continued competitiveness of the group.
Eternal strongly encourages its technical R&D personnel to engage in innovative practices. In addition to product development initiatives by R&D units, patents are mostly derived from brainstorming activities attended by different teams. Our brilliant achievements in the field of patent development can mainly be attributed to our ongoing commitment to top-down support and a bottom-up motivation mechanism. These high-quality patents not only serve as the backbone for the diversified development of all business groups but also greatly enhance our patent portfolio and deployment, which enables us to carve out a niche in the knowledge economy era.
We respect the IPR of others and spare no effort in protecting our own intangible assets. We are therefore actively dedicated to developing a sound IPR management system with the goal of minimizing the operational risks of the group, building customer trust, and increasing the value of our intangible assets. Ultimately, we strive to position the company as a role model for industries in Taiwan.
Eternal has established a sound patent management system to ensure effective management of its intellectual property. This system consists of monthly patent review committee meetings, quarterly compiled statistics of patent expenses and case numbers, a purchased patent search and analysis platform, and annual patent training courses for newly hired R&D personnel. In addition, IT-based management of patents ensures an effective control of R&D outcomes, equal emphasis on patent quality and quantity, and long-term competitive advantages.
Despite the fact that Eternal already owns the patent rights to numerous key technologies, the Company maintains its ongoing commitment to developing eco-friendly materials and green energy technologies. Patent right applications have been submitted in numerous countries and regions such as Taiwan, USA, China, Europe, Japan, Korea. The Company has so far been granted over 600 patents worldwide.
Intellectual property-related matters are reported to the board of directors on an annual basis. The most recent report was delivered on December 22, 2021. Furthermore, corrective action has been proposed based on the recommendations of the board.