Boardroom Vol. 3/2019: Board of the Future in Stakeholder Perspectives

Page 1

Boardroom

Vo l . 6 4

Exclusively For Company Directors

Issue 03/2019 | ISSBN 1513-61755

Board of the Future

in Stakeholder Perspectives

Content

Boardroom

Vo l . 6 4

Exclusively For Company Directors

Issue 03/2019 | ISSBN 1513-61755

Board of the Future

in Stakeholder Perspectives

Vol. 64 Exclusively For Company Directors Issue 03/2019

ISSBN 1513-61755

ÂŁÂŽĂˆ ŸŸº ĂŠÂź

Board of Directors

´ŸĂˆÂąĂŠ² ĂŒijijĂŒºĚÉ IJĂŒĂ

Honorary Chairman

Äš ĂƒĂŒÂźĂ‰Š ŸIJĂ?̟Ă?

Prof. Hiran Radeesri

Äš IJŸ Ă– Ă€ĂŒ°Ä? Ă–´à ĂŠ²²°Ä?

Prof. Kovit Poshyanand

ÂŁĂ?ÂŽĂƒŠĂŒÂŚ §ªĂŠ ÀÉĴ²ĚĂŒÂźĂŒ¹ŸŸº

*GTMXHMF )@C@ 6@SS@M@RHQHSG@L

²ĂŠÂť Ă” ŸĂŒ  Ă˜ Ÿ ÄśĂ?ÂźĂˆĂ•¡°Ä?

,Q *QHJ *Q@H )HQ@O@DS

´ŸĂˆÂąĂŠ² ŸŸº ĂŠÂź

Chairman

²ĂŠÂť ´ŸĂˆĂ‚Ă‰ÂŽĂƒÄ? Ă”§Ă?Ă?Ă…¡ĂŠ²ĂŒ§

Mr. Prasan Chuaphanich

ŸÅŒ´ŸĂˆÂąĂŠ² ŸŸº ĂŠÂź

Vice Chairman

²ĂŠÂť ´ŸĂ?IJĂ? IJĂŠĂ€ĸĂŠÂť

Mr. Predee Daochai

²ĂŠÂŚĂ‚ĂŠĂ€ ¡Ĝ²Ă?ÂťÄ? ¹²Ă€ÂźĂŠ²ĂŒ§

Ms. Potjanee Thanavaranit

 ŸŸº ĂŠŸ¾Ă‘ĊÅĝÊ²Ă€ ĂŠÂź

CEO

²ĂŠ Ă?žĂ”Ă€§ Ă”Ĝ²Ă€Ă‰Ĵ²Ă€ĂŒ°Ä?

,Q *TKUDBG )@MU@S@M@UHS

 ŸŸº ĂŠÂź

Director

Äš ¡ĂŒĂ”Ěà  ĂŒÄłĂŒ¡ŒĚÄ? Ă…Ă?Ÿ¡Ă?¡Ă‰Ĵ²¡ŒĚÄ?

/QNE *HSHONMF 4Q@ODDO@S@M@ONMF

IJŸ  Ă?žšĂ‰°ŸĂŠ Ă‚ĂŒĂ–ŸIJº

Dr. Kulpatra Sirodom

²ĂŠÂŚ Ă˜¥ĚŸĂ? Ă”²Ă?ĂœĂ…ÂŚĂ‚ĂŒ ¥ĂŠĂ”¡Ă?²

,QR *@HRQH -TDMFRHFJ@OH@M

²ĂŠÂť ĜŸĂ‰º¡Ÿ Ă–§ijĂŒ Ă”Ă‚ÂŻĂ?Ÿ

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²ĂŠÂť §Ă‰ÂťĂ€Ă‰Ĵ²Ä? Ă…Ă?°Ă‰ÂťĂ€ŸŸŽÄ?

Mr. Chaiwat Utaiwan

²ĂŠÂť ³ŸŸĜŒ ÄśĂŒijijÄ?ÕĜĊŒ

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²ĂŠÂť Ă˜¡³Ă‘žÄ?  ĂŒijijĂŒ̟Ă? Ă‰ÂŚĂ€ĂŠ²

,Q /@HANNM *HSSHRQHJ@MFV@M

IJŸ šĂŠ Ÿ Â´Ä ÄłÂąĂ€Ă‰§§Ă‰Âť

Mr. Pakorn Peetathawatchai

²ĂŠÂť Ÿ¡Ă? Ă‚Ă?ĜŸĂŒij Ă?ž

Mr. Rapee Sucharitakul

²ĂŠÂť Ă‚Ă?¡Ă‰Ĵ²¡Œà Ä? ¡Ă‰²¹Ä?ÂşĂ?Ă”§ĂŠĂ€Ä?

,Q 2TO@SS@M@ONMF /TMLDDBG@NV

²ĂŠÂŚĂ‚ÊÀÂĂ?Ă€šĂŠ Ă”ĜŸĂŒŠĂŒĂœÂŚ

,R 2TU@AG@ "G@QNDMXHMF

 ŸŸº ĂŠŸ°Ă?Ăœ´ŸĂŽ à ĂŠ

Advisor to Board Members

²ĂŠÂŚ ²Ă€ž¡ŸŸŽ žĂœÄťĂŠ¨ĝĂŠ

Mrs. Nualphan Lamsam

²ĂŠÂŚ šĂ‰°ŸĂ?Ê Ă”³ŠĜ¡ž§Ă‰Âť

Mrs. Patareeya Benjapolchai

²ĂŠÂť ÂťĂ?°¹ Ă€ŸĸÉijŸ¹ĂŠÂź

Mr. Yuth Vorachattarn

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€ ÄšĂŒÂźĂŒĂ€ŸŸŽ  ºžĂ€ĂŒĂ”§Ă?Ÿ

Ms. Siriwan Kamonwichian

²ĂŠÂŚ Ă€ĂŒĂ˜žŸĂ‰ij²Ä? Ă”²ÄŠ²Ă•Ă‚Œ¹ŸŸº

,QR 6HK@HQ@S -DMR@DMFSG@L

²ĂŠÂŚ Ă€Ă?ŸÀŸŸŽ ºÉ²²ĂŠšĂŒ²Ă‰²°Ä?

Mrs. Wirawan Munnapinun

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

,R 2@QHMDD 1T@MFJNMFJH@S

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

Ms. Suthinee Kerdchuay

ÂĝÊ²Ă‰ ŒĂŠ²ijĂŒIJijĉÅ

Contact

Ă…ĂŠÂŁĂŠÂź Ă€ij° Ă…ĂŠÂŁĂŠÂź §Ă‰Ă?²

", !THKCHMF QC %KNNQ ,NN

ĂƒÂşĂ‘Ä‰ Ă–£ŸŒ ĂŠŸ²Ă…ÂźÄ?¹´ĂŠÂźÄ?ÂŁ

-NQSGO@QJ /QNIDBS

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

5HAG@U@CH 1@MFRHS 1N@C

Ă”ÂĄÄłĂƒžĂ‰ Ă‚Ă?Ăœ  ŸĂ?ÂŚĂ”°¡Ă‡

3GTMFRNMFGNMF +@JRH !@MFJNJ

ÀÉij¯Ă?´ŸĂˆĂ‚ÂŚÂŁÄ?

Ă–°ŸĚÉ¡°Ä?

Tel: (66) 2-955-1155

Ă–°ŸĂ‚ĂŠÂź

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

ĔÜÄ?ĜąĔóŤùÙĊÝĔôúĕÜÝĹœĂšĹ?Ä…ĂšÄ‘Ă˝Ă™ÄŒĂ Ă™ÝÝÚÚąĂ&#x;Ä‚ĂšÄŠĂœĂšÄ‚ĹœĂ&#x;Ä”Ä‚ĂťÄŒĂšÄ‚ĂŽÄŠòĉùÙÝÝÚÙĊÝòÝÄŒÄ Ä‰ĂŻÄ˜ĂŻĂş

$ L@HK R@QHMDD SG@H HNC BNL

$ L@HK R@QHMDD SG@H HNC BNL

suthinee@thai-iod.com

suthinee@thai-iod.com

ĔÜÄ?ĜąĔóŤùÙĊÝĔôúĕÜÝĹœòïĂœĂżÄŠĂšÄ•Ă˝ÄˆĂ™ÄŒĂ Ă™ÝÝÚÚąĂ&#x;Ä‚ĂšÄŠĂœĂšÄ—ÄƒĹ?ĂÚĊâÄŒĂ™ĂťÄ‰òïÝÄŠò

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

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

Facebook: @ThaiIODFan

Facebook: @ThaiIODFan

Linkedin: ThaiIOD

Linkedin: ThaiIOD

Line: @ThaiIOD

Line: @ThaiIOD

Board Welcome 06 CEO Reflection 08 Cover Story 10 Board in the Future in the view of institutional 10 investor Board of Directors and More Roles of shareholders 14 !N@QC !QHDŰMF 18 #HFHS@K ,@STQHSX @MC SGD 1NKD NE SGD !N@QC 18 Board Development 22 'NV !THKCHMF @ "N@BGHMF "TKSTQD "@M 'DKO !NNRS 22 Your Company’s Performance Independent Director Corner 28 Treasury Stock 28 Anti-Corruption Update 32 Anti-Corruption in Practice 34 The positive impact of anti-corruption 4034 mechanism on business operation 44 Board Review 38 Board Activities 40 Member Corner 44 Board Success 46 Welcome New Member

ĔÜÄ?ĜąĔóŤùÙĊÝĔôúĕÜÝĹœÄ”Ă™Ä?ÄœúÿÙĉòÙĊÝÙĥĊÙĉòÏÄ‘Ä•Ă˝Ă™ÄŒĂ Ă™ÄŠÝïÄ?ÄœĂŹÄ?ėăĹ?ÙĉòĂÚĊâÄŒĂ™Ä‚ĂšÄŠĂœĂšÄ‡

ėăĹ?ÙĉòĂÚĊâÄŒĂ™Ä‚ĂšÄŠĂœĂšÄ‡

Ä‚ĂťÄ?óóÝÄˆÄ”ĂŹÄ›ùÏĹ?ÄŠĂąĂ™ĂŚÄƒĂšÄŠĂş Ă™ĂŚĂťÄˆÄ”òÄ?úòÄ—ÄƒĂšĹœÄš ĂŻÄ?ÄœÄ”Ă™Ä?ÄœúÿĂšĹ?Ä…Ă&#x;ÙĉòÙĊÝïĥÄŠÄƒĂąĹ?ÄŠĂŻÄ?ÄœĂ™ÝÝÚÙĊÝ

50

Board Welcome

¿ÏÞïåïÏÏê ,<S<;Wh_L;O:WC ¿ÏÞïå ĂŹĂŁ ùüâ Ăƒòùòïâ ĂŚĂŤ Ă?ùÞèâüÏÊåâï Ă?âïðíâà ùÌóâð _;YgO*+T$ `;Ia; C$TE6lT_;V;:ZE$V+b;= ++Z<S;9Wg>[ CWL I;c6 L I;_LWD _EVgC_% TCTCWL I;E ICb;$ER<I;$TE 7EI+LO<$TE9l T *T;%O*<EV KS 9 _@Vg C CT$%Xh ; OD T *7 O _;Yg O *'5R$EEC$TE+X * +l T _= ; 7 O *CW <9<T9b;_-V*EZ$ _@YgO=ES<7SIbM 9S;$ER`LaG$ L[ $ TE_= ; >[ ;l T O*' $ Eb;$TE$l T $S < 6[ ` G`GR 7S6LV;b+b;=ER_6f;9WgLlT'S‰%O*O*' $E9Sh*b; 6 T;$GDZ9: `GR$TE<EVMTE'ITC_LWgD* _ET+X*%O ;lT_L;O<9'ITC_EYOg * CCZ CO*%O*;S$G*9Z;L8T<S; 7 O'5R$EEC$TEb;O;T'7 `GR<9'ITC_EYgO* '5R$EEC$TE$S<<9<T99Wg_@VgC%Xh;%O*>[ 8YOMZ ; b;'OGSC; Ă€Ïóâï Ă?ùÏïÜ `GRDS*CW<9'ITCOY;g e 9-gW I DL *_LEVC @4S ;T bM $EEC$TE$ TIL[ $TE_= ; ¿ÏÞïå ĂŹĂŁ ùüâ Ăƒòùòïâ cC I T+R_= ; à ÌäÌùÞÊ ÉÌùâïÞà Ü ÂŁ Ă?ÏÊâ ĂŹĂŁ ÂżĂŒĂ ĂŚĂŤ à ÌäÌùÞÊ ÑïÞÍðãÏïêÞùÌÏÍ 9Wg Ă ĂŻÂŤ ÇÞÍðÏÍ Ă–ĂžíŠ Ă?âäÌÏÍÞÊ ÊÞÍÞäÌÍä à Ìïâà ùÏïŠ Ă?Ïòùü ÂÞðù žðÌĂž ÂĽĂ?Ă‚žŒŠĂ†ĂŤĂŤĂŹĂłĂžùÌÏÍ Ă‰âĂžåâïŠ Ă?Ă‚žŠ à âÊÏÌùùâ Ă?ÌÍäĂžíÏïâ bM _$WDE7VCT<EEDTD@V_JK b;*T; à ÀĂ? žôÞïå b;'OGSC; ¿ÏÞïå ¿ïÌâãÌÍä 7TC CT6 I DBT'7 O %O*<9'ITC_EYg O *$TELE T * IS 4 ;:EEC$TEa' - b;O*' $ E- I D_@Vg C >G$TE 6lT_;V;*T;%O*<EVK9S c6 OD T*cE _%WD;a6D Ă ĂŻÂŤ Ă„âïïÌù Ă?âÊáâïŠ Ă‰âĂžåâïðüÌí žåóÌðÏï ÂŁ Ă‚þâà òùÌóâ ÀÏÞà ü b;'OGSC; ¿ÏÞïå à âóâÊÏíêâÍù `GR 7V67TC<9'ITC_EYgO* <EVKS9.YhOMZ ;'Y; 9Wg'Z5DZ9: IE,S7E:TE =ER:T;-CEC$EEC$TEOVLER LEZ= _;YhOMT+T$$V+$EEC%O*-CEC$EEC$TEOVLER 9Wg_-V‰'Z5O;ZIS4; E ICLZ% $EEC$TE>[ +S6$TE MSIM; T? TD7GT69Z; <EVK9S MGS$9ES@D B9S E +lT$S6 ÂĽCMT-;ÂŚ CT<EEDTD b;'OGSC; ÆÍåâíâÍåâÍù à Ìïâà ùÏï Ă€ÏïÍâï 7V 6 7TC'OGS C ; 9 T D_G C OD T *'OGS C ; ¿ÏÞïå Ă?âóÌâô 9Wg`;R;lTM;S*LYO ÂŻ _G C9Wg $EEC$TE'IEO T; `GRBT@$V+$EEC7 T*e %O* Ă†ĂŒĂ 7GO6 ÂŻ _6YO;9Wg> T;CTb;'OGSC; ¿ÏÞïå žà ùÌóÌùÌâð L I;'OGSC; ĂŠâêĂ&#x;âï Ă€ÏïÍâï DS* '*9lTM; T9WgOS@_69% TI'ETI%O*_@YgO;LCT-V$ bM 9Z$9 T;c6 9ET< 'OGSC; ¿ÏÞïå Ă?òà à âðð 9Wg EI<EICETD-YgO`GRBT@<EEDT$TJ%O*>[ > T; $TEO<ECMGS$L[7E à ÀĂ? EZ ; ¯³´ª¯´° `GR= 6 9 TD_G C6 ID$TE7 O;ES<LCT-V$bMC %O* Ă†ĂŒĂ

BOARD WELCOME

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the DCP Award in Board Briefing column, How to build a coaching culture to boost organizational performance by Dr. Gerrit Pelzer, Leadership Advisor & Executive Coach in Board Development Column, and Treasury Stock which Mr. Yuth Vorachattarn, Chairman of the Independent Directors Club, summarized the content from the event of independent directors where Mr. Anuwat Ruamsuke, Managing Director, Head of Capital Markets, Phatra Securities Public Company Limited gave us a talk in the Independent Director Corner Column.

`GR9T*LCT'CQ %O`+ *I T_@YgO_= ;$TE G69ES@DT$E ;V7DLTE ¿ÏÞïåïÏÏê ,<S<;Wh+R _= ;_G CLZ69 TD9Wg+R7W@VC@ _= ;E[=_G C MGS*+T$ _G C;Wh_ET+R_=GWgD;_= ;E[=`<< ĂŒÍÊÌÍâ _9 T;Sh; .Xg*9 T;LTCTE87V67TCc6 9T* üùùí¡ùüÞ̪ ÌÏåà Ïêâ͏íòĂ&#x;ĂŠĂŚĂ ĂžùÌÏÍðĂžðíŸùÜí⺲ MT$ 9 T;b6CW% OL*LSDMEYO7 O*$TELO<8TC_@VgC_7VC LTCTE87V67 Oc6 9Wg? TDLCT-V$LSC@S;: In the last columns like Board Review, we introduce 2 interesting books for directors.

<EE5T:V$TE Pictures from various activities of IOD in ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ the past 2 months are presented in Board We would like to present the theme of Board of the Future in Stakeholder Perspectives in this Boardroom as stakeholders have been playing more roles in monitoring the work of organizations in the current business trend. Therefore, the board of directors needs to work more proactively in order to adjust to the global trend of becoming leaders of the organizations who oversee and make critical decisions in both aspects of strategic plan and risk management. Thus, we would like to introduce an article on the perspective of institutional investors towards directors in the future, and an article on board of directors and increasing role of shareholders in the cover story. There are also other articles which encourage directors to be the board of the future include Digital Literacy & Role of BOD in Digital Transformation which Dr. Janson Yap, Regional Managing Director, South East Asia (SEA), Innovation Leader, SEA, Deloitte Singapore, kindly presented at

Activities. In Member Corner, we continues to update the news of our fellow members, and in Board Success, we gather names and pictures of the participants of the DCP course batch 267-273, and we close this edition by welcoming our new IOD members. We hope that this Boardroom will be useful for you, and please feel free to give us a comment or share your articles with us through suthinee@thai-iod.com. And to save the resources, we would like to inform you that this is the last Boardroom that we publish in books. From now on, we will electronically publish in online format only. You may follow us at http://thai-iod.com/ en/publications.asp?type=5. If you have any inquiry or need more information, please contact the member relations department. Editor

6 | Boardroom

CEO Reflection

Mr. Kulvech Janvatanavit CEO, ThaiIOD

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@O `7 I T7 O* 'E<_'EYgO* 6 ID .Xg*MCTD'ITC I T`' CW+lT;I;<OE 6'E<7TC+lT;I; `GRCW a'E*LE T*EIC8X*'Z5LC<S7V_MCTRLCcC @O_LWD `G I $TE9Wg < OE 6 +R'E<_'EYg O *c6 7 O *CW O *' =ER$O<LlT'S‰OW$OD T*; ODLTC=ER$TE c6 `$ 1 Purpose 'YO<OE 6+R7 O*$lTM;6`;I9T*

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This is a challenge that boardroom has to adapt itself very quickly in a bid to steer the corporate towards growth and balance between short-term operation and longterm sustainability so that the co-existing development will happen to the society At present, large-scale companies in surrounding us. Thailand has grown rapidly. As many as 20 companies are listed in the Dow Jones With this huge mission and daunting task, Sustainability Index. Thailand is just only boardroom needs to be full functional, behind South Korea and Japan. We have meaning only full board members and high more DJSI-listed companies than Taiwan qualifications are not enough. and even more than those in Singapore and There are three factors that will make the Malaysia combined. board fully functional. Large-scale corporate companies in Thailand give importance to sustainability and always 1 Purpose: Board needs to come up with the develop their companies. It is also interesting guideline and corporate identity in order to to learn that small and medium companies communicate with people in the corporate and Thai societies in other sectors are also and stakeholders to understand and bring anticipated an eager to bring in different good expectation to the corporate. In the groups to join in the movement. In fact, past, most companies only emphasized Thai companies will be able to maintain its on earning as an output. Nowadays the sustainability by brining other sectors towards expectation is far beyond earning as in the sustainability goal together. past. It has been 20 years since IOD establishment. The good news is corporate governance (CG) in Thailand has been much developed compared to the situation prior to the Financial Crisis.

MCTD8X*<OE 67 O*CW'ITC ODT$E[ ODT$_Mf;b;_EYgO*7 T* e `GR$ER7YOEYOE ; 9Wg+RMT% OC[GMEYO_EWD;E[ _EYgO*bMC e 9Wg_$WgDI% O* OD[ 7GO6_IGT +RCSIEObM ? TD+S6$TE-*_EYgO*%Xh; CTbM @V+TE5Tb;<OE 6E[COD T*b;O6W7cC c6 OW$`G I `7 7 O*9lTM; T9Wg'OD.S$8TC MEYOOT+ EIC8X*- ID`;R`;I9T*bM ? TD+S6$TEb;$TE $lTM;6$GDZ9: `GR$TE6lT_;V;$TEb;_EYgO*7 T* e 6 ID If we look at other indexes, there are still 2 Curiosity: The board must always be 2 Curiosity

MCTD'ITCI T$EEC$TE 9Z$';9Wg;Sg*OD[ b;<OE 67 O*$G T`L6*'ITC'V6 _Mf;OD T*7E*c=7E*CT 7 O*$G T9Wg+RDY;MDS6b; LVg*9Wg7;_Mf;I T8[$7 O* `C +R7 O*a7 `D *$S< =ER:T;$EEC$TEMEYO%S6$S<_LWD*L I;bM‰ $7f TC ;O$+T$;WhDS*MCTDEIC8X*$TELE T* 'ITC$G T bM _= ;IS4;:EECO*' $E.Xg*cC b- +lT$S6OD[ `' b; <OE 6E[Dr.C_9 Tanai T;Sh;Charinsarn `7 7 O*%DTDc=8X*@;S$*T;b; L I;7 T* e %O*<EVKS96 ID .Xg*$TE+RLE T*LVg* _MG T;WhbM _$V6%Xh;c6 7 O*CW$TEbM ET*ISG@;S$*T; 9Wg $G T 9lTbM LVg*9Wg8[$7 O* OD T*_- ; $G T_L;O `;I9T*bMC e b;$TE=ES<=EZ*=ERLV9:VBT@ $TE6lT_;V;*T; $G TE O*_EWD;_CYgO@<_Mf;$TE $ER9lT9WgcC 8[$cC 7 O*%O*_@YgO;@;S$*T; MEYO >[ <S*'S<<S‰-T 3 Courage

Ă†ĂŒĂ _O*$f$lTGS*OD[ ERMI T*$TED$_'EYgO* $TE9lT*T;b;6 T;7 T* e _@YgOL;S<L;Z;bM <OE 6 %O*<EVKS9b;BT':ZE$V+c9D òíäïĂžåâ +T$ 'E<O*' c=L[ 'E<_'EYgO* .Xg*_-YgOI T+T$;Wh c=9 T;LCT-V$+Rc6 @<$S<'ITC_=GWgD;`=G* b;6 T;7 T* e %O* Ă†ĂŒĂ b;9T*9Wg6W%Xh;_EYgOD e

many key challenges that hinder sustainability of our nation. Thailand is ranked 59 out of the total 65 countries according to RobecoSAM survey on sustainability. Robeco SAM is an investment specialist focused exclusively on Sustainability Investing and DJSI listing, If looking at Transparency International’s Corruption Perception Index (CPI), Thailand is ranked at 98 out of 180 countries. Thailand’s score is only at 39 out of 100. Social gap is the worst according to Credit Suisse. The situation is even worse than Russia and India.

hungry for new information. The board can no longer wait for the management to file information, but has to ask question and give direction to the management to come up with strategy and workplan. 3 Courage: All board members must be open for giving direct opinions and brave to stand on the right thing in spite of meaning a flight with CEO or majority. In addition, board members also needs to create courage and gut as corporate culture. Staff who are courageous to propose new ideas, improve work, voice their concerns when finding wrongdoing among colleagues or supervisors, should be rewarded.

The above indexes lead to the key questions: whether the private sector has done enough for sustainable development IOD is on the process of modifying work and to what extent the board should play a in different aspects in order to support role on this issue. corporate boards in the Thai private sector to transform themselves from full members Since everything changes rapidly, every to full function. From now on, members will business can be disrupted by technology, see our changes for the better in many ways. consumer behavior and many other factors. Boardroom | 9

Cover Story

Board in the Future in the View of Institutional Investor `;Ia; C$TE6lT_;V;:ZE$V+b;= ++Z<;S @<I T >[ CWL I;c6 L I;_LWD MEYO ÐñÞèâåìéáâïð _EVgC_% T CTCW L I ;E I Cb;$ER<I;$TE7EI+LO<$TE 9lT*T;%O*<EVKS9_@VgCCT$%Xh;`GROD T*7 O_;YgO* .Xg*$TE_% TCTCW<9<T9%O*>[ CWL I;c6 L I;_LWD =ER_B9 ÍïæêÞïö ÐñÞèâåìéáâïð MEYO >[ CWL I;c6 L I;_LWDMGS$9Wgc6 ES<=ERaD-; MEYO>G$ER9< 9T*7E*+T$$TE=ER$O<:ZE$V+ _- ; >[ 8YOMZ ; @;S$*T; G[$' T '[ ' T '[ `% * LS*'C LVg*`I6G OC `GR;S$G*9Z;L8T<S; 8YO_= ;L I;LlT'S L I; M;Xg*%O*$TE6lT_;V;:ZE$V+.Xg*LTCTE8LE T*'ITC LlT_Ef+`GR_% C`%f*bM $S<:ZE$V+b;ERDRDTIc6 .Xg*b;'OGSC; ;Wh+R%O$G TI8X* ÐñÞèâåìéáâïð b; L I;%O*;S$G*9Z;L8T<S; ¥_- ; <EVKS9MGS$9ES@D +S6$TE$O*9Z;EIC $O*9Z;L I;<Z''G $O*9Z; LlTEO*_GWDh *-W@ $O*9Z;<lT_M;f+<lT;T % TET-$TE $O*9Z;=ER$S;LS*'C <EVKS9=ER$S; _= ;7 ;¦ 10 | B o a r d r o o m

_;YgO*+T$ ÐñÞèâåìéáâï $GZ C;WhCW'ITCLlT'S b; $Gc$7GT69Z; _= ;$GZ C9WgCWLS6L I;_*V;G*9Z; _= ; +l T ;I;CT$`GRCW $ TEG*9Z ; $S < <EV KS 9 b; ERDRDTI ;S$G*9Z;$GZ C;Wh+RCW'ITC'T6MIS* b;$TEG*9Z;$S<<EVKS99WgCWER6S<$TE$lT$S<6[`G $V+$TE ¥ÀìïíìïÞñâ ÄìóâïëÞëàâ · ÀĦ 9Wg6W CW ' ITCES < >V 6 -O<7 O LS * 'C`GRLVg * `I6G O C EIC9Sh * 'T6MIS * bM < EV KS 9 CW $ TE_7V < a7OD T * CSg;'*`GRDSg*DY; 6S*;Sh;+X*8YO_= ;'ITC9 T9TD `GRM; T9WgLlT'S %O*'5R$EEC$TE9Wg+R7 O* _7EWDC'ITC@E OCb;_EYgO*$TE+S6$TE6 T; ÀÄ $TEJX$KT$0MCTD $0_$53 `;I=1V<S7V9Wg LlT'S 7GO6+;$TE<EVMTE'ITC_LWgD*b;6 T; 7 T*e _@YOg 9W+g RLTCTE87O<L;O*'ITC'T6MIS* %O* ÐñÞèâåìéáâï $GZ C;Whc6 OD T*7E*+Z6CT$ 9WgLZ6

+T$>G$TELlTEI+%O* Êìïïìô ÐìáÞéæ ÄéìßÞé ÉÉÀ .Xg*_= ;<EVKS99WgCW'ITC_-WgDI-T 6 T;$TEbM 'lT=EX$KT6 T;$TE$lT$S<6[`G$V+$TE 9Wg6WbM `$ O*' $E7 T* e c6 9lT`<<LlTEI+'ITC 'V6_Mf;%O*;S$G*9Z;L8T<S;+T$ ±³ O*' $E 9SgIaG$_$WgDI$S<$V+$EEC`GR=ER_6f;LlT'S 9Wg _$WgDI% O*$S<;S$G*9Z;L8T<S; a6D Êìïïìô ÐìáÞéæ ð ¯­®¶ ÆëðñæñòñæìëÞé Æëóâðñìï Ðòïóâöð `L6*bM _Mf;I T= ++SDLlT'S OS;6S<`E$9WgCW>G 7 O'ITC'T6MIS*%O*;S$G*9Z;9WgCW7 O$EEC$TE `GR<EVKS99Wgc=G*9Z; 'YO ;S$G*9Z;L8T<S; 7 O *$TE9Wg + R_% T b+$GDZ 9 : ` GR$TE<EV M TE +S6$TELV;9ES@D %O*<EVKS9 EIC9Sh*7 O*$TE _% Tb+8X*$TE$lT$S<6[`GIS4;:EECO*' $E `GR Ñìëâ Þñ ñåâ ñìí %O*<EVKS9CT$9WgLZ6 ¥`>;B[CV 9Wg ®¦

ÄïÞíü ÂŽ ¡ ÄÏÞÊð ôüâÍ âÍäĂžäÌÍä ôÌùü ÊÌðùâå Ă ĂŹĂŞĂ­ĂžÍÌâð ÞÍå åÌïâà ùÏïð The company’s governance policies and practices

93% 4%

The company’s long-term business strategy

72%

The quality and completeness of the company’s communications

26% 2%

65%

Environmental and social policies and practices

54%

The quality of the company’s engagement with shareholders

30% 5%

35%

50%

The company’s ďŹ nancial performance

48%

HIGH

MEDIUM

3%

11%

48% 2%

41%

11%

LOW

Ă?Ïòïà â¡ Ă†ÍðùÌùòùÌÏÍÞÊ ÆÍóâðùÏïð Ă?òïóâÜ ¯­ŽœŠ ĂŠĂŹĂŻĂŻĂŹĂ´ Ă?ÏåÞÊÌ

b;L I;%O*$TE@S4;TOD T*DSg*DY;b; ° =ER_6f;MGS$9Wg;S$G*9Z;L8T<S;_Mf;I TLlT'S‰ 9WgLZ6_CYgO_% Tc=CWL I;E ICb;$TE6lT_;V;*T;$S< <EVKS9LlTMES<= ¯­Žœ 'YO _EYgO*$TE_=GWgD;`=G* 9T*6 T;B[CVOT$TJ .Xg*CW' T_,GWgDL[*8X* ¾²¢ b; %5R9Wg= ¯­Ž´ `GR ¯­Ž¾ _9 T$S< °²¢ `GR °Ž¢ 7TCGlT6S<b;MSI% O_6WDI$S; .Xg*_= ;9Wg; TLS*_$7 I T;S$G*9Z;L8T<S;_Gf*_Mf;'ITCLlT'S‰b;$TE G*9Z;$S<:ZE$V+9Wg_= ;CV7E$S<LVg*`I6G OCCT$%Xh; OD T*CW;SDLlT'S‰ L I;=ER_6f;9WgLO*`GRLTC 9Wg;S$G*9Z;L8T<S;@V+TE5TbM OD[ b;`;I9T* $TE@S4;TOD T*DSg*DY;%O*O*' $E c6 `$ _EYgO* IS 4 ;:EECO*' $ E`GR$TE<EV M TE9ES @ DT$E <Z''Gb;O*' $E OD[ b;OS7ET9Wg_9 T$S;9Wg ²¹ ¢ ÂĽ`>;B[CV9Wg ¹Œ ÄïÞíü ÂŻ ¡ ÆêíÏïùÞÍù ÎòÞÊÌãÌà ÞùÌÏÍð ĂŁĂŹĂŻ ùÞèÌÍä Ăž åâà ÌðÌÏÍ ĂŹĂŤ ùüâ âÊâà ùÌÏÍ ĂŹĂŁ ÌÍåÌóÌåòÞÊ åÌïâà ùÏïð

Ll T MES < =ER_6f ; _EYg O *'Z 5 LC<S 7V % O* $EEC$TE9Wg;S$G*9Z;L8T<S;@V+TE5T_GYO$bM CT<EVMTE+S6$TEO*' $E 'Z5LC<S7VGlT6S<`E$ 'YO _EYgO*9S$KR`GR'ITCLTCTE8%O*$EEC$TE EO*G*CT 'YO _EYgO*'ITC_= ;OVLER%O*$EEC$TE ÂĽ`>;B[CV9Wg ÂŻÂŚ b;L I;%O*'ITCMGT$MGTDb; a'E*LE T*%O* ¿ÏÞïå ;Sh; +T$>GLlTEI+-WhbM _Mf;I T;S$G*9Z;L8T<S;bM 'ITCLlT'S‰b;_EYgO* 'ITCMGT$MGTDb;6 T;9S$KR 'Z5LC<S7V `GR =ERL<$TE5 b ;$TE9l T *T;%O*$EEC$TE CT$$I T_EYgO*'ITCMGT$MGTDb;_EYgO*_@J _-YhO -T7V `GROTDZ ÂĽ`>;B[CV9Wg °Œ

Skills

70%

20%

+T$>G$TELlTEI+_<YhO*7 ; _Mf;c6 I TCW 'ITCLO6'G O*$S<MGS$:EECTBV<TG$TEG*9Z; LlTMES<>[ G*9Z;L8T<S; ¼ÆªÀÏå⌠9WgOO$a6D LlT;S$*T;'5R$EEC$TE$lT$S<MGS$9ES@D `GR 7GT6MGS$9ES@D ÂĽ LlT;S$*T; $ÂŤGÂŤ7ÂŤ ÂŚ .Xg*;lT _L;O=ER_6f ;_$Wg DI$S <'ITCDSg *DY;%O*<EVKS9 9Wg;S$G*9Z;L8T<S;'IE@V+TE5T=ER$O<$TE 7S6LV;b+b;$TEG*9Z; .Xg*=ER$O<6 ID ĂšÂ˜ . L3 L= dL K4.SX? N# L=1O_.O ¡ <EVK9S 9Wg

G*9Z;7 O*CWa'E*LE T*%O* ¿ÏÞïå b;_EYgO*%;T6 O*' =ER$O< LS6L I;%O*$EEC$TEOVLER9Wg _MCTRLC 7 O*CW;aD<TD`GRa'E*LE T*' T7O< `9;$EEC$TE`GR>[ <EVMTEER6S<L[*9Wg-S6_+; <EVKS97 O*+S6bM CW+EVD:EEC`GR+EEDT<EE5 LlTMES<$EEC$TE`GR>[ <EVMTE EIC9Sh*7 O*CW$TE IT*ER<<BTDb;`GR$TE<EVMTE'ITC_LWgD*9Wg _@WD*@O

10%

ĂşÂ˜ . L3 AL;=K46N.%G4/ GDK" ; ¡ <EVKS9 Independence

67%

Industry Experience

41%

Reputation

11%

9%

54% 5%

15%

Share Ownership International Experience

24%

59%

11%

26%

78%

7 O*CW'ITCES<>V6-O<7 O Ă?ùÞèâüÏÊåâïð 9Z$? TD CW $ TE=1V <S 7V 7 O @;S $ *T;`GR'[ ` % * OD T *_= ; :EEC CW$TE;lT;IS7$EECCTb- LE T*aO$TL `GR 7 O*CW$TE7 O7 T;$TE9Z+EV7`GR'OE ES=-S; ĂťÂ˜ .L 3DN"ÄŽ XA.? G; ¡ <EVK9S 7 O*CW$TE= O*$S;

CG@VK`GR<EVMTE+S6$TE9ES@DT$EOD T*DSg*DY; 4%

28%

HIGH

68%

MEDIUM

LOW

Ă?Ïòïà â¡ Ă†ÍðùÌùòùÌÏÍÞÊ ÆÍóâðùÏïð Ă?òïóâÜ ¯­ŽœŠ ĂŠĂŹĂŻĂŻĂŹĂ´ Ă?ÏåÞÊÌ B o a r d r o o m | 11

ÄïÞíü ° ¡ ĂŠĂŹĂ°Ăą ÌêíÏïùÞÍù ùÜíâ ĂŹĂŁ åÌóâïðÌùÜ Skills and qualiďŹ cations

89% 7%

Professional Experience

72%

Gender

Age

26% 2%

35%

Ethnicity

65%

9%

4%

67%

26%

HIGH

4%

24%

70%

MEDIUM

LOW

Ă?Ïòïà â¡ Ă†ÍðùÌùòùÌÏÍÞÊ ÆÍóâðùÏïð Ă?òïóâÜ ¯­ŽœŠ ĂŠĂŹĂŻĂŻĂŹĂ´ Ă?ÏåÞÊÌ

7 O *CW $ TE=ES < 7S I `GRER<Z ' ITC_LWg D *ÂŹ>G $ER9<+T$$TE_=GWgD;`=G*LBT@B[CVOT$TJ EIC9Sh*CW$TEO;ZES$K LVg*`I6G OC`GR'ITCMGT$ MGTD9T*-WIBT@6 ID a6DLEZ=`G I ;O$_M;YO+T$<9<T9M; T9Wg %O* ¿ÏÞïå 7TCMGS$ ĂƒÌåòà ÌÞïÜ à òùÌâð `G I ¿ÏÞïå 'IEbM 'ITCLlT'S‰b;_EYgO*_JEK2$V+ 'ITCES<>V6-O<7 OLS*'C EIC9Sh*$TE$lT$S<6[`G $V+$TE9Wg6W ÂĽ Ă‚Ă?Ă„ ÂŚ bM _% C% ;CT$%Xh;6 ID _;YgO* +T$;S $ G*9Z ; L8T<S ; ;Sh ; CV c 6 @V + TE5TG*9Z ; +T$= + +S D 6 T ;>G7O<`9;`GR'ITC_LWg D * %O*$V+$TE9WgG*9Z;_@WD*OD T*_6WDI `7 DS*;lT _EYgO*$TE+S6$TE6 T; Ă‚Ă?Ă„ %O*<EVKS9CT=ER$O< $TE@V+TE5TG*9Z;6 ID ;O$+T$_EYgO* Ă‚Ă?Ă„ `G I ;S $ G*9Z ; L8T<S ; DS * 'T6MIS * b;$TEG*9Z ; $S < O*' $E9WgCW'ITCa=E *bL DX6MGS$:EECTBV<TG CW$TE6lT_;V;*T;a6D ¿ÏÞïå `GR Ă€ÏêêÌùùââ 9WgCW=ERLV9:VBT@ CW$TE=ER_CV;$TE9lT*T;%O* ¿ÏÞïå _= ;=ER+lTOD T*7 O_;YgO* EIC9Sh*<EVKS9 7 O*CW$TE_7EWDCES<CYO$S<LBT@B[CVOT$TJ9Wg _=GWgD;`=G*c= `GRCW$TE<EVMTE+S6$TE'ITC _LWDg *6 T; ÀÜĂ&#x;âï OD T*+EV*+S*6 ID .X*g O*' =ER$O< _MG T;Wh_= ;@Yh;2T;LlT'S‰LlTMES<<EVKS9b;$TE 9Wg+RLE T*'ITC_-YgOCSg;bM $S<;S$G*9Z;L8T<S; `GR- IDbM :ZE$V+6lT_;V;7 Oc=b;ERDRDTI`GR DSg*DY;c6 OD T*6WDVg*%Xh;6 ID 12 | B o a r d r o o m

Stakeholders have increasingly and continuously involved in audit process at the corporate level. This is happening particularly among primary stakeholders directly benefited or affected from business operation including shareholders, staff, clients, traders, competitors, society, environment and institutional investor. They are important for business operation, leading to sustainable business success in the long run.

management in order to meet the need from this group of investors.

Following the 2019 Institutional Investor Surveys conducted by Morrow Sodali Global LLC, the leading global consultancy specializing in shareholder and bondholder services, corporate governance, proxy solicitation and capital markets transactions, a total 46 global institutional investors shared their views that they would like to see and understand corporate strategy on asset This Boardroom issue will focus on management, corporate culture, supervision institutional investors as they are one of and tone at the top (see Graph 1). the important stakeholders in the capital market. Institutional investors include asset Institutional investors also take into management, private fund, provident consideration and give priority to skills fund, pension fund, social security fund, and capacities of directors, followed by insurance company etc. This group of independence of the directors (Graph 2). stakeholders, which accounts majority For diversity of board structure, the survey investment proportion, tends to invest found institutional investors gave priorities long term in companies giving priority to to diversity of skills, qualifications, work corporate governance (CG) and corporate experience of the directors over gender, social and environmental responsibility. race and age diversity (Graph 3). They also expect to see sustainable growth of the corporate they are investing. Hence For sustainable development, the most it is challenging for directors to prepare for important issue that should be integrated CG management, to learn about related into corporate operation based on laws and regulations, guidelines and risk institutional investors’ views are climate change, accounted for 85% of respondents.

ÄïÞíå ± · Ñåïââ ðòðñÞæëÞßæéæñö ñìíæàð ôåæàå æëðñæñòñæìëÞé æëóâðñìïð ãìàòð ìë êìðñ ôåâë âëäÞäæëä ôæñå àìêíÞëæâð æë ¯­®¶ 85%

54%

54%

39%

22% 15% 11%

Climate change

Corporate culture

Human capital management

Cybersecurity

SDGs (Sustainability Development Goals) metrics

Supply chain management

Data privacy protection

Ðìòïàâ· ÆëðñæñòñæìëÞé Æëóâðñìïð Ðòïóâö ¯­®¶© Êìïïìô ÐìáÞéæ

The institutional investors’ interest in environmentally friendly business have significantly increased compared to only 31% in 2017 and 35% in 2018. The other two issues are corporate culture and human resource management, equally accounted for 54% (Graph 4). The survey result is related to the principle of investment governance for institutional investors known as ‘I-Code’ announced by the Securities and Exchange Commission of Thailand. The following issues of corporate sustainability that institutional are usually considered: 1. Corporate Governance: The size of board structure, composition and proportion of independent directors should be suitable. Policy on remuneration of high-level executives should be transparent and reflect

corporate ethics and integrity. Internal governance (ESG). Institutional investors system particularly on risk management consider not only remuneration and risk but also ESG management, transparency, should be available. governance and board committee, when 2. Corporate Social Responsibility: All stake- making an investment. The corporate holders should take CSR into consideration. needs to handle the issue of climate change Staff and competitors should be treated and cyber risk and seek way to integrate fairly. New innovation should be adopted to into implementation. These components create more opportunities. Anti-corruption are fundamental for the corporate to build confidence among institutional investors is a must. and enable the corporate to sustainably 3. Environment: Anti-pollution and sustain- operate the business in the long run. able resource management is necessary. --------------------------------------------------Each corporate needs to adjust themselves, identify risk and impact of the climate change. Environmental preservation and 3²D²G= L3/ #P"2O=8L3N% biodiversity have to be taken into account. Ms. Aurakarn Jungthirapanich In conclusion, apart from the board’s roles and responsibilities following the Fiduciary Senior CG Analyst Research & Policy Duties, the board should give importance Thai IOD to the economy, social responsibility and B o a r d r o o m | 13

Cover Story

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>[E <S >V6-O<$f'IE+R7 O*_= ;$EEC$TE b;%5R9Wg Ă€Ă‚ĂŒ MEYO>[ <EVMTEER6S<L[* $f'IE+RES<>V6-O< 7 O 'l T 8 T C .Xg * L I ; b M ‰ CS $ + R _ $Wg D I $S < ETDGR_OWD6b;_EYgO*%O*>G=ER$O<$TE 2T;R 9T*$TE_*V; `GR_EYgO*7 T*e 9T*6 T;=1V<S7V$TE .Xg*MT$<EVKS9LTCTE8`< *`D$<9<T9M; T9Wg c6 OD T*-S6_+; % OC[G<EVKS99Wg_= 6_>DOO$L[ LT:TE5-;D OCCW'ITC8[$7 O* -S6_+; - IDG6 'ITC_LWgD*`GR= O*$S;cC bM _$V6'ITC_LWDMTD 7 O<EVKS9c6 CT$ `GR;lTc=L[ 'ITCcI IT*b++T$ >[ 8YOMZ ;`GR>[ CWL I;c6 _LWDOW$6 ID ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ Amidst the changes in the world in the aspects of the population structure which affects the use of resources, the expansion of the emerging market which draws attentions from investors and skilled employees, and the advancement of technologies which influences businesses to adjust and innovate in order to handle the changes in consumer behaviors; the current reactive working style of the board of directors which focuses on supervising in no longer enough. The board of directors needs to be proactive in order to adapt and keep up with the global trend towards becoming organization leaders who oversee and make decisions on important issues of the organization in both strategic and risk management. If leaders like the board and the management cannot adjust their business strategy to keep pace with the changes, lack of risk support plan, lack of challenge handling procedure, and are unable to understand the changes in the directions of the economy, society and technology, there is a risk for their surviving as can be seen from the examples of many famous companies in the news. To illustrate, Blackberry from Research In Motion, which was once the most popular mobile phone, could not survive after Apple launched a new mobile phone which has changed the way people use their phones and defined the mobile devices of people

16 | B o a r d r o o m

around the world with a screen without any keypad which receive orders from the user’s finger touch. Besides making phone calls, people can also enjoy watching movies, surfing the Internet and many more things by just installing applications. There are also many examples in retailer industry; for example, Toys R Us, a major and wellknown toy retailer, had to file for bankruptcy in September 2017, close their branches in the US and sell their businesses oversees because of their debt situation and the delay in entering the online business, so that they were unable to compete with other retailers. Payless ShoeSource, a 62-yearold US shoe store Company with branches in many countries, also faced a fate similar to Toys R Us. From various crises that have happened continuously, the shareholders have to have more roles in overseeing the work of the board of the directors and the management. This includes having higher expectations towards their corporate governance to ensure the shareholders themselves that the board of directors that they had appointed is able to supervise the business effectively, and to ensure that the executives who are responsible for managing various functions within the organization are operating correctly, transparently and in the best interest of the organization as well. Becoming more active can be done in many ways, and each method allows the shareholders to be able to play more roles. In this article, we would like discuss 2 important methods which are internationally accepted: shareholder activism and shareholder engagement. Every organization should acknowledge and operate more proactively especially the board of directors who play crucial roles in responding to those expectations.

power to put pressure on the board and the management of the company. In the past, there had been a rise in the movement of the shareholders according to the survey of directors, company executives and investors by the Schulte Roth & Zabel and the Activist Insight. In 2018, it was found that the number of shareholder activism had been increasing with no tendency to diminish. In 2018, there were 922 companies around the world demanded by the activist; whereas, there were only 607 companies in 2013. The request for changes from shareholders has increased significantly in Asian and European capital markets. In regard to the issues which shareholders called for, from the information from 2018, it was found that the issues were mainly related to the corporate governance especially issues relating to the rights of shareholders such as nominating directors and other issues relating to the board of directors such as a request for separating chairman and CEO, director qualifications, and structure and composition of the board. Other issues, second to the issues mentioned above, were ESG issues, the remuneration for directors and executives, business merging, not following relevant rules, and etc. However, the issues mentioned here is just part of it, and surely if the board of directors does not perform and govern well, and let the company fails these issues without fixing them, the shareholders have the right to demand for changes.

In Thailand, in the past, the role of shareholders was only concerning about financial benefits they should receive. We usually witnessed shareholders expressing their dissatisfaction when the company had poor operating results or low dividend payments. We could see that shareholders spent a lot of their time in questioning and blaming the board of directors in The movement of shareholders is a process shareholder meetings especially in the by which shareholders show or use the agenda for performance report approval,

the agenda for annual net profit allocation and dividend payment approval, and the agenda for the board of directors’ remuneration consideration. Moreover, shareholders were limited to just getting together to prosecute fraudulent directors or executives and in many cases, the actions were too late. However, the roles of shareholders in Thailand have changed noticeably. Even though, the number of shareholders prosecuting companies may not be much compared to the United States or Europe, the trend which could be obviously seen is that the shareholders start to act as “the owner” of the company, and begin to protect their own investment. They are more eager to learn and prepared to question in the shareholder meetings, and tend to monitor the work of the board of directors and the management in the aspects of business operation, illegal practices, corporate governance or ethics which allows the company to be successful in the long-term rather than just focusing on the stock price in the short-run. Thus, directors should change their ideas and behaviours to be in line with the current changing trend of the shareholders. At present, many directors have already realised that the shareholders’ concern is not something to avoid, but is something beneficial for the company itself. If directors are able to draw shareholders to participate in the company more, besides creating understanding and reducing pressure, it would also help pointing out risk factors or mistakes which directors may have overlooked. Therefore, the board of directors should provide communication channels and create effective shareholder engagement, and prioritize the benefits and the impacts to the shareholders which can be done by informing or disclosing information correctly, transparently, adequately, and regularly through various convenient channels such

as annual report, company website, annual general meeting, meeting, analyst meeting, opportunity day, road shows, company visit and most importantly meeting directly with the board. Additionally, the company should set clear information disclosure principles. The company must realize and adhere to the principles of supervising and disclosing information to every shareholder equally and not allow any group of shareholders to benefit from the information provided more than other groups of shareholders. Furthermore, such principles should be consistent with the guidelines set by the board of directors as a policy framework in order to avoid confliction. The persons responsible for information disclosure should be clearly identified as well. For example, the issues relating to the company’s strategy, corporate governance and creating long-term value to the company, the responsible persons should be directors; whereas, the CEO or senior executives should take responsibility for questions regarding details in the company’s performance, financial status, and other operational issues. If the company can divide the roles clearly, the disclosed information to the public will be accurate, clear, and help reduce the risks and prevent damages to the company which will eventually lead to trust from shareholders and stakeholders as well. ---------------------------------------------------

3L"DLAA=K/3K31 =K%;RDN 8K12 Ms.Waratnarn Ratchamusikpat Senior CG Analyst Curriculum Development Thai IOD

B o a r d r o o m | 17

Board Briefing

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Dr. Janson Yap, Regional Managing Director, South East Asia Innovation Leader, Deloitte Singapore

The Thai Institute of Directors was honored to have Dr. Janson Yap, Regional Managing Director, South East Asia Innovation Leader, Deloitte Singapore speak to its members at a recent event on the topic “Digital literacy and the role of the board of directors in the digital transformation�. Dr. Yap began his presentation with a discussion on the digital journey, which he said would be a scalable journey which, over the next 20 to 30 years, would involve looking at hindsight, foresight and insight in which hindsight is premised on foresight and insight. Changing technology, emerging risk and new competitors are all factors to consider when determining which digital skill is the most relevant for narrowing the digital gap and view the role of humans and the role of digital going forward. The first WWW – the worldwide web – came into being in 1993 and in 1996, he was asked to frame what can be done in the future anytime, anyhow and anywhere, explained Dr. Yap. That phenomenon all became doable in 2010. Meanwhile, in 2010 a new phenomenon came out of Germany called the “white water web�, which coincided with the volatile, un-certain, complex and ambiguous environment.

This was followed by the fourth Industrial Revolution, which was coined in 2018 in reference to the convergence of the physical and the digital from next year and beyond. Dr. Yap pointed to a survey, which indicated that 87% of the respondents believed that digital technologies would disrupt their industry while 44% were of the view that they were adequately prepared for the disruption projected to occur in their industry because of digital trends. This led to a discussion of what is at stake with regard to digital disruptions. He noted that the word digital technology and digital disruption is so broad and that the impact of disruption is industry-specific based on four categories: short fuse, big bank; long fuse, big bang, short fuse, small bang and long fuse, small bang. In the next part of the presentation, Dr. Yap explained that for the past 10 years, the focus was on digital connectiveness, while going forward, it is on interconnection, through 5G, connecting the five billion people that is still unconnected people. Dr. Yap then focused on Thailand, explaining that the country was digital ready, as indicated by its high Internet penetration B o a r d r o o m | 19

Digital Maturity Evaluating key elements for success

Strategy Defining the right strategy for your organisation

Capability Investing in the digital capabilities that enables your strategy

Culture Develop the culture to foster agile practices and collaboration

Structure Change the org. structure to work for your strategy

To remain competitive in the digital world, organisations must revaluate their strategy, capability, culture and organisational structure to grow and adapt to the changing pace of disruption.

and global recognition. He said that one problem the country faces is that it is insular and that for it to be part of the global economic system is a challenge. The country needs to be more interconnected. To claim its rightful share of the $4 trillion economy, Thailand must play broader and deeper role in the global economy and be more connected. According to Dr. Yap, with regard to digital maturity, there are four key elements: strategy; capability; culture and structure. To remain competitive in the digital world, organizations must reevaluate their strategy, capability, culture and organizational structure to grow and adapt to the changing pace of disruption. He explained that digital is a long-term strategy and that when strategy is clearly defined, managerial action becomes clear. A prime reason behind a strategy being a failure is becauselack of acceptance of it by middle management. He said that in the digital journey, strategy needs to be continually defined. Key behind digital maturity is the CAT model, core, adjacency and transformation Dr. Yap explained that there are three broad digital strategies: improving the core, enhancing the current business model; moving into an adjacent market to enhance revenue streams; and creating an entirely new business. Also, in terms of digital

20 | B o a r d r o o m

maturity, organizations tend to follow one of In the last part of the presentation, Dr. Yap focused on the board and digital literacy. In the following four types: that regard, board members are responsible • The tactile model, digital aspects are for overseeing a company’s digital vision, embedded within different business units ensuring the organization’s vision makes to help realize existing goals. sense for the long term, and ensuring that • The centralization model, digital initiatives required directives unfold strategically. and skills are consolidated and driven by The role of the board is based on 3 E’s, a central unit. Digital is embedded into the engaging, enabling and encouraging, core strategy with a central team driving which are intertwined and reinforce each the same vision. other. Key functions of the board are to • The champion model, organizations as a help their organizations understand and whole have a deep understanding of what embrace change, establish big enough digital means. Its culture is open and built ambitions to win and manage acceptable on trust, focusing on execution rather risk appetite enough to grow and achieve a than planning how to execute. solid long-term performance. • The business-as-usual model. ---------------------------------------------------

Thailand – Are you ready?

The 4 key elements of success

Strategy

Capability

Culture

Structure

© 2019 Deloitte Southeast Asia Ltd.

The 3 E’s of future boards

Engage

Enable

Encourage Digital Literacy

E-Boardroom Magazine To save the world with paperless solution

Mr. Pa

B o a r d r o o m | 21

Board Development

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24 | B o a r d r o o m

does it matter?� [1], and we discussed the Big Mistake #1 when Building a Coaching Culture: having no clear definition what a coaching culture actually is.

can be particularly challenging in cultures where also many employees expect to receive instructions from their bosses rather than finding solutions by themselves.

Today, we will have a closer look at how Why is it apparently so difficult to tell less? coaching works, and I will give you a very Well, often even well-established leaders short, practical recipe for coaching. think that they know better than their staff, or simply that telling people what to do is faster than having them find out for themA short recipe for coaching selves. Coaching is a complex process, and you don’t learn it in a weekend seminar. The truth though is that “Leaders are no Professional coaches commit to a life-long longer the smartest people in the room learning journey, continuously looking for who know the most about everything. To better ways to help their clients succeed. [2] be successful, they now need to be able to surround themselves with experts in those However, if you have never used any fields who are smarter than themselves, and coaching before, you can start boosting then they must find ways to motivate and your coaching skills by applying a simple empower those people in order to mobilize recipe: tell less, listen more, and ask more them towards a shared vision.� [3] questions in an atmosphere of trust. While this may not sound too difficult, in reality Listen More many people struggle a lot with their first coaching attempts. When you tell less, you should consequently listen more. Listening is completely effortless and would, in theory at least, be the Tell less easiest thing in the world. Besides being Many bosses, especially “old school� easy, it is also extremely important: listening managers, are used to telling others what to has been identified as a critical leadership do. Giving up this good old habit — it worked skill. [4] so well in the past, didn’t it? — is hard. It

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What keeps us from really listening:

Tips for active listening:

• • • •

we have our own, different agenda our mind drifts off or attention drops time pressure we compose our reply in our head while the other person is still talking ¬Ñ²Í² ßÍ Î×ËÝÛ ×Ö ßÐÉÜ ßÍ ÉÚÍ Ï×ÑÖÏ Ü× say next instead of really listening to ßÐÉÜ ÜÐÍ ×ÜÐÍÚ ØÍÚÛ×Ö ÛÉáÛ­ ù ÌÑÛÜÚÉËÜÑ×ÖÛ ¬ÑÖË×ÕÑÖÏ ÕÍÛÛÉÏÍÛ° ×ÜÐÍÚ ØÍ×ØÔÍ° í­ • our own judgment gets into the way ¬î ß×ÝÔÌ ÖÍÞÍÚ Ì× ÜÐÑÛï° îÊÝÜ ÜÐÉÜñÛ ßÚ×ÖÏï° îÐ×ß ËÉÖ á×Ý Ø×ÛÛÑÊÔáíï­ ù ÉÖÌ ÝÔÜÑÕÉÜÍÔá° ßÍ ÕÑÏÐÜ ÛÑÕØÔá Ö×Ü ÊÍ interested in what the other person has to say…

• make sure you are really present and tune in to what the other person says • keep eye contact ù ×ÊÛÍÚÞÍ ÜÐÍ ×ÜÐÍÚ ØÍÚÛ×Ö ÑÛ ÜÐÍÑÚ Ê×Ìá language congruent with what they are saying? ù ÊÍ ÉßÉÚÍ ×Î á×ÝÚ ×ßÖ Ê×Ìá ÔÉÖÏÝÉÏͼ Ì×ÍÛ á×ÝÚ Ö×Ö±ÞÍÚÊÉÔ Ë×ÕÕÝÖÑËÉÜÑ×Ö express that you are listening? ù ØÉÚÉØÐÚÉÛÍ ×Ú îØÉÚÚ×ܱØÐÚÉÛÍï • listen also to what is not said • ask clarifying questions ù ÊÍ ÍÕØÉÜÐÑË° Ö×Ö±ÒÝÌÏÕÍÖÜÉÔ • endure silence and resist the urge to say something when there is a pause

Asking questions can help to tap into a person’s own intelligence and leverage potential. Asking empowers people and builds self-leadership. Furthermore, consider that perhaps you are not “the smartest person in the room” as outlined above. Even if you are, you simply cannot know everything. As Ronald Heifetz puts it “The leader’s job is not to provide the answer but instead to frame the right questions for which answers are developed and discovered by the collective intelligence of the people.” [5] Again, quality matters more than quantity, and for coaching to be effective, your questions must be “powerful.” In figure 3 you will find some ideas for great coaching questions.

Tell less, listen more, and ask more questions is the shortest recipe for coaching Ask more questions I can give you. Again, not a full recipe for a five course Michelin dinner, but good Why is asking questions often so much enough for you to start cooking. more powerful than telling?

Nevertheless, many employees wish their bosses would listen more to what they have to say. And obviously, not only at work but also at home many problems could be solved if we only listened more to each However, one more ingredient is essential other. Asking questions triggers the other person’s for great coaching results: you can’t just thinking. Asking can also create more buySo, if listening is so important and actually in: imagine as a boss you tell someone what Ãæäòâ ° easy, what keeps us from actually doing it? to do. They execute as instructed. Imagine You can find a summary of reasons given by for some reason things do not work out as Powerful questions participants of my seminars in figure 1. you expected. Well, it was all your fault then because the employee simple did what you • are open-ended Listening is not only about quantity but also ordered. They can’t be blamed, and chances • trigger thinking about quality. I am sure as a reader of this are they might not make an extra effort to • are thought-provoking magazine you have learned “active listening” solve the problem. • interrupt patterns in your very first leadership seminar, so ù ÉÚÍ Ö×Ü îÏÝÑÌÑÖÏï we won’t go into detail here. If you need a Imagine instead of telling you ask the same • are solution-oriented refresher though, you find some tips in person: “what do you suggest we do in this • generate curiosity in the listener figure 2. situation?” Imagine you have an inspiring • stimulate reflective conversation and creative dialogue in which they come • surface underlying assumptions When you want to listen like a coach, you up with their own solution. Again they ù ÑÖÞÑÜÍ ËÚÍÉÜÑÞÑÜá ÉÖÌ ÖÍß Ø×ÛÛÑÊÑÔÑÜÑÍÛ need to be truly interested in what the other execute, but this time they own the solution. • generate energy and forward movement person has to say. You need to listen for If something goes wrong, chances are they • channel attention and focuses inquiry potential, and by listening deeply and will go the extra mile to prove to their boss • touch a deep meaning actively, you can help leverage the other that they can think and act on their own. • evoke more questions person’s talent.

B o a r d r o o m | 25

“machine-like” apply the recipe. Coaching is not a process that you can follow mechanically and then it just works its magic. More than anything else, coaching is about human interaction. And human interaction is always about relationships. For a coaching relationship to be effective, it must be based on trust. If you can’t create an atmosphere of trust, a safe space for the person you are coaching, you will not be able to fully leverage the other person’s

potential. Trust is the foundation of coaching when you are the one who decides about the next promotion or their salary increment? as illustrated in figure 4. If you want to use coaching skills as a boss with your team members, you need to be aware that you are not equal partners (by definition you have more power as the boss), and in general for many employees it can be difficult to fully trust their boss. Ask yourself if the person in front of you can be completely honest: will he or she for instance be ready to disclose weaknesses to you

As with any skill, practice makes the master, and that’s also true for coaching. So go out and practice, practice, practice. And enjoy the journey. Next time we will look at the other two typical mistakes companies make when they start coaching: not being clear about coaching objectives and underestimating how difficult it can be to build a coaching culture.

--------------------------------------------------------------------------------------------------------------------------------------------------------------Footnotes [1] Boardroom Vol. 63, Issue 02/2019, pages 30—34, online version: https://issuu.com/thaiiod8/docs/boardroom_vol.63_resized/30 (last accessed May 29, 2019) [2] The International Coach Federation requires their Professional Certified Coaches to have undergone at least 125 hours of coach-specific training, they must have at least 500 hours of actual coaching with clients, and they need at least 40 hours of continuing coach education to renew their credentials. (https://coachfederation.org/icf-credential/pccpaths, last accessed May 29, 2019). [3] “Three Trends That Will Shape Leadership Development In 2018 And Why They Matter”, Rose Cartolari, Forbes Feb 15, 2018 https://www.forbes.com/sites/forbescoachescouncil/2018/02/15/three-trends-that-will-shape-leadership-development-in-2018-and-whythey-matter/#3f2a11072989 (last accessed May 29, 2019) [4] e.g. DDI Report “What’s the Number 1 Leadership Skill for Overall Success?” February 23, 2016, https://www. ddiworld.com/global-offices/united-states/press-room/what-is-the-1-leadership-skill-for-overall-success (last accessed May 29, 2019) or “Listening Is an Overlooked Leadership Tool”, Melissa Daimler, Harvard Business Review, May 25, 2016 https://hbr.org/2016/05/listening-is-an-overlooked-leadership-tool (last accessed May 29, 2019) [5] “The nature of adaptive leadership”, Ronald Heifetz, Youtube https://youtu.be/QfLLDvn0pI8 (last accessed May 29, 2019)

26 | B o a r d r o o m

Dr. Gerrit Pelzer Managing Director & Executive Coach Helping Leaders Create Better Results through People www.vivocoaching.com

Independent Director Corner

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On April 3rd, 2019, Thai IOD was honored to have Mr. Anuwat Ruamsuke, Managing Director, Head of Capital Markets, Phatra Securities Public Company Limited, giving us a talk on treasury stocks (buyback or share repurchase). Approximately 30 members who participated all agreed that the knowledge they have gained at the event was very useful and should be passed on to other directors as directors’ approvals are required when a treasury stock is being considered. Therefore, we would like to provide a summary which contains complete details for directors of the listed companies as information for consideration if the company needs to repurchase shares.

What is Treasury Stock? Treasury stock is a financial tool for managing the liquidity of the business.

The reasons why a company repurchase its own shares 1. The stock in the market in undervalued. 2. Having accumulated profits and liquidity higher than the need to operate during the stock repurchase period. 3. Seeing that the repurchase of shares is better than other investments during the period. 4. Improving financial ratios

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same amount of the stocks that will be repurchased. The company should sell all of the repurchased stocks or reduce the paid-up capital in the case that the shares are not sold out after the end of the project. 2. The company must have excess liquidity. It must not use loans to repurchase shares. The repurchase of shares must not affect the repayment liquidity within the next six months. 3. The repurchase of share must not cause the proportion of minor shareholders (Free Float) to be lower than the requirements of the Stock Exchange. During the project period, the proportion of minor shareholders must not be less than 15% of the paid-up capital and the number of shareholders must not be less than 150. 4. The regulation related to treasury stock should be defined in the company’s regulations. If it is specified in the regulations, the Board of Directors has the authority to approve the arrangement of the project. If it is not specified, approvals from the shareholders are required in the meetings. Therefore, for agility, in the case of necessity, it should be defined in the regulations since the beginning.

Stock Repurchase Procedure

that may affect the share price of the company and the benefits of shareholders e.g. the period before disclosing financial statements 2. The company cannot purchase / sell the repurchased shares with related persons in specific. 3. The company is unable to purchase in big lot. 4. During the project period, the company is unable to raise its capital; therefore, the company has to consider carefully that there is no need to raise funds during of the average share price from the previous that period. 5 trading days. If this method is selected, shares can be repurchased not more than Other Important Issues 10% of the paid-up capital. 1. If the purchased shares are not sold out, after 3 years from the last day that the 2. General offer: GO shares were repurchased, the company This method is flexible in terms of the has to reduce its capital. offer price and the amount of offer which 2. If the company wishes to repurchase is not controlled, and the shares can be shares more than 1 time, the company purchased more than 10% of the paid-up can launch a new program a year after capital. the specified ending date. Selling Repurchased Shares Procedure 3. In the case that there are many repurchase projects, calculate every project The program has to be approved by director together. and disclosed at least 14 days before the 4. The profit from the repurchase of shares selling date. cannot be recorded as income in the statement of income. The result of the The Advantages of the Program sale of repurchased shares at a price The Advantages to the Company higher than or lower than the purchase 1. It helps increase the demand of stocks, price will be recorded as an adjustment so the share price has an opportunity to in the price of the repurchased product rise. or deducted from the retained earnings 2. It reduces the number of shares that are account. circulating in the market resulting in higher earnings per share. 3. It is a way to manage the excess liquidity The company programs to repurchase shares under Section 66 in public law could effectively by using a financial tool. 4. There is an opportunity to receive return to be implemented since 2001. During 2001 on investment if the repurchased shares and 2007, 37 companies were approved to are sold at a price higher than the buy back shares at the total value of 24,500 million baht, with actual purchases ranging purchase price. 5. EPS, DPS, and ROE are higher as the from 0-1,360 million baht which accounted purchased shares are not calculated for for 0% - 9%. In 2008, there were 37 applications with the total value of 15,200 million earnings per share. 6. There is a chance to receive higher baht. The requested value was 17 to 4,300 million baht. dividends. 7. The stock price has an opportunity to rise.

The company must disclose the repurchase program at least 14 days in advance before repurchasing through the Stock Exchange of Thailand, and the program must be completed within 6 months. The purchase period for general shareholders must not be less than 10 days but not more than 20 days. Situations in which the company must

refrain from buying shares 1. Main Board 1. The company is in the process of announcing or disclosing information The purchase price must not exceed 115%

30 | B o a r d r o o m

3L<<R12 A=$K/=2L= Mr.Yuth Vorachattarn President of Independent Director Club Thai IOD

Anti-Corruption Update

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Interesting progress by CAC during MayJune 2019 are as follow: • A total of eight companies received certification and certification for a total of 13 companies were extended during the CAC board meeting held on May 16. At present, there are 374 CAC-certified companies. Of the total, 10 companies passed certifications following the SME criteria. The CAC board meeting also acknowledged improvement of the implementation workplan. - Details of all 71 checklists will be updated so that the criteria will be clearly specified. The updated version will be implemented by next year.

o The 2nd SME Executive Briefing held on May 17 was organized for sharing information about the CAC, implementation guidelines and 17 checklists after joining the CAC movement for five representatives from five companies.

o A total of 23 participants from 16 companies joined in the Anti-Corruption Course: The Practical Guide (ACPG) on May 9-10. This is a course for officials responsible for internal control. They will be able to understand CAC certification process and follow the checklists for self assessment and preparing sufficient documents for CAC certification approval.

o The 2nd SME Clinic was held on May 24 for SME to understand clearly about implementation following 17 checklist for 11 representatives from seven companies. Those interested in participating into the course, please contact: o The 2nd Road to Certify was organized o www.thai-iod.com/en/projects-3.asp on May 30-31 for explaining steps of o E-mail: cac-enroll@thai-iod.com certification submission. So companies o Tel: 0 2955 1155 ext. 407 (Khun Sittisak) and ext. 217 (Khun Pakin) preparing for extension of their certification validity and those on the process of revising their papers following recommendation by the CAC board members.

- Request for certification submission will be changed from every 15th of last month in each quarter to the last day of each quarter. The certification Those interested can join in the activity for announcement day will be on the last free. For more information, contact: day of each quarter. The new timeframe o www.thai-cac.com will be effective next year. o E-mail: cac@thai-iod.com o Tel: 66 2955 1155 ext. 313 - “Filing” status will be used for identifying (Ms. Nattharawee) companies submitting certification request and waiting for CAC approval. • Training courses o Corruption Risk & Control: Technical Update (CRC 2/2019) on June 25, • CAC seminar activity o The 2nd Road to Join CAC was held 2562. The CRC course is developed for executives, secretaries and working on May 17. The activity was aimed at committee to understand and correctly sharing information about the CAC identify internal audit system. So they project, implementation guidelines and 71 checklists for 29 participants from can prepare information essential for 17 companies after joining the CAC designing anti-corruption management movement. that will lead to effective risk control following the CAC expectation

• At present there are a total of 941 companies joining CAC. Of the total, 374 companies are certified and 10 companies passed the 17 CAC SME Certification checklists. ---------------------------------------------------

3L<8ĊC-R 8=E;#==<L Mr. Phisanu Phromchanya Public Relations Consultant Thai IOD

B o a r d r o o m | 33

Anti-Corruption in Practice

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We cannot successfully solve corruption deeply rooted in the Thai society without full cooperation from governmental, private and civil sectors. Private sector has a role to stop paying bribery to governmental authorities. Only a single company cannot solve the corruption problem and that leads to the establishment the Private Sector Collective Action against Corruption (CAC) nine years ago. CAC volunteers to gather members in the private sector in Thailand to join to the fight against corruption through activities well recognized in the international level. A total of 937 companies have vowed to fight against corruption. CAC has also developed a unique certification system for companies having internal policy on anti-graft and anti-bribery. A total of 366 companies are equipped with the required anti-corruption policy and implementation certified by CAC. One of the questions I always have to answer when talking about the CAC project is the internal mechanism essential for preventing bribery. But what benefits will the company receive by joining the CAC and going through CAC certification which give put more burden to the corporate? I would like to answer these frequently asked questions in this article. First, CAC certification reflects the company’s standpoint and priority of transparent business to the public. Such action brings trust to stakeholders and helps upscale business operation among the private sector. “Passing CAC certification is like we are well accepted that that we are doing good following the principles and measures relating to governance and anti-corruption,� says Denis Lim, President of MFC Asset Management Plc. “I would like to support other companies to proceed with the CAC certification process. It’s like giving a signal to the society and to the investors to know that this company and others pass the certification of what is right for the society and the investors.� B o a r d r o o m | 35

Second, participating into CAC gives opportunity for the company to review if policy and guideline available at the company are adequate to control corruption risk facing our company following CAC’s checklist. There are 71 checklists for big corporate and 17 for SMEs. So that each company can do preliminary assessment for improving their working standard. “Participating into CAC is like doing a self-check if our existing policies are adequate. We can do a self-assessment just like we look at the mirror and see ourselves clearer,” says Pajongwit Pongsivapai, Chief Executive Officer of Glow Energy Public Co., Ltd. “Our headquarter is in Germany. We have strict operational process and guideline to prevent corruption. However, we still see benefits of participating into CAC. The company can still afford to have internal audit and preliminary self-assessment to check if our principle and guideline from the headquarter and regulations in Thailand are sufficient,” said Paranee Adulyapichet of Bayer (Thailand).

36 | B o a r d r o o m

Third, participating into CAC gives business opportunities for the company to work with transnational corporates and big conglomerates giving importance to transparent business operation and anticorruption. Increasing number of largescale companies are considering to give more privileges to traders joining CAC and companies certified by CAC.

implemented at the company. If every corporate gives importance to internal

“Process that we are trying to tackle today is like asking if you already took a shower or washed our faces. I would like to see that one day everyone doesn’t have to ask such question anymore. I believe everyone has consciousness to do good things. We don’t have to ask if we are good enough,” says _ a sample of procurement Rangsin Kritalug, Board of Directors, BTS “Allow me to give process. Pruksa will offer all supplies to Group Holdings Public Company Limited. give bidding through price e-auction. Price --------------------------------------------------will be divided by score value. A result is qualitative readiness and management. We don’t only look at price. The important thing is companies joining CAC will also be give 0.5%. If being certified by CAC, they will receive the other 0.5%. In fact, 1% means a lot when it comes to price calculation,” says Piya Prayong, Chief Executive Officer of Pruksa Real Estate Plc. Apart from three significant benefits explained earlier, going through CAC certification process gives opportunity for the company do an audit and review transparency and corporate governance

3L<8ĊC-R 8=E;#==<L Mr. Phisanu Phromchanya Public Relations Consultant Thai IOD

B o a r d r o o m | 37 37

Board Review

'OGSC; ;Wh%O`;R;lTM;S*LYO; TO T; ÂŻ _G C a6D_G C`E$ 'YOM;S*LYO_EYgO* ÉâĂžåâïðüÌãù¡ Ă‘üâ ÂŽÂŽ Ă‚ððâÍùÌÞÊ ÀüÞÍäâð Ă‚óâïÜ Ă‰âĂžåâï ĂŠòðù Ă‚ĂŞĂ&#x;ĂŻĂžà â 9Wg'Z5OBVIZ4V @VCG`L*LZEVDT M;Xg*b; IV9DT$EMGS$L[7E ÀÏêíÞÍÜ Ă?âà ïâùÞïÜ Ă?ïÏäïÞê ÂĽĂ€Ă?Ă?ÂŚ _= ;>[ `;R;lT L I;_G C9Wg ÂŻ _ET%O;lT_L;OM;S*LYO_EYgO* ¿ÏÞïåð ÑüÞù Ă Ăžïâ¡ Ă…ĂŹĂ´ ùÏ ĂƒòùòïâªíïÏÏã ÑÏåÞÜ Ă° ÀÏïíÏïÞùâ ¿ÏÞïåð .Xg*9 T;LTCTE8O T;<9'S6D O%O* M;S*LYO ÂŻ _G C;Whb;'OGSC;

² ÉÞååâï ÀÊÌêĂ&#x;âï ÉÞååâï ¿òÌÊåâï ¡ +T$_6VC>[ ;lT7 O*>GS$6S;7SI _O*bM _7V<a7$ TIM; T +T$;Whc= >[ ;lT 7 O *9l T M; T 9Wg L E T *`GRL;S < L;Z ; bM >[ OYg;$ TIM; T

Every Leader Must Embrace

ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ

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We would like to recommend 2 interesting books. The first book is called Leadershift: The 11 Essential Changes Every Leader Must Embrace which one of our speakers from the Company Secretary Program (CSP), Mr.Apiwut Pimolsaengsuriya, recommended. The second book is Boards That Dare: How to Futureproof Today’s Corporate Boards. The 3. Pleasing People —> Challenging People: abstracts of these 2 books are provided In the past, many leaders may worry about below. being disliked so they did not dare to do something serious or decisive especially if Leadershift: The 11 Essential Changes the action would affect relationships, but Every Leader Must Embrace from now on, leaders need to be able to by John C. Maxwell (Author) make a decision which may lead to being disliked. They also have to challenge the Leadershift from John C. Maxwell is a very ability of the team so that their team is more interesting book. The writer noted that capable. as the world changes, leaders have to change, too. Then, he introduces 11 things 4. Maintaining —> Creating: From just that leaders need to change. maintaining what they are doing, from now on, leaders have to be creative thinkers and However, Mr. Apiwut has raised 6 issues change drivers. that fit with the Thai context 5. Ladder Climber —> Ladder Builder: 1. Soloist —> Conductor: from a capable From having to push themselves to grow, and talented soloist whom employees have from now on, leaders have to build and to rely on to a conductor who directs the support others. performance of the team 6. Team Uniformity —> Team Diversity: 2. Goal —> Growth: from prioritizing In the past, creating team unity was very goal achievement to focusing more on important for the management, but from sustainable growth now on, leaders need to build team diversity and use it effectively.

³ Ă‘âÞê Ă’ÍÌãÏïêÌùÜ Âť Ă‘âÞê à ÌóâïðÌùÜ ¡ _6VC $TELE T*_O$BT@%O*9WC _= ; _EYg O *Ll T 'S ‰ b;$TE<EV M TE+S 6 $TE `7 +T$;Wh >[ ;lT7 O*_=GWgD;CT_= ;>[ LE T* `GRb- 'ITC`7$7 T*MGT$MGTD%O* Leadershift: The 11 Essential Changes 9WCbM CW=ERLV9:VBT@

_CYgOaG$_=GWgD;c= >[ ;lT7 O*_=GWgD;`=G*

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Boards That Dare: How to Futureproof Today’s Corporate Boards

a6D ÊÞïà Ă?ùÌäùâï ÞÍå ÀÞïÜ Ă€ÏÏíâï

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+T$=ERL<$TE5 7 E*%O*>[ _ %W D ;`GR $TELS C BTK5 L CT-V $ '5R$EEC$TE`GR =ER:T;%O*O*' $EERMI T*=ER_9JCT$CTD M;S*LYO9WgLTCTE8;lTc==1V<S7V7TCc6 +EV*`GR _% T 8X * c6 * T D_G C ;Wh c 6 9l T $TELl T EI+I T '5R $EEC$TE<EVMTE+RLTCTE89lT*T;_-V*EZ$`GR E ICCYO$S;CT$%Xh;c6 OD T*cE_@YgO+R_7V<a7b; :ZE$V+DZ'= ++Z<S; Boards That Dare: How to Future-

to reframe value and care for a wider range of audiences if boards don’t have the right capabilities and attitudes themselves. THE SOLUTION Boards that Dare invites boards to challenge shortcomings in their own ability, understanding and courage. The book shows how boards embracing this new kind of broadened fiduciary dynamism will become future-proof and realize sustained shareholder value as an output.

proof Today’s Corporate Boards

'ITC9 T9TD '5R$EEC$TE<EV KS 9 b;2T;R>[ c 6 ES < 'ITCcI I T*b+_= ; >[ 6[ ` GES < >V 6 -O<$TEL * CO<'Z 5 ' T L[ * LZ 6 `GRCT7E2T;$TE6[ ` G L[*LZ6 'ITC_% Tb+>V69WgCWCTOD T*DTI;T;I T '5R$EEC$TE'IE8[$%S<_'GYgO;6 IDC[G' T%O* >[ 8YOMZ ;_= ;MGS$+R_= ;_EYgO*G TLCSDb;cC - T `GR'5R$EEC$TE9WgDS*'*b- MGS$$TE7W'ITC `'<e 9Wg>V6e ;Wh7 O$fCW`;Ia; CI T+Rc=cC EO6 aO$TL M;S * LY O _G C ;Wh _ >D8X * aO$TL9Wg + R@V L[ + ; O;T'7Ll T MES < '5R$EEC$TE9Wg CW ' ITC$G T MT‰b;$TE$lTM;6'Z5' T`GR'ITCbL b+6[`G @;S$*T;Š >[ <EVaB'Š -ZC-;Š LS*'CŠ LVg*`I6G OC `GR >[ 8YOMZ ;%Xh;CTbMC CS;cC CW=ERaD-; 9Wg+R @DTDTDTC7W$EO<'Z5' T`GR$TEbL b+6[`GbMC _@YgO>[ -Cb;I*9Wg$I T*%Xh; MT$7SI'5R$EEC$TE _O*cC CW'ITCLTCTE8`GR9SJ;'7V9Wg8[$7 O*_LWD $ O; $TE`$ c%= ‰MT M;S*LYO ¿ÏÞïåð ùüÞù Ă Ăžïâ _-V‰-I; '5R$EEC$TEbM 9 T 9TD+Z 6 O O ;b;'ITC LTCTE8%O*7;Š 'ITC_% Tb+Š `GR'ITC$G T M;S * LY O _G C ;Wh + R`L6*bM _ Mf ; I T $TE9Wg ' 5R $EEC$TE;l T $TE_=GWg D ;`=G*6 T ;'ITCcI IT*b+9Wg$I T*%Xh;b;E[=`<<bMC ;WhCTb- +R $GTD_= ; <9@V L[ + ; O ;T'7`GR9 T D9Wg LZ 6 +R LTCTE87ERM;S $ c6 8X * 'Z 5 ' T %O*>[ 8Y O MZ ; 9Wg DSg*DY;_= ;>GGS@:

by Marc Stigter and Cary Cooper Based on the authors’ first-hand experiences, as well as interviews with board members and chairs of myriad international organizations, this highly practical and accessible book explores how boards can become more proactive and collaborative to thrive in modern business.

THE RESEARCH Based on the authors’ first-hand experiences, as well as their own research and interviews with board members and chairs of international private, public and not-for-profit organizations, this highly practical and cutting-edge book delivers the necessary solutions on how to futureproof today’s boards. --------------------------------------------------

THE CHALLENGE Corporate boards as fiduciaries are responsible for delivering maximum value and the highest standards of care. The persistent misconception that boards should be driven primarily by shareholder value will soon be an outdated one, and boards that continue to apply narrow interpretations of value and care are unlikely to survive. THE OPPORTUNITY This book reveals a futureproofing opportunity for courageous boards to redefine value and care for employees, consumers, communities, society, the environment, and shareholders. There is no point in trying

B o a r d r o o m | 39

Board Activities

How to conduct business in the 4.0 era to achieve sustainable success

- I*_- TIS;9Wg ÂŻÂŻ _CKTD; ¯²³¯ 'Z5$ZG_I- _+;IS4;IV9D $EEC$TE>[ OlT;ID$TE LCT'CL *_LEVC L8T<S;$EEC$TE<EVKS9c9D c6 ES<_$WDE7Vc=<EEDTD BTDb7 MSI% O $TE6lT_;V;:ZE$V+b;DZ' ¹­ OD T*cEbM =ERL<'ITC_LEf+OD T*DSg*DY; bM `$ $EEC$TE >[ <EVMTE `GR@;S$*T;<EVKS9 c9DOODG +lT$S6 ÂĽCMT-;ÂŚ ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ On April 22nd, 2019, Mr. Kulvech Janvatanavit, IOD CEO, received an honor to speak under the topic “How to conduct business in the 4.0 era to achieve sustainable successâ€? for the directors, executives and employees of Thai Oil Public Company Limited.

In-House Training for PTT

<EVKS9 =79ÂŤ +lT$S6 ÂĽCMT-;ÂŚ _Gf*_Mf;8X*$TE@S4;T$EEC$TE`GR>[ <EVMTE bM c6 E<S $TE? $O<EC`GR_@VCg _7VC'ITCE[6 T ;$TE$lT$S<6[`G$V+$TE `GR Ă„ÏóâïÍĂžÍà â ÆÑ OD T*7 O_;YgO* +X*E ICCYO$S< Ă†ĂŒĂ +S6? $O<EC ÆͪÅÏòðâ Ă‘ĂŻĂžÌÍÌÍä b;MSI% O à Ìïâà ùÏï à âóâÊÏíêâÍù Ă?ïÏäïÞê a6DCW CGÂŤ>$T`$ I <Z‰_GWDh * `GR 'Z5JVETBE5 +[N_JEK2 BS$6W _= ;IV9DT$E<EEDTDbM $S<'5R$EEC$TE`GR>[ <EVMTE %O*<EVKS9 =79ÂŤ +lT$S6 ÂĽCMT-;ÂŚ `GR<EVKS9b;_'EYO ;lTa6D'Z56I*@E _9WgD*IS4;:EEC EO*$EEC$TE>[ +S6$TEbM‰ <EVMTE$GDZ9: $GZ C= a7E_GWDC%Sh;=GTD _% TE IC$TE O<ECb;'ESh*;Wh _CYgOIS;9Wg ÂŻÂą @FKBT'C 9Wg> T;CT ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ PTT Public Company Limited recognizes the importance of providing trainings and knowledge on corporate governance and governance IT to their directors and executives continuously; therefore, PTT in collaboration with IOD held an in-house training under the topic: Director Development Program lectured by M.L. Pakakaew Boonliang and Ms. Siraporn Chulasatpakdy for the directors and executives of PTT Public Company Limited and affiliated companies. The event was led by Ms. Duangporn Thiengwatanatham, Senior Executive Vice President of Downstream Business Group Alignment at PTT PCL, who also participated in the training on May 24th.

40 | B o a r d r o o m

Discussion on creating CG Impact with Sasin Chula

'5T+TED + T$L8T<S ; <S 5 3V 7 <EV M TE:Z E $V + JJV ; 9E ` M * +ZNTG*$E5 CMTIV9DTGSD ;lTa6D Ă?ĂŻĂŹĂŁÂŤ ÆÞÍ ĂƒâÍôÌà è EJÂŤ6EÂŤ @S4;T @E ,S7E+Z3TCTL >JÂŤ6EÂŤ BS9_E$ JEa-7V 'Z5;V$C @VJGD<Z7E `GR 'Z5ILZ JEWIVBT E IC=ER-ZC$S<'5R>[ <EVMTELCT'CL *_LEVCL8T<S; $EEC$TE<EVKS9c9D _@YgOMTEYO`;I9T*9lT*T;E IC$S;_@YgOLE T* ÀÄ ÆêíÞà ù 9Wg6W%Xh;> T;$TE@S4;T_;YhOMT`GR$E5WJX$KT9Wg ÌÍðÌäüùãòÊ 7GO6+;>G*T;IV+SD9Wg7O<a+9D ¿ÏÞïåïÏÏê b;= ++Z<S; _CYgOIS;9Wg ÂŻÂś _CKTD;9Wg> T;CT ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ Professors from Sasin Graduate Institute of Business Administration of Chulalongkorn University, led by Prof. Ian Fenwick, Assoc. Prof. Dr. Pattanaporn Chatjuthamard, Assist. Prof. Dr. Pattarake Sarajoti, Mr. Nick Pisalyaput, and Mr. Vasu Srivibha attended a meeting with the Thai Institute of Directors management team in order to discuss the ways to create better CG Impact through content development and insightful case studies as well as research results that meet the current Boardroom’s needs on April 29th.

In-House Training for Toyota Motor under the topic of Ethical Leadership Program

<EVKS9 a7aD7 T CO_7OE =ER_9Jc9D CZ *_; ;$TE LE T*:ZE$V+bM _7V<a7OD T*DSg*DY; `GR_Gf*_Mf;8X*'ITCLlT'S‰ 6 T;$TE=G[$+V7LlT;X$_$WgDI$S<$TE= O*$S;$TE9Z+EV7b; O*' $E +X*E ICCYO$S<L8T<S;$EEC$TE<EVKS9c9D ÂĽĂ†ĂŒĂ ÂŚ +S6? $O<EC ÆͪÅÏòðâ Ă‘ĂŻĂžÌÍÌÍä BTDb7 MSI% O Ă‚ùüÌà ÞÊ ÉâĂžåâïðüÌí Ă?ïÏäïÞê _@YgObM O*' 'ITCE[ $S<$GZ C>[ <EVMTE %O*<EVKS9 ;lTa6D'Z5;V;;T9 c-D:WEBV‰a‰ =ER:T; '5R$EEC$TE E ICb;$TEO<EC'ESh*;Wh6 ID b;IS;9Wg ÂŽÂą @FKBT'C ¯²³¯ 5 LlT;S$*T;bM‰ <EVKS9 a7aD7 T CO_7OE =ER_9Jc9D a6D'Z5$ZG_I- _+;IS4;IV9D $EEC$TE>[ OlT;ID$TE Ă†ĂŒĂ _= ;>[ <EEDTDb;*T;IS;;Sh; ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ Toyota Motor Thailand focuses on creating sustainable business growth and sees the importance of growing awareness about the prevention of corruption in the organization. Therefore, Toyota Motor Thailand in collaboration with the Thai Institute of Directors (IOD) organized an inhouse training under the topic of Ethical Leadership Program to provide knowledge to the executive group of the company. The event was led by Mr. Ninnart Chaithirapinyo, Chairman, who also participated in the training on May 14th, 2019 at the Toyota Motor Thailand Headquarters. Mr. Kulvech Janvatanavit, IOD CEO, was the speaker at the event.

B o a r d r o o m | 41

Board Activities

Annual General Meeting (AGM) & Networking Reception

_CYgOIS;@Z9:9Wg ÂŻÂś @FKBT'C ¯²³¯ LCT'CL *_LEVCL8T<S;$EEC$TE <EVKS9c9D ÂĽĂ†ĂŒĂ ÂŚ c6 +S6$TE=ER-ZCbM‰ LTCS‰=ER+lT= ¯²³¯ %Xh; _@YgO-Wh`+ *>G $TE6lT_;V;:ZE$V+= ¯²³Ž EIC8X*`>;$TE_7V<a7%O*LCT'CQ b;O;T'7 5 M O* <OGE[C aE*`EC`$E;6 cP`O9_OETIS5 CWLCT-V$bM 'ITCL;b+_% TE ICES<A *>G $TE6lT_;V;*T;%O*LCT'CQ `GR`L6*'ITC'V6_Mf;b;ITER7 T*e a6Db;ITER 9Wg Âł _EYgO*$TE_GYO$7Sh*$EEC$TE`9;$EEC$TE9WgOO$7TCITER .Xg*9Wg=ER-ZCCWC7V _GYO$;TD-SDIS4; OZ9SDIEE5 `GR;TDLZ@S4;@*K @S;: CW_-TI $GS<_% T_= ; $EEC$TE Ă†ĂŒĂ OW$M;Xg*ITER @E OC`7 *7Sh*$EEC$TEbMC ÂŻ 9 T; 'YO 6EÂŤ$ZGBS9ET LVaE6C `GR ;T*LTILZIBT _+EV‰DVg* `9;$EEC$TE9WgMC6ITER ÂŻ 9 T; OS;c6 `$ ;T*BS9EWDT _<‰+@G-SD `GR;T*;IG@EE5 GĂˆĂ?´.lT 9T*LCT'CQ %Ob- aO$TL ;Wh %O<'Z5 ;T*BS9EWDT _<‰+@G-SD `GR;T*;IG@EE5 GĂˆĂ?´.lT LlTMES<$TE9lT M; T9Wg_= ;$EEC$TE%O* Ă†ĂŒĂ 7GO6ERDR_IGT Âł = 9Wg> T;CT `GR%O`L6*'ITC DV;6W`$ $EEC$TE9Sh* Âą 9 T; 9Wgc6 ES<_GYO$7Sh*`9;$EEC$TE9Wg'E<ITER .Xg*9T* LCT'CQ E[ LX$_= ;_$WDE7VOD T*DVg* MGS*+T$$TE=ER-ZCbM‰ LTCS‰=ER+lT= Ă†ĂŒĂ c6 +S6*T; Ă‹âùôÏïèÌÍä Ă?âà âíùÌÏÍ _@YgO9Wg+R Ă?ĂŹĂŁĂą ÉÞòÍà ü ÑüÞÌ Ă†ĂŒĂ ĂŠĂŹĂ&#x;ÌÊâ žííÊÌà ĂžùÌÏÍ a6DCW 'Z5$ZG_I- _+;IS4;IV9D $EEC$TE>[ OlT;ID$TE Ă†ĂŒĂ _= ;>[ <EEDTDA *$ -Sg; 7 T*e %O* žííÊÌà ĂžùÌÏÍ 9 T;LTCTE86TI; aMG6c6 `G I7O;;Wh9Wg üùùí𡏏íÊĂž܍ äÏÏäÊâà ÏêðùÏïâĂžííðåâùĂžÌÊðŸÌåºà ÏêÌÏåùüÞÌ .Xg*_<YhO*7 ;LTCTE8b- c6 _,@TR žÍåïÏÌå _9 T;Sh; L I; Ă†ĂŒĂ? $lTGS*+R7TCCT_EfIe ;Wh ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ On Wednesday, 29th May 2019, Thai IOD held an annual general meeting 2019 in order to inform our members about the business results from 2018 as well as our future growth plan at the Ballroom, Grand Hyatt Erawan. The members were interested and participated in the meeting, and also expressed their opinions on various agendas. In Agenda 6, regarding the election of directors to replace members who had had completed the term, our members passed a resolution to select Mr. Chaiwat Utaiwan and Mr. Supattanapong Punmeechaow to return as IOD directors. Dr. Kulpatra Sirodom and Ms. Suvabha Charoenying were also appointed to replace Ms. Patareeya Benjapolchai and Ms. Nualphan Lamsam who had retired. We would like to take this opportunity to express our gratitude to Ms. Patareeya Benjapolchai and Ms. Nualphan Lamsam who had been working as IOD directors for the past 6 years, and we would like to congratulate our 4 directors who were chosen at the meeting. We feel highly honored for this. After the meeting, IOD held a Networking Reception for a soft launch of “Thai IODâ€? Mobile Application. Mr. Kulvech Janvatanavit, IOD CEO, described different functions of the application at the event. You may download the app at https://play.google.com/store/apps/details?id=com. iod.thai However, as of now, it can only be used with Android. The IOS version is coming soon.

42 | B o a r d r o o m

Member Corner

MEMBER CORNER MEMBERCORNER 'OGS C ; ;hW % O`L6*'ITCDV ; 6W ` $ _ MG T LCT-V$`GRJVKD _$ T Ă†ĂŒĂ a6D%O_EVgC`L6*'ITC DV;6WbM `$ 'Z5-0T9V@ +[7ER$[G ¼ÀÆĂ? ¹¯­­¾Œ =ER:T;_+ TM; T9Wg<EVMTE <EVKS9 LDTC@VIEE:; +lT$S6 .Xg*_= ;>[ M‰V*c9D';`E$9Wgc6 ES<$TE'S6 _GYO$bM 8[$+TEX$-YgOb; ÔÏïÊå Ă?âùÞÌÊ ÅÞÊÊ ĂŹĂŁ ĂƒĂžêâ ¯­Žœ %O*LBT$TE' T=GW$aG$ ¼ÔÏïÊå Ă?âùÞÌÊ Ă€ÏÍäïâððŒ _= ;>[ 9WgCW<9<T9LlT'S‰b;$TE LE T*'ITC_=GWgD;`=G*`GRCWOV9:V@G7 O$TE $lTM;69VJ9T*`GR$TE%S<_'GYgO;:ZE$V+' T=GW$ b;ER6S<aG$ 9Sh*DS*'I TET*ISG-;R_GVJ ÔÏïÊå Ă?âùÞÌÊ žôÞïåð ¯­Žœ b;2T;R9WgcO'O;LDTC _= ;a'E*$TE9WOg O$`<<6W9LgW 6Z b;aG$ ¼¿âðù Ă?ùÏïâ à âðÌäÍ ĂŹĂŁ ùüâ Ă–âÞïŒ 5 _CYO*OSCL_7OE 6SC =ER_9J_;_:OE `G;6 • 'Z5-CB[;Z- =2C@E ¼ÀÄÆ ¾¯­Ž²Œ MSIM; T_+ TM; T9Wg<EVMTE:ZE$V+ LT%T :;T'TE9MTEc9D +lT$S6 ÂĽCMT-;ÂŚ 9Wg_% TES<ET*ISG ĂŠĂŹĂ°Ăą ÆÍÍÏóÞùÌóâ à ÌäÌùÞÊ ¿ïÞÍà ü Ă?ïÏçâà ùŠ ÑüÞÌÊÞÍå b;$GZ C:ZE$V+ à ÌäÌùÞÊ ¿ïÞÍà ü ¿ÞÍèÌÍä b;*T; Ă‘üâ žððâù Ă‘ïÌíÊâ ž à ÌäÌùÞÊ žôÞïåð ¯­Ž´ a6D Ă‘üâ žððâù P O*$* • 'Z5_I9V7 a-'IS4;T à ÀĂ? ¯²Ž¯­Ž¾ $EEC$TE>[ OlT;ID$TE <EVKS9 LM@S4;@V<[G +lT$S6 ÂĽCMT-;ÂŚ 9Wgc6 ES<ET*ISG ÑüÞÌÊÞÍå Ă° ĂŠĂŹĂ°Ăą žåêÌïâå ¿ïÞÍå ¯­Žœ b;MCI6 OTMTE`GR _'EYgO*6YgC • 'Z5O;Z@*K OSJIaB'V; ¼à žĂ? °­ ¯­­¹Œ =ER:T;_+ TM; T9Wg<EVMTE <EVKS9 _O@W ÂĽc9D`G;6 ÂŚ +lT$S6 ÂĽCMT-;ÂŚ b;2T;R<EVKS9 OLS*MTEVC9ES@D 9WgCW'ITC_-YgO8YOCT$9WgLZ6 • 'Z5 = DRJS$6Vk OZ$FK0 ;Z$[G $EEC$TE>[ +S6$TEbM‰ <EVKS9 _*V;7V6G O +lT$S6 9Wg'EO*'ITC_= ;OS;6S< ÂŽ b;$GZ C LV;_-YgO9R_<WD;E8 +T$>GLlTEI+ ÑüÞÌÊÞÍå Ă° ĂŠĂŹĂ°Ăą žåêÌïâå ¿ïÞÍå ¯­Žœ • 'Z5 LV9:VES2 IS-ETBE5 ¼à ÀĂ? Ž²´¯­Ž¯Œ $EEC$TE >[ +S6$TE <EVKS9 GV$.VG ÂĽ=ER_9Jc9DÂŚ +lT$S6 ÂĽCMT-;ÂŚ >[ >GV7>GV7BS53 O_CEV$S;L`7;6TE 6 LTCTE8ES$KT7lT`M; *OS;6S< ÂŽ 7V67 O$S;b; MCI6LZ%BS53 +T$>GLlTEI+ ÑüÞÌÊÞÍå Ă° ĂŠĂŹĂ°Ăą žåêÌïâå ¿ïÞÍå ¯­Žœ 8X* ° = . O; • 'Z5 +VET@E %TILISL6Vk ¼à ÀĂ? Ž¾­¯­Ž°Œ =ER:T; _+ TM; T9Wg<EVMTE`GR$EEC$TE>[ +S6$TEbM‰ <EVKS9 =79ÂŤ ;ÉĂ?´CS;`GR$TE' T=GW$ +lT$S6 ÂĽCMT-;ÂŚ 9Wg'I TET*ISGOS;6S< ÂŽ b;b+>[ <EVaB' 44 | B o a r d r o o m

Ms.Chadatip Chutrakul

Mr. Vathit Chokwatana

Ms.Chompoonoot Pathomporn

Mr.Anuphong Assavabhokhin

+T$>GLlTEI+%O* ¿ïĂžÍåžäâ ÑüÞÌÊÞÍå Ă° ĂŠĂŹĂ°Ăą žåêÌïâå ¿ïÞÍå ¯­Žœ `GRc6 ES<ET*ISG@V_JK ĂŠĂŹĂ°Ăą žåêÌïâå ¿ïÞÍå ÂŁ ÀÏêíÞÍÜ 'YO'ITC @DTDTCLE T*'ITC`7$7 T*bM _$V6$TE+6+lT b;`* 6W7 O7SI`<E;6 6 ID;IS7$EEC9Wg;lT'ITC LR6I$L<TDCO<bM `$ >[ b- <EV$TE `GR • 'Z5 B[IV- = ‰‰TLV9:Vk ¼à ÀĂ? ¯³¯¯­Ž¾Œ 9Wg_% TES< ET*ISG_-V6-[_$WDE7V <Z''G`M *`> ;6V; =ER+lT = ¯²³¯ +T$C[G;V:VLE T*LEE' LS*'Cc9D $ O;+T$$S;%O?T$BT@<EEDT$TJ$TE _GWhD*,GO* à ÀĂ? EZ ; ¯­ŽŠ ¯°œŠ ¯¹¾Š ¯¹œŠ ¯²¾Š ¯³¹ `GR ¯´² 9WgDS*;S6_+O$S;OD[ OD T*7 O_;YgO* 9T* Ă†ĂŒĂ 6Wb+9WgJVKD _$ T Ă†ĂŒĂ DS*L;V9$S;OD T* _M;WDI`; ; `GROD TGYC-I;$S;CT_% TE IC $V+$EEC7 T*e %O* Ă†ĂŒĂ 7 Oc= L I;LCT-V$ `GRJVKD _$ T Ă†ĂŒĂ 9 T;OYg;e 9Wg_ETDS*cC 9ET< % TI $fOD TGYCL *% TICTbM 9T* Ă†ĂŒĂ _@YgO9Wg_ET +Rc6 _%WD;`L6*'ITCDV;6WG*b; ¿ÏÞïåïÏÏê _@YgObM _@YgO;LCT-V$9ET<a6D9SgI$S; .Xg*9 T; LTCTE8L *% OC[GCT9T*OW_CG ðòùüÌÍââ½ùüÞ̪ ĂŚĂŹĂĄÂŤĂ ĂŹĂŞ

Ms. Jiraphon Kawswat

We would like to congratulate our members and alumni in this column starting from Ms. Chadatip Chutrakul (CIS 4/2008), Chief Executive Officer of Siam Piwat Company Limited, the first Thai woman who was inscribed in the “World Retail Hall of Fame 2019â€? of the World Retail Congress as a person who plays an important role in creating changes and influencing the direction setting and driving the retail business on a global level. Ms. Chadatip also won the World Retail Awards 2019 as ICONSIAM won the best store design of the year. The event took place in Amsterdam, Netherlands. • Ms. Chompoonoot Pathomporn (CGI 8/2015), Head of Branch Operation Management, TMB Bank Public Company Limited, received the Most Innovative Digital Branch Project, Thailand award in the Digital Branch Banking business group at The Asset Triple A Digital Awards 2017 organized by the Asset Hong Kong. • Mr. Vathit Chokwatana,

MEMBER CORNER DCP 251/2018, Managing Director, Saha Pathanapibul Public Company Limited received Thailand’s Most Admired Brand Award 2019 in “Food and Drink” category. • Mr. Anuphong Assavabhokin (DAP 30/ 2004) Chief Executive Officer, AP (Thailand) Public Company Limited received an award of the most reliable real estate company. • Mr. Piyasak Ukritnukun , President of Ngern Tid Lor Company Limited, holds the first position in the “Vehicle Registration Loan” section from Thailand’s Most Admired Brand Survey 2019 • Mr. Sittirat Watcharaporn, Sales Director, LIXIL (Thailand) Public Company Limited, American Standard producer, won the first place in the sanitary category from Thailand’s Most Admired Brand Survey 2019 for 3 consecutive years. • Ms. Jiraphon Kawswat (DCP 180/2013) Chief Executive Officer and President, PTT Oil and Retail Public Company Limited, won the first place in consumers’ mind from the survey of BrandAge Thailand’s Most

Dr.Phuvit Panyasit

Mr.Piyasak Ukritnukun

Admired Brand 2019, and received a special award of the Most Admired Brand & Company for the effort to make a difference in recognizing the positive aspects of the brand by using innovations that bring convenience to users. • Mr. Phuvit Panyasit (DCP 262/2018) received an honorable award of the National Person 2019 from the For Thai Social Foundation.

Mr.Waroonthep Watcharaporn

and 275 which still keep in touch. We are glad that our IOD alumni have a tight bond, and please do not forget to participate in our next activities. For the members and alumni that we have not heard the news, please kindly inform us about your success, so that we can officially congratulate you in the Boardroom in order to share great news with our members. You may send us information at suthinee@thai-iod.com.

Before we end this column, we would like to share the pictures from the meeting of DCP batch 201, 239, 248, 249, 258, 264

DCP 201

DCP 248

DCP 239

DCP 258 Ms. Nidcha Jirametthanakij

DCP 249

DCP 264

DCP 275

B o a r d r o o m | 45

Board Success

CONGRATULATIONS Award Presentation

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DAP 68/2019 & DCP 267-273/2019 th

On the evening of May 9 , IOD held a Certificate Night for members who passed Director Diploma Examination class 68/ 2019 and Director Certification Program Class 267-273/ 2019 at Grand Hyatt Erawan Hotel. The evening started off with a special presentation from Deloitte, by Dr.Janson Yap, Regional Managing Director on the topic of ‘Digital Literacy & Role of BOD in Digital Transformation’. Then Mr.Kulavech Janvatavawit, our CEO gave a welcome address and congratulatory speech to members followed by the VDO presentation of ‘Program Revisited’. The ceremony was honored to have IOD Board Members to present the certificate. The event was finished by everyone enjoyed dinner with their DCP classmates and our board members to celebrate the night of success.

Director Diploma Examination 68/2019 ;TD;I@*J LEa-7V ;T*ISGGBT c7EaLESL ;TDLS;7VLZ% GVhC= 7V_+EV‰a-7V

46 | B o a r d r o o m DCP 222

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Director Certification Program 267/2019 ;«L«$Vg*$TER_$6 -Yg;F9SDb;:EEC ;«L«$SGDT5W $V77VJTL7ET ;«L«5S--TEWD @*K ES7; :;T_6;TD6V_E$F9:Vk _+;'EO*:EEC ;TD9V7V@*K +ZG@EJVEV6W ;TD:V<6W CS*'RGW ;T*;S0-GW >6Z*LV9:Vk ;TD;@6G :EECIVIS4; ;«L«;FJLSD CM2V7VES2

;«L«_<‰+IEE5 - T*@Xg* ;TD= DR LZEVD ;TD=ER$T‰+; I*J @Z4V ;TD=ER9W= _GVJIS4;T$V+$ZG ;TDD*DZ9: @EC_-YhO @«9«IS4;T @VcG@*J ;TD_I9V; -T7V$ZG ;«L«IWEDT @Z C_%fC ;«L«IVIEEDT JVEVC*'G_$KC

;TDL$ZGES7; JVEV@S;: a;; ;TDLV9:V_6- c> 7ER$[G@*J @G«O«O«LZ9:V@*K OV;9EWD*' ;«L«LZ:TES7; _@VgC9ES@D ;TDLZEIZ4V LZ%_+EV‰LV; ;TDLETIZ: `$ I7T9V@D ;TDOBVES$K ITET-;;9 ;TDOEE8IZ4V 'lT=ER6VK2 Mr. Kulvech Janvatanavit, CEO, IOD

Director Certification Program 268/2019 ;TD_$EWD*JS$6Vk <SI;Z C ;TD$FK5 $TJD=;S;9; ;TD-[_$WDE7V EZ+;@E@+W ;TD-[JS$6Vk IV9DT%+EJTL7E ;TD5S2;S;9 JVEVES$K ;«L«9S-;S;9 $S*IT;7ER$[G ;TD:IS- $V+$S*ITG ;TD;V@;: ;T-V; ;TD;VES;6E OS'ET@V9S$K ;TD=IV5 MOLS++$ZG

;TDLS;7V <Z‰=ER'S< ;TDc@JTG _'EYOI*J IT;V;TDLS;7VLZ% GVhC= 7V_+EV‰a-7V ;«L«BVEC5 -[=ERBTIEE5 ;TDLC-TD $S*LCZ9E ;TDBTL$E =ER8C<Z7E ;TDLCMCTD BTKW ;«L«CZ9V7T a@:VLTES7;R ;TDLZIS4; CWCZ% ;«L«EIV;6T =Z55RMV7T;;9 ;TDO;Z@*J CZ9ETOVJ ;«L«EICI6W _G%R$ZG ;TDOlT;ID @ECO;S;7 6E«IV$EC +TEZ@*JT ;«L«OSC@E ;SDES$K _LEW ;T*IE‰T B[I@S-E ;«L«JZBV--T -SD@V@S4; J«;«9«M‰V* @‰«JVEV;:ET LV*MET 5 ODZ:DT

Dr.Janson Yap, Deloitte Singapore

B o a r d r o o m | 47

Director Certification Program 269/2019 ;TD$FK0T =ER_LEV2LZa% ;TDa$LSGG GVCOS$KE ;T*+S;9IEE5 LZ+EV7$ZG ;TD,GO* _MGYO*=ERLV9:Vk 6E«-Z7VCT _OWgDCa-7V-IGV7 ;«L«-GG6T aLB5@;V;TD2V7VaE+; F$K LlTET‰ ;TD:IS--SD +S$Ec@JTG ;T*;T8F6W a)LV7TBSD ;TD;9W O O;OV;

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;TDIV;V7D = DR_C:T* ;T*ISGGBT c7EaLESL ;TD_JEK2IZ4V <Z‰L;V9 ;T*LZ6TISG OV;9IVIS4; J«6E«LZ@+; _7-IELV;L$ZG EJ«6E«LZBTBE5 _$WDE7VLV; ;«L«_LEVCLZ% LGS$_@f-E ;T*O;Z77ET IV-DBV‰a‰ ;TDO;S;7 LZIEE5ES7;

Director Certification Program 270/2019 6E«$IV; IE$T‰+;T ;«L«+;SD@E 'S;:LC<[E5 C«G«+VE_JEK2 JZ%LISL6Vk ;TD+ESL@*J a-7V$I5V-D ;TD-IV5 _+WDEI;;9 ;TD5S2IZ4V `+ C`+ * ;«L«;V7DT :lTE*ET-;V7V 6E«;VES‰-T GVgI_,GVCI*J ;TD;I@*J LEa-7V ;TD<Z‰9IW $S*IT;$V+

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Director Certification Program 271/2019 ;«L«$CGF9SD a7_7fC ;TD+S$E <Z‰ªMG* ;T*+S;9VET JEWC I*@S;: 6E«+ZC@G $G IDcC *TC ;TD_+K0T '[5CW ;TD,S7E-SD a7_GVJC*'G ;«L«,S;9;Z- a-7V$@;VEJ«6E«-aD6C LEE@JEW ;«L«5S2@EE5 _MGYO*IVEVDR 48 | B o a r d r o o m

;TD_6- LZ%R@VEVDR ;«L«9O`L* c-D=ERIS7V ;TD<Z‰-SD a7 RLZIEE5I5V;TD@*J @V<[GD JS$6VkOZ6C%+E ;TDc@3[ED LTD`II ;TDBS9EZ7C 9EE9ET;;9 ;«L«ET7EW OZ6C9ES@D ;TDIVLV9:Vk ES7;L$ZG6VG$ ;«L«JVEVES7; 9O*CT

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Director Certification Program 273/2019 Êï«Ã•Ãžö ÕÞöðâñåÞ ;TDc$EJEW BS53 $V+;VES;6E ;T*$SGDT5W '*LC+V7E ;TD'5V7 ISGDR_@f-E 6E«_+K1 LZBT _<;. 9O*MG O ;TD2V7V@G OT+LS‰+E EJ«6E«5S2-T 9IW`L*L$ZGc9D ;TD6VJ;V7V a7IVIS4; ;«L«:;:E5 IV9DT$E

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B o a r d r o o m | 49

Welcome New Member

Individual Member | Name Mr. 3L"DLA 3L< 3L< 3L< 3L< .=² 3L" 3L< 3L< 3L< 3L< 3L"DLA 3L< 3L"DLA .=² 3L< 3L< 3L< 3L"DLA 3L< 3L< 3L"DLA 3L< 3L<DK/A X81< 3L< 3L< 3L< 3L< 3L< 3L"DLA 3L"DLA 3L" 3L< .=² 3L< 3L< 3L< 3L< 3L" 3L" 3L< 3L< .=² 3L"DLA 3L< 3L<

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50 | B o a r d r o o m

Tang B=ÿAþ =; Y82NcDRA==# L"/=J S? ?NĎ; K"ALF;" ? 1S5 <J W43& 1G"E? G 5=ÿ.O8= G;8K32R DN=þAþ%% ?QGDR 5=JWD=þ* G:N=;< W.% ?N;5<L=<J B=ÿA==-Aþ1< ?O?LAþ%N/%K< BN=þ;" ?W C; 2L=JAL3N% W.%J4R}BN=þ8L3N% #K31= :S ;S?8> C Y82N8Ċ;8L331 ?LAK?< %K< R? DR:L8 ?O3L331 W/O<"/=J S?1G" W9ąĆG"9Ě8"B BN=þY A= N#Y: L1= :N}Y}<L" BNAJW8^%=L3L0 ;L3N/< GdL;>/Y%/N BN=þ;" ?W C; 8E?Y<2N3 =R#NA3L=;< W8%=GdL[8 WGN45=JDL1DR ?O<L LB %SW C B=ÿ=K/3A"B DR J3N31= ;L3N/< ;O;R GN31= $ dL ;K??N J;LD G;L/< R? 5=J:L ;? G3K3G3RDN12Nc

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Position William George AĂž[? W#33NDL ?KB3K31 #N3.L%}L 8BN3 8KD = 8ÄŠDN* G:K< 8DR 8ÄŠ%K< DR:L:=- AĂž=K/3 />YG:LD AĂż=8? 8==-GR[= =K%3O DR:L L}#3 .3N/L 2-K1 8ÄŠ;8 -=.L 3K31N3O 3K32N L G:N%L/N 4R}D " 4.N31= -K*3K31 DR2L=1N8< .3R%L [8BL?

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B o a r d r o o m | 51

Associate Member | Name 3L" 3L"DLA 3L"DLA 3L< 3L"DLA 3L"DLA 3L< 3L< 3L"DLA 3L< 3L< 3L"DLA 3L"

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52 | B o a r d r o o m 52

D;L%N D;14

Position

Company

=G"5=J2L3W# LE3 L1O_4=ĂžEL= Accounting Manager 6S GdL3A< L=/?L.X?J L< Customer Services Manager W? L3R L= DdL3K ==; L=6S #K. L= 5=J2L3W# LE3 L1O_7 L<4K}%O 6S #K. L=7 L<1K_A[5 5=J2L3W# LE3 L1O_7 L< L=W"Ăž3 Executive Sales&PR Marketing Manager 1O_5=Ä€ CL 6S % A<W? L3R L=4=ĂžCK1 Vice President - GRC

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