Boardroom vol 54

Page 1

Boardroom

Vo l . 5 4

Exclusively For Company Directors

Issue 05/2017 | ISSBN 1513-61755

Content

Boardroom

Vo l . 5 4

Exclusively For Company Directors

Issue 05/2017 | ISSBN 1513-61755

ÂŁÂŽĂˆ ŸŸº ĂŠÂź

Board of Directors

Äš ĂƒĂŒÂźĂ‰Š ŸIJĂ?̟Ă?

Prof. Hiran Radeesri

´ŸĂˆÂąĂŠ² ĂŒijijĂŒºĚÉ IJĂŒĂ

Vol. 54 Exclusively For Company Directors

Äš IJŸ Ă– Ă€ĂŒ°Ä? Ă–´à ĂŠ²²°Ä?

Issue 05/2017

²ĂŠÂť ´ŸĂˆĂ‚Ă‰ÂŽĂƒÄ? Ă”§Ă?Ă?Ă…¡ĂŠ²ĂŒ§

ÂŁĂ?ÂŽĂƒŠĂŒÂŚ §ªĂŠ ÀÉĴ²ĚĂŒÂźĂŒ¹ŸŸº ²ĂŠÂť Ă” ŸĂŒ  Ă˜ Ÿ ÄśĂ?ÂźĂˆĂ•¡°Ä?

ISSBN 1513-61755

06 08 10

10 International Trip 2017 20 Consolidating Listed Companies, Enhancing Thai Society Establishing Work Procedures and Processes for 25 Sustainability in Family Businesses 30 !N@QC !QHDĹ°MF 30 Corporate Disclosures:What are Investors 2304 Looking for Beyond Financial Measures Nomination Committee Best Practice Guideline 33

The Audit Committee’s Role in Compliance and Ethical Culture Oversight Board Development Bringing Strangers into the Boardroom The Company Secretary in Thailand: Role and 0T@KHŰB@SHNMR Chartered Director Corner

Credible and Trusted Audit Committee Board Opinion Improving Business and Workforce Development through Technology and Innovation Anti-Corruption Update

36 42 42 45 49 49 52

56

Prof. Kovit Poshyanand

Khunying Jada Wattanasiritham Mr. Krik-Krai Jirapaet

´ŸĂˆÂąĂŠ² ŸŸº ĂŠÂź

Chairman

ŸÅŒ´ŸĂˆÂąĂŠ² ŸŸº ĂŠÂź

Vice Chairman

²ĂŠÂŚĂ‚ĂŠĂ€ ¡Ĝ²Ă?ÂťÄ? ¹²Ă€ÂźĂŠ²ĂŒ§

Ms. Potjanee Thanavaranit

²ĂŠÂť Ă€Ă?ÂźĂˆÄšĂ‰ IJĂŒĂ Ă–ÂŁĂ€Ă‚Ă?ŸÉij²Ä?

Board Welcome CEO Reflection Cover Story

Honorary Chairman

Mr. Prasan Chuaphanich

Mr. Weerasak Kowsurat

 ŸŸº ĂŠŸ¾Ă‘ĊÅĝÊ²Ă€ ĂŠÂź

President & CEO

 ŸŸº ĂŠÂź

Director

²ĂŠÂŚ Ă” ĚŸĂŠ ºÉŠ§Ă?̟Ă?

Mrs. Kesara Manchusree

IJŸ ³ÉŽ­ĂŒÄł ²ĂŒĜ¯ĂŠĂ€Âź

Äš ¡ĂŒĂ”Ěà  ĂŒÄłĂŒ¡ŒĚÄ? Ă…Ă?Ÿ¡Ă?¡Ă‰Ĵ²¡ŒĚÄ? ²ĂŠÂť ĜŸĂ‰º¡Ÿ Ă–§ijĂŒ Ă”Ă‚ÂŻĂ?Ÿ

²ĂŠÂť §Ă‰ÂťĂ€Ă‰Ĵ²Ä? Ă…Ă?°Ă‰ÂťĂ€ŸŸŽÄ? ²ĂŠÂŚ ²Ă€ž¡ŸŸŽ žĂœÄťĂŠ¨ĝĂŠ

²ĂŠÂť ³ŸŸĜŒ ÄśĂŒijijÄ?ÕĜĊŒ ²ĂŠÂť ´ŸĂ?IJĂ? IJĂŠĂ€ĸĂŠÂť

²ĂŠÂť Ă˜¡³Ă‘žÄ?  ĂŒijijĂŒ̟Ă? Ă‰ÂŚĂ€ĂŠ² ²ĂŠÂť Ă˜¡ŸĂŒ²°ŸÄ? §Ă‘Ă–§ijĂŒÂŻĂŠĂ€Âź

²ĂŠÂŚ šĂ‰°ŸĂ?Ê Ă”³ŠĜ¡ž§Ă‰Âť ²ĂŠÂť Ÿ¡Ă? Ă‚Ă?ĜŸĂŒij Ă?ž

Dr. Bandid Nijathaworn

Prof. Kitipong Urapeepatanapong Mr. Charamporn Jotikasthira Mr. Chaiwat Utaiwan

Mrs. Nualphan Lamsam

Mr. Banchong Chittchang Mr. Predee Daochai

Mr. Paiboon Kittisrikangwan Mr. Pailin Chuchottaworn

Mrs. Patareeya Benjapolchai Mr. Rapee Sucharitakul

ÂŁÂŽĂˆ ŸŸº ĂŠÂź Member

Member Engagement Committee

(Boardroom)

Dr. Chatchavalit Saravari

Engagement Committee IJŸ §Ă‰§Ă€žĂŒÄł ŸÀʟĂ?

²ĂŠÂť ÂŽ ¡Œà Ä? Ă‚Ă?ÂĄĂ‚ÂŚĂ€²

²ĂŠÂť ÂąĂ?ÂźĂˆÂťĂ?°¹ ijɲijŸĂŠ¡ž

²ĂŠÂŚĂ‚ĂŠĂ€ šĂ‰£§Ă‰ŠŠĂŠ §Ă?ÄłĂŒÂşĂŠĂ€ÂŚÄšÄ? ²ĂŠÂť ÀÉĴ²ĂŠ ĂƒžĂŠÂťĂ”¡ĂŒĂœº¡Ă‘²

Âź Äł ° ÄšĂŒĂ€ĂˆÂźĂ‰ à Ä? ¡ĂŒ²ĂŒÄśĂŠŸºŽÄ? ¾Ě Ă…²Ă?§ĂŠ ÄśĂŒ²ij ĂŠ²²°Ä?

(Boardroom)

Mr. Norpong Suksanguan Mr. Teerayuth Tantraphon Ms. Pacchanya Chutimawong Mr. Wattana Laipermpoon Pol.Lt. Sivaraks Phinicharomna Asst.Prof. Anucha Chintakanond

²ĂŠÂť Ă…šĂŒĂ€Ă?Ä´ĂŒ ¡ĂŒºžĂ•Ă‚ÂŚĂ‚Ă?ÂźĂŒÂťĂŠ

Mr. Apiwut Pimolsaengsuriya

ÂŁÂŽĂˆÂľĂ‘ÄŠÄśĂ‰IJ°ĝĂŠ ÔĜĊʥŌ

Owner

Ă‚ÂşĂŠÂŁÂşĂ‚Ä‰ÂŚĂ”Ă‚ÂźĂŒÂşĂ‚ÂŻĂŠÂłĂ‰² ŸŸº ĂŠŸ³ŸĂŒà ° É Ă˜°

Thai Institute of Directors Association

 Ă…Œ³ŸŸŽĂŠÂąĂŒ ĂŠÂź

Editorial Team

²ĂŠÂŚĂ‚ĂŠĂ€ ÄšĂŒÂźĂŒ¡Ÿ Ă€Ă?Ä´ĂŒ Ă?ž

Ms. Siriporn Wutthigul

²ĂŠÂŚĂ‚ĂŠĂ€ Ă‚ĂŠÂźĂŒÂŽĂ? ԟĂ?Ă…ÂŚÂŁÂŚĂ” Ă?ŸijĂŒ

Ms. Sarinee Ruangkongkiat

²ĂŠÂŚ Ă€ĂŒĂ˜žŸĂ‰ij²Ä? Ă”²ÄŠ²Ă•Ă‚Œ¹ŸŸº

Mrs. Wilairat Nensaengtham

²ĂŠÂŚ Ă€Ă?ŸÀŸŸŽ ºÉ²²ĂŠšĂŒ²Ă‰²°Ä?

Mrs. Wirawan Munnapinun

²ĂŠÂŚĂ‚ĂŠĂ€ Ă‚Ă?°¹ĂŒ²Ă? Ă” ĂŒIJ§Ä‰Ă€Âť

Ms. Suthinee Kerdchuay

ÂĝÊ²Ă‰ ŒĂŠ²ijĂŒIJijĉÅ

Contact

ĂƒÂşĂ‘Ä‰ Ă–£ŸŒ ĂŠŸ²Ă…ÂźÄ?¹´ĂŠÂźÄ?ÂŁ

Northpark Project,

Ă”ÂĄÄłĂƒžĂ‰ Ă‚Ă?Ăœ  ŸĂ?ÂŚĂ”°¡Ă‡

Thungsonghong, Laksi, Bangkok

Ă”¡Ă?ĂœĂ…Ă”´Ä?² ĂŠÂźĂ”¾Ă•¡ŸÄ‰ÂĄÄŠĂ…ºÑž ĂŒĜ ŸŸº¥Ă…ÂŚĂ‚ÂşĂŠÂŁÂşĂ‚Ä‰ÂŚĂ”Ă‚ÂźĂŒÂşĂ‚ÂŻĂŠÂłĂ‰² ŸŸº ĂŠŸ³ŸĂŒĂ É°Ă˜°

Ă–°ŸĂ‚ĂŠÂź

Tel: (66) 2-955-1155

Ă”¡Ă?ĂœĂ…Ă”´Ä?² ĂŠÂźĂ”¾Ă•¡ŸÄ‰³°£Ă€ĂŠÂşĂ•žĂˆ ĂŒĜ ŸŸº¥Ă…ÂŚĂ‚ÂşĂŠÂŁÂşĂ—ĂƒÄŠĂ‚ÂşĂŠ§ĂŒ ŸĂ‰³°ŸĂŠÂł

Website : http://www.thai-iod.com

E-mail: sarinee@thai-iod.com

Anti-Corruption in Practice Legal Update Board Review

Board Activities

Member Corner Welcome New Member ÀÉij¯Ă?´ŸĂˆĂ‚ÂŚÂŁÄ?

Ă”¡Ă?ĂœĂ…Ă”´Ä?² ĂŠÂźĂ”¾Ă•¡ŸÄ‰Ă” Ă?ĂœÂťĂ€ Ă‰³ ĂŠŸ ĝĂŠ Ă‰³IJĂ‘Ă•ž ĂŒĜ ĂŠŸ°Ă?ĂœIJĂ?Ă—ĂƒÄŠ Ă‰ÂłĂ‚ºÊ§ĂŒ Ă‚ºÊ£ºÇ

Ă—ĂƒÄŠ Ă‰ÂłĂ‚ºÊ§ĂŒ Ă‚ºÊ£ºÇ

Ă‚ÂźĂ?´´ŸĂˆĂ”IJĂ›²IJÄŠĂŠ² ªĂƒÂşĂŠÂť  ªŸĂˆĂ”ÂłĂ?³Ă—ĂƒÂşÄ‰Ăš °Ă?ĂœĂ” Ă?ĂœÂťĂ€ÂĄÄŠĂ…ÂŚÂ Ă‰³ ĂŠŸ°ĝĂŠĂƒ²ÄŠĂŠ°Ă?Ăœ ŸŸº ĂŠÂź

58 60 66 68 71 74 62

Ă…ĂŠÂŁĂŠÂź Ă€ij° Ă…ĂŠÂŁĂŠÂź §Ă‰Ă?²

CMA. Building 2, 3rd Floor, 2/9 Moo 4

¯²²Ă€ĂŒšĂŠĂ€IJĂ?ÂźĂ‰ÂŚĂ‚ĂŒÄł Ă•ÂĄĂ€ΡĂ?Ä‰ÂŚĂ‚Ă…ÂŚĂƒÄŠĂ…ÂŚ

Vibhavadi-Rangsit Road,

Ă–°ŸĚÉ¡°Ä?

10210

E-mail: sarinee@thai-iod.com

Fax: (66) 2-955-1156-57

Website : http://www.thai-iod.com

Board Welcome

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In this issue of Boardroom, we become familiar with the phrase “Sustainability Imperative�,which is extremely relevant because of the trend among businesses and stakeholders to focus on sustainability. This it is not limited to large organizations, it is also a key objective in other private sector entities, including family businesses, the backbone of the Thai economy. As a consequence, Boardroom is presenting some interesting content on sustainability for this issue, by starting a summary of a meeting of the Singapore Institute of Directors and visits to companies in Singapore that are leading drivers of sustainability in the country during a IOD organized trip. Another article is focused on building awareness about sustainability among Thai listed companies

and its relationship to corporate social responsibility, including cooperation with the public and civil society sector to solve social problems in new dimensions that Thai society are current facing and are expected to face in the future. Finally, there is an article about creating sustainability for family businesses through the implementation of a specific system, which is the main theme of the cover story.

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Other columns include articles about seminars held by IOD, in September and October, including, among them, one about information disclosure of companies and what investors are interested in, aside from financial measures, good practices and the roles of the nomination committee and use

$O*<EE5T:V$TE

of Innovative Thinking System’s techniques to enhance boardroom effectiveness and build trust in the audit committee. In addition, there are interesting articles on the role and qualifications of the Thai corporate secretary and the role of independent directors in supervising the family business. Last, but not least, another article worth mentioning about creating sustainability is about Citizen Feedback, a project that allows members of the general public to assess the level of their satisfaction with the service given by government officials. The information from this project will be used in various fields to improve efforts to achieve sustainability in Thailand. Editorial Team

BOARD

WELCOME

6 | Boardroom

CEO Reflection

4=þCK1<K_"<Q3 Y? <K_"<Q3 Sustainable commpany and sustainable world

.=² 4K-+N/ 3N#0LA= Ú² ÉÖÌÑÌ ÑÒÉÜÐÉß×ÚÖ President & CEO Thai IOD

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8 | Boardroom

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The core content of this edition is “sustainability”. Last month, I and 13 other members of the Thai IOD attended Singapore Institute of Directors’ annual conference entitled “The Sustainability Imperative”. We gained substantial knowledge and information from this event as “sustainability” has become a major trend in global business community. Most corporations are currently active in adopting sustainability concept owing to three key drivers. First, environment degradation has reached a critical stage, i.e. inadequacy of clean water, diminishing volumes of clean air, deforestation, sea pollution, and degeneration and depletion of other natural resources. Second, investors are giving more and more weight to sustainability, causing businesses to step in line. The existing problems are obviously due partly to past negligence of sustainability in business practices. During the seminar, it was mentioned that US$70tn worth of global funds stand ready to be invested in businesses that enhance sustainability. This represents about half of the present global investment portfolios. With the ever-increasing trend, global investors are piling into sustainabilityfocused companies. Third, the new generation worldwide (under 35 years old or Gen Y who will become future investors and businessmen) are increasingly eco-conscious and prefer to purchase, conduct business, or invest in goods with sustainability-focused business models, thanks to the way they have been natured since childhood.

We were particularly impressed by a special 14-year-old guest who spoke after lunch. In his speech, Dylan Soh from Singapore said adults and the ways they conducted businesses in the past left people in his generation with massive problems and environmental damages. Comparing environment to a wallet, he said adults today spent more than they earned and consequently led to degenerated environment. Therefore, people in his generation need to reverse this unhealthy trend by using less natural resources while reserving and rebuilding more for the future. His speech, which drew resounding applauses from the audience, indicated clearly that new generations care about environment and are ready to support business that emphasizes sustainability. At the seminar, the participants were told that Thailand’s top 100 market capitalization listed companies have all completed sustainability reports and their reports are of high quality in comparison with those of other ASEAN firms, which is a commendable development. To emphasize sustainability is the direct responsibility of the board to adjust the business thinking from mere profit maximization to a new path that also takes account of environmental and social aspects. This conscience has to be plugged into the corporate strategy, something directors need to build together. The Thai IOD is assuming an active role in driving this matter; there are several sustainabilityrelated articles in this edition of Boardroom that will be of interest to our members.

Boardroom | 9

C o v e r S t o ry

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3L"DLABN=þ8= AR,N R? Û² ÑÚÑØ×ÚÖ ¡ÝÜÜÑÏÝÔ Assistant Vice President Thai IOD

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14 | B o a r d r o o m

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IOD organizes an annual international trip to give members the opportunity to share their experiences and to learn about interesting new issues from overseas directors. This year, IOD opted to plan a trip to Singapore that coincided with seminar on the topic “The Sustainability Imperative a Multifaceted, Mindshifting, Look at Money and Meaning in the New Capitalism”, organized by the Singapore Institute of Directors (SID). This fits in well with IOD’s mission to expose companies to the field of sustainability through experiences that have lead to actual practice. Fourteen people travelled to Singapore for three nights starting on September 10. Sustainability is an issue that every organization should focus on, particularly the stakeholders and investors. Some highlights from the trip experience and discussions at the seminar are given below.

¸ÚØÙÆÎÓÆÇÎÑÎÙÞ ·ÊÕÔ×ÙÎÓÌ Deloitte & Touche LLP organized a lecture on sustainability reporting in Singapore based on a directive from the Stock Exchange of Singapore for the listed companies to prepare a sustainability report. Mr. Raj Juta,

Head of Sustainability and Integrated Report, Deloitte Southeast Asia, talked about this issue, noting that sustainability is a strategy that must be determined at the board level. Sustainability leads to the continuous improvement of an organization’s performance by ensuring that it has sufficient resources in the long run. This is achieved by focusing on the environment, society and transparent operations as they relate to the customers, business partners and the community. Therefore, a company needs to focus on at least three main areas society, environment and economy. Sustainability creates opportunity and challenges for organizations with regards to setting strategies, risk management and

Conventional interest ÑÖÉÖËÑÉÔ ÞÉÔÝÍ ËÚÍÉÜÑ×Ö ØÍÚÉÜÑ×Ö ÜÜÍÖÜÑ×Ö ÑÖ ÛÐ×ÚÜ ÉÖÌ ÕÍÌÑÝÕ ÜÍÚÕ ÑÛÓ ÕÉÖÉÏÍÕÍÖÜ ×Ö±×ÎÎÑËÑÉÔ ØÉÚÜÑËÑØÉÜÑ×Ö ×Î ÜÐÍ ÛÜÉÓÍÐ×ÔÌÍÚÛ

good corporate governance. Sustainability and business values are consistent with each other. Every organization should look ahead and seek out the possibilities for adding values to the organization and determine what are the risks if the organization does not focus on other non-financial issues? He said companies in general need to broaden their interest in sustainability, shown in the comparison in chart below: The speaker from Deloitte introduced five steps for developing a roadmap for sustainability reporting, as follows

A new perspective that pays attention to sustainability ×ÕÕ×Ö ÞÉÔÝÍ ÉÔÝÍ ËÐÉÑÖ ÜÜÍÖÜÑ×Ö Ü× É Ô×ÖÏ ÜÍÚÕ ÑÛÛÝÍ ØØ×ÚÜÝÖÑÜá ËÚÍÉÜÑ×Ö ÎÎÑËÑÉÔ ØÉÚÜÑËÑØÉÜÑ×Ö ×Î ÜÐÍ ÛÜÉÓÍÐ×ÔÌÍÚÛ

B o a r d r o o m | 15

1. Assess what is happening now; 2. Involvement of Stakeholders; 3. Identify what is significant; 4. Systematic data collection; 5. Sustainability report development It was noted that in the initial stages of sustainability reporting, organization may such challenges as over-targeting, which builds resentment among employees, inability to measure goals, non-disclosure of negative information, which may ultimate adversely affect the business, lack of knowledge in setting short-term and longterm goals, taking a long time to determine which factors affect ESG (economic, social, governance) significantly and lack of staff members capable of handling and gathering information. Therefore, the report is effective when it is consistent with the business strategy, incorporates good corporate governance, elicits involvement from stakeholders and consistent and comparable, which shows that the administration system is clearly certified, as well provides information that is balanced. The certification may also be carried out by external consultants to help ensure greater credibility.

16 | B o a r d r o o m

µ×ÆÈÙÎÈÊ ÙÔ ØÚØÙÆÎÓÆÇÎÑÎÙÞ Singtel, a leading company in Singapore, has won numerous awards for good corporate governance and sustainability. For example, in 2017, Singtel, one of the 100 companies in the Global Sustainability Index, received the Most Sustainable Corporate award. Mr. Andrew Buay, Vice President, Group Sustainability, and Ms. Aileen Tan, Group HR Director, spoke about approach that was taken to make an organization sustainable. This began with an assessment of the essence of the organization based on broad indicators of environment, society and economy followed by gathering internal and external information. Then, 16 topics were selected based on a consensus of their importance from a panel comprised of internal staff and people from outside the organization. Then the topics were compared with the value chains of different businesses to assess the impact and risk. The people involved in this process ranged from board members to members of the executive committee. A sustainability group was appointed to be responsible for this issue and deal directly with the main working team and supporting agencies.

Singtel, has already planned its long-term sustainability operation to 2020, and plans to deliver periodic results each year. The plan is divided into four categories, including society, environment, human and business, including the customers. It is consistent with the goal of the United Nations Sustainable Development Goals In 2017, the important stakeholders of the organizations were identified. They are the following: society; non-profit organizations; customers; employees; government and regulators; industrial people; investors; media; trade partners; and trade unions. The key matters were divided into the following: 1) Issues that had an high impact on the business and were important to the stakeholders, such as the protection of customer data privacy, customer satisfaction anti-corruption, product quality, health and the welfare of employees. 2) Issues that had a moderate impact on the business but high priority for the stakeholders, such as innovation, education and training, acquiring and maintaining qualified personnel, good marketing communication and health and welfare of customers.

3) Issues that had a high impact on business, but was moderately important to stakeholders, such as supply chain management, climate change and pollution from carbon. 4) Issues that had a moderate impact on business and was moderately important to the stakeholders such as diversity management, digital working and online security, and waste management. In addition to the internal assessment, Singtel also evaluated situations that were likely to have an effect on the company, for example, environmental policies of the government, activities of the non-profit organizations, trends in human resources including business overview, such as a policy pertaining to the stock market. During the implementation of the sustainability policy, which included the supply chain, periodic assignments were given, and an important issue was identified by taking a feedback test with trade partners; As a result, support was extended to the community and non-profit organizations, such as scholarships and employment opportunities. From the standpoint of business, the key matter of Singtel is technology. Thus, the company focused on protection of customer data and cyber security. Many projects have dealt with this issue, including, among them, the Digital Citizenship Project to educate children and youths about the use of digital security. In addition, Singtel and the government have jointly established the Hotline 123 to take complaints from cyber-threatened individuals. For the internal staff, it focused on diversity, such as hiring people with disabilities and ensuring that 35 percent of the employees are women.

®ÒÕÔ×ÙÆÓÙ ÊÈÔÓÔÒÎÈ ÈÍÆÑÑÊÓÌÊ The direction of the economy is one the

most important issues in the effort to achieve sustainability. Mr. Anthony Tan, Senior Economist, ASEAN +3 Macroeconomic Research Officer (AMRO), gave a lecture on ASEAN + 3 Regional Economic Outlook for IOD members. The key issues are as follows: (a) the global economy in 20172018 is growing but the United State economy is expected to remain stagnant because inflation is weaker than expected and the employment rate is close to being at full employment; Gas prices in the United States reached the highest level in two years because of panic following Hurricane Harvey; and the U.S dollar depreciated.. At the same time, the economic outlook for Europe has brightened with unemployment declining. Also, economic growth in Japan was higher than expected due to the continuous expansion of the manufacturing sector, which led to a rise in the wage rate. Meanwhile, the economic growth rate in China rose higher than expected in the first quarter and investors in Vietnam have appeared to take that view that the country should slow its growth rate, as fast stimulation would put pressure on the cash reserves.

Overall, AMRO is of the opinion that the regional economy is still in good shape because of resilient international trade and the influx of capital. The key risk for the region is in the medium term, not short term. For Thailand, it potentially can do better because the country is more stable than other countries as has large cash reserve. In recent years floods and political problems led to a slowdown in the economy, However, the upward trend in the export figures has led to a reduction in unemployment. At this point, the government needs to drive more investment to boost economic growth.

¸ÚØÙÆÎÓÆÇÎÑÎÙÞ ×ÊÕÔ×Ù The Singapore Exchange Limited (SGX) has requested all listed companies to prepare a sustainability report and issued a set of guidelines for them to comply with. The report, which must be submitted at least once a year, must contain the following information: (a) coverage of work related to environment, social and governance (ESG) factors; (b) recap of the company’s operations and performance; (c) the company’s sustainability framework; (d) the company’s goals; and (e) a report from the Board of Directors. Before the official announcement of this requirement, the Singapore Stock Market organized a workshop for companies to discuss with external consultants about the report. In addition, an online channel was set up to give companies a platform to seek further information about the preparation of the report. The basis behind this regulation is that SGX wanted to ensure that companies realize its strong interest in the issues discussed in the report.

The challenges and risks in the global economy that deserves special attention are as follows: ¸ÍÔ×Ù ÙÊ×Ò 1) Policy uncertainty, especially from the U.S. Federal Reserve and the European Central Bank. 2) Politics in the United States, war with North Korea and concerns about natural disasters. 3) Tensions in international trade, such as the U.S. President’s plan to review trade policies with China. 4) Tighter fiscal policy of country globally to maintain the reserve funds. SGX believes that shareholders and investors worldwide should focus on these ±ÔÓÌ ÙÊ×Ò issues. In addition to the financial information, 1) Maintain economic growth investors are eager to know a company’s 2) Manage labour in the ageing society approach towards dealing with the environment, society and good corporate

B o a r d r o o m | 17

sustainability had become a necessity in business. The role of the board in bringing this about should begin now because the stakeholders, including customers, investors, society, new generation employees and the private organizations, are interested in this topic and the benefits it will bring. In 2014, Singapore began to transition towards a new type of capitalism, which involves maximizing benefits to the shareholders and stakeholders. Before, the focus was on just profits in term of value, and on how they could be used to benefit society. But, he said, the world has changed. Singapore is committed to the Paris Agreement on Sustainability. With regard to sustainability, he then spoke about the sustainability governance. A company’s board of directors report and how this new requirement has is expected to play a role in preparing the forced boards of directors to react quickly sustainability report by indicating risks to meet it. and opportunities. The report needs to be treated as part of the organization’s strategy Mr. Chan Chun Sing, Minister of the Prime and each individual company needs to Minister’s Office, gave the keynote address set a policy for preparing the report. Each of the seminar. He noted that the participants organization is expected to indicate different of the seminar held three views towards significant issues relevant to it. These issues achieving sustainability (1) those who will be different among companies due to believed that this was the right to do (right), the varying nature of businesses. For example, (2) those who believed that this was the right some will focus particularly on the environment. thing that we should do (nice) and (3) those Also of note, contributions from stakeholders who believed that this was a useful thing to are required for the report to be successful. do (profit). For example, their input on which issues they find to be important would be very useful. He stated that businesses should return profits to the society. The organization would become a hybrid organization, making it ¸ÚØÙÆÎÓÆÇÑÊ ®ÒÕÊ×ÆÙÎÛÊ the most profitable and responsible for society. Singapore had started to focus on This year’s annual seminar for Board of sustainability because of its inadequate Directors, which was organized by the water supply and the need to import water Director Institute of Singapore. dealt with the for domestic consumption. Because of this, topic “Sustainability imperative or the need Singapore struggled to survive and had for sustainability|. Held on 12 September to focus on this issue. Once the country at Suntec Singapore International Convention realized this, it attained sufficient water for and Exhibition Centre, the seminar had domestic consumption and came up with more than 1,000 participants. innovations to help secure an adequate water supply, which made the country more In an opening address, Mr. Willie Cheng, competitive. After water, the next challenge Chairman of the Board of Directors of the for the country was energy supply. Support Singapore Institute of Directors, stated that was needed to enable high-rise buildings

18 | B o a r d r o o m

to apply a tool for energy storage. The goal of the country was how to have a clean and sustainable environment and to reduce energy imports and to administer in traffic planning to save energy. The next step was to build a brand of credibility and competitiveness. When trade partners were to conduct business with Singapore, it was not because of cost effectiveness but because they trusted the quality of the work from the country and are happy to work in the corruption-free environment, which created short-term competitiveness. This was done by: a. Long-term planning. b. Getting the private sector involved. The participation of large companies set an example for medium and small companies to follow. The large companies would also draw in their trade partners. c. The new generation was looking for more valuable organizations. The lecture ended with Mr. Chan noting that leaders of organizations that attended the seminar should to abide by the mantra: “Do not just do it just for your own company, but do for the good of your society.” Following the address, Mr. Jan Peter Balkenende, former Prime Minister of the Netherlands, compared the implementation of sustainability of the Netherlands with Singapore. The two countries have paid much attention to this issue because it is part of a global agenda. He stated that the key question for corporate leaders was how had they contributed towards the betterment of society. Businesses should consider the long term with regard to social responsibility. The attitudes of people have changed from being interested in growth to being interested in sustainable growth. Thus, violation of the rules for growth was not something that successful business leaders would partake in. The key factor for success was tied to planning, monitoring and providing reports continuously. And finally, he stated that

change in mindsets was required to achieve sustainability. • Many experts from various fields participate in the ensuing discussions. The key points brought up can be summarized as follows; • Investors had pay more attention to sustainability because they were confident that it would affect the organization in the long run. This might include financial performance. A good society would make good business. • Apart from the investors, other stakeholders also were concentrating on the issue of sustainability, such as the banks that considered this issue when extending loans or insurance companies that also take into account corporate security. • There was no fixed formula for implementation of efforts to achieve sustainability, but each organization must have its own policy and adjusted plan. Many good practices can be used for lessons learned and for adopting approaches for achieving sustainability or an organization could create a new approach. • The path for achieving sustainability was

•

•

•

•

a long journey that could not be done without good corporate governance. A calculation involving financial figures had been formulated for determining if the implementation was successful. Regarding the issue of climate change, parties around the world must join hands to deal with it. Singapore had two important methods, including mitigation and adaptation. The national plan was comprised of various initiatives, such as carbon reduction, green building, production and personnel management. To make this issue successful, there had to be a goal, strategy, progress report every quarter and a final report. It could draw more attention from investors if the figures were reflected in the financial performance. Regarding good corporate governance, the issue remained a challenge in terms getting stakeholders involved, which was the key point for the success of building sustainability. An example that could be considered pertains to Temasek, a leading company in Singapore that incorporated that issue in its long-term plans. Temasek Stewardship

Center was established to promote an active economy; beautiful society and clean earth. • Another important aspect for sustainability and corporate governance would be an anti-corruption campaign, which could be done within the organization or through a cooperative effort, such as a collective action. The trip and seminary showed that Singapore was taking the issue of sustainability very seriously. That issue was seen as critical for the security of the country and the world. Active cooperation of all sectors, including the public sector, regulators that enforced the regulations to promote sustainability, and the private sector appeared to be strong. All three sectors would like to see the economy, society and environment grow sustainably for the next generation, The board of directors must play a key part in driving an organization on this issue. They must serve as the organization leader to attain the highest benefit for organization and promote participation from as many as possible stakeholders to make the effort to achieve sustainability successful.

B o a r d r o o m | 19

C o v e r S t o ry

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Mr. Vichai Assarasakorn, Ms. Nualphan Lamsam, Mr. Thanong Chotisorayuth, Mr. Atip Bijanonda, Mr. Wittawat Svasti-Xuto, Mr.Nipon Leelasithorn

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22 | B o a r d r o o m

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IOD recently participated in an event “Consolidating Listed Companies, Enhancing Sustainable Thai Society organized by Stock Exchange of Thailand in cooperation with Thai Listed Companies Association, MAI, Thai Chamber of Commerce, the Federation of Thai Industries, the Thai Bankers Association on 29 September 2017. The event is aimed at showcasing the role of listed companies focusing on corporate social responsibilities and cooperation with government and civil sectors which will help solve new dimensions of social issues facing Thailand at present and in the future and to reduce social inequality while strengthening living standard. Sustainable growth of listed companies is crucial for driving national economy in the long run. SET Chairman Chaiyawat Wibulswasdi welcomed the participants and emphasised SET support on listed companies. Regarded as a force to strengthen long-term national economy and society, over 600 listed companies are encouraged to develop and solve social problem by initiating educational opportunities for youth development, enhancing living standard among ageing population and the disabled. Up to 564 listed companies are trained on sustainability while a total of 247 companies participated in sustainability assessment

program. A total of 77 listed companies participated into the SET Social Impact network while the other 72 joined force with government sector to support on the Pracharat Project. Deputy Prime Minister Somkid Jatusripitak gave a speech that inequality that was evident in the Thai society and inspire him to develop the conntry by bringing lessons learned from Singapore and Japan to adapt and use within the Thai context. Although economic factors i.e. export, infrastructure investment and the disbursement of the government budget have shown signs of improvement and Bank of Thailand, Ministry of Finance, Ministry of Commerce and National Economic and Social Development Board plan to adjust national GPD forecast, sustainable growth is still considered crucial. The government would like listed companies and private companies to take a lead in helping the country achieve the Pracharat Society which requires much cooperation from private companies to join force in this state-private-public partnership. This project will boost eagerness among listed companies to enhance economic situation leading to the highest growth in both the disbursement of the government and private investment.

Issara Vongkulsolkij leading the private sector of the Pracharat Project together with listed company executives exchanged their views on practice work experience as inspiration for other listed companies interested in participating into the forum. Exhibition area is also arranged for showcasing activities and projects that listed companies work with state to implement Pracharat project. CSR development project aimed at reducing inequality and supporting quality of life categorised into different project objectives for example living quality development among the disabled, educational opportunities for youth development and strengthening labour and economy at community level. For a forum on a topic “Social Responsibilities: What should be a company DNA”, Boonsithi Chokwatana, Sahapat Honorary Chairman, talked about the company and social development. Somsak Borrisuttanakul, TPBI Public Company Limited Chief Executive Officer and Director, talked about social development and local economy development though social venture. TS Flour Mill Public Company Limited Vice

Chairman of the Board and Director Chankrit Detwithak talked about enhancing social venture potential. Yodphot Wongrukmit, Senior Executive Vice President, Corporate Management and Sustainability Development of Bangchak Corporation Public Company Limited talked about income generation for community. The session was hosted by Banphot Thanapermsuk Channel 3 HD and Mono 29 host on economy and investment programme. Some of interesting projects are Sahapat’s slogan: good products, good people, good society for good health and longevity. Company will then be sustainable. Staff need to change their mindset and think about good and safety product for consumers. Dental care project that enables prelearning children to learn how to take care of their gum and teeth has been carried out for over 10 years. Occupational and income generating projects that enable local people, including the disabled, to grow organic farming for consumption and selling. The thing is the Section 33 that requires each company to employ those with disabilities with a rate 1:100 may not be able to effectively put into practice.

Educational, social and technological development requires cooperation from all sectors. NESDB adjusted economic forecast this year due to an increase in export and recovering global economy. Mr. Somkid added those receiving welfare cards were still not many as the policy was newly launched. Involved sector needs better understanding on how to implement the project. Since the EDC machines for swiping the card had not been yet contributed thoroughly, the government would have to refer each cardholder’s right to next month. The Comptroller’s General Department would speed up the system network soon.

B o a r d r o o m | 23

Worth to be mentioned is CSR projects implemented by Bangchak Refinery. Located in the heart of Bangkok’s Sukhumvit, the refinery faces no opposition by local communities, thanks to several corporate social responsibility projects for example scholarships, temple visit project for the elderly, health promotion teaching volunteer, occupational training, household accounting training, clean services, fire drill service, agricultural cooperatives, self-sufficiency economy project These projects will lead to sustainability. KPI is also set in a bid to enable staff to help local communities effectively.

Lee Fed Mill Public Company Limited

Each executive shares his/her views on

• Housing and Living Environment different projects implemented by each

Atip Bijanonda, chairman of Housing Business Association, president and directors of Supalai Public Company Limited and president of Supalai Plc. • Road Safety by Wittawat Svasti-Xuto, Senior Vice President, Sustainability Management, PTT Public Company Limited

company for example Muang Thai Insurance’s policy on hiring the disabled to work at call center services. SE-ED also employs the elderly to work at its bookstores. The project receives huge positive feedback. Atip Bijanonda also introduced housing projects for low-income earners and proposed an idea to reduce housing ownership transfer fee for those having the first house.

The seminar was hosted by Vichai Assarasakorn, vice chairman of Thai Chamber of Commerce

The conference ends with a seminar on the topic “Listed Companies and Pracharat Project for Society” • Income generation and work employment

among the disabled by Nualphan Lamsam, President and Chief Executive Officer of Muang Thai Insurance Public Company Limited • Income generation and work employment amongtheelderlybyThanongChotisorayuth, Managing Director/Director Se-Education Public Company Limited • Savings for retirement by Nipon Leelasithorn, Chairman of the Executive Director and Managing Director of

24 | B o a r d r o o m

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'ITC_LWDg *`GR$TE'I<'ZCBTDb;O*' $E;S;h 7 O*CW'ITCLSC@S;: $S; 9Sh*;Wh c6 CWMGS$CT7E2T; LT$G9WgcC I T+R_= ;O*' $E_Gf$MEYObM‰ b- _= ; MGS$=1V<S7V_6WDI$S; .Xg*9lTbM $TE6lT_;V;*T;CW =ERLV9:VBT@`GR9lTbM O*' $EDSg*DY; 'YO Ă‘üâ Ă€ÏêêÌùùââ ĂŹĂŁ Ă?íÏÍðÏïÌÍä ĂŒïäĂžÍÌáĂžùÌÏÍð ĂŹĂŁ ùüâ Ă‘ïâÞåôÞÜ ÀÏêêÌððÌÏÍ ÂĽĂ€ĂŒĂ?ĂŒÂŚ ¹ª $TE7V67TC=ER_CV;>G ÂĽĂŠÏÍÌùÏïÌÍä žà ùÌóÌùÌâðŒ CW ² O*' =ER$O<%O*$TE'I<'ZCBTDb;6S*;Wh ÂŞ bM >[ 9WgCW'ITCES<>V6-O<*T;;Sh; e _= ; >[ 7V67TC 7EI+LO<'ITC'Y<M; T`GR ­ª LBT@`I6G OC$TE'I<'ZC ÂĽĂ€ÏÍùïÏÊ 'ITC8[$7 O*'E<8 I; DX6MGS$7TC$0 ER_<WD< MEYO'[ CYO$TE9lT*T;9WgO*' $E Ă‚ÍóÌïÏÍêâÍùŒ 'YO $lTM;6cI ÂŞ $TE'S 6 _GY O $';9W g C W ' ITC.Y g O LS 7 Dk ` GR ÂŞ b- >[ 7 EI+LO<BTDb;b;$TE7EI+LO< _MCTRLCCT_% TE IC=1V<S7V*T; ÂŞ CW'ITCES<>V6-O<b;*T; *T; OT++R_= ;<Z'G$Eb;O*' $EMEYO ÂŞ CW$TE<EVMTE*T;`<<_% T8X*@;S$*T; `GR <Z''GBTD;O$$fc6 CW$TELYgOLTE9Z$ER6S<-Sh; ÂŞ $TECO<MCTDM; T9W g `GR'ITCES<>V6-O< LZ69 TD;Wh$TEIT*ER<<<EVMTE%O*:ZE$V+ OD T*_MCTRLC a6D'lT;X*8X*ETDGR_OWD6 'EO<'ESI;WhOD[ 9Wg7SI9 T;_O*_= ;MGS$ I T9 T;+R %O**T; `GRCW$TEO<EC @S4;T bM LTCTE8+S6$TE<EVMTEc6 OD T*cE _@YgObM CW 'ITCE[ `$ @;S$*T;OD T*LÂŁĂˆĂ?´_LCO =ERLV9:VBT@L[*LZ6 LlTMES<_+ T%O*:ZE$V+'EO<'ESI OD T*; OD 9 T;LTCTE89lT'ITC_% Tb+b;ER<< ÂŽÂŞ $TE=ER_CV;'ITC_LWgD* ÂĽĂ?Ìðè žððâððêâÍùŒ a6DEIC _OTCTIV_'ETRM $lTM;6+Z6`%f* +Z6O O; $TE$l T M;6IS 7 8Z = ERL*' % O*O*' $ E %O*O*' $E `G ILYgOLTEMEYO;lTc=ER6C'ITC'V6 `;I9T*$TE6lT_;V;*T;b;O;T'7`GR7 O*CW $S<<Z'GT$Eb;<EVKS9 a6DOT++Rb- MGS$ Ă€ĂŒĂ?ĂŒ 'ITCLO6'G O*$S;9Sh*O*' $E LVg*9Wg9lTbM $TE c==ES<_=GWgD;b- b;L I;7 T* e %O*O*' $E%O* <EVMTE'ITC_LWgD*c6 =ERL<'ITCLlT_Ef+'YO 9 T;7TC'ITC_MCTRLC %Xh;OD[ $S<'ITC_LWgD* ÂŞ CW$TE=ES<7SIOD T*EI6_EfI ÂĽĂ?Ìðè ïâðÌÊÌâÍà ܌ %O*:ZE$V+;Sh;e I T_= ;c=c6 CT$; OD`' cM;_@YgO ÂŞ CW'ITCDX6MDZ; $S<L8T;$TE5 ÂĽĂ?Ìðè ĂžäÌÊÌù܌ 'ITCDSg*DY;%O*:ZE$V+'EO<'ESI -----------------------------------------26 | B o a r d r o o m

ÂŽĂš² ÂŒĂ‰Ă–ĂŒĂ‘ĂŒ Â˜Ă‘Ă’Ă‰ĂœĂ?ÉĂ&#x;×ÚÖ

On October 11, 2017, the IOD together with PricewaterCoopers ABAS Co. Ltd. (PwC) held a seminar, on “Establishing Work Procedures and Processes for Sustainability in Family Businesses� as part of the IOD Family Business Club Event for the 3rd time at the Pimarn Room, Anantra Siam Hotel, Bangkok. The seminar was honored to have Dr. Bandid Nijathaworn, President and CEO of the IOD, give the welcoming speech. Thereafter a presentation was made by Ms. Varunee Pridanonda, PwC - ABAS Partner and Advisor on CG, Risk Management, Internal Control and Internal Audit. At the beginning of the presentation, Ms. Varunee told the audience that initially she had operated her own family business that she was lucky to have inherited and that had been handed down through various generations. However, despite the fact that this business had been sustained, it was still not an easy thing to achieve. This is because the future has many uncertainties, as well as there are many factors that may result in businesses not being viable or able go on any more, such as: there is no successor to operate the business or even good corporate governance issues themselves etc. However, important factors that often negatively affects family businesses are the work system within the family organization, the rules and regulations, and Management’s

working procedures and processes that are not clearly defined together with the people resources within the organization that must also be clearly defined and that need to be able to adapt and change in a positive manner so as to meet the changing eternal environment in a timely manner. From a recent PwC Survey of Family Businesses Around the World in 2016, some insights from the survey results in neighboring China and Hong Kong were cited as follows: - 65% of the respondents in China believe that family businesses can grow and develop during 2016, compared to only 41% in the 2014 survey - The key challenges for family businesses over the next 5 years are: innovation of new things, intense competition in the market, the overall economic situation, and retaining talented people within the organization - 43% of family businesses in China will hand over the businesses to future generations, but will not transfer the management of the business to next generation of family members – an increase of 15% compared to the 2014 survey - 90% of family businesses in China will not have any family members as Executive Directors – compared to 52% of family businesses in Hong Kong and the global average of 65% - 60% of respondents in China and 54% in Hong Kong stated that the issue of Digital Disruption was discussed among their Board of Directors Viable or good organizations – regardless of being small or large – must have these 3 key components : 1. Governance: setting objectives and goals, taking actions, monitoring the results achieved, and adapting or improving those desired results so as to successfully achieve

the agreed business objectives and goals

with each other, must be appropriate for the respective business operations, and must 2. Risk Management: covering those also correspond to the various risk factors external as well as internal factors resulting to be faced. from the economic situation or internal people resources, that the Management must As such, in summary the various work systems perceive as possible risks and then must and procedures within an organization establish appropriate protective measures need to be integrated and interrelated as well as be able to be audited, in order to 3. Rules and regulations for effective internal drive the organization towards achieving the control: Organizations must have rules and established strategic objectives and goals regulations or work procedures, which are or agreed budget plans. The objective of a clearly defined so as to enable every person viable organization needs to have effective to work and act in the same direction as well controls for these 3 key aspects: as that correspond to the perceived risks and comply with the applicable laws 1. Effective and productive operations 2. Credible financial reporting Apart from the abovementioned key 3. Full compliance with applicable laws and components of an organization, an effective regulations system of work procedures must also include an internal audit process, whereas ·ÎØÐØ ÆÓÉ ¨ÔÓÙ×ÔÑØ the majority of family businesses do not have Risk factors and the internal controls system this. Many also do not show much interest within the organization must be interrelated. to the matter of revenues and expenses, as As such, there are uniform and international well as lack any accounting for expenditures standards of practices for all organizations – or even do not undertaking any stock regardless of being small or large – in order count exercise. Such activities are often to enable them to operate effectively and in not established as sound work procedures; a sustainable manner, as established by The whereas all work procedures must relate Committee of Sponsoring Organizations

B o a r d r o o m | 27

ü ®ÓËÔ×ÒÆÙÎÔÓ ¨ÔÒÒÚÓÎÈÆÙÎÔÓØ - An effective internal controls system relating to information and communications must ensure that the information is adequate and sufficient, accurate, and correspond to each other, so as to be able to be audited and accountable - Communicating clearly throughout all levels within the organization – whether it is with external parties or internally, such as: wth clients or the staff

of the Treadway Commission (COSO). This internal control system consists of these 5 key components ù ¨ÔÓÙ×ÔÑ ªÓÛÎ×ÔÓÒÊÓÙ namely: - Recruiting and selecting those people who are honest and appropriate to join in the business operations - Taking full responsibility for the assigned work - Managing the business and interacting closely with the staff together with having good communications throughout all levels within the organization Û² ÉÚÝÖÍÍ ÚÑÌÉÖ×ÖÌÉ - Assigning duties and work responsibilities in an appropriate manner and through giving attention to details, as well as providing training and development so û ¨ÔÓÙ×ÔÑ ¦ÈÙÎÛÎÙÎÊØ as to give knowledge to all staff on a Having in place control activities helps give regular basis the organization confidence that its internal control policies together with their associú ·ÎØÐ ¦ØØÊØØÒÊÓÙ ated processes and activities can effectively Defining the corporate objectives and op- control and correspond to the perceived erational direction for the future that totally risks – namely: there is clear separation of correspond together within the organiza- duties and responsibilities that are docution; whereby the key factors for successful mented or a work procedures manual; there risk management are: is a system in place regarding the keeping 1. Risk resiliency – being able to adapt of records and documents; there are tools quickly available to monitor work progress; and 2. Risk agility – being flexible in reacting there are restrictions in place wth regard to to the situation being able to access important information.

28 | B o a r d r o o m

ý ²ÔÓÎÙÔ×ÎÓÌ ¦ÈÙÎÛÎÙÎÊØ - Those persons responsible for each respective activities must also monitor and review the progress, correctness and completeness of their work, through complying to the regulations and work manual as established by the organization - Use the internal audit unit (that can be internal staff or an external party) to review the work Lastly, the establishment of work procedures and process is mostly up to you and depends on how you are able to manage it so as to be of maximum effectiveness. As for the family business owners, at the very least you can gain an overall understanding of the work system and procedures, so as to be able to review and assess it as well as to determine the strengths and weaknesses of the organization; whereby the results of the assessment should then communicate or it should be used to brain storm internally among the Company’s staff. As such, you might use the principles as established by COSO, and adapt them for use within various respective areas of the organization as appropriate and feasible based on the perceived risk factors of the businesses so as to achieve sustainability of the family business. --------------------------------------------------Event Supported by

29 B o a r d r o o m | 29

Board Briefing

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The concept of sustainability and its tie in with corporate disclosure was the theme of the IOD Breakfast Talk, held on August 29 at the Centara Grand Hotel. At this event, IOD members and guests were enlightened by a presentation given by the guest speaker, Mr. Shailesh Tyagi, Partner, Asia Pacific Sustainability Service at Deloitte, Australia. Mr. Prasan Chuaphanich, Chairman, Thai IOD, began the breakfast talk with a brief statement about sustainability and the need for companies to develop sustainability strategies and disclose relevant information to the public and then welcomed Mr.Tyagi Mr.Tyagi began his presentation with a quote about sustainable development being a means to respond to the increasing level of economic and environmental concerns. He then gave an overview of the presentation, which began with a discussion on the changing risk landscape and increased regulation. More than ever, corporates are likely to be affected by non-financial risks, with their impact projected to be high. Therefore, it is very important that companies identify these risks and figure out innovative technologies that can be deployed to help manage such

Among those risks, Mr. Tyagi singled out climate change risk, noting the close association it has with sustainability. He explained that organizations are expected to include climate change in their risk management framework and then he ------------------------------------------- showed a slide that indicated the potentially

large impact it could have on Thailand The next topic of the presentation was ESG, environmental, social and corporate governance, which he said was growing across Asia and the Pacific, with the number of the reporting instruments related to it increasing by about 75 percent since 2013 and expected to increase more in line with the Paris Agreement. He said the trigger points behind this trend are four key priorities: (1) fiduciary duty; (2) tangible value; (3) climate change risk exposure; and (4) changing culture and conduct. The next phase of the presentation was centered specifically on climate-risk exposure during which he discussed in detail the Task Force on Climate-related Financial Disclosures (TCFD), a private sector-led, policy-neutral task force that aims to develop recommendations for voluntary climate related exposures and focuses on the evaluation of the financial impact of climate change. He explained that there are seven principles for an effective climate-related financial disclosure, namely disclosures should present relevant information; be specific and complete; be clear, balanced, and understandable; be consistent over time; be comparable among companies within a sector, industry, or portfolio; be reliable, verifiable, and objective; and be on a timely basis. He explained that the Task Force had developed four recommendations on climate-related disclosures that are applicable to organizations across sectors B o a r d r o o m | 31

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and jurisdictions. These recommendations are based on governance, strategy, risk management, and metrics and targets. In addition, the presentation included a chart showing climate-related risk and climaterelated opportunities and a case study involving climate risk management with positive outcomes. In the final part of the presentation, Mr. Tyagi spoke about trends in responsible investment, which constitutes investments that take into account ESG issues In summary, the core responsible investment funds are increasing. They reached US$ 51.5 billion at December 2015, compared with $31.6 billion for the previous year. The presentation ended with some key takeaways for organization with regard to climate change disclosures and the following poignant quote from Morgan Stanley: It’s important to understand that the definition of sustainable investing has nothing to do with philanthropy, nor it is an approach based on solely on social or political beliefs. Rather, sustainable investing is the mobilization of capital to businesses that engage in behaviors and practices that achieve ongoing social and/or environmental benefits. It is a smart strategy that delivers tangible results. --------------------------------------------------Event Supported by

ÜñÛ ÑÕØ×ÚÜÉÖÜ Ü× ÝÖÌÍÚÛÜÉÖÌ ÜÐÉÜ ÜÐÍ ÌÍÎÑÖÑÜÑ×Ö ×Î ÛÝÛÜÉÑÖÉÊÔÍ ÑÖÞÍÛÜÑÖÏ ÐÉÛ Ö×ÜÐÑÖÏ Ü× Ì× ßÑÜÐ ØÐÑÔÉÖÜÐÚ×Øá° Ö×Ú ÑÜ ÑÛ ÉÖ ÉØØÚ×ÉËÐ ÊÉÛÍÌ ×Ö Û×ÔÍÔá

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Rather, sustainable investing is the mobilization of capital to businesses that engage in behaviors and ØÚÉËÜÑËÍÛ ÜÐÉÜ ÉËÐÑÍÞÍ ×ÖÏ×ÑÖÏ Û×ËÑÉÔ ÉÖ̳×Ú environmental benefits. It is a smart strategy that delivers tangible results.

32 | B o a r d r o o m

Board Briefing

Nomination Committee Best Practice Guideline

3L"DLAG= L3/ #P"2O=:L3N% Û² ÝÚÉÓÉÚÖ ÝÖÏÜÐÑÚÉØÉÖÑËÐ Senior CG Analyst - Research & Policy Department Thai IOD

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—Ú² Â˜Ă‘ĂœĂ‘Ă˜Ă?ÉÖ šĂ?ÉÖĂ&#x;ÑÚ×Ò

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34 | B o a r d r o o m

9Sh*;Wh<EVKS9OT++S69lT_= ; à üâà èÊÌðù b; `7 GRMSI% O6S*$G TI% T*7 ; _@YOg b- b;$TEIS6`GR 'S6_GYO$<Z''G9Wg_MCTRLC$S<O*' $E%O*9 T; bM CT$9WgLZ6 a6D<Z''G9WgCWL I;LlT'S‰b;$TE =ER_CV; à üâà èÊÌðù 6S*$G TI$f'YO '5R$EEC$TE BTDb;<EVKS9_O* a6D$ER<I;$TE'S6_GYO$'IE _GYO$';bM 'E<9Z$CV7V `GR7E*$S<a+9D %O* :ZE$V+9 T;bM CT$9WgLZ6 a6DBTDMGS*+T$$TE 'S6_GYO$`G I_LEf+ 'IE6lT_;V;$TEIT*`>;@S4;T 'ITCE[ `GR9S$KR$TE9lT*T; EIC9Sh*7V67TC >G$TE6lT_;V;*T;%O* Ă€Ă‚ĂŒ 9 T;6S*$G TIOD T* b$G -V66 ID -----------------------------------------IOD, PTT Public Company Limited and à à Æ ÂŞ žðÌޏĂ?Þà ÌãÌà ÆÍùâïÍĂžùÌÏÍĂžʊ Éùå jointly organized the Nomination Director Event 1/2017 on September 13, 2017, The topic for the event was “Nomination committees best practice guidelineâ€?. Mrs. Wirawan Munnapinun, Assistant Vice President of Research and Policy Department, IOD, opened the meeting with a presentation on the Nomination Committee Best Practice Guidelines, which had been officially launched in May 2017. The new guideline is an improved version of the 2006 edition, which included codes and practices from Thailand and at the international level. The content of this guideline consists of the composition of the nomination committee, their role and duties, meetings and reports. Related issues to the guideline that IOD

believes should receive particular attention are as follows: ù ¹ÍÊ ØÔÚ×ÈÊ ÔË ÉÎ×ÊÈÙÔ×Ø the nomination committee should recruit the directors from diverse sources, such as nomination in advance by the small shareholders, nomination list from external parted and the list from director pool. ú ¹ÍÊ ØÚÈÈÊØØÎÔÓ ÕÑÆÓ ÔË ÙÍÊ ÈÔÒÒÎÙÙÊÊ the nomination committee should make a board skill matrix in order to consider the qualifications of the current board of directors and determine what types of skills are needed from board member to be recruited. û ¹ÍÊ ÐÊÞ ÎØØÚÊ ÎÓ ×ÊÈ×ÚÎÙÒÊÓÙ - The diversity of the board, including knowledge, expertise, age, and sex. The company should have a clear policy and disclose it in the annual report of the company. - The qualifications and competences of the directors must be consistent with the company strategy. - The independence of the directors In the Nomination Committee Best Practice Guideline, IOD members can find more information. The guideline can be download from the website: www.thai-iod.com/en/ publications-detail.asp?id=407 At the end of the event, Mr. Nitiphan Phanwiroj, Managing Director from ÁÁÆ ª ¾ðæÞ¬ ÍÞàæãæà ÆëñâïëÞñæìëÞé© Éñá« gave a lecture on the topic “Succession management: accelerate your next generation of senior leaders. He pointed out that the world understands the importance of selecting a leader to administrate and manage the organization and that finding that leader is a challenge that could have an effect on the company performance in the long term. According to a global survey, the issues of concern to the CEO are mostly related to personnel; only 30 percent of the surveyed companies had prepared and were confident with the succession plan. Other cited issues of concern

with the relationship with the customers, each level should be consistent in terms of quantity and quality. Are the current staff technology and administration. members of the organization capable of According to a survey, organizations in carrying out their job functions? Thailand have leaders that have been prepared to deal with VUCA (Volatility- ¸ÙÊÕ û A recruitment plan: the organization Uncertainty-Complexity-Ambiguity) situations. should set an objective for the qualificaThese situations are the source of many tions, skills and process of recruitment and problem in organizations and are making be cognizant of the availability of potential it difficult for them to forecast situations in candidates. the future. Many organizations have plenty of cash but are reluctant to invest it. It ¸ÙÊÕ ü Dashboard on how to evaluate the was also found that four skills that could process and how to know if the recruited make the CEO more competitive in VUCA CEO is suitable and if there was an implementation report after the recruitment circumstances were as follows plan was finalized. 1) Managing and introducing change – skill in adjusting a strategy during times At the end of the event, Khun Nitipan talked about the issues that could make the CEO of uncertain conditions; 2) Coaching and building commitment – recruitment successful. The issues consist skill in training and building commitment of four dimensions, as follows, form the employees; 3) Inspiring others and driving innovation – 1) Knowledge: CEO had to know what the skill in adopting new technology to drive business needs; and create new opportunities for the 2) Experience: in cases in which a business; company recruits an external person 4) Leading across generations – skill and to be a CEO, this person should have ability to be a leader of older or younger knowledge about the business; followers 3) Competencies: Which competencies are needed for administrating the core According to the code of practice of DDI, business of the organization? succession management is making business 4) Personal attributes of the CEO that the personal. Mr. Nitipan is of the opinion that company would like to have. this issue should be a system, policy and process and tool. Moreover, it should be Nevertheless, the company might make implemented continuously (sustainability), a checklist in each topic to measure and which could be carried out through four select the most suitable personnel for the steps, as follows, organization. The key people involved in assessing the checklist are the board of ¸ÙÊÕ ù Destination: the organization needs directors within the organization. The to know what the challenge personnel of recruitment process should aim to select a the business face and the direction of the person by considering different dimensions business. and determining if they fulfil the needs of the organization. After the recruitment is ¸ÙÊÕ ú Gaps: the organization must be finished, there should be a plan for training aware of the gap between the needed to enhance the knowledge and skills of the personnel and recruited personnel (demand new personnel, including monitoring closely and supply). The number of personnel in the performance of the CEO.

Event Supported by B o a r d r o o m | 35

Board Briefing

The Audit Committee’s Role in Compliance and Ethical Culture Oversight 3L"DLABN=þ8= A"B W ÿ<A Û² ÑÚÑØ×ÚÖ ¡×ÖÏÓÍÉß Senior CG Analyst - Research & Policy Department Thai IOD

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ù 5=JD4 L=- Z3 L=1dLE3 L1O_ ==; L= /=A#DG41O_ ;O / G L= d L K 4 .S X ?. L 3 ¨ÔÒÕÑÎÆÓÈÊ X?J ªÙÍÎÈØ

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_= ;<EVKS9 Ê¾Æ `GR_= ;:ZE$V+'EO<'ESI cC CW 'ITC.S<. O;CT$ +X*CW$TE7Sh*'5R$EEC$TE $lT$S<6[`G$V+$TE <EVMTE'ITC_LWgD* LEEMT`GR $lTM;6' T7O<`9; _% TCT- ID@V+TE5Tb;_EYgO* $TE=1V<S7V7TC$0 ER_<WD<7 T*e

>J«6E« O;ZLE5 :EECb+ CO*I T LS T5 _7YO;BSDb;$TE$lT$S<6[`G6 T; ÀìêíéæÞëàâ `GR Âñåæàð 7 O*OTJSD$TE7EI+LO<`GR=ERL<$TE5 %O*'5R$EEC$TE7EI+LO< 9Sh*;Wh_CYgOOD[ b; $TE=ER-ZC'5R$EEC$TE `G ICWITER9WgcC 8[$ +EVD:EEC $EEC$TE7 O*$G T9 I* $G T@[6 cC ú DK}}L-W/QG3:K<DdLE=K4 L= dL K4 'IE_$E*b+$S; .SX?. L3 ¨ÔÒÕÑÎÆÓÈÊ X?J ªÙÍÎÈØ 1O _ -J ==; L=/=A#DG4 A=ZE AL; û 5K##K<E=QGW =Q_G";QGZ3 L=D3K4D3R3 "L3 G" -J ==; L=/=A#DG4W8č_G L= DdL K} dL K4.SX?. L3 ¨ÔÒÕÑÎÆÓÈÊ X?J ªÙÍÎÈØ Ms. Varunee Pridanonda

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Ú² ÉÚÝÕ×Ô ÑÖÐÉÛÍÖÑ° Ú² ÉÜÐÑÉÖ ÚÑÕ×ÖÏÓ×Ô° Û² ×ÜÒÉÖÍÍ ÐÉÖÉÞÉÚÉÖÑÜ° ÛÛܲ Ú×β Ú² ÖÝÛ×ÚÖ ÉÕÉÒÉÑ

Corporate and business law and regulation nowadays have been amended following changing business atmosphere. Following the principle of Fiduciary Duty, one of the directors’ responsibilities is the Duty of Obedience stating that the directors have duty to oversee and ensure business operation according to law and regulation, board resolutions and resolution of stakeholders’ meeting. Hence, the directors will have to study changing law and regulations and ensure that monitoring system is available. Directors will assign audit committee to work on their behalf in order to preliminarily screen the work prior to forwarding findings to the directors for consideration. To encourage audit committee to prioritise duty implementation and to create a platform for knowledge sharing and learning experience, IOD recently held a conference “Audit Committee Forum on 5 October 2017 based on the theme: “The Audit Committee’s Role in Compliance and Ethical Culture Oversight”. Prior to a seminar session, members of audit committees listened to Ms. Varunee Pridanonda, Partner and Consultant Governance, Risk, Compliance and Internal Audit Services at PricewaterhouseCoopers

include corporate culture. Compliance and Ethics should be clearly stated in the agency so everyone can actively follow. 2. Business Management is at the level of executives who should be aware of ù ¬ÔÔÉ ¨Ô×ÕÔ×ÆÙÊ ¨ÔÒÕÑÎÆÓÈÊ ØÍÔÚÑÉ policy and operational process. Training ÈÔÒÕ×ÎØÊ ÔË 1) Leadership with capability to on communication, monitoring and clearly guide the importance of compliance analysis on compliance and ethics and (Tone at the top) 2) Corporate culture and policy on anti-corruption. determination to put in practice regulations and ethics. Audit committee should consider 3. Business Oversight: audit report and probe based on information from various these two elements reflected from executive’s sources for example audit department, policy on giving priority and value to human resources department, risk suggestions given by audit committee management department. Employee he executives and reflect into corporate survey may also be undertaken to check culture. employee’s feedback. ú ©Î×ÊÈÙÔ×Ø ØÍÔÚÑÉ ÊØÙÆÇÑÎØÍ Æ ÑÎÓÐ ÇÊÙÜÊÊÓ ×ÎØÐ ÆØØÊØØÒÊÓÙ ÆÓÉ ÈÔ×ÕÔ×ÆÙÊ ØÙ×ÆÙÊÌÞ ü ­Ê×Ê Æ×Ê ØÆÒÕÑÊØ ÔË ÖÚÊØÙÎÔÓØ ×ÊÑÆÙÎÓÌ The thing is compliance is one of the risks. ÙÔ ÈÔ×ÕÔ×ÆÙÊ ÈÔÒÕÑÎÆÓÈÊ ÙÍÆÙ ÉÎ×ÊÈÙÔ×Ø Lacking proper practice will affect corporate ØÍÔÚÑÉ ÆØÐ Æ×Ê ÆØ ËÔÑÑÔÜØ credibility. Compliance is a proactive tool for - Does the top executive communicate and give importance to corporate directors and executives to prevent a crisis compliance? of losing credibility and to equip the directors with readiness to solve problems and - Is the top executive responsible for corporate compliance? Is there any risk prevent any damage that could occur. assessment? û ¨ÔÒÕÑÎÆÓÈÊ «×ÆÒÊÜÔ×Ð ÈÆÓ ÇÊ ÈÆÙÊÌÔ×ÎØÊÉ - Does corporate structure clearly support compliance operation? ÎÓÙÔ ÙÍÊ ËÔÑÑÔÜÎÓÌ ÙÍ×ÊÊ ÑÊÛÊÑØ 1. Business Strategy in the level of directors - Does audit committee have any clear role in operation? and CEO. Corporate strategy must come from ‘Tone at the Top’. Following the charter, duties of the directors should ý ¶ÚÊØÙÎÔÓ ×ÊÑÆÙÎÓÌ ÙÔ ÈÔÒÕÑÎÆÓÈÊ ËÔ× ÆÚÉÎÙ ABAS Ltd. on the topic “Audit Committee Guide for Compliance and Ethical Culture Oversight”. Here are some of the key factors are:

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ÈÔÒÒÎÙÙÊÊ ÙÔ ÈÔÓØÎÉÊ× - Does the audit committee have sufficient value to the corporate? - Does the audit committee have sufficient freedom? - Does the audit committee have a charter that clearly states the committee’s duties? - Is there any sufficient investment in capacity building of audit committee? - Can human resource department, internal audit department and compliance department work harmoniously and share information?

of interesting suggestions shared during Company Limited, said structure of the petrochemical company was. complicated. the session. Hence the audit committee have to consider ù ªÝÕÊ×ÎÊÓÈÊ ÔÓ ÈÔÒÕÑÎÆÓÈÊ ÆÓÉ not only compliance and ethics but also ÊÙÍÎÈØ ÆÒÔÓÌ ÆÚÉÎÙ ÈÔÒÒÎÙÙÊÊ anti-corruption and compliance regulation through communication with selection ÊÝÕÊ×ÎÊÓÈÊ committee, remuneration consideration Ms. Potjanee Thanavaranit shared her and corporate operation to coordinate experience as chairperson of the audit with human resource and communicate to committee at Bank of Ayudhya Public company staff. Meanwhile directors Company Limited that banking institution overseeing sustainability and risk assessment is under the Bank of Thailand supervision. will take care of corporate risk. Compliance and ethics department has a role in directly overseeing and reporting Asst.Prof.Dr. Anusorn Tamajai shared his to the audit committee and internal audit experience as chariman of the audit department to help review internal audit, committee at Bangchak Corporation Public risk assessment and conflict of interests. Any Company Limited and commended its unusual action which could lead to any fraud, corporate culture, particularly transparency. law violation or insufficient internal control MAI-listed Cho Tawee Public Company Limited should be reported to the directors is a family business and that it’s not much immediately in order to find a solution. Apart complicated. Corporate operation, risk from law and regulation, each bank still has assessment, selection and remuneration a corporate culture that gives importance to committee is set up to oversee related business ethics and corporate core value of regulations. sincerity and action against corruption. Staff at all levels should be able to attend training on recruitment and annual KPI assessment ú ¼Æ×ÓÎÓÌ ØÎÌÓ ÔË ÈÔÒÕÑÎÆÓÈÊ ÆÓÉ ÊÙÍÎÈØ ÔÕÊ×ÆÙÎÔÓ ÙÍÆÙ ÆÚÉÎÙ ÈÔÒÒÎÙÙÊÊ following corporate culture

For a session on the topic “The Audit Committee’s Role in Compliance and Ethical Culture Oversight”, panelists included Ms.Potjanee Thanavaranit, chairperson of audit committee at Bank of Ayudhya Public Company Limited, Mr. Rathian Srimongkol, Chairman of the Audit Committee, Indorama Ventures Public Company Limited, Asst. Prof. Dr. Anusorn Tamajai, chairman of the audit committee Cho Tawee Public Company Limited and former audit committee chairman of Bangchak Corporation Public Company ØÍÔÚÑÉ ÌÎÛÊ Õ×ÎÔ×ÎÙÎÊØ Limited. The session was moderated by Dr. Narumol Sinhaseni, founder of Magic Mr. Rathian Srimongkol, chairman of the audit Ms.Potjanee Thanavaranit said corruption Three Company Limited. Following are some committee at Indorama Ventures Public would be an obvious sign. Audit committee

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is seen as a channel for filing complaints from all stakeholders apart from available corruption reports. Corruption cases by executives are seen as negative signs. Availability of check and balance is crucial and so is punishment. Tone at the top is an ultimatum. Employee survey among staff and CEO will be undertaken at the bank. Rating will reflect feedback on each part. The audit committee will have to check to what extent top executive give priorities to compliance and ethics, take action on the matter and how punishment will be made. The audit committee also has duties to investigate and monitor. Mr. Rathian Srimongkol said companies having branches all over the world should be equipped with auditing system and punctuality in report submission. Reminding system will be activated when report is not submitted on time. The audit committee can call related parties to ask questions. For business that is newly taken over, the audit committee will check all departments

in case there’s any unusal issue, so receive immediate information will be received. A channel for corruption complaints should also be available. Asst.Prof.Dr. Anusorn Tamajai viewed audit committee on compliance and ethics ability to check and balance depends of the committee experience. If there’s any unethical issue in each agenda, committee must dare ask question and speak up.

û ¨ÔÒÕÑÎÆÓÈÊ ÆÓÉ ÊÙÍÎÈØ ËÆÈÙÔ×Ø ÆÓÉ ÒÊÈÍÆÓÎØÒ ÙÍÆÙ ØÚÕÕÔ×Ù ÆÚÉÎÙ ÈÔÒÒÎÙÙÊÊ ÔÓ ÈÔÒÕÑÎÆÓÈÊ ÆÓÉ ÊÙÍÎÈØ Mr. Rathian Srimongkol believes that any corporate that gives priorities to sustainability will look at the corporate in the long term and think less about company image than corporate value and corruption. The audit committee should be a foundation for creating trust and credibility among employees and providing solutions to any corporate issue that may occur. Asst.Prof.Dr.Anusorn Tamajai said the audit committee should select to work with a corporate that gives priority to sustainability so that the committee can maintain integrity and continue warning and giving suggestions.

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Ms. Potjanee said corporate governance should be prioritised at all levels from directors, executives and staff. Everyone should be aware of corporate governane. Internal control, check and balance, and risk management should also be available. Investigative panel should be appointed to probe on each case prior to finalising punishment. Internal auditor should be equipped with domestic and international knowledge seen as a tool to analyse and bring information to audit committee. The audit committee should have freedom to continuously check and balance, review on business ethics and charter of audit committee every year.

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Board Development

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Bringing Strangers into the Boardroom 3L<G:N?L: W6 L:N}Y} Ú² ØÑÔÉÚØ ÐÉ×ØÑÖá× Senior CG Analyst - Curriculum Development Thai IOD

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ÔÞåÌ Ă„ïÏòí 8YO_= ;OW$M;Xg*$E5WJX$KT 9Wg; TL;b+%O*O*' $E9Wg;lT`;I'V66 T;$TE$lT$S< 6[`G$V+$TE9W6g W ÂĽĂ„ĂŹĂŹĂĄ ÀÏïíÏïÞùâ Ă„ÏóâïÍĂžÍà ⌠a6D_,@TROD T*DVg* $TE;lT ';;O$ _% TCT;Sg* b;2T;R$EEC$TEOVLER CT=ERDZ$7 b- `G I=ERL< >GLlT_Ef++EV*b;_-V*=ER+S$K OD T*cE$f7TC 'ITC9 T9TD9Wg`9 +EV*;Sh; $GS<cC c6 OD[ 9Wg$TE;lT `;I'V66S*$G TICT=ES<b- `7 OD T*b6 MT$`7 OD[ 9Wg $ TE_= 6 b+DOCES < %O*<EE6TLCT-V $ b; 'EO<'ESI `GR'ITCLTCTE8b;$TELEEMT $EEC$TE9Wg b- `GRCW'ITC_= ;OVLER9Wg`9 +EV* ÂĽĂ‘ïòâ ÆÍåâíâÍåâÍà ⌠bM c6 7 T*MT$ --------------------------------------------Family businesses have played an important role in the economic systems throughout the world. More than two thirds of business organizations worldwide are administrated by family members. Most of the world’s economic output, employment and wealth have been the result of this type of business. Research from several global institutes, including McKinsey & Company and the Harvard Business Review, have found that the profitability and growth rate of family-run operations are higher than other businesses. These impressive results, however, are in contrast to a study that found that 95 percent of the family businesses do not survive beyond the third generation. This is partially due to the nature of family business administrations, which often are challenged by succession planning, lack of management systems and professional executives, an increasing number of kinship and the complex relationship within the family itself. Sustainable family business has become one of the most frequently discussed issues. A guideline is needed to help family businesses survive and advise them on how to maintain a long-term competitive position when the business continues to expand and is being passed into the hands of the next generation, particularly in cases in which family members lack the sufficient knowledge,

B o a r d r o o m | 43

capability and professional management agribusiness sector in Egypt administrated skills to run the company, which is a major by the Freiji and Nasrallah families, is an risk of this type of business. example of a family business that has adopted the concept under the guidance of One of the first concepts to be applied the International Finance Corporation (IFC). at the global level to reduce this risk is to improve corporate governance within the Similar to other family businesses, the Wadi family business. The key to achieving this is to Group had seven committees consisting restructure the board of directors, (formerly of family members and no subcommittees, often dominated by family members) to and there was no clear separation of roles have a greater proportion of independent between directors and management. It had “professional” directors from outside to become common for company employees reduce the multiple role-playing problem to see Mr. Musa Freiji, Chairman of the Board of family members that may be directors, to sign his name to approve day-to-day executives and shareholders at one time. documents. A risky structure can lead to conflict of interest and inefficiency in the administration However, in recent years, the Wadi group and implementation of corporate strategy. has become well known for its strong organization culture, steps taken for selfTherefore, the entry of independent directors improvement and efforts to improve its adds value to the family business as business to support rapid growth and good an agent of outside expertise and an corporate governance. independent voice, which results in a more balanced operation and enhances the “Our organization is growing very fast, professionalism in the performance of which is becoming a large challenge. This has made us think seriously on whether the duties of the board of directors. business will survive when it is passed on Nevertheless, the degree of the positive to the second and third generations” said impact independent directors “outsiders” Mr. Ramzi Nasrallah, a family member, who have on the family business depends on is a Chief Financial Officer (CFO) of Wadi three important factors that the “insiders” Group said. have to answer on their own. They are as The key highlight of the restructuring of follow: 1) Does the current board of the directors Wadi Group corporate governance in 2007 have diverse and sufficient skills to was the structure change at the board level, support the organization’s business which included nominating independent strategy? directors to the board for the first time, the 2) Is the organization’s culture, especially revision of the financial report by the audit the attitude of family members, open for committee and conducting an efficiency new ideas and is it willing to accept the assessment of risk management and internal views of “outsiders”? control, which was the first subcommittee 3) Are the processes within the organiza- to be set up since the establishment of the tion professional, well planned and well company in 1995. organized? In addition, the company established a The Wadi Group, a large conglomerate in the formal family council, which meets four time

44 | B o a r d r o o m

a year, and a family assembly is to serve as a channel for communication among all family members, especially with regards to important business decisions and the succession issue. The meeting is held once a year. About one and half year after the changes were implemented, the Wadi Group revealed through an IFC report that the improvement of the corporate governance structure allowed the company to maintain its performance. Even when the economy was sluggish in 2008, the company had a profit growth rate of 80 percent. Furthermore, it also allowed the company to more easily access capital sources, enabling it to raise US$68 million. Moreover, it is also able to manage risk better and build a good image for the organization. The Wadi Group is an interesting case study of an organization that has adopted the concept of good corporate governance, especially bringing “outsiders” to sit as independent directors successfully with empirical results. However, the real challenge is not adopting the concept but ensuring that family members have an open mind and the ability to recruit “true” directors with true independence. ---------------------------------------------------

Board Development

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board’s performance with regard to corporate governance or the corporate social responsibility or anti-corruption policies. The company secretary could also support the board’ when it conducts a self-assessment or an assessment of the CEO or even assist 1. According to the Securities and Exchange in communicating policies and or work Act (No. 4), 2008, Section 89/15, the Board related the company’s strategies, including of Directors must designate the company follow-up on company policies. secretary with the duty to prepare and retain important documents of the company, Qualifications of the company secretary as well as keep reports of interest issued by According to the Corporate Secretaries a director or executive. International Associations website (CSIA: www.csiaorg.com), an international federation 2. According to the code of corporate of profession organizations associated governance for listed companies in 2017, with corporate secretaries and corporate principle 3.9.8 states that the board of governance whose membership includes directors should determine the appropriate 14 organizations from 14 countries, most qualifications and experiences of the company organizations, such as the Australiasecretary to enable him or her to make Governance Institute of Australia, the Hong recommendations and be in a position to Kong Institute of Chartered Secretaries (HKICS), retain documents from the board meetings the Institute of Chartered Secretaries and and other important documents on the Administrators-UK (ICSA), the Chartered activities of the board of directors, as well as Secretaries Southern Africa (CSSA), have ensure that they are in compliance with the set the required qualifications of their resolutions set by the board. members based on the training given by each organization. In addition, the board should note the qualifications and experiences of the The law and code of corporate governance company secretary in the company’s in Thailand have yet to set the required annual report and on its website. qualifications of the company secretary. In addition, there is no professional organization Information disclosure of a Thai company for company secretaries in the country. However, the ASEAN CG Scorecard and secretary The results of the Corporate Governance the Corporate Governance Report of Thai Report of Thai Listed Companies (CGR) Listed Companies (CGR) includes one in 2016 showed that 90 percent of Thai assessment criterion that considers the listed companies have publicly disclosed qualifications of the company secretary the name, educational background, work based on education and training. For the experience and duties of their respective CGR project carried out in 2016, it was found that 458, or 76 percent, of the 601 company secretary. listed companies in Thailand that were However, regarding the responsibilities a reviewed, employed company secretarcompany secretary, a prominent part of the ies who had graduated with a degree in work involves paper work, such as preparing accounting or law or had followed courses and keeping important company documents. related to their duties as a company secretary. However, companies could look beyond this responsibility and request the company Based on the above figures, it is the secretary to carry out tasks related to the qualification of Thai company secretary A company secretary plays a key role in ensuring that a board of directors is effective. The roles of the Board of Directors with respect to the company secretary are as follows,

demonstrated separately between educations and training which was found that ªÉÚÈÆÙÎÔÓ Out of the 601 companies that were assessed by CGR 2016, the company secretaries of 275 companies received a degree in accounting or law or both. Sixty-five percent received a degree in accounting, which was one percentage higher than those who received a degree in law. However, a number of company secretaries had shown an interest in studying both accounting and law. ¹×ÆÎÓÎÓÌ Out of the 601 companies that were assessed by CGR 2016, the company secretaries of 258 companies had participated in the “Company Secretary Program” organized by the Thai Institute of Directors or attended the course “Fundamentals for Corporate Secretaries/ Advances for Corporate Secretaries”, which was jointly organized by the Thai Corporate Secretary Club, the Thai Listed Companies Association and the Stock Exchange of Thailand and Securities and Exchange Committee, or participated in both courses. Also of note, 86 percent of the Thai company secretaries had participated in the Company Secretary Program. In accordance with the code of corporate governance for listed companies 2017, the Code of Practice 3.9.9 also states that the company secretaries should receive training continuously to improve their work skills. In the case of a certified program, the company secretary should attend the training course. This is in line with the ASEAN CG Scorecard 2017 that added a condition in the scoring that apart from graduating with a degree in accounting or law, or attending a course related to their duties, a company secretary should continuously expand his/her knowledge and disclose this knowledge development annually. ±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±± B o a r d r o o m | 47

Expertise and Integrity for Today’s Professional Directorship

Boards that Make a Difference BMD www.thai-iod.com

BMD 5/2017

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Chartered Director Corner

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1O_3 LW%Q_G0QG X?J[A AL"Z# Credible and Trusted Audit Committee

.=²5=JAþ/= 3N?DRA==-L R? Ú² ÚÉßÑÜ ÑÖÛÝÞÉÖÉÓÝÔ Chartered Director (IOD) DCP 42/2004

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B o a r d r o o m | 49

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`GR9l T $TE_=GWg D ;`=G*MT$CW ' ITC+l T _= ; OD T*cE$f7TC b;$TE_% T8X**T;9Wg7 O*7EI+LO< žĂ€ 7 O*OTJSD >[ 7EI+LO<BTDb; _= ;>[ 6lT_;V; $TE_= ;L I;bM‰ 6S*;Sh; žĂ€ +X*7 O*$lT$S<6[`G bM >7 [ EI+LO<BTDb;CW$0<S7E .X*g $lTM;6`;I9T* M; T9W g `GR'ITCES<>V6-O<%O*>[7 EI+LO<BTDb; `GRCW`>;$TE7EI+LO< .Xg*_= ;`>;*T;9Wg+R9lT b;ETDGR_OWD6 a6D`L6*_EYgO*9Wg+R9lT _IGT >[ ES<>V6-O<b;$TE=1V<S7V `GR$TEETD*T;>G a6DLEZ=$TE@VL[+; $TE_% T8X*9Z$_EYgO*LTCTE8 9lTc6 a6D ÂĽÂŽÂŚ $0<S7E žĂ€ ÂĽÂŻÂŚ $0<S7E >[ 7EI+ LO<BTDb; ¼°Œ `>;$TE7EI+LO<%O*>[ 7EI+ LO<BTDb; ¼¹Œ ETD*T;>G$TE7EI+LO<%O*>[ 7EI+LO<BTDb; `GR ¼²Œ <S;9X$$TE=ER-ZC9Sh* = %O* žĂ€

ÂĽĂ€ÏÍùÌÍòÌÍä Ă‚åòà ĂžùÌÏ͌ 9Z$_EYgO*9Wgc6 ES<CO< MCTD EIC9Sh*CW$TE@S4;T'ITCE[ _@YgObM 9S; $TE@S4;T%O*_JEK2$V+`GRLS*'C `GR;lTCT b- b;$TE=1V<S7V*T;bM 6WDVg*%Xh; _- ; à ÌäÌùÞÊ Ă‚à ÏÍÏê܊ $TE9Z+EV7 ÂĽĂƒĂŻĂžò匊 $TE'OES=-Sg;Š `GR;aD<TD7g O 7h T ;'OES = -S g ; Š ĂƒÏïâÍðÌà žà à ÏòÍùÌÍäŠ ĂƒĂŚĂŤĂ‘âà üŠ ¿Ìä à ÞùÞŠ $TEAO$ _*V; `GR ¿Ìùà ÏÌÍ _= ;7 ;

$G TIa6DLEZ= žĂ€ 'IE_% Tb+ <9<T9 M; T9W g 'ITCES<>V6-O< `GR+EEDT<EE5 EIC9S*h c6 =1V<7S *V T;6 ID'ITC_% Tb+ _% T8X* =ER_CV;>G `GR@S4;TOD T*7 O_;YOg * _= ;OD T*6W $TE6lT_;V;$TE _- ;;Wh 9lTbM >G*T;%O* žĂ€ _= ;>G*T;9WgCW 'Z5BT@9Wg6W .Xg*;lTc=L[ 'ITC_Mf;-O< DOCES< _-YOg 8YO `GRcI IT*b+ ÂĽĂ‘ïòðùŒ +T$<Z''G9W_g $WDg I% O* ° $TE=ER_CV;>G $TE=ER_CV;>G _= ; b;LS*'C $TE@V+TE5T_=EWD<_9WD<>G$TE6lT_;V;*T;$S< -----------------------------------------`>;*T;9Wg7Sh*cI `G IIV_'ETRM `GRLEZ=>G žĂ€ 'IECW $ TE=ER_CV ; >G$TE6l T _;V ; *T;%O* Public trust is a must for listed companies. 7;_O* _@YgOb- _= ;% OC[G=ER$O<$TE@V+TE5T To earn public trust, listed companies need =ES<=EZ*7;_O* `GR@S4;T$TE6lT_;V;*T;bM 6 W to hold on to the principle of Good Corporate DVg*%Xh; $TE=ER_CV;>G%O* žĂ€ =ER$O<6 ID ÂĽÂŽÂŚ Governance (CG). The CG mechanism $TE=ER_CV;'ITC_% Tb+ % O$lTM;6 <9<T9 requires Audit Committee – AC, the board M; T9W g `GR'ITCES<>V6-O<9Wcg 6 E<S CO<MCTD `GR of directors’ sub-committee working to help review and audit ÂĽÂŻÂŚ $TE=ER_CV;'ITC_% Tb+ _$WDg I$S<'ITC@E OC independently major issues and to fulfill the directors’ `GR'ITCLTCTE8%O* žĂ€ b;$TE=1V<S7V*T; ¼°Œ responsibilities and put in practice the CG $TE=ER_CV;$TE_% T8X* _= ;$TE=ER_CV;>G$TE principle. =1V<S7V*T;9Wg_$V6%Xh;+EV*I T žĂ€ LTCTE8_% T8X* 9Z$_EYgO*9WgIT*`>;cI 7TC$lTM;6_IGTMEYOcC According to the Stock Exchange of $TE=1V<S7V*T;CW= ‰MT OZ=LEE'ORcE9Wg9lTbM Thailand, AC represents directors and >G*T;cC c6 7TC`>;9Wg$lTM;6 CW`;I9T*`$ c% works independently, with business ethics. = ‰MTORcE9Wg+RA ;? TOZ=LEE' c6 LVg*9Wg_$V6%Xh; AC major roles and responsibilities are: (1) _= ;<9_EWD;LlTMES<$TE6lT_;V;*T;'ESh*7 Oc= review and audit financial report (2) review internal audit system (3) monitor internal ORcE< T* audit (4) review company operation by law and regulation (5) select and nominate a uditor appointment (6) share business details if there is any conflict of interest and (7) other tasks assigned by the board of directors and agreed by the AC themselves.

¹ @S4;T*T;9W=g 1V<7S 7V TCM; T9W g ÂĽÂŽÂŚ @S4;T $TE=1V<S7V*T;7TC9Wgc6 ES<CO<MCTD ÂĽÂŻÂŚ @S4;T >G*T;%O* žĂ€ bM _= ;=ERaD-; 7O '5R$EEC$TE <EVKS9 >[ <EVMTE `GR>[ =1V<S7V*T;%O*<EVKS9 CT$ DVg*%Xh; a6DIV_'ETRM % O' ;@<+T$$TE7EI+LO< _@YgObM _Mf;= ‰MT OZ=LEE'9Wg`9 +EV* `GRbM % O AC good practice, credibility and trust _L;O`;R9Wg-S6_+; O;Xg* $TE@S4;T6S*$G TI žĂ€ depend on (1) good ĂšĂ“Ă‰ĂŠĂ—Ă˜Ă™Ă†Ă“Ă‰ĂŽĂ“ĂŒ on LTCTE86lT_;V;$TEc6 a6D$TEJX$KT7 O_;YgO* works and assignments (2) ability to Ă†ĂˆĂˆĂŠĂ˜Ă˜

every assignment (3) ÊÛÆÑÚÆÙÊ its own per- (4) Corporate Finance Principle has been formance and (4) further ÉÊÛÊÑÔÕ work and continuously developed to meet the need of assignments company executives, investors and others in the society. Hence, AC has to be ready to ù ¬ÔÔÉ ÚÓÉÊ×ØÙÆÓÉÎÓÌ ÔÓ ÜÔ×ÐØ ÆÓÉ get familiarized and understand up-to-date ÆØØÎÌÓÒÊÓÙØ business and financial principle (1) understand its roles and responsibilities (2) AC readiness to perform following roles (5) Operational Audit System has been and responsibilities, knowledge and exper- continuously developed for example, tise in different fields financial audit, operational audit, performance audit, management audit and (1) Accountancy: AC need to truly understand IT audit. In addition, AC operation has to accounting standard to read and analyze if be in line with international audit standard accounting report or financial statement and ethics. Internal auditor is the key AC including financial status statement, assistant and that understanding to work comprehensive income statement, and development is a key to effective statement of cash flow and footnotes to internal audit. financial statement are correct and that information report is sufficient. Federation of (6) Corporate business knowledge is also a Accounting Professions use the International key to monitor direction and performance Financial Reporting Standards (IFRS) as a that AC needs to understand and prepare reference for Thai Accounting Standard. to review corpoarate performance. (2) Internal Control System: Set as a framework to effectively meet the work goal, internal control system should result in availability of credible annual report, company’s major work system with adequate framework and details without over control. Adequate revision is one of AC major tasks.

(7) IT system is fundamental for business operation that has been transformed from manual-based system. AC needs basic understanding on the trend and IT development.

However, if AC analysis finds that its members lack knowledge and are experts in some fields, more members from In 1992, the Commission of Sponsoring different fields of expertise should be Organization of the Treadway Commission brought in to close the gap. (COSO) Original Framework including five components was published. The updated ú ¦ÈÈÊØØÎÇÎÑÎÙÞ AC must be able to access COSO Integrated Framework was later and probe on every assignment based on published in 2013 including five AC Charter designed to clearly identify components, 17 principles, and 91 major roles and responsibilities or changes, if points. necessary. However, AC depends on auditors to work on its behalf and that (3) Risk Management: COSO – Enterprise monitoring is needed and ensure that their Risk Management ERM Intergrated Frame- auditors is equipped with Charter determining work or COSO – ERM with a total of eight roles and responsibilities, monitoring components was published in 2002. plan i.e. work assignment, time, person

responsible for action and report. In summary, proof of accessibility can be made by (1) AC Charter (2) Auditor Charter (3) Audit Plan (4) Audit Report (5) AC minutes throughout the year û ªÛÆÑÚÆÙÎÔÓ Considering between performance, operational plan and evaluation, AC should also evaluate its performance based on existing information in a bid to improve and further develop its work. AC evaluation includes (1) understanding towards provisions, roles and responsibilities (2) AC capacity and readiness to perform (3) AC should evaluate if they can actually access information following work plan. Check if there is any shortcoming that makes the AC miss the goal and how to cope with the challenge based on lesson learned etc. ü «Ú×ÙÍÊ× ©ÊÛÊÑÔÕÒÊÓÙ ÔË ¼Ô×Ð ÆÓÉ ¦ØØÎÌÓÒÊÓÙ including (1) development of work operation following assignment (2) develop performance to benefit directors, executives and company staff by analyzing audit report to understand problems, challenges and suggestion. Continuing education is a way for AC to put in practice and develop themselves so that they will not miss the economic and social trends i.e. digital economy, fraud, corruption and anti-corruption policy, forensic accounting, FinTech, Big Data, money laundering and BitCoin. In summary, AC should understand roles and responsibilities, ethics, and work with understanding, accessibility and continuous development. Such AC work will result in high-quality performance, credibility and public trust in return. ±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±

B o a r d r o o m | 51

Board Opinion

8K,3L 3. A<3AK/ ==; 8K,3L"L3. A<W1 Y3Y?<O Improving Business and Workforce Development through

¹ÊÈÍÓÔÑÔÌÞ ÆÓÉ ®ÓÓÔÛÆÙÎÔÓ 3L"DLADL=þ-O W=āG" "W O<=/N Û² ÉÚÑÖÍÍ ÝÉÖÏÓ×ÖÏÓÑÉÜ Assitance Manager - Member Relations Thai IOD

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ES2IVLTM$V+OS;6S<7 ; e 9Wgb- ;IS7$EECb;$TE LlTMES<E8D;7 cAA T9Wg;Sg*L I;<Z''G cC _$V; ´ 6lT_;V;*T; 9W;g Sg* IVg*c6 ERDR9T*=ERCT5 ®­­ $VaG_C7E a6D $AB« _= 6bM <EV$TEAEW+;8X*LVh;= ¯²³­ $AB« 6lT_;V;*T;a6Db- _9'a;aGDW_= ;7SI 7Sh*`7 _IGT ­³«­­ ¯­«­­ ;« ;O$+T$;Wh DS*CW %S<_'GYOg ; >LT;$S<'ITC'V6LE T*LEE' @E OC$S< `>;+S69lTER<<a'E*% TD`<<OO;cG; 9Wg_-YgOC @S4;T<Z'GT$EbM EO*ES<$TE_=GWgD;`=G* .Xg* aD*9Z$L8T;W<EV$TE .Xg*>[ b- *T;LTCTE8_% T8X* $AB« c6 _EVgC7 ;a'E*$TE9Wg;lT_9'a;aGDWbMC CT % OC[G> T; ¾ííéæàÞñæìë <; ÐêÞïñíåìëâ - I DbM _ $V 6 ;IS 7 $EEC'I<'[ $S < $TEbL b + 9l T bM 9 ET<7l T `M; * %O*L8T;W 9Wg I T *`GROD[ LVg*`I6G OCCT$ O;M; T;Wh _- ; a'E*$TE ÂÓ b$G 9WgLZ6 LSC@S;: $S<@GS**T;cAA T9WgCWOD[ b;E8 ÀåÞïäæëä ÐñÞñæìë _= ;a'E*$TE;lTE O*bM <EV$TE LTCTE8+O*'VIL8T;WOS6=ER+ZcAA TG I*M; T L8T;W-TE +cAA TbM $S<E8D;7 cAA T _EVgC7V67Sh* 9ET<L8T;R$TEb- @GS**T; E[=`<<$TEOS6 'ESh*`E$b;L I;B[CVBT'9WgOlT_BOMSIMV; +S*MIS6 =ER+ZcAA T $TE-lTER_*V;' T<EV$TE`GR$TE`+ * =ER+I<'WEW%S;: `GR@S4;TOD T*7 O_;YgO*c=L[ _7YO;= MT$TEb- *T; _= ;$TE@S4;T$ER<I;$TE _CYO*bM `GR`MG *9 O*_9WgDI9WgLlT'S ² _L ;9T* 9lT*T;9WEg O*ES<DZ'6V+9V GS 7O<L;O*'ITC7 O*$TE +lT;I; ®® `M * OT9V @ER;'EJEWODZ:DT @S9DT %O*>[ b- cAA Tc6 OD T*EI6_EfI CW=ERLV9:VBT@ ;'E=2C ;'EET-LWCT _@YOg L;S<L;Z;bM =ER-T-; 6 ID_9'a;aGDW9Wg_= ;CV7E7 OLVg*`I6G OC CW ' ITCLR6I$`GRMS ; CTb- * T;E8D;7 @GS**T;cAA TbM CT$%Xh; .Xg*a'E*$TE;Whb- b;6 T;$TE@S4;T_@YgOEO*ES<$TE_7V<a7 _'EYgO*OS6=ER+ZcAA T_= ;`<< ÊòéñæªÐñÞëáÞïá %O*_JEK2$V+BT'7RIS;OO$ ¥ÂÂÀ¦ $AB« IT*`>; ¥ÀžáâÊÌ© ÀÀÐ Àìêß쯩 ¾À Ñöí⯦ @S4;T=ERLV9:VBT@%O*$TE+ TDcAA T a6D 7TCCT7E2T;;T;T-T7V EO*ES<E8D;7 cAA T @S4;TER<< ÆÀÑ OD T*7 O_;YgO* _@YgObM <EV$TE 9Wg 7V 6 7Sh * MS I + T D$ER`LcAA T 7TCCT7E2T; G[$' Tc6 _= ;D T*6W`GR_@VgC=ERLV9:VBT@b;$TE DZaE=`GR Wg=Z ; $TEOS6=ER+ZcAA TOD T*EI6_EfI 6lT_;V;*T; _- ; $TEE ICCYO$S<:;T'TE$LV$E ¥Îòæàè ÀåÞïä⦠b- _IGT=ERCT5 ¯­ ;T9W c9D`GR@S;:CV7Eb;$TE;lTER<< ¿éìàèàåÞæë

CTb- b;$TE@S4;TER<<*T;%O* $AB _@YgOG6 Corporate operation in the age of Thailand In addition, information about each EV ' Tb- + TD6 T;_O$LTE `GR_@VgC'ITCLR6I$ 4.0 needs a combination of innovation and Charging station is linked together via online technology to rapidly move forward the network system. Users can download mobile =GO6BSDbM $S<>[ b- <EV$TE business and meet clients’ needs. Boardroom interviews Provincial Electricity Authority (PEA) governor Mr.Sermsakool Klaikaew to learn how this Thailand’s leading state enterprise can be as progressive as corporate sector and to what extent PEA gives importance to these two important development factors.

app on smartphone to find the nearest EV Charging station. Details about remaining battery status, charging format, fee payment, waiting time for queuing up at each EV Charging station and problem notification are available. Such effective, environmentallyfriendly service reflects work process essential for digital transformation, and meets customers’ need.

'Z5_LEVCL$ZG$G TI_@VgC_7VCI T $TE@S4;T <Z'GT$Eb;O*' $E_= ;LVg*9Wg $ABÂŤ bM 'ITCLlT'S‰ _@ETR_-YgOI TO*' $E6Wc6 7 O*_$V6+T$@;S$*T; 9Wg6WCW'Z5BT@ $ABÂŤ +X*+S67Sh*J[;D 96LO<`GR J[;D =ER_CV;'ITCE[ 'ITCLTCTE8- T*cAA T BTDb;OT'TE `GR$TE7V67Sh* Ă?ÏÊÞï Ă?ÏÏãùÏí _@Yg O _= ; $TED$ER6S < ? CY O `E**T;bM c 6 CT7E2T;LT$G `GR= O*$S;BSDOS;7ETD+T$$TE People may be caught up in the same old 7V67Sh*OZ=$E5 `GRER<<cAA T9WgcC 8[$7 O*`GR bureaucratic red tape. However, the world Such innovative, technological development changes, so does PEA, says Mr. Sermsakool. is carried out as part of a preparation for the cC _MCTRLC Eastern Economic Corridor (EEC) Development project. PEA also plans to develop electricity distribution effectiveness by continuously improving ICT system. The state enterprise teams up with Kasikorn Bank and its allies to introduce Blockchain, a digital ledger that provides a secure way of making and recording transactions, agreements and contracts – anything that needs to be recorded and verified as having taken place. Driven by technology combined with creativity The system will bring PEA work to the next and human resources development, PEA level and reduce cost on paperwork while introduced EV Charging Station as a pilot increasing security and safety for users. project in Hua Hin, Prachuab Khiri Khan province. The project is expanded to other major tourism destinations i.e. Phra Nakhon Si Ayutthaya, Pattaya, Nakhon Pathom and Nakhon Ratchasima, totaling 11 EV stations, in order to encourage public to switch to electric cars. A multi-standard quick charger (CHAdeMO, CCS Combo2, AC Type2) system that meets international standards is implemented under the project. The system is also compatible with electric cars produced based on European and Japanese standards. The so-called quick charger can recharge EV car’s battery in 20 minutes. A fully-charged battery can run about 100 kilometers before needing a plug socket. EV Charging station is open during 6 a.m. – 8 p.m. free of charge until the year end.

Corporate strategy under the concept $ABÂŤ CZ *_; ;_EYgO*_9'a;aGDW ;IS7$EEC “Development of human resources through %5R_6WDI$S; $fbM 'ITCLlT'S‰b;6 T; Ă€Ă?Ă? 9Wg innovation and operational performance > T;CT $ABÂŤ +S69lTa'E*$TE7 T*e 9Wg_% T8X* through technologyâ€? has been initiated to bL b+LS*'C -ZC-; `GRLVg*`I6G OC OT9V steadily move forward PEA regarded as of the leading state enterprises well a'E*$TE Ă?Ă‚ž EICb+=ER-TES2 ES$K ݃Ă?´ LE T*?TD one for its innovation operation that ³² ?TD a6DE IC$S<C[G;V:VOZ$@S4; b;@ER<EC recognized provides quick, precise and environmentallyET-[=8SCB `GR-ZC-;b;@Yh;9WgLE T*?TD-RGO݃Ă?´ friendly services.

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B o a r d r o o m | 53

Mr. Sermsakool added human resources development would be prioritized at PEA. Good organization comes from quality workforce. PEA Electrician Skills Assessment Center is established for testing technician capacity and expertise on solar rooftop and prevention of any danger from improper equipment and electric setting. Not only technology and innovation but also corporate social responsibility (CSR) are PEA priorities. Several CSR projects aimed at supporting society, community and environment for example a project in partnership with Utokapat Under Royal Patronage of H.M. The King Foundation to build 65 check dams for communities. Made of defect concrete electric poles, farmers and community residents can utilize water from check dams for agricultural use. Another 10 check dams will also be built during the next phase of the project. Solar water pump and water pipeline are also equipped for agricultural benefits. Youth project in cooperation with EGAT and MEA is also introduced so that young generation will understand where electricity comes from, leading to behavioural changes in the long run. Boardroom exclusive interview with PEA governor reflects that integration of technology and innovation to corporate strategy and long-term plan not only helps the organization reduce cost, but also enables all stakeholders to earn benefits out of different projects, leading to good relationship with all stakeholders and that PEA wins a place in their hearts as a result.

54 | B o a r d r o o m

B o a r d r o o m | 55

Anti-Corruption Update

=L<"L3 AL; LAE3 L =JEA L"W.QG3 K3<L<3±/R?L ; ´·¸ú ¬ Ú×ÏÚÍÛÛ ÍØ×Úܼ ÍØÜÍÕÊÍÚ± ËÜ×ÊÍÚ ´úû¹ ­ W2@< @:4(M3J.M §ÓÐÐÉÇØÍÚÉ ¥ÇØÍÓÒ §ÓÅÐÍØÍÓÒ F!9K VF $2Z0;Y2 K<. F. K2 K<0Q"<ý. (Thai Private Sector Collective Action Coalition Against Corruption: CAC) 3L< N/NW.% $K31K" S? Ú² ÑÜÑÌÍÒ ÐÉÖÜÉÖÏÓÝÔ Project Manager, Thai IOD

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56 | B o a r d r o o m

On 18 September 2017, Collective Action Coalition Against Corruption (CAC) together with Thailand Marketing Research Society, Anti-Corruption Organization of Thailand and Hand Social Enterprise launched the “Citizen Feedback” project, an assessment system aimed at enabling general public to evaluate services provided by government agencies and report on any bribery case.

for corruption risk management. All details are available on www.thai-cac.com or contact Ms. Pattaraporn at 02 955-1155 ext. 216. -------------------------------------------------------------

The Citizen Feedback project will enable people to share their views on public service and will lead to its standard and quality improvement. CAC is planning to expand the project’s scope of work by next year. Information received from the survey will creatively enhance quality and transparency of public service. Transparency is essential for minimizing corruption that may occur along the service process. CAC would like to invite general public to provide feedbacks next time when visiting government agencies. Everyone can be a part of solution to chronic corruption and bureaucratic red tape. Any further information can be read in AntiCorruption in Practice. A total of 852 companies joined force in the coalition. Of the total, up to 407 are listed companies. Of the total 273 CAC members, 173 are listed companies. Readers can follow other activities of the project for example seminar or training on Anti-Corruption: The Practical Guide (ACPG). This course is suitable for staff responsible for internal system control essential for preventing corruption. Ethical Leadership Program (ELP) is also suitable

B o a r d r o o m | 57

Boardroom: Anti-Corruption in Practice

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Have you ever felt discomfort when going contact any civil service office? Complicated working process and bureaucratic red tape always take so long time that we are capable of doing anything to get our businesses done in every possible option we can afford. Lacking bureaucratic efficiency is a catalyst to bribery so that “things will be easier� for general public or private companies having either excuses or necessities to speed up services.

aimed at providing a platform for general public to reflect their views on public service simply by using their smart phones. QR Code of each government office is available for general public to scan and start answering the survey questions relating to their impressions and challenges facing when receiving public services. Users can answer these questions anywhere anytime based on facts without having to provide their identities. Users can also follow up on the Sustainable solution to bribery is to improve result at all times. effectiveness and transparency of public service standard seen as the root cause of Feedbacks will be processed by credible the problem. Any unnecessary regulation and neutral professional analysts. The or requirement that gives much importance assessment will then be reported back to to authority discretion but has a negative each civil agency and the government in impact on public service in general should order to find a sustainable solution to the be revoked, particularly when anti-bribery chronic corruption problem. The result will campaign focusing on public individuals and also be published on the media to keep private companies is not yet fully effective. the public posted about transparency and service quality of each government agency. Collective Action Coalition Agaist Corruption (CAC) has been studying on approaches that lead to sustainable solution to bribery in other countries. One of the most effective methods is to create a mechanism that enables people to share their views on public service and to report on bribery cases.

Initiated by CAC, Citizen Feedback is made possible thanks to cooperation between Thailand Marketing Research Society, AntiCorruption Organization of Thailand and Hand Social Enterprise. The project is also supported by the Office of Public Sector Development Commission selecting five government agencies to participate in the License Facilitation Act has been enacted pilot project undertaken during 18 September for some time. However problems still occur to 13 October 2017. The five government in practice because public service provided offices are: by some government agencies do not meet standard and result in continuous “undertable 1) Registration Division, Department of money� payment. Land Transport 2) Licensing Service Center, Food and Although petition channels are available for Drug Administration general public, many still don’t want to file 3) Department of Land, Bangkok any case mainly due to complications in Metropolitan Administration providing information. Providers may have 4) Department of Land, Huay Kwang to even take the consequences of reporting District Office on bribery cases and may not be able to 5) Department of Land, Nonthaburi receive good services from officials at those Provincial Office bribery-reported government offices. Future plan of the project will be further According to CAC survey, 98% of respondents explained in the next Boardroom issue. hope to see private sector conduct public Readers interested in the project may check service assessment. Such idea leads to an an animation clip explaining the objective of introduction of the “Citizen Feedback� project the project or visit www.easyfeedback.org for more information B o a r d r o o m | 59

Regulatory Update

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>[ c 6 ES < 'ITC_LW D MTD+T$$TE$ER9l T 'ITC>V 6 %O*>[ = ER$O<$TE7TC$0MCTD `% *%S;9T*$TE' T,<S<bMC ;Wh CWLV9:VA O*'6W _EW D $' T _LW D MTD7 O JTG9ES @ D LV ; 9T*= T `GR$TE' TERMI T*=ER_9J BTDb; ® = ;S<`7 IS;9Wg>[ c6 ES<'ITC_LWDMTDE[ MEYO'IE+Rc6 E[ 8X* L=Aþ3N#$K<? A"E3 L µ×Ê ÈÔÓØÚÑÙÆÙÎÔÓ _M7Z6S*$G TI >[ = ER$O<:Z E $V + CW LV 9 :V DYg ; 'l T E O *%O7 O '5R$EEC$TE_@Yg O @V + TE5TIV ;V + ,S D _= ; $TE ;O$+T$;Wh >[ _LWDMTD+T$$TE9Wg>[ =ER$O< G I*M; Tc6 I T CW$TE$ER9lT'ITC>V6_$WgDI$S< $TEb- OlT;T+_M;YO7GT6a6DCV-O<MEYO+T$ @F7V$EECb;% O ®© °ª² % T*7 ;MEYOcC $E5W9Wg>[ =ER$O<$TE7$G*E IC$S;>[$%T6 G6 MEYO+lT$S6$TE`% *%S;9WgL *>G$ER9<E TD`E* DS* dLDK_" -J ==; L= CWLV9:VE O*9Z$% 7 O'5R$EEC$TE`% *%S;9T*$TE b;$E5W 9Wg ' 5R$EEC$TECW M GS $ 2T;OS ; ' TOW$6 ID 9Sh*;Wh >[ _LWDMTDcC CWLV9:VA O*'6WOT T 'IE_-YOg c6 IT >[= ER$O<:ZE$V+? T? ;MEYO+R? T? ; 6 ID7;_O* @F7V$EEC9Sh* ² =ER$TE% T*7 ; '5R$EEC$TE CWOlT;T+LSg*_= ;M;S*LYObM >[ =ER$O<:ZE$V+ER*S< <9LEZ= MDZ6 MEYO`$ c%_=GWgD;`=G*$TE$ER9lT;Sh;c6 'ITC_=GWg D ;`=G*9Wg _ $V 6 %Xh ; BTDb7 $0MCTD`% *%S;9T*$TE' T,<S<;Wh;Sh; +RCW>G AL;=K46N. G"6S 4=þEL=X?J ==; L= $ER9<7 OBT':ZE$V+_@WD*b6 `GR+R9lTbM _$V6 MT$$TE$ER9lT 'ITC>V6%O*;V7V<Z' 'G 'ITC_= ;:EEC9T*$TE' T7TC9Wg_+7;TEC5 >[ =ER$O<$TE_$V6%Xh;+T$'lTLSg*MEYO$TE6lT_;V; %O*$0MCTDCZ *=ERL*' MEYOcC ;Sh; +X*_= ;_EYgO* $TEMEYO$TEcC CW'lTLSg*MEYO$TE6lT_;V;$TEb6 9Wg>[ =ER$O<:ZE$V+EIC8X*>[ <EVMTE`GR$EEC$TE 7TCM; T9Wg%O*>[ <EVMTE $EEC$TE MEYO<Z''Gb6 %O*<EVKS97 T* e 'IEbM 'ITCLlT'S `GR7V67TC >[ ES<>V6-O< +;_= ;_M7ZbM ;V7V<Z''G;Sh; $ER9lT L8T;$TE5 $TE<S*'S<b- $0MCTD,<S<;WhOD T* 'ITC>V6`G I >[ <EVMTE $EEC$TE MEYO<Z''G b$G -V6 _@YgObM :ZE$V+%O*7;LTCTE8=ES<7SI`GR 6S*$G TI+R7 O*ES<a9K7TC9Wg<S S7VcI LlTMES< =1V<S7V7TC$0MCTDc6 OD T*ET<EYg; EIC8X* MGW$_GWDg *$TE$ER9lTb6 e 9OgW T+$ ObM _$V6'ITC_LWDg * 'ITC>V6;Sh; e 6 ID 7 O$TE$ER9lT'ITC>V67TC$0MCTD,<S<;WOh $W 6 ID

41 AL;3O`W5 3 AL;WE^3D A3/KA G"6S W ÿ<3GK3W5 3 AL;WE^3Z31L"Aþ%L L=W1 L3K`3 X?J[; Z% AL;WE^3 G"4=þCK1 HK3/K3 XG3. Aþ?W?O_<;D ¬[1<X?3. ­ #dL K.

5 October 2017 marked one of an important day in Thai legal history as the Trade Competition Act B.E. 2560 (2017) (the “New Act”) came into effect. The New Act repeals the Trade Competition Act B.E. 2542 (1999) (the “Previous Act”), which had been enforced over 18 years. The Previous Act had been widely criticized for non-existent enforcement (Thailand is one the first country in ASEAN to have passed competition Law) given that none of the entrepreneur was punished under enforcement of the Previous Act.

¸ÈÔÕÊ ÔË ¦ÕÕÑÎÈÆÙÎÔÓ While the Previous Act did not apply to State Enterprises, the New Act apply to the State Enterprises, Private Organizations or any government agencies. Limited exemptions apply to the State Enterprises that carry out activities by laws or cabinet resolutions for the necessity of national securities, public benefit, public interests or public utilities. Therefore, some state enterprises that compete with business operators will be subject to the application of the New Act.

¹×ÆÉÊ ¨ÔÒÕÊÙÎÙÎÔÓ ¨ÔÒÒÎØØÎÔÓ ÆÓÉ ÙÍÊ ´ËËÎÈÊ ÔË ¹×ÆÉÊ ¨ÔÒÕÊÙÎÙÎÔÓ Economic liberalism is intended for free ¨ÔÒÒÎØØÎÔÓ ¼ÍÞ ÎØ ¨ÔÒÕÊÙÎÙÎÔÓ ±ÆÜ ®ÒÕÔ×ÙÆÓÙ¤

competition among business operators through market mechanism, which changing according to the force of demand and supply. However, depending of only market mechanism may create an opportunity for business operators to unboundedly accumulate the wealth for themselves and result in monopoly by large business operator. Competition law, hence, is important to maintain market competition to prevent large business operator to monopolize or distort the market, which will cause damage to the consumers as a whole.

The Commission under the Previous Act consist of 12-16 persons, while the new Commission will consist of 7 persons, appointed by the Prime Minister with the Cabinet’s approval. Interestingly, the qualifications required for members of the new Commission is that the Commission must not holding or having held any positions in a political party, or any institutions or associations; not working for a government agency or in the private sector; not holding shares of more than 5 percent of total capital in a company.

The modern competition law was first enacted in Canada with efforts to control monopolies and price-fixing. These principles of law had been widely accepted , which lead to pass of trade competition law or antitrust law in many countries. The competition law plays an important role of the government in the intervention and control its domestic market to create fair competition.

Moreover, the New Office of the Trade Competition Commission will be established as an independent body, which demonstrate an attempt to create flexible and independent regulatory body and not to be under an influence of politic or commercial for efficiency enforcement of the law.

¼ÍÞ ²ÚØÙ ÙÍÊ ¨ÔÒÕÊÙÎÙÎÔÓ ±ÆÜ ÇÊ ¦ÒÊÓÉÊɤ The Previous Act had been in effect for a long time and some provisions do not keep pace with ever changing of current business operations. Accordingly, the New Act has been amended to keep up with such changes. Also, to amend regulatory measures to be more efficient, flexible and independent.

business operators having the market share in the previous year in the total of at least 75 percent. And, in both cases have turnover of at least THB 1 billion. The criterion to consider market dominance must be reviewed every 3 years. Moreover, under the New Act, market share and turnover of intra group company must be included for consideration of market dominance of the business operator. The business operator with market dominance is prohibited from conducting the following: (1) Unfairly fixing or maintaining purchasing or selling price of goods or services; (2) Impose unfair compulsory conditions on trading partners e.g. non-compete, resale price maintenance, territorial restrictions on resale, tying sale; (3) Unreasonable suspend, reduce, or limit service provision, production, purchase, sale, delivery, or importation of goods; (4) Intervening in the operation of business of others without justifiable reasons. Penalty for violation is imprisonment not exceeding 2 years and/or a fine of not exceeding 10 percent of turnover in the year of offence. ú §ÚØÎÓÊØØ ¨ÔÓØÔÑÎÉÆÙÎÔÓ Any business operator who wishes to consolidate business whether by mergers and de-mergers, cross investment, takeover, acquisition of shares of assets, holding company, joint ventures, or inter-locking directorate, such business operator must proceed as follows:

§ÊÍÆÛÎÔ× ¨ÔÓÙ×ÔÑ ù ¦ÇÚØÊ ÔË ©ÔÒÎÓÆÓÙ µÔÜÊ× Having market dominance is not illegal but it shall be so when market dominance is illegally exercised. The business operator that is considered as having market dominance, according to the criteria prescribed under the Previous Act, which is still in effect until the new criteria is issued, must be business operator who has the market share in the previous year of at least 50 percent or who are the first three

(1) Pre-Merger Approval Any merger that may cause monopoly or market dominance, the business operator must seek prior approval from the Commission. Penalty for violation is a fine of not exceeding 0.5 percent of the transaction value. (2) Post Notification Any merger that may cause significant reduction of competition in any market as B o a r d r o o m | 63

Penalty for violation is a fine of not exceeding 10 percent of turnover in the year of offence. ý ºÓ×ÊÆØÔÓÆÇÑÊ ¦Ì×ÊÊÒÊÓÙ ÜÎÙÍ «Ô×ÊÎÌÓ §ÚØÎÓÊØØ ´ÕÊ×ÆÙÔ×Ø The domestic business operator is prohibited to agree in unreasonable agreement with foreign business operators, which results in monopoly or unfair trade restriction without justifiable reason and having a seriously impacts to the economy and the consumers as a whole. Penalty for violation is a fine of not exceeding 10 percent of turnover in the year of offence.

µ×Ê ÈÔÓØÚÑÙÆÙÎÔÓ The business operator has the right to to business reasons e.g. quality reduction, request the Commission to consider in appointing or assigning as exclusive advance related to behavior in 1, 3-5 above. distributor, setting conditions for purchase or sale as agreed. Exemptions apply to single economic entity, research and development agreement, licensing agreement. Penalty for violation is fine of û ·ÊØÙ×ÎÈÙÎÛÊ ¦Ì×ÊÊÒÊÓÙØ ÔË ¦××ÆÓÌÊÒÊÓÙØ not exceeding 10 percent of turnover in the Ô× ¨Æ×ÙÊÑØ year of offence . The mutual agreement of the business operators that monopolize, restrict or ü ºÓËÆÎ× ¹×ÆÉÊ µ×ÆÈÙÎÈÊØ reduce competition to the market can be A business operator shall not carry out classified as follows: any acts which causes damage to other business operators in the following manners. (1) Hardcore Cartels (1) Unfairly obstruct business The joint agreements among firms operation of other firms e.g. unfair low-price who are competitors in the same market that sale/loss leader cause a monopoly, reduction of competition or restriction of competition by price fixing, (2) Unfairly utilize superior market quantity restriction, purchase and sale, power or superior bargaining power (Abuse market allocation or bid rigging. Penalty for of Dominant Bargaining Position) e.g. resale violation is imprisonment not exceeding price maintenance, tying contract - tying 2 years and/or a fine of not exceeding 10 sale, interference with transaction. percent of turnover in the year of offence. (3) Unfairly set trading conditions (2) Non-Hardcore Cartels that restrict or prevent business operation The joint agreements among firms of others e.g. exclusive dealing, price who are competitors and non-competitors discrimination, refusal to deal. that cause a monopoly or a reduction of competition or a restriction of competition (4) Other conducts as prescribed in in the market but can be necessary due the Commission’s notification prescribed by the Commission, the business operator must notify the Commission within 7 days from the date of the merger. Penalty for violation is a fine of not exceeding THB 200,000 and THB 10,000 per day throughout period of the violation.

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¹ÍÊ ¨ÔÒÒÎØØÎÔÓõØ ´×ÉÊ×

©ÆÒÆÌÊØ ÆÓÉ ¨ÑÆÎÒ

In case of the Commission has enough reasonably evidences that the business operators abuse of abovementioned 5 behaviors, the Commission has the power to issue the written orders for a business operator to suspend, cease or change any contravening conduct.

Under the New Act, the damaged person has the right to file a compensation claim with the Intellectual Property and International Trade Court within 1 year from the date on which the damaged person aware of or should have been aware of the violation. Moreover, the damaged person sustaining damage in relation to the offences of abuse of dominance and hardcore cartels also has the right to initiate claim to the Commission, but not allow to file a lawsuit with the court against any person who violates the New Act.

²ÆÓÆÌÊÒÊÓÙ ÆÓÉ ©Î×ÊÈÙÔ×Ø ±ÎÆÇÎÑÎÙÎÊØ

In case an offence of the juristic person is resulted by an order or an act or an omission of order of a director or a management or any person responsible for the operation of such juristic person, which caused the juristic person to commit the ¨ÔÓÈÑÚØÎÔÓ offence, such person will be subject to the The business operator, management and directors should closely follow up of same penalty as the juristic person. potential impact and whether the New Act

would achieve its fair competition objective. So that the business operator could smoothly comply with the law and would not commit any actions that may be considered as a breach of the law . The enforcement of this law should be considered and monitored closely by the business operators including the directors of each companies to make their businesses comply to the law smoothly. Moreover, they should avoid acting which may have caused risks to be offended by this law as well. --------------------------------------------------This article presents the views of the authors, which do not necessarily reflect those of Hunton & Williams LLP or its clients. The information presented is for general information and education purposes. No legal advice is intended to be conveyed; readers should consult with legal counsel with respect to any legal advice they require related to the subject matter of the article.

Boardroom | 6 5 65

Board Review

ŒºŠŽš ¨´²²Žššªª GUIDE ¿ÏÞïåïÏÏê _G C;Wch 6 _%WD;_$WDg I$S<_EYOg *$EEC$TE7EI+LO<8X*

ÂŻ <9'ITC9S*h b;'OGSC; ¿Ïïâå ¿ïÌâãÌÍä `GR'OGSC; ¿ÏÞïå ĂŒĂ­ĂŚĂŤĂŚĂŹĂŤ `GRc6 >G7O<ES<9Wg6Wb;$TE_% TE IC*T;=ER-ZC$EEC$TE7EI+LO< _CYgO7 ;_6YO;7ZGT'C9Wg> T;CT _ET+X*ODT$+R_; ;DÉĂ?´_EYgO*8X*_EYgO* $EEC$TE7EI+LO<OW$'ES*h a6D%O`;R;lTM;S*LYO žĂ’à ÆÑ Ă€ĂŒĂŠĂŠĂ†Ă‘Ă‘Ă‚Ă‚ ÄÒÆà  9WgOO$a6D Ă?ÌÍäĂžíÏïâ ÆÍðùÌùòùâ ĂŹĂŁ à Ìïâà ùÏïð ÂĽĂ?Æà Œ M;S * LY O _G C ;Wh c 6 ` +$`+*'ITC`7$7 T *%O*>[ 7 EI+LO< BTDb; `GRBTD;O$ a6D_,@TR$EEC$TE7EI+LO<OVLER `GR $0ER_<WD<%O*$EEC$TE7EI+LO< `GRDS*`;R;lT8X*IV:W9Wg+RG6 'ITC_LWgD*%O*$EEC$TE7EI+LO< 9WgcC =1V<S7V7TCCT7E2T;$TE <S‰-W`GR$TE7O<L;O*7 O$TE9<9I;$0ER_<WD<7 T*e _- ;% O <S*'S<%O* ĂƒĂ?Ă?Ă? ORcE'YO'ITC`7$7 T*ERMI T*<Z''G9WgCWL I;c6 _LWD`GRETD$TE9Wg_$WgDIaD*$S; `GRORcE'YOM; T9Wg%O*$EEC$TE 7EI+LO< .Xg*9 T;+RLTCTE8MT'lT7O<_MG T;Sh;+T$M;S*LYO_G C;W h 9WgEI<EIC <9<T9 M; T9Wg 'ITC9 T9TD `GR`;I9T*=1V<S7V9WgLlT'S‰ %O*$EEC$TE7EI+LO< EIC8X*a'E*LE T* `GRO*' =ER$O<%O* $EEC$TE7EI+LO< IV:W$TE+S6$TE=ER-ZC$EEC$TE7EI+LO< $TE $lT$S<6[`G$TE<EVMTE'ITC_LWgD*`GR$TE'I<'ZCBTDb; EIC8X* 'I<'ZC% O<$@E O*7 T*e

In Boardroom, this edition, we wrote about audit committee twice. One in the board briefing and another in the board opinion column. Additionally, we have got great feedback from the audit committee forum meeting which was held at the beginning of October. Therefore, we would like to remind you again about this topic ,and we highly recommend you to read Audit Committee GuIde book by Singapore Institute of Directors (SID).

How can the AC reduce the risk of non-compliance with accounting standards and respond to regulatory reviews, such as those under the FRSP? What are the differences between interested person and related party transactions, and what are the associated duties of the AC?

The answers to these questions, and more, are found in the Audit What are the differences between an internal and external auditor, Committee Guide, the definitive guide to the roles, duties, especially with regard to auditor independence and the regulation challenges and leading practices of ACs. of their professions?

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Board Activities

¨¡ ŸÔ×Ă?Ă˜Ă?ÔÕ

Ă†ĂŒĂ `GR7GT6MGS$9ES@D `M *=ER_9Jc9D E IC+S6*T; ÀÄ Ă”ÏïèðüÏí Ž¯­Ž´ Ă‚ĂŤĂĽĂžÍà ÌÍä Ă„ĂŹĂŹĂĄ ÀÏïíÏïÞùâ Ă„ÏóâïÍĂžÍà â Ă&#x;Ăžðâå ĂŹĂŤ ÀÄĂ? Ă?à Ïïâà Þïå _CYgOIS;9Wg Ž° `GR ÂŽÂś $S;DTD; ¯²³­ 5 OT'TEL8T<S;IV9DT$TE 7GT69Z; ÂŻ a'E*$TE;OE :=TE ' _@YgO9lT'ITCE[ +S$$S<a'E*$TE ÀÄĂ? a6D 'Z5IWEIEE5 CS;;TBV;;S 9 EO*>[- I D$EEC$TE>[O Tl ;ID$TEÂŞIV+DS `GR;aD<TD L8T<S;$EEC$TE<EVKS9c9D `GR-Wh`+*MGS$_$53 a'E*$TE ÀÄĂ? =ER+lT= ¯­Ž³ a6D 6EÂŤ 8;OCJS$6Vk LZIEE5; OD 9Wg=EX$KT a'E*$TELlTEI+$TE$lT$S< 6[`G$V+$TE<EVKS9+69R_<WD;c9D Ă†ĂŒĂ ;T*LTIC5W C5W`L* >[ _-WgDI-T‰ $TEIV+SD ÀÄ ÂŞIV+SD`GR;aD<TD Ă†ĂŒĂ ;T*LTI:;IEE5 LZEIS4;IV_JK ;S$ IV_'ETRM ÀÄ OTIZaLÂŞIV+SD`GR;aD<TD Ă†ĂŒĂ ----------------------------------------------------------------------The IOD, together with the Stock Exchange of Thailand (SET), held the CG Workshop 1/2017 on “Enhancing Good Corporate Governance, based on the CGR Scorecardâ€? on September 13, 2017 and September 19, 2017 at the Capital Markets Academy Building 2, North Park Project, Bangkok. These sessions had the objective of enabling attendees to get to know about the Corporate Governance Rating (CGR) Project through a presentation by Ms. Wirawan Munnapinun, Assistant Vice President of the Research & Policy Department and a presentation to explain in detail the applicable criteria used in the CGR project for 2016 by Dr. Thanomsakdi Suvarnnoi, Advisor to the IOD’s Corporate Governance Practices Survey of listed Thai companies, Ms. Manee Maneesang, CG – CG Specialist of the IOD’s Research & Policy Department, together with Ms. Tanawan Surawattanavisase, Senior CG Analyst of the IOD’s Research & Policy Department.

ÂŽĂš² žĂ?Ă‰Ă–Ă—Ă•Ă›Ă‰Ă“ĂŒĂ‘ Â?Ă?ÞÉÚÖÖ×Ñ

ÂŞĂ?ĂˆĂ‘ĂšĂ˜ĂŽĂ›ĂŠ ªÛÊÓÙ ĂşÂšĂšÂœ

_CYgOIS;9Wg Âą 7ZGT'C9Wg> T;CT Ă†ĂŒĂ +S6*T; Ă‚þà ÊòðÌóâ Ă‚óâÍù ¯­Ž´ %Xh;_= ; @V_JKLlTMES<'5R$EEC$TE ĂŠâêĂ&#x;âï Ă‚ÍäĂžäâêâÍù `GR Ă†ĂŒĂ Ă€ĂĽĂžïùâïâå à Ìïâà ùÏï b;MSI% O ÆÍÍÏóÞùÌóâ Ă‘üÌÍèÌÍä Ă?Üðùâê Ă° ¼ÆÑĂ? Ă°ÂŚ ùâà üÍÌÎòâð ùÏ âÍüĂžÍà ÌÍä Ă&#x;ÏÞïåïÏÏê âããâà ùÌóâÍâðð a6DCW ĂŠĂŻÂŤ Ă…ĂŚĂŻĂŹĂŞĂŚĂ ĂĽĂŚ ÆèâåĂžŠ Ă„ĂŠĂŹĂ&#x;ÞÊ Ă‹âùôÏïè à ÌóÌðÌÏÍ Ă€ÏÍðòÊùÞÍù ĂŁĂŻĂŹĂŞ ¿òðÌÍâðð Ă€ÏÍðòÊùĂžÍùðŠ ÆÍà _= ; >[ <EEDTD @E OC`;R;lT_9';V'6We 9Wg+R- ID_@VgC=ERLV9:VBT@b;$TE9lT*T; bM 6W%Xh; -----------------------------------------------------------------------On October 4, 2017, the IOD held the Exclusive Event 2017, that was a special event for Members of the Member Engagement Committee and the IOD’s Chartered Directors, on the topic of Innovative Thinking System’s (ITS’s) techniques to improve boardroom effectiveness; whereby Mr. Hiromichi Ikeda, Global Network Division Consultant from Business Consultants, Inc. made a presentation and recommended various techniques to increase effectiveness of the Directors’ work and activities.

68 | B o a r d r o o m

ŽÓ—­Ă”ĂšĂ˜ĂŠ ÂŞĂ™Ă?ĂŽĂˆĂ†Ă‘ ÂąĂŠĂ†Ă‰ĂŠĂ—Ă˜Ă?ĂŽĂ• ÂľĂ—Ă”ĂŒĂ—Ă†Ă’ Â’ª¹¾Â“ — ŠšŒ¨ ĂşÂšĂšÂœ

<EVKS9 a9_9VgG `Of'_.fL 'OCC[;V_'-Sg; +lT$S6 ÂĽCMT-;ÂŚ ÂĽĂ Ă‘žĂ€ÂŚ c6 _Gf*_Mf;8X*'ITCLlT'S‰b;_EYgO*BTIR>[ ;lT_-V*+EVD:EEC +X*bM 9T* Ă†ĂŒĂ +S6 ÆͪÅÏòðâ Ă‚ùüÌà ÞÊ ÉâĂžåâïðüÌí Ă?ïÏäïÞê ¼ÂÉĂ?ÂŚ _= ;= 9Wg ÂŻ a6D= ;Wh c6 +S68X* ° EZ ; b;_6YO;LV*MT'C`GR_6YO;$S;DTD; .Xg*c6 L *>[ <EVMTE ER6S<L[*CTO<EC$S<_ET$I T œ­ 9 T; $TEO<EC;Whc6 @[68X* a'E*$TE `;IE IC=1V<S7V ÂĽĂ€ÏÊÊâà ùÌóâ žà ùÌÏÍ Ă€ĂŹĂžÊÌùÌÏ͊ Ă€žĂ€ÂŚ %O*BT' _O$-;c9Db;$TE7 O7 T;$TE9Z+EV7 M; T9Wg%O*>[ ;lT_-V*+EVD:EEC `GR 'ITCDSg*DY; a6DCW 6EÂŤ<S53V7 ;V+8TIE 6EÂŤ;FCG LV*M_L;W `GR 'Z5 $ZG_I- _+;IS4;IV9D _= ;>[ <EEDTD ------------------------------------------------------------Total Access Communication Plc. (DTAC) sees the importance of ethical leadership. As such, for the 2nd year DTAC arranged to have the IOD hold an In-House Ethical Leadership Program (ELP), whereby this year 3 courses were held during August and September that were attended by more than 90 senior DTAC managers. The courses covered such topics as the Thailand Private Sector Collective Action Coalition Against Corruption (CAC) Project, the ethical aspects of a leader’s duties, and sustainability through presentations made by Dr. Bandid Nijathaworn, Dr. Narumol Sinhaseni, and Mr. Kulvech Janvatanavit

ÂŽĂš² Â˜Ă‰ĂšĂ?Ă•Ă—Ă” Â?Ă‘Ă–Ă?ÉÛĂ?Ă–Ă‘

ÂŽĂš²ÂŒĂ‰Ă–ĂŒĂ‘ĂŒ Â˜Ă‘Ă’Ă‰ĂœĂ?ÉĂ&#x;×ÚÖ

ÂŽĂ“ Ă™Ă?ĂŠ §Ă”Æ×É×ÔÔÒ ¸ĂŠĂ—Ă›ĂŽĂˆĂŠ

_CYgO7 ;_6YO;7ZGT'C9Wg> T;CT 9T* Ă†ĂŒĂ +S6 $V+$EEC ÆÍ ùüâ ¿ÏÞïåïÏÏê Ă?âïóÌà â bM $<S '5R$EEC$TE `GR>[ <EVMTEER6S<L[*%O*<EVKS9 =[;.V_C;7 c9D +lT$S6 ÂĽCMT-;ÂŚ a6DCW'Z5JVETBE5 +[N_JEK2 BS$6W $EEC$TE<EVMTE <EVKS9 _'@W_OfC+W B[CVc-D 9Wg=EX$KT :ZE$V+ +lT$S6 _= ;>[ <EEDTD@V_JKb;MSI% O <9<T9 %O*$EEC$TEb;6 T; ÆÑ Ă„ÏóâïÍĂžÍà â `GR ÆÑ Ă?âà òïÌùÜ 9 TC$GT*<EEDT$TJO<OZ ;_= ;$S;_O* ---------------------------------------------

At the beginning of October, the IOD held an “In the Boardroom Service� activity, in a warm and friendly ambiance, for the Company’s Board of Directors and Senior Management Group of the Siam Cement Plc., whereby Ms. Siraporn Chulasatpakdy, Executive Director of KPMG Phoomchai Business Advisory Company Ltd. was a special speaker on the topic of “The Role of Board Directors in IT Governance and IT Security�

B o a r d r o o m | 69

°Ă“Ă”ĂœĂ‘ĂŠĂ‰ĂŒĂŠ ¸Ă?Ă†Ă—ĂŽĂ“ĂŒ

b;_6YO; LV*MT'C`GR$S;DTD; 6EÂŤ<S53V7 ;V+8TIE $EEC$TE>[ OlT;ID$TE Ă†ĂŒĂ c6 ES<_-V‰c=<EEDTDMGTD`M * OT9V ÆÍùâïÍĂžùÌÏÍÞÊ à Ìïâà ùÏïð Ă?òêêÌù ¼Æà Ă?ÂŚ b;MSI% O Ă€ĂŒĂ?Ă?ĂŒĂ?žĂ‘Ă‚ Ă„ĂŒĂ“Ă‚Ă?Ă‹žĂ‹Ă€Ă‚ ÂŁ Ă?Ă…žĂ?Ă‚Ă…ĂŒĂ‰Ă Ă‚Ă? ÉÆÑÆÄžĂ‘Ă†ĂŒĂ‹Ă? 5 ĂˆòÞÊÞ Éòêíòï Ă€ÏÍóâÍùÌÏÍ Ă€âÍùïâ _CYgOIS;9Wg ÂŻÂŽ LV*MT'C9Wg> T;CT <EEDTDb; MSI% O ÔÞÜ ãÏïôÞïå ùÏ ĂžÍù̪à ÏïïòíùÌÏÍ ĂŚĂŤ žĂ?Ă‚žĂ‹ bM LlT;S$*T;$TE7EI+_*V; `> ;6V;=ER_9Jc9D _CYgOIS;9Wg ÂŻÂś LV*MT'C ¯²³­ 5 aE*`EC=9ZCIS; =EVi;_.L $G TILZ;9E@+; bM $S<$ER9EI*$TE7 T*=ER_9J b;$TE=ER-ZC? $O<EC_@YgO_LEVC LE T*%W6'ITCLTCTE8b;$TEO;ZIS7VLS‰‰TLM=ER-T-T7VI T6 ID$TE7 O7 T;9Z+EV7 5 aE*`EC O;S;7ET LDTC $EZ*_9@Q `GRE IC_= ;IV9DT$Eb;$TE<EEDTD_EYgO* BT':ZE$V+$S<$TE7 O7 T;'OE ES=-S; bM $S<'5R$EEC$TE<EVK9S '5R$EEC$TE <EVMTE `GR>[ <EVMTEER6S<L[*%O*<EVKS9 .WÂŤcOÂŤ $EZ = +lT$S6 ÂĽCMT-;ÂŚ -----------------------------------------------------------------------During August and September, Dr. Bandid Nijathaworn, Present and CEO of the IOD, received invitations to make various presentations at many events – such as: a presentation on the topic of “CORPORATE GOVERNANCE & SHAREHOLDER LITIGATIONSâ€? at the International Directors Summit (IDS) that was held at Kuala Lumpur Convention Centre on August 21, 2017; a presentation on “The Way forward to Anti-Corruption in ASEANâ€? to a conference of the Thailand’s Office of the Auditor General on August 29, 2017 at the Pathumwan Princess Hotel; a speech on enhancing the capability to meet the terms and conditions of the United Nations Agreement on Anti-Corruption for a training conference of Thailand’s Ministry of Foreign Affairs at the Anantra Siam Hotel, Bangkok; and being a joint presenter on the topic of “Anti-Corruption and the Private Business Sectorâ€? for the Company’s Board of Directors, Executive Committee and Management Group of CI Group Plc.

70 | B o a r d r o o m

Board Corner

BOARD CORNER BOARDCORNER b;'OGSC; ;Wh9T* ÆÌÁ %O`L6*'ITCDV;6W `$ _MG T LCT-V$ ÆÌÁ EIC9Sh*JVKD _$ TMGS$L[7E 7 T*e %O* ÆÌÁ 9Wg7<_9 TES<ET*ISG$S;OD T*8 I; M; T %O_EVgC7 ;`L6*'ITCDV;6W$S< ;TDIV@G IE_LTMF9 ¥ÁÀÍ ®²±¦ $EEC$TE>[ +S6$TEbM <EVKS9 $EZ*_9@=ER$S;-WIV7 +lT$S6 ¥CMT-;¦ ES< CO<ET*ISG LZ6DO6O*' $EC[G' T`<E;6 L[*LZ6 =ER+lT= ¯²³­ ÑåÞæéÞëá ð Ñìí ÀìïíìïÞñâ ¿ïÞëá ÓÞéòâð ¯­®´ 7O$DÉÍ´>[ ;lT:ZE$V+=ER$S; ° = . O; • ;TD:;T _:WDEOS+,EVDR ¥ÁÀÍ ®µ®¦ ES$KT$TE Àåæâã ÊÞïèâñæëä Ìããæàâï :;T'TE c9D@T5V-D c6 _% TES<ET*ISG ÑåÞæéÞëá ð Ñìí ÀìïíìïÞñâ ¿ïÞëá ÓÞéòâð ÅÞéé ìã ÃÞêâ ¯­®´ b;*T; ÑåÞæéÞëá ð Ñìí ÀìïíìïÞñâ ¿ïÞëá ÓÞéòâð ¯­®´ `GR;TD;V7V;SD JVEVLCEE8$TE ¥Á¾Í ®°µ¦ $EEC$TE>[ OlT;ID$TEbM <EVKS9 9 TOT$TJDT;c9D +lT$S6 ES<CO<ET*ISG _6WDI$S; b;MCI6:ZE$V+%;L *`GRaG+VL7V$L • ;TD=5V7ET JVGT;;9 ¥ÀĦ ÐÀÀÀ ÅâÞá ìã Äïìòí Íïìàòïâêâëñ <EVKS9 =[;.W_C;7 ;'EMGI* +lT$S6 ¥CMT-;¦ 'Ih T ° ET*ISG ÀÆÍÐ Ðòííéö ÊÞëÞäâêâëñ ¾ôÞïáð ¯­®´ ¾ðæÞ +T$_I9W ÍïìàòïâÀìë ¾ðæÞ ¯­®´ 5 =ER_9JLV*'a=E • ;TDJWGIS7 LS;7VIVLS02 ¥ÀÄÆ ±¦ EO*$EEC$TE >[ h+ S6 $TE :;T'TE$LV$Ec9D ES< ± ET*ISG DO6_DWDg C +T$ITELTE_O_-WD; `<*$V*h `O;6 cA`;;. c6 `$ ET*ISG:;T'TE>[b M <EV$TE+S6$TE 6 T;$TE_*V;LlTMES<:ZE$V+<EEKS9DO6_DWgDCb; =ER_9Jc9D ET*ISG:;T'TE@T5V-D _@YgOG[$' T ETDD ODDO6_DWgDCb;=ER_9Jc9D_= ;= 9Wg ± 7V67 O$S; ET*ISG$TEEV_EVCg LE T*LEE' 6T ;:;T'TE <;CYO8YODO6_DWgDCb;=ER_9Jc9D`GRET*ISG $TEEV_EVgCLE T*LEE' 6 T;<S7E_'E6V7DO6_DWgDC b;=ER_9Jc9D+T$`'C_= E[6G T`L*_M;YO 5 aE*`EC`-*$EWGT =ER_9JLV*'a=E • C«G« 9O*C$Z0 9O*bM ¥Á¾Í ´­¦ =ER:T;_+ TM; T9W<g EVMTE <G«c9D@T5V-D 'I TET*ISGDO6_DWDg C ¿âðñ Íïæêâ ¿ïìèâï ° = . O; +T$;V7DLTE Ñåâ ¾ððâñ • ;T*_$JET CS -ZJEW ¥ÁÀÍ µ¯¦ $EEC$TE`GR >[ +S6$TE 7GT6MGS$9ES@D `M *=ER_9Jc9D ES< ET*ISGOT'TE6W_6 ; 6T ;O;ZE$S K @GS**T; =ER_B9 OT'TELE T*LEE' b;@V:WCO<ET*ISG ÑåÞæéÞëá Âëâïäö ¾ôÞïáð ¯­®´ a6D7GT6MGS$9ES@D Q c6 ES < 'S 6 _GY O $bM _ = ; 7S I `9;=ER_9Jc9Dc= =ER$I6 ¾ÐÂ¾Ë Âëâïäö ¾ôÞïáð ¯­®´ `GR

Ms. Panittra Silanon

Mr. Vipon Vorasowharid3

Dr.Kasem Wattanachai& Mr. Chaiwat Utaiwan

Dr.Kasem Wattanachai & Mr. Vipon Vorasowharid

Mr. Thana Thienachariya

Mr.Nitinai Sirimatthakarn

M.L.Thongmakut Thongyai

Mrs.Kesara Manchusree Mr. Silawat Santivisat

B o a r d r o o m | 71

c6 ES<ET*ISGEO*-;R_GVJOS;6S< ÂŻ b;=ER_B9 Ă„ïââÍ ¿òÌÊåÌÍä ÉÞïäâ ÀÞùâäÏïÜ OW$6 ID • ET*ISG>[ =ER$O<:ZE$V+L *OO$6W_6 ; =ER+lT= ¯²³­ _= ;OW$M;Xg*ET*ISG9WgJVKD _$ T Ă†ĂŒĂ MGTD 9 T;c6 E<S ET*ISG;W h a6D@G_O$=ERDZ9: +;S 9E aO-T ;TD$ES2C;7EW _EVgC+T$ ;TD_9IV;9E I*J IT;V- ¼à ÀĂ? ÂŻÂŽÂŚ =ER:T;_+ TM; T9W<g EVMTE`GR$EEC$TE >[+ 6S $TEbM‰ <EVK9S =79ÂŤ +lT$S6 ÂĽCMT-;ÂŚ ET*ISG =ER_B9ET*ISG`<E;6 c9DDO6_DWgDC ¼¿âðù ÑüÞÌ ¿ïÞÍåŒ <EVKS9%;T6bM‰ ;TDLC<[E5 JZ%WIVEVDR ¼à žĂ? ÂŽÂŻÂŽÂŚ =ER:T;_+ TM; T9Wg<EVMTE <EVKS9 a'`C;-Wg OV;_7OE _;-Sg;`;G +lT$S6 ÂĽCMT-;ÂŚ ÂĽĂ€ĂŒĂŠžĂ‹ÂŚ c6 E<S ET*ISG=ER_B9<EV$TEDO6_DWDg C ¼¿âðù Ă?âïóÌà â Ă‚ÍùâïíïÌðâ žôÞïåŒ LT%T 6V+V7OG 'O;_9;9 `GR.OA7 `IE ;TD=ERLV9:Vk <Z‰6I* =ER_LEV2 ¼à ÀĂ? ¯­¯Œ =ER:T;>[< EVMTE? TD=1V<7S $V TE LTD:ZE$V+$TE' TERMI T*=ER_9J`GR@S4;T :ZE$V+ .W@_W OA <EVK9S _+EV‰aB'BS53 OTMTE +lT$S6 ÂĽCMT-;ÂŚ ES< ÂŻ ET*ISG b;LT%T`<E;6 c9DDO6 _DWgDC b;$GZ C<EVKS9%;T6bM‰ `GRLT%TLV;' T ;IS7$EEC9WgO;ZES$K LVg*`I6G OCDO6_DWgDC `GR ;TD_O$ LZI4S ;@VC@ ¼à ÀĂ? ³ŽŒ =ER:T; _+ TM; T9W g <EVMTE <EVKS9 .WGV' 'OE @ +lT$S6 ÂĽCMT-;ÂŚ 'I T ÂŻ ET*ISG =ER_B9ET*ISG>[= ER$O<:ZE$V+L *OO$ DO6_DWgDC ¼¿âðù Ă‚þíÏïùâïŒ `GRET*ISG`<E;6 c9DDO6_DWgDC ¼¿âðù ÑüÞÌ ¿ïÞÍåŒ b;=ER_B9 OZ7LTM$EEC%;T6$GT* • ;TD_LEVCL$ZG 'G TD`$ I ¼à ÀĂ? ¯Ž²Œ >[ I T$TE$TEcAA TL I;B[CVBT' ES< ET*ISGES2IVLTM$V+6W_6 ; =ER+lT= ¯²³­ 6 T; $TE_= 6_>D% OC[G`GRa=E *bL6W_6 ; `GRDS*'I T ET*ISG_$WDE7VDJ ES2IVLTM$V+9WgCW$TE@S4;TL[ 'ITC_= ;_GVJb;$TE+S69lT`>;*T;_LEVCLE T* 'Z5:EEC`GR'ITCa=E *bLb;$TE6lT_;V;*T; ET*ISG6W_GVJ `>;*T; $TEcAA Ta=E *bL = ¯²²œ +T$LlT;S$*T; =ÂŤ=ÂŤ-ÂŤOW$6 ID • = 69 TD6 ID$V+$EEC L;Z$e Ă€Ă‚ĂŒ Ă€ÊòĂ&#x; ĂŠââùÌÍä 9Wg;S<@<=R$S;OD T* L;Z$L;T;$S;9WgE T; ¿òïäâï ÂŁ ÉÏĂ&#x;ðùâï 7 O6 ID Ă?ÌâåâÊ Ă”ÌÍâ ¿Þï ÂŁ Ă€âÊÊÞï LC$S<9Wg_= ; Ă€üÌâã Ă‚ÍäĂžäâêâÍù ĂŒããÌà âï $S;+EV*e • 9 T;LCT-V$ LTCTE8L *% TI'ETI _@YgO9T* Ă†ĂŒĂ +Rc6 =ER-TLSC@S;: bM `$ _@YgO;LCT-V$c6 9ET< cC I T +Rc6 _GYOg ;7lT`M; * ES<ET*ISG7 T*e MEYO_EYOg *OY;g e CTc6h 9W g ?g T DLCT-V $ LS C @S ; :k c 6h 9 W g M CTD_G% ­¯ªœ²²ªŽŽ²² 7 O ¹­¹ MEYO ðòùüÌÍââ½ùüÞ̪ÌÏåà Ïê ------------------------------------------ 72 | B o a r d r o o m

Mr. Somboon Sukheviriya

Mr. Prasit Boondoungprasert

Mr. Sermsakool Klaikaew

Boardroom would like to congratulate IOD members and alumni for receiving many awards, starting with Mr. Vipon Vorasowharid (DCP 154), President of Bangkok Life Assurance Public Company Limited for receiving Thailand’s Top Corporate Brand Values 2017, emphasizing business leader for three consecutive years. • Mr. Thana Thienachariya (DCP 181), Siam Commercial Bank Acting Chief Marketing Officer was awarded Thailand’s Top Corporate Brand Values Hall of Fame 2017 at Thailand’s Top Corporate Barnd Values 2017 while Mr. Nitinai Sirimatthakarn (DAP 138), President of Airports of Thailand Public Company Limited won a similar award in the category of transportation and logistics. • Mr. Panittra Silanon CGE SCCC Head of Group Procurement, Siam City Cement Public Company Limited wins three awards on CIPS Supply Management Awards 2017 Asia from ProcureCon Asia 2017 in Singapore. • Mr. Silawat Santivisat CGI 4 Vice President of Kasikornbank won four prestigious awards from Asian Banking and Finance Journal including Thailand’s best financial service provider for business corporation, Thailand’s best commercial bank for retail clients for four consecutive years, Thailanda’s best creative mobile banking initiative and Thailand’s best credit card initative from campaign Northern Light Hunt at Shangri-La Hotel in Singapore. • M.L. Thongmakut Thongyai DAP 70, CEO of Siam Commercial Bank Securities, wins “Best Prime Brokerâ€? for three consecutive years from The Asset Magazine. • Mrs. Kesara Manchusree DCP 82 President of the Stock Exchange of Thailand (SET) wins the award on outstanding energy-saving building category: creative architecture

Mr. Ek Suwatthanaphim

Mr. Tevin Vongvanich

at Thailand Energy Awards 2017. SET is also selected as national representative to compete in the ASEAN Energy Awards 2017. SET is also awarded Second Runner Up Green Building – Large Category. • Several IOD alumni also wins Prime Minister’s Export Award 2017 presented by Gen. Prayut Chan-ocha. Among the list are Mr. Tevin Vongvanich DCP 21, Chief Executive Officer and President of PTT Public Company Limited, for large-scale Best Thai Brand, Mr. Somboon Sukheviriya DAP 121, president of Comanche International Public Company Limited for Best Service Enterprise Award: digital content and category, Mr.Prasit Boondoungprasert DCP 202 , Chief Operating Officer of International Trade and Business Development at Charoen Pokphand Foods Public Company Limited wins two awards on Thailand’s Large-Scale Best Brand and Environment-Friendly Innovative Product. And Mr. Ek Suwatthanaphim DCP 61, Board of Director, Selic Corp Public Company Limited wins Best Thai Brand for the mid-scale industry • Mr. Sermsakool Klaikaew DCP 215, Governor of Provincial Electricity Authority, wins outstanding stateowned enterprise for information transparency and honorary award on “state-owned enterprise excellence in development, governance and transparency and excellent award on “transparency electric generating agencyâ€? 2016 by National Counter Corruption Commission. Ending with fun activity CEO Club Meeting at Burger & Lobster followed by Riedel Wine Bar & Cellar in an indeed Chief Engagement Officer-style. • You may send IOD information for updating other members at membership relations department Telephone 02955-1155 ext. 404 or suthinee@thai-iod. com

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