Report of the Corporate Governance and Ethics Committee
The Board of Directors strongly believes in conducting business according to business ethics and good corporate governance principles and alongside with corporate social responsibility (CSR) to be embedded as part of the organization culture. This is carried by integrating with the Company’s vision, mission, strategy, and goal to support efficient and transparent management in order to gain confidence from shareholders, investors and all stakeholders resulting in value added and sustainable growth of the Company.
In 2017, the Corporate Governance and Ethics Committee (“the Committee”) still adhered to and seriously developed its policy on corporate governance on a continued basis, thus several awards received from various organizations could be summarized as follows:
- For evaluation of corporate governance reports of Thai listed companies by the Thai Institute of Directors (IOD), the Company was rated “Very Good” in 2006, 2008, 2009, and 2010, (in 2007, there was no survey on corporate governance of listed companies) and “Excellent (5 Stars)” for seven consecutive years, since 2011 to 2017.
- For the evaluation of AGM checklist quality by the Thai Investors Association, the Company was rated “Very Good: Should be a Role Model,” in 2009, 2012, 2014 and 2016 and “Very Good” in 2008, 2010, 2011, 2013, 2015, 2017 (scoring 98 points).
- The Committee has conducted self-performance assessment for the year 2017 which comprises of 5 categories: Structure and Composition of the Committee, Roles and Responsibilities, Meeting, Duties Performance of the Committee’s Members, and Self Development of the Committee’s Members. The assessment criteria divided into 5 levels; 4 = excellent, 3 = good, 2 = fair, 1 = unsatisfactory, 0 = need improvement. The overall average result of the self-assessment of the Committee was equal to 3.34 points (Full score is 4 points).
- The Committee has consider and review the principles of Corporate Governance Code for listed companies in 2017 (New CG Code) according to the Securities and Exchange Commission (SEC) has set up eight core principles for the Board of Directors. The Committee agrees to submit to the Board of Directors for adoption of the Code of Conduct to ensure proper implementation of the Code of Conduct. The Company will disclose the CG Code of Practice in Forms 56-1 and 56-2 of the year 2018.
The Company will still adhere to the policies on good corporate governance and ethics that the Company has formulated and support its improvement and development as well as continued and suitable disclosure of the results of corporate governance performance, reflecting the efficient, transparent, and ethical management and also promote the Company's corporate governance principles to be up-to-date and consistent with the changes that will raise the standards and practices of corporate governance of the Company.
Miss Boosaba Daorueng
Chairman of the Corporate Governance and Ethics Committee
February 27, 2018