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ÂŁÂŽĂˆÂ ÂźÂźÂşÂ ĂŠÂź

Board of Directors

Äš ĂƒĂŒÂźĂ‰ÂŠŸIJĂ?̟Ă?

Prof. Hiran Radeesri

Â´ÂźĂˆÂąĂŠÂ˛Â ĂŒÄłÄłĂŒÂşÄšĂ‰Â Ä˛ĂŒĂ  Äš IJŸ Ă–Â Ă€ĂŒÂ°ÂťÄ?Ö´à Ê²²°Ä?

5NK  Exclusively For Company Directors

ÂŁĂ?ÂŽĂƒÂŠĂŒÂŚÂ§ÂŞĂŠĂ€Ă‰Ä´Â˛ÄšĂŒÂźĂŒÂąÂźÂźÂş

(22!- 

Board Welcome CEO Reflection Cover Story Digital Disruption Managing Technology & Disruption Board Development Capital Structure, a Basic Need for the Success of a Business Board Opinion Lessons Learned from ATM Malware Attacks The lessons learnt from the recent problems of ATM machines being attacked with malware, and the preparation of future protective measures. Frequently Asked Questions – Data analytics A-B-C Anti-Corruption Update Anti-Corruption in Practice Regulatory Update What Finance Executives and Audit Committees Need to Know about New Auditor’s Report (Part1) Board Review Board Success Board Activities  $WDBTSHUD!QHDŰMF$WODQHDMBDR2G@QHMF

  11 14 

ÀÉij¯Ă?Â´ÂźĂˆĂ‚ÂŚÂŁÄ?

 Ô¡Ă?ĂœĂ…Ă”Â´Ä?² ÊŸÔ¾Õ¡ŸĉÔ Ă?ĂœÂťĂ€Â Ă‰ÂłÂ ĂŠÂźÂ ÄťĂŠÂ Ă‰ÂłÄ˛Ă‘Ă•ÂžÂ ĂŒÄśÂ ĂŠÂźÂ°Ă?ĂœÄ˛Ă?Ă—ĂƒÄŠÂ Ă‰ÂłĂ‚ÂşĂŠÂ§ĂŒÂ Ă‚ÂşĂŠÂŁÂşĂ‡

 Ô¡Ă?ĂœĂ…Ă”Â´Ä?Â˛Â ĂŠÂźĂ”ÂľÂťĂ•ÂˇÂźÄ‰ÂĄÄŠĂ…ÂşĂ‘ÂžÂ ĂŒÄśÂ ÂźÂźÂşÂĄĂ…ÂŚĂ‚ÂşĂŠÂŁÂşĂ‚Ä‰ÂŚĂ”Ă‚ÂźĂŒÂşĂ‚ÂŻĂŠÂłĂ‰Â˛Â ÂźÂźÂşÂ ĂŠÂźÂłÂźĂŒĂ Ă‰Â°Ă˜Â°Âť 

Ă—ĂƒÄŠÂ Ă‰ÂłĂ‚ÂşĂŠÂ§ĂŒÂ Ă‚ÂşĂŠÂŁÂşĂ‡

  Ô¡Ă?ĂœĂ…Ă”Â´Ä?Â˛Â ĂŠÂźĂ”ÂľÂťĂ•ÂˇÂźÄ‰ÂłÂ°ÂŁĂ€ĂŠÂşĂ•ÂžĂˆÂ ĂŒÄśÂ ÂźÂźÂşÂĄĂ…ÂŚĂ‚ÂşĂŠÂŁÂşĂ—ĂƒÄŠĂ‚ÂşĂŠÂ§ĂŒÂ ÂźĂ‰ÂłÂ°ÂźĂŠÂł

  Ă‚ÂźĂ?Â´Â´ÂźĂˆĂ”Ä˛Ă›Â˛Ä˛ÄŠĂŠÂ˛Â ÂŞĂƒÂşĂŠÂťÂ ÂŞÂźĂˆĂ”ÂłĂ?ÂťÂłĂ—ĂƒÂşÄ‰Ăš°Ă?ĂœĂ”Â Ă?ĂœÂťĂ€ÂĄÄŠĂ…ÂŚÂ Ă‰ÂłÂ ĂŠÂźÂ°ÄťĂŠĂƒÂ˛ÄŠĂŠÂ°Ă?ĂœÂ ÂźÂźÂşÂ ĂŠÂź

Vice Chairman

²ÊĂ€Ă?ÂźĂˆÄšĂ‰Â Ä˛ĂŒĂ Ö£ÀÂĂ?ŸÉij²Ä?

Mr. Weerasak Kowsurat

Äš IJŸ Ă‚Ă?Ÿ¡žÂ˛ĂŒÄłĂŒĂ˜Â ÂźÂˇÄśÂ˛Ä?



   

Director

²Ê§ÉÀÉĴ²Ä?Ă…Ă?°ÉÀŸŸŽÄ?

Mr. Chaiwat Utaiwan

²ÊŒԠ̟ʺɊ§�̟�

²Ê³ŸŸĜŒÄśĂŒÄłÄłÄ?ÕĜĊŒ

²ÊÂ´ÂźĂˆĂ‚Ă‰ÂŽĂƒÄ?Ô§Ă?Ă?Ă…ÂˇĂŠÂ˛ĂŒÂ§ ²Ê´ŸĂ?IJĂ? IJÊÀĸʝ

²ÊĂ˜ÂˇÂźĂŒÂ˛Â°ÂźÄ?Â§Ă‘Ă–Â§ÄłĂŒÂŻĂŠĂ€Âź

²ÊŒšÉ°Ÿ�ÊÔ³ŠĜ¡ž§É

54 54

Dr. Bandid Nijathaworn

Mrs. Kesara Manchusree Mrs. Tongurai Limpiti

Mrs. Nualphan Lamsam

Mr. Banchong Chittchang Mr. Prasan Chuaphanich Mr. Predee Daochai

Mr. Pailin Chuchottaworn

Mrs.Patareeya Benjapolchai Mr. Rapee Sucharitakul

ÂŁÂŽĂˆÂ ÂźÂźÂşÂ ĂŠÂź,DLADQ

Member Engagement Committee

(Boardroom)

Dr. Chatchavalit Saravari

Engagement Committee IJŸ Â§Ă‰Â§Ă€ÂžĂŒÄłŸÀʟĂ?

²ÊÂŽ ¡Œà Ä?Ă‚Ă?¥ÂŒÀ²

²ÊÂąĂ?ÂźĂˆÂťĂ?°¹ijɲijŸÊ¡ž

²ÊŒÂÊÀšÉ£§ÉŠŠÊ§Ă?ÄłĂŒÂşĂŠĂ€ÂŚÄšÄ? ²ÊÀÉĴ²ÊĂƒÂžĂŠÂťĂ”ÂˇĂŒĂœÂşÂˇĂ‘Â˛

¾Ě ŲĂ?§ÊÄśĂŒÂ˛ÄłÂ ĂŠÂ˛Â˛Â°Ä?



Prof.Dr. Surapon Nitikraipot

 ŸŸº ÊŸ

Âź Äł ° ÄšĂŒĂ€ĂˆÂźĂ‰Â Ă Ä?ÂˇĂŒÂ˛ĂŒÄśĂŠÂźÂşÂŽÄ?



Mr. Chatchai Virameteekul

President & CEO

²ÊŸ¡Ă?Ă‚Ă?ÄśÂźĂŒÄłÂ Ă?ž



Mr. Krik-Krai Jirapaet

 ŸŸº ÊŸ¾ÑĊÅĝʲÀ ÊŸ

IJŸ ÂłĂ‰ÂŽÂ­ĂŒÄłÂ˛ĂŒÄśÂŻĂŠĂ€Âź

²ÊŒ²Àž¡ŸŸŽÂžĂœÄťĂŠÂ¨ÄťĂŠ

NESGD" ""DQSHĹ°B@SHNM/QNBDRR

Corporate Governance Code Conference Thailand’s Private Sector Collective Action  "N@KHSHNM@F@HMRS"NQQTOSHNM" "  "&6NQJRGNOò$MG@MBHMF&NNC Corporate Governance based on CGR Scorecard� Family Business Club Dinner Welcome New Member

ÂźĂ…ÂŚÂ´ÂźĂˆÂąĂŠÂ˛Â ÂźÂźÂşÂ ĂŠÂź

²ÊŒ°ÅŒÅĂ?Ă˜ÂźÂžĂŒĂ?ÂşÂ´Ä€ÄłĂŒ



Khunying Jada Wattanasiritham Chairman

²ÊĸÉijŸ§É Ă€Ă?ÂźĂˆĂ”ÂşÂąĂ? Ă?ž



Prof. Kovit Poshyanand

Â´ÂźĂˆÂąĂŠÂ˛Â ÂźÂźÂşÂ ĂŠÂź

²ÊĂ”Â ÂźĂŒÂ Ă˜Â ÂźÄśĂ?ÂźĂˆĂ•ÂˇÂ°ÂťÄ?

(RRTD

Honorary Chairman

(Boardroom)

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

²ÊĂ…ÂšĂŒĂ€Ă?Ä´ĂŒ ÂˇĂŒÂşÂžĂ•Ă‚ÂŚĂ‚Ă?ÂźĂŒÂťĂŠ

Mr. Apiwut Pimolsaengsuriya

ÂŁÂŽĂˆÂľĂ‘ÄŠÄśĂ‰Ä˛Â°ÄťĂŠÔĜĊʥŌ

Owner

Ă‚ÂşĂŠÂŁÂşĂ‚Ä‰ÂŚĂ”Ă‚ÂźĂŒÂşĂ‚ÂŻĂŠÂłĂ‰Â˛Â ÂźÂźÂşÂ ĂŠÂźÂłÂźĂŒĂ Â° É Ă˜Â°Âť

Thai Institute of Directors Association

Â Ă…ÂŚÂłÂźÂźÂŽĂŠÂąĂŒÂ ĂŠÂź

Editor

²ÊŒÂÊÀÄšĂŒÂźĂŒÂˇÂźĂ€Ă?Ä´ĂŒÂ Ă?ž

Ms. Siriporn Wutthigul

²ÊŒĂ€ĂŒĂ˜ÂžÂźĂ‰ÄłÂ˛Ä?Ô²Ċ²ÕŒ¹ŸŸº

Mrs. Wilairat Nensaengtham

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²ÊŒĂ€Ă?ŸÀŸŸŽÂşĂ‰Â˛Â˛ĂŠÂšĂŒÂ˛Ă‰Â˛Â°Ä?

Mrs. Wirawan Munnapinun

²ÊŒÂÊÀĂ‚ĂŠÂźĂŒÂŽĂ?ԟĂ?Ō£ŒÔ Ă?ÂťÂźÄłĂŒ

Ms. Sarinee Ruangkongkiat

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Ă‚ÄťĂŠÂ˛Ă‰Â ÂŚĂŠÂ˛ÄłĂŒÄ˛ÄłÄ‰Ă…

Contact

ĂƒÂşĂ‘Ä‰Ö£ŸŒ ÊŸ²ÅŸÄ?¹´ÊŸÄ?ÂŁ

Northpark Project,

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Thungsonghong, Laksi, Bangkok

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Vibhavadi-Rangsit Road,

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Board Welcome

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06 | B o a r d r o o m

BOARD

WELCOME

With the passing of His Majesty King Bhumibol Adulyadej, the ninth King of the Chakri Dynasty, the 13th of October was a day filled with deep sorrow for all Thais. Throughout His Majestyâ&#x20AC;&#x2122;s 70 year reign, the King worked tirelessly and diligently, pioneering more than 4,000 royally initiated projects with the aim of improving the overall standard of living and well-being of the people of Thailand. His Majestyâ&#x20AC;&#x2122;s was the ultimate role model in doing good deeds and in thinking more about the common good than His own personal interest. He spoke frequently about and promoted the philosophy of becoming self-sufficient and the need to recognize the value of the surrounding natural resources. However, above all else, His Majesty personally practiced this philosophy and set a positive example, so that the people of Thailand would see for themselves and understand its significance. For example, His instructions on being diligent and acting with self-perseverance: â&#x20AC;&#x153;Whether developing yourself or developing the nation, it cannot be achieved in one day. It takes time and requires much diligence, perseverance,

self-sacrifice and sustained efforts. Above all, by perseverance and endurance, means not giving up and not forsaking goodness. Achieving such goodness and positive activities may often seem boring, hard to achieve and not well-recognized. Such good deeds may seem out of fashion. But let me assure you, such positive actions are not outmoded; but require a great deal of endurance and much effort. And, in the end, future benefits will be gained through such self-perseverance. (Royal address given to an audience graciously granted to a group of students and teachers on October 27, 1973). With a sense of humble gratitude and deepest appreciation for His Majestyâ&#x20AC;&#x2122;s boundless concerns and good deeds that are matchless, the Thai Institute of Directors Association (IOD) will implement, as well as put into practice His Majestyâ&#x20AC;&#x2122;s philosophy and instructions towards creating, developing and enhancing the role of Board Directors in Thai companies so as to preserve the standards of correctness and moral behavior for the further positive and sustainable development of the Thai economy. The Editor


CEO Reflection

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8 | Boardroom

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The development of digital technology and its impact on businesses is a popular topic of discussion because it is happening now and significantly affecting businesses. For example, in the financial sector, new on-line services at the retail level have given rise to numerous terms, such as Fintech, Bitcoin, Blockchain, and Peer to Peer Lending. These are a result of the application of digital technology, providing the same services as those of traditional financial institutions, albeit at lower costs. The customers are generally satisfied with the services on account of swiftness, safety, and accuracy, posing an existential threat to the traditional establishments. These are under pressure to adopt the digital technology so as to maintain their customer base and competitiveness. The impact of the digital technology is not limited to the financial sector alone. Other businesses, such as manufacturing, services, public health, and personal services, are also being similarly affected.

Second, it is important that companies recognize and understand the potential impact, the sooner the better. We are not talking about the IT issue, which is management-related, but about risk management of the business of companies, in terms of efficiency, security and competitiveness. In these contexts, the board must be aware and consider technology as an integral component of its corporate strategy, as a basis of its decision making with regard to any adjustment that needs to be made, e.g. whether or not to increase investment in technological investment to enhance efficiency and competitiveness. Such responsibility falls directly on the board.

Third, personnel issue, at the board and other levels, at the board level whether or not there is a board member who can advise the board on technological matters. The board itself must keep improving its knowledge of its digital technology, so that they can make informed decisions. Hiring experts or consults is one option. In addition, key managers should also have a good grasp of Earlier this month, the IOD held a seminar on Managing Technology & Disruption. The seminar technological knowledge and visions, to facilitate the process of adjustment. received huge interest from our members, with over 170 attendees. Key issues discussed at the event are summarized in the articles in the current I hope the readers and IOD members enjoy issue of The Boardroom. Three issues are note- reading this issue of Boardroom and find its content useful. worthy. First, the on-going digital technological development indicates we are at the threshold of a new digital economy. The application of the digital technology to the economic system, be it manufacturing, consumption, and other aspects of daily life, is set to increase. The technological change will inevitably have a profound impact on the way we do business, live, and consume. All companies will be impacted sooner or later.

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The topic for this yearâ&#x20AC;&#x2122;s conference was digital disruption. The conference was organized from a new perspective, namely that the business world is being disrupted by the new technology. It included interesting interactions, such as playing games, and a discussion on how quickly the latest technology can become obsolete. Directors who conduct business in the digital world must consider potential disruption stemming from technology that may adversely affect their business. In addition, they need to find the best approach for delegating the supervision of adapting new technology that enhances the competitiveness and growth of the company to the Board of Directors so that it does not disrupt business operations. To carry out this function, the directors need to have a thorough understanding about the new technology to be used. They must understand the benefits of the technology in the companyâ&#x20AC;&#x2122;s overall strategy, and take into consideration the risk of the technology, such as leakage of important information from conference calls or using e-mail instead of a closed letter. These issues must be considered and accounted for in advance of implementing the technology.

that respond very well to the needs of consumers. Another interesting issue presented by the panelists was the business strategy for digital age based on the proverb â&#x20AC;&#x153;No such thing as Digital Strategy, only strategy in the digital ageâ&#x20AC;?

The Singapore Institute of Directors also organized a seminar on the dark side and bright side of technology. The topic of the seminar â&#x20AC;&#x153;Cyber Treat: The Dark side of Technologyâ&#x20AC;? was selected because many organizations had invested in setting a system to prevent cyberattacks, which failed to work as expected. Two of the panelists at the seminar were Mr. Bill Chang, CEO of Group Enterprise, Singtel, and Mr. David Koh, Chief Executive, Cyber Security Agency of Singapore. They suggested that businesses consider, along with installing a preventive system, setting measures to cope with damages from a cyber-attack because an ineffective management after the attack might have a greater impact on the company than the attack itself.

In addition, ETDA also noted that the personal information of Thai Internet users could easily be hacked and that there was a high possibility that this could become a serious problem. Personal information can easily be stolen by giving or sharing information. Sometimes, a question for a password could be figured out from the information that the accountholder has shared on the Internet. The problem of personal information is being dealt with through a personal information law, which has become a priority of the government and the Ministry of ICT. Another important issue is scams online. Thais tend to not take this issue seriously. Although, the public and business sectors are responsible for preventing the problem, users also could protect themselves by being more cognizant of the risk.

Another interesting topic at the seminar was â&#x20AC;&#x153;Digital Transformation: The Bright Side of Technologyâ&#x20AC;? Among the panelists for this discussion were Mr. Helius Guimaraes, General Manager, Enterprise Architecture & Emerging Technologies, Rio Tinto, Mr. Scott Gibson, Group Executive, Digital Practice, Dimension Data, and Mr. Julian Persaud, Regional Director, Asia Pacific, Airbnb. They expressed the view that technology had helped make the business environment more competitive and services

Dealing with security in the cyber world is a challenge for directors. This prompted IOD to organize a seminar entitled â&#x20AC;&#x153;Managing Technology & Disruptionâ&#x20AC;? in September. For this event, IOD invited a technology expert, an online businessman and an expert from the insurance sector to speak in an informal manner at the seminar. Many directors that attended the seminar became aware of the risks and preventive measures that could reduce the risks. Details of the event will be presented in the next column.

In Thailand, digital trends are well accepted. All categories of services can be found on the Internet. New businesses or so-called â&#x20AC;&#x153;startupsâ&#x20AC;? appear daily. Although many businesses fold rapidly, many have succeeded, such as Ookbee, Wongnai, Grab and Uber. According to the Thailand Internet User Profile 2016 of the Electronic Transactions Development Agency (Public Organization) (ETDA), on average, Thai users spent about 45 hour or 6.4 hours per day on the Internet through a portable device. The top five popular activities of Internet users on portable devices are talking via a social network 86.8%, watching a video on Youtube 66.6%, reading an E-book 55.7%, searching data 54.7% and engaging in an online transaction 45.9%. Based on this information, it is obvious that Thais use the Internet a lot and are ready for new businesses that match to their needs.

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C o v e r S t o ry

MANAGING TECHNOLOGY & DISRUPTION

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 a6Db;-I*`E$c6ES<_$WDE7V+T$ Mr. Tomi Latva-Kiskola, Country Manager and Chief ËââåßáîÁôáßñðåòá+T$½ÅÃ%Xh;$GTI<EEDTD@V_JK b;MSI%OÆëñâïëâñìãÑåæëäð·ÏâæêÞäæëæëäñåâ ¥æê¦íìððæßéâC_W ;YOh MTITb;=++Z<;S _9'a;aGDWbMCe $lTGS*_=GWgD;a,C$TEb--WIV7%O*>[';b;9Z$6T; `GR'ITC_=GWgD;`=G*;Wh$f%DTDOO$c=b;I*$IT* ODT*7O_;YOg *_;YOg *+T$a'E*LET*@Y;h 2T;%O*=ER_9J c6@4S ;Tc=CT$%5R9W7g ; 9Z;b;$TE>GV7O*'=ER$O< %O*_9'a;aGDW7T*eG6;ODG*+X*$ER7Z;bMCW $TE_%T8X*`GR;lT_9'a;aGDWCTb-ODT*$IT*%IT* +X*8X*_IGT`GI9Wg<EVKS9b;`7GROZ7LTM$EEC7O* MS;CT_=GWgD;`=G*$TE9lT:ZE$V+_-;$S; a6DMS;CT @V+TE5TIT+RG*9Z;b;_9'a;aGDWbMCe_@YgO;lTCT  `C_9'a;aGDWbMCe+R;lTCT.Xg*=ERaD-;9Wg b-bM_$V6=ERaD-;ODT*cE_@YgO9Wg+R_7V<a77Oc=b; _M;YO+V;7;T$TE `7b;%5R_6WDI$S; $f;lTCT.Xg* aG$9Wg_9'a;aGDW_%TCTCW<9<T9LlT'S‰ 'ITC_LWgD*E[=`<<bMC9Wg'5R$EEC$TE'IE7O* 14 | B o a r d r o o m

ERCS6ERIS*6ID b;MSI%O “Managing Cyber Exposure at the Board Level” Éêàîáó Mahony, Regional Director, Financial Services ¢ÌîëâáïïåëêïÃîëñì+T$½ËÊc6$GTI8X*'ITC _LWgD*6T;c._<OE`GR$TEa+C7W9Wg_=;OS;7ETD7O % O C[ G Ll T 'S ‰ %O*<EV KS 9 9Wg _ $V 6 %Xh ; OD[ 7 GO6_IGT +;<EVKS9cC'IE'V6`7_@WD*IT+R= O*$S;$TEa+C7W 9T*c._<OEODT*cE `7'IE'V6IT+RES<CYOODT*cE MGS*8[$a+C7W6IDODT*cE$f7TC+T$$TELlTEI+a6D ¾ÌË@<IT<EVKS9b;_O_-WD+lT;I;CT$9lT=ER$S; LV;9ES@D9Wg+S<7O*c6CT$$IT9lT=ER$S;LV;9ES@D9Wg +S<7O*cCc6 %5R_6WDI$S;$fDS*cC_Mf;'ITC+lT_=; 9Wg+R7O*_@VgC$TE= O*$S;%OC[GLlT'S‰%O*<EVKS9  $TEa+C7W9Wg_$V6%Xh;LI;bM‰_=;$TEa+C7W +T$BTD;O$ `GR_$V6_@ETR';ETDMIS*=ERaD-; 6T;$TE_*V; CW7Sh*`7$TEa+C7Wb;E[=`<<9Wg.S<.O; c=+;8X*b;E[=`<<9Wg*TDODT*cC;T_-YgO_-;ÐíâÞï Íåæðåæëä .Xg*_=;$TEL*CSG`IECT9T*OW_CGa6D =GOC_;YhOMT`GR>[L*OW_CGbM6[;T_-YgO8YO _@YgObM >[OT;6TI;aMG6cAGMEYO$6GV*' `GR_=6-O*bM ';ETD_+TR_%Tc=DS*'OC@VI_7OE`GR`@E$ER+TD c=b;ER<<9Wg_-YgOC7OOD[ODT*E[_9TcC8X*$TE5


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Mr. Tomi Latva-Kiskola, Country Manager and CEO, AIG

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Mr. Andrew Mahony, Regional Director, Financial Services & Professions Group-Aon,

B o a r d r o o m | 15


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16 | B o a r d r o o m

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Digital Economy

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Dr. Thitipong Nandhabiwat, Mr. Songyot Kanthamanon, Dr. Jesada Sivaraks, Mr. Prinya Hom-anek

B o a r d r o o m | 17


Mr. Latva-Kiskola indicated that “Internet of Things” or IoT, will play a key role in each industry as this technology connects data or objects in the network through the Internet. He went on to define IoT and other technologies, such as virtual reality and drones, and provided examples of how businesses in each industry has adopted those technologies to add value to their businesses, including by increasing production potential, efficiency of the operation and security. The briefing opened with a lecture given by Moreover, he noted that AIG has adopted those Mr. Tomi Latva-Kiskola, Country Manager and technologies to improve insurance services and Chief Officer Executive of AIG, on the topic “Internet of Things: Reimagining the (im)possible”. add value to the company and better serve the He began by explaining that new technologies are customers. The users of those technologies are changing the lifestyles of people in every aspect inspired by them as they realize the potential of their lives. This change is effecting more and opportunities emanating from them are beyond their initial expectations. A key duty of the board more people because infrastructure has been improving at a rapid rate while the corresponding of director is to initiate the adoption of those costs of technologies has decreased substantially. technologies to bring out their full potential. Although new technologies can potentially Consequently, new technology has become accessible to a wider number of people. Companies provide unimagined benefits, they can also generate new risks, which the board of director in general should alter their businesses and consider which new technology to invest in that must be cognizant of as well. In that context, Mr. would offer the highest benefit and contribute to Andrew Mahony, Regional Director, Financial Services and Professions Group, AON delivered growth in income. The Thai Institute of Directors (IOD), New Hampshire Insurance Company Limited (a subsidiary of AIG Property Casualty, U.S.) and AON (Thailand) Company Limited jointly organized the IOD Director Briefing 4/2016 on 15 September 2016. The theme of this event was managing the impact of technology on business disruption.

18 | B o a r d r o o m

a lecture on managing cyber exposure at the board level. He spoke specifically about cyber risks and cyber-attacks, explaining that they pose the threats of a breach of a company’s data. Companies should not only protect its data from cyber-attacks but they also should have in place a plan on what to do in case they are hit by such an attack. According to a survey conducted by AON, many Asian companies have insurance to cover tangible assets but not to cover intangible assets and are of that view that they should increase the protection of company data against a cyber-attack. He said that most cyber-attacks are made by outsiders seeking a payout, while noting such attacks range from being very complex to ones that are incredibly simple, such as spear phishing in which a malware is sent via e-mail to the account owner with a copy of the content to convince the readers to download the file or click an attached link. By doing this, the sender can access the computer and get through the network.


Mr. Mahony explained that the victims of cyber-attacks include all types of organizations, ranging from private companies to government agencies. The damage from a cyber-attack is not necessarily attributed just to the attacker; the board of directors and senior management can be held accountable, as well; some well-known companies worldwide have been accused of insufficient supervision of the computer system by the shareholders after important data was breached through a cyber-attack. Thus, he emphasized that the board of directors and senior management must ensure that the whole organization is versed in risk prevention from a cyber-attack. Specifically, senior management should supervise the IT officers and risk administrators in coordinating efforts to deal with this issue. Furthermore, the board of directors should have in place an appropriate policy on risk prevention and protection for the organization. The topic for the group discussion session of the briefing was “Thailand 4.0 and disruptive technology opportunities or threats”. Experts from various fields participated in the discussion, namely Dr. Jesada Sivaraks, Secretary of Vice Chairman of the National Broadcasting and Telecommunications Commission (NBTC); Mr. Prinya Hom-anek, CEO and Founder of ACIS Professional Center Company Limited; and Mr. Songyot Kanthamanon, CEO of Ready Planet Company Limited. Dr. Thitipong Nandhabiwat, Board of Directors of Thailand Post Company Limited and ICT Advisor to Board of Commissioners, Port Authority of Thailand, served as the moderator. Dr. Thitipong opened the discussion by asking if any of the briefing participants consider themselves to be digital native. Certainly, none of them were, as a digital native is a person with the ability to use a computer and digital technology at a high level without much training because they were born in the age of technology. Most digital natives were born after 1994. People that are older than 35 years are considered to be digital immigrants, a group that needs to learn about digital technology and adapt to the digital environment. Thailand 4.0 Mr. Songyot then spoke about Thailand 4.0, which he explained was the transition from a communication period to creating culture. It is the age in which technology supports small and medium enterprises and the focus tends to be on studying consumer behavior. Because of ongoing rapid changes, many companies are reluctant

Governance Regarding IT governance, it first must be understood that this type of governance has changed from being centralized to being decentralized. Thus, governance needs to be adjusted accordingly by emphasizing the service of the technology rather than the state of art of the technology. Dr. Jessada said that “… governance has to benefit the majority for forward development. Although the government may not understand technology comprehensively, if the technology adaptation affects the majority, we have to take an action. If it benefits the majority, we can just ignore it. Nevertheless, the role of the public sector should be to serve as the supporter” He added that “the technology never disrupts anybody but people who are adept with technology that use it to disrupt business are dangerous” According to research from Australia, it was found that five types businesses in the country A computer is smarter with machine learning Machine learning entails enabling a computer to are collapsing, namely (1) retailing; (2). printing learn from a system without a human to program media, (3). telecommunications; (4). banking; or control it. The computer would learn by itself. and (5.) consultancy, while real estate sector is in crisis. A good example of a business that was The human being’s role is to apply the mathdisrupted is Kodak, which was made obsolete by ematics to determine learning rules. Then, the computer would rely on those rules and process young people who used technology to facilitate photography for using and sharing. The need to the input accordingly to the rules. print photos was reduced considerably, Kodak’s Mr. Songyot said that a computer would double main business. The company did not adapt to the changing world and it eventually had to close. its knowledge every 18 months according to This reinforces the view that a director on policy Moore’s Law. This means that a computer is many times smarter than the ones developed in and strategy should study and analyze current data than data from previous quarters. the past and have much greater capacity. In the future, human labor will be completely replaced by machines in the industrial sector and possibly Data security Data security is one of the risks associated with in the service sector, as well. For example, the increase in users. Data leakage can come McDonald offers a service in which customers from many channels. For instance, hacking can give their orders through a computer without be done easily with users not aware that they having to queue at a counter. At some point, a were unconsciously permitting the hacker to machine handle the cooking process as well. Moreover, in the industrial sector, many factories access their personal information. Another easy scam is to create a hoax application, such as have been closing in the third-world countries, as the production bases are tending to be moved one in which the user grants permission to an close to the main markets. This is because robots application to access personal information on the computer or social media. The misuse of social are replacing human labor in the production media can result in extensive damage because process, which is leading to a substantial whatever is uploaded to social media cannot be reduction in costs. In such instances, the operations of original equipment manufacturers deleted. (OEM) may be directly affected. Dr. Jessada noted that Thailand has declared In addition, the technology can screen data that itself as a hub for technological data but much of its online data storage is in other countries. are of interest to the consumers. For example, news feeds on Facebook of each user is different. For example, the server of Facebook is stored in The machine learning process will become more Singapore. This means that the more the service prominent in the market as it may become a key is used or data are uploaded online, the higher chance of data leakage. Thus, the government database for advertising a product to the right should have a policy to better protect the users. target markets. to create something new as they prefer to stick with the old experience or are concerned how the change would affect the company. In that context, he cited the following proverb: In the fast changing world, experience is our great enemy. Dr. Jessada then said that Thailand has evolved from being an agriculture-based economy to one that is dominated by industry in the digital age, which requires the use of more advanced technology. Actually, the objective of Thailand 4.0 is to adopt technology intelligently and pay attention to collaborative consumption, focus on sharing rather than owning and create new things. However, Thailand 4.0 has a number flaws, with one being that many people or operations are ill-prepared to adopt the technology and deal with the risks associated with it due to lack of knowledge and understanding of it.

B o a r d r o o m | 19


On the other hand, if data storage is managed and used creatively, it would not be difficult for Thailand to be a hub. Digital economy Digital economy, which is often discussed, refers to driving the economy by adopting IT or digital technology to increase production, decrease production time and add value to products and services in order to be able to compete with other countries. It mainly is comprised of three technologies, blog chain, big data and bitcoin. Blog chain is a database management system for verification, transaction, traceability and ownership records of an asset (for example, electronic currency, such as bitcoin) or whatever is transferable. Blog chain has triggered a large change in the cyber world by serving as an intermediary in the exchange of money digital money or so-called â&#x20AC;&#x153;cryptocurrency. This digital money is issued by a government. The value of the currency is determined based on the genuine needs of the people. Consequently, governments need to monitor and prepare measures to deal with this issue. A smart contract is 4 coded in a computer. The code is managed in accordance with the contract automatically For example, with a land ownership transfer, if the landowner changes, the system would work through a blog chain to transfer money (bitcoin) from the buyer to seller immediately without using a bank as an intermediary. This eradicates the risk of fraud or adjusting a contract. However, Thailand has yet to adopt a law to cover this issue, making it difficult for the system to work completely. Thus, if Thailand were to transition to Thailand 4.0, laws and policies should be updated in accordance with the technology. Business in the digital age needs a new kind of organization that has a star-shaped organizational structure, which implies that everybody benefits equally. The

20 | B o a r d r o o m

last important issue on the topic is politics and democracy. Elections are not emphasized. Under the old system, the choice in an election might have been politician not preferred by the voters. If a blog chain is used for an election, people could vote for any topic anywhere on Earth and funds would be saved with election costs reduced. The digital economy is comprised of three principles: (1) openness; (transparency), information must be transparent and accessible for the public to be able to use and benefit from it ; (2) collaboration, cooperate to use a tool or information or anything for the highest benefit because in the past, each organization or agency would work with their own labor or tools without sharing or connecting with other departments to reduce cost.; (3) leadership, emphasis is placed on creating leadership rather than a leader because in the age of the digital economy, potential and competence of each person is sought for higher benefit. Each person would alternate to be a leader in the area in which he/she is adept. Business in the digital age Mr. Songyot talked about the case of Alibaba, which started as an entity that traded goods online. When the customers had to pay for the goods, they would have to refill a card (Ali Pay) and if they had access money in the card, Alibaba would pay them interest to induce them to refill the card. Also, if customers made a large order, they could get credit from Alibaba because the company already had a trading record with the customer. If an entrepreneur would like to invest more, Alibaba also has a credit service. Alibaba has evolved from being an online shopping website to a bank under the name Ali Financial Service. This is another example of a retailer becoming a financial institution in a type of

business referred to as fintech: Dr. Jessada added that in the fintech age, banks would not have other banks as competitors because the capital from the old banking system was accessible for some people due to requirements for credit, such as cash flow and credit.. Some business operators, such as vendors, cannot access capital from a bank. Mr. Jack Ma, the founder of Alibaba, capitalized on this by making it possible for everybody to have better access to the capital. Being able to use big data efficiently is very beneficial. Mr. Prinya added that fintech is not necessarily a startup or bitcoin or blog chain but is instead a finance combined with technology. Other interesting technologies are web bot and chat bot. Dr. Jessada summarized that much can be accomplished through the Internet system by interacting with artificial intelligence. He added that many people might think that applications are the most popular channel. Actually, chat bot is because through it, a company can interact with the customers easily. For example, the chat bot Siri can interact without typing. Moreover, it can search rapidly. There has been a trend to develop robots and artificial intelligence that would play a more important role in the work environment. However, some services must be carried out by human beings, such as dental services. Directors need to have a broad vision and understand the growth characteristics of technology and the digital economy in order to have governance and set more effective policies. Moreover, every user on the Internet should be very aware of the advantages and disadvantages and use the data correctly. They need to take into account the following proverb: â&#x20AC;&#x153;You can get security without privacy, but you canâ&#x20AC;&#x2122;t get privacy without security.


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789 For a business to become sustainable, it must offer a product or service that matches the requirements of the changing market and have readily available resources, including a business plan, personnel and technology, which help to support the expansion of the business through the company strategy. Having access to the funding required for the business to achieve its objective is another key factor. Many entrepreneurs have solid business ideas but lack access to the capital to bring their product or service to the market. Thus, capital is a factor that a business must take into account during the various phases of planning: the long-term strategy of the business; the direction of the business; and the fundamental evaluation of a business unit to operate in accordance with the plan. Sometimes a business needs a large amount of capital to, for example, to expand a factory, buy a new machine or invest in a new IT system. If the business does not have a sufficient capital plan for the expansion, it may lose its competitiveness and market share. Capital sources of a business can be divided into two main categories: capital of the business owner; and capital from a loan. The loan incurs interest charges that can be written off as an expense for taxes. Nevertheless, the risk of a possible default, a consideration of income generated from the loan regardless of whether it is long term or short term and a mismatch when the loan is received and when money is generated from it can have a negative effect on the cash flow of the company. Moreover, consideration of a capital structure of the business, which is the ratio of debt to assets, must be managed in accordance with the characteristics of each industry. This is because each industry is different in its debt management, For example, commercial banks have a high ratio of the debt per asset because of the nature of the business, B o a r d r o o m | 23


which involves taking in deposits for granting credit. Other businesses that also have a high ratio of debt per asset are related to infrastructure and industrial products.

invest in a business. When that time period is complete, they will unload their investment. Listing on the stock exchange is a channel for a business when it grows large enough.

Listing a business on the stock exchange may not be the answer for every business. Many businesses operate as a private company and can continue to expand and have cash flow comparable to listed companies on the stock exchange. Moreover, if they remain private companies, they would not have to comply with the many rules and regulations required for listed companies, including the information disclosure. Listed companies must be transparent to secure investor and the public confidence. Listed companies can also be pressured by shareholders to maintain Regarding capital being sourced from the owner, their performances as expected. Listing a company on the stock exchange requires a at the start of a business, the owner often uses large amount of capital. The company value is his/her own money or money from family or assessed as a market price. Company shares friends for a joint investment. If the capital is from a loan, the lender will receive compensation have a market price which could be traded easily. Another byproduct is that other companies are in the form of interest, which is a fixed return. However, for the lender, the rate of return is not more inclined to conduct business with listed companies, which could facilitate the screening of fixed. It is based on the performance of the competent trade partners and make the company company. Apart from the company owners or brand more well-known. Also listed companies from the close contacts, there are outside tend to attract more competent personnel to work investors who are interested in investing in a for the organization and create a motivation and business that is likely to grow rapidly. So, by being a shareholder, they receive compensation compensation for the organization administrators. Listed companies have to disclose their information in the form of a dividend. These investors are and comply with the rules and regulations in angel investors, venture capitalists or from a private equity firm. Only a few companies receive accordance with the corporate governance. These capital from these investors because the expect- enhance the effectiveness of the company ed compensation rate to them is rather high and administration and attract institute investors. the companies must show a trend of continuous Furthermore, in terms of raising funds, listed growth. Currently, technology firms are of interest companies have more alternatives. For example, to these types of investors because of their great one option may be to convert real estate into a potential to grow rapidly. It takes time for these real estate investment trust (REIT). types of investors to make a decision to invest in Capital source management as described in any company because of the many reviews, dialogues and due diligences involved to ensure previous paragraphs have an important that the investment will provide business yields component that many companies often neglect, which is selecting a chief financial officer who with a satisfying return. Receiving funds from professional investors will decrease the ownership can contribute to the making of a financial plan and effectively inform the Board of Directors of the business owner. Furthermore, it also brings many consequent conditions. The business about the company finances so that it makes decisions in accordance with the strategy of owner may have to sacrifice certain plans for the business. If the business owner develops a business growth. However, the advantages of receiving capital from these professional investors comprehensive plan and chooses an appropriate capital source for each stage of the business and are that a professional consultant may offer has competent and supportive personnel, it is not professional advice that could enhance the difficult for the business to grow sustainably. effectiveness of the company. Mostly, these investors will determine a period that they will Another factor that should be taken into account with regard to the capital structure of a business is the fixed costs. If, for example, an external event prevents the company from generating enough income set in its business plan and there is a high fixed cost, it inevitable that this will have an impact on the liquidity of the business. If a business with a high fixed cost relies heavily on capital from a loan, it will face serious problems if it cannot generate revenue according to the plan.

24 | B o a r d r o o m


B o a r d r o o m | 25


Board Opinion

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B o a r d r o o m | 27


Automatic teller machines, or widely-known as ATM’s, have played a major and ever- increasing role in our everyday lives ever since 27 June, 1967 (even before the author of this article was born!), when the first ever ATM was installed and made available in London by the UK’s Barclays Bank. Thereafter, they became popular and widely used everywhere throughout the world. With the ever-increasing popularity and widespread use of ATMs, cyber attacks on financial organizations have focused on hacking into their ATMs, and have become correspondingly widespread globally as well – such as, illegal cash withdrawals from ATMs by various groups of hackers that have recently caused much headache and problems for many banks around the world.

Jackpotting” (Please see photo No.1), resulting in the general public becoming aware that ATMs are no longer as safe and secure from hackers as previously believed. (At present, Mr. Barnaby Jack has passed away in San Francisco since 2013,)

The very first incident of a malware attack on ATMs that occurred in 2009, which was referred to as an attack using a ‘skimmer’ malware. Such ‘skimmer’ attacks became more widespread during 2010 – 2013, when a Russian hacker again used such a ‘skimmer’ malware to attack ATMs, which was discovered by the Kaspersky LAB to be a new version of the ‘skimmer’ malware. This new version can access ATMs directly as well as through the bank’s closed network, which then Let’s look at and understanding the components authorizes the ATM to dispense cash; whereby the difference is that this new ‘skimmer’ can also of an ATM first The key components of all ATMs are its Hardware access and steal confidential data from credit and Software, which is used to connect the ATM cards of the bank’s customers. (Please see a view to the respective internal banking network. Firstly, of the ‘skimmer’ malware in Photo 2). This new malware authorizes the ATM to dispense 40 bank the Hardware: the characteristics and features of this key component will differ for the various notes at a time, as well as store confidential data respective makes of ATMs. The most widely seen on a CHIP together with the confidential PIN code of a bank’s customers who use the ATM. Such and used makes of ATMs are: Diebold, Wincor confidential customer information is used to Nixdorf and NCR, each with their respective create fake credit cards that are then used for differing designs and external appearances. However, the internal computer of all ATMs will making further cash withdrawals. It can be seen be based on a Windows Operating System; while that this ‘skimmer’ malware is able to skim or access and steal confidential bank customers’ the internal safe (for storage of the cash) will have more security features and be well-protected information without the need to insert and install any Hardware Skimmer. It has also seen than the internal computer in an ATM. increased and widespread usage with many various makes of ATMs across the world - as It is often found that the weakest feature of an ATM is the vulnerability to be affected by ‘bugs’ has been found in the UAE, France, USA, Russia, Macao, China, Philippines, Spain, Germany, in its Windows Operating System that often Georgia, Poland, Brazil and the Czech Republic. occurs – which is no different for those PCs’ being used in many homes or offices. Therefore, ATMs also have the opportunity to be affected by From the many ‘skimmer’ malware attacks during 2013 – 2014, another type of malware was also computer bugs or be attacked by malware. discovered by the Kaspersky LAB in 2014 and However, this vulnerability was not evident called the ‘Tyupkin’ malware, and found to be before and until recently, since ATMs have always been a part of a bank’s ‘closed’ network. used in attacking ATMs in Europe as well as on That is, up till 2010, when a young New Zealand a widespread basis in the US, India, and China (please see Photo 3). This malware is used hacker, named Barnaby Jack was able to only at night time, through the Windows 32 bit demonstrate, publically on stage the Black Hat Computer Security Conference 2010 held in Las Operating System. It was found that a hacker made use of a fake copy of a key to access the Vegas, that he was able to hack into an ATM. That demonstration in hacking into an ATM was ATM and stole the CD-Rom that was then used to boot up the internal computer system, which widely seen globally and is known as “ATM

28 | B o a r d r o o m

also resulted in the malware authorizing the ATM to dispense 40 bank notes at a time. This ‘Tyupkin’ malware was the origin of many ATM attacks without the need to access the bank’s network or skimming and stealing the customer’s confidential data. Instead, it directly attacks the ATM itself, through using a weakness in the physical make up of the machine together with a vulnerable feature of its Operating System and a faulty security feature in preventing access to its internal computer system.

Additionally, other malwares – named PLOUTUS and PADIN – were discovered by Symantec, to be used on a widespread basis in Mexico. In our Asia region, the same PANDIN malware was found to be used in Malaysia where damages and }LEG;WG3 losses5=þof}over 3 million Malaysia Ringit were incurred. It was also discovered that the operating ACIS Professional Center Co., Ltd. and Cybertro Cybertron Co., Ltd handbooks of a well-known make of ATM as well as of point of sales devices and a self-service kiosk were posted on a website owned by Baidu. These malware attacks resulted in banks giving added attention to the physical security aspects of ATMs. In July 2016, ATMs throughout Taiwan also began to be attacked by hackers with total damages and losses amounting to as much as US$ 2.5 million. It was found that the hackers were from Eastern Europe and Russia. It was also the very first time that such ATM attacks occurred in Taiwan in a similar manner throughout the country, which resulted in banks there having to stop providing their services through a total of 1,000 ATMs that was subsequent to a similar situation in Japan where such attacks on ATMs also occurred. Moreover, it only took 3 hours for the resulting overall damages and losses to total as much as Yen 1.4 billion (or equal to US$ 12.7 million), with over 1,400 ATMs located in convenience stores becoming affected by the attacks over only a brief period of 3 hours between 05:00 am to 8:00 am on 15 November, 2016. As such, the attacks were made by means of hardware ‘skimming’ together with making use of malware attacks on the ATMs. Also, hackers from Africa used fake credit cards to withdraw cash, with more than 100 perpetrators working together to withdraw massive amounts of cash. It was the first time ever that such an incident occurred in Japan.


d.

8 Guidelines for Banks in reducing the risks of having their ATMs being attacked in the future. 1. Undertaking regular inspection of the physical security features of ATMs used in providing banking services to customers, so as to make sure whether or not their security and safety features are adequate to protect the ATMs from being attacked directly. 2. Keys for the ATMs should be changed from the master key as supplied by the ATM manufacturer. 3. An alarm system should be installed in the ATM, so as to automatically alert the bank of any irregular access or attack to the ATMs. 4. Be vigilant and always fully informed, on a 24 x 7 basis, of the actual operations of bankâ&#x20AC;&#x2122;s ATM network via the bankâ&#x20AC;&#x2122;s own internal system, so as to be always be able to assess any irregular incidents that may occur at all times.

5. Harden any potential weak points or vulnerabilities of the computer system being used within the ATMs at all times, through following and implementing the recommended basic security/safety features and operating standards, or through following the PCI DSS Security Guidelines. 6. ATMs should be installed in a well-lit location together with a CCTV system that can then always record their usage. Bank offi9cials should also always assess and check out any irregular incidents or situations on a regular basis. 7. Banks should check and verify the amount of cash in the ATM together with reconciling this with the daily transactions made. 8. Banks should undertake a Security Audit through a repeat major Penetration Testing of their ATM operations system, so as to be fully confident of the internal security

and safety systems of the bank, which, in turn, will also enhance the confidence of its customers. In summary, it can be seen that the current and future trends in stealthily accessing and attacking a bankâ&#x20AC;&#x2122;s ATMs will both become increasingly widespread as well as more sophisticated and complex. As such, this will result in banks having to become much better prepared. Banks should establish their respective Security Operation Center and Incident Response Plan/Incident Response Drill, so as to always be well-prepared to face and deal with any possible attacks, as well as to ultimately establish increased confidence on the part of their customers.

B o a r d r o o m | 29


Board Opinion

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30 | B o a r d r o o m

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32 | B o a r d r o o m


Q. How can we utilise big data? A. The use of big data in data processing relies on the science of interpretation and summarisation of the vast amounts of data available for decision making. Data analytics is a tool by which big data can be used for business, sales, marketing, political and economic purposes.

Q. What is data analytics?

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789

The development and adoption of technology and computers to meet business, personal and other needs has been rapid and widespread, and as a result vast amounts of data are generated every single day. This data can be an invaluable resource if we have the ability to utilise it. Data analytics gives us that ability.

A. Data analytics is the science of analysing big data for business or other purposes. It begins with the capability to transform big data into a format in which it can be processed by the technology, software or model created for the intended purpose. The processed and analysed data is then utilised or interpreted by professionals trained to use such technology. Data analytics can be categorised as follows:

Nowadays we face a constant stream of new terms, breakthrough technologies and methods. Some we find understandable but when we donâ&#x20AC;&#x2122;t â&#x20AC;˘ Descriptive analytics is the most basic data analysis, focusing on â&#x20AC;&#x153;What has happened?â&#x20AC;?, understand, the question we ask ourselves is â&#x20AC;&#x153;What is happening?â&#x20AC;? or â&#x20AC;&#x153;What could haphow they are relevant to us. This list of frequently pen?â&#x20AC;? Sample uses include sales reports and asked questions is intended to provide answers operating results. to some questions commonly asked about data â&#x20AC;˘ Diagnostic analytics is used to answer the analytics, and discuss its impact on the accounting question â&#x20AC;&#x153;Why did it happen?â&#x20AC;? by examining and audit professions. the relationships between factors that are correlated, such as the relationship between sales and each type of marketing activity, Q. What is big data? which helps to guide our decision-making in A. The term â&#x20AC;&#x153;big dataâ&#x20AC;? was first used in an the right direction. article written by NASA scientists in 1997, which â&#x20AC;˘ Predictive analytics is a form of advanced discussed the problem of storing extremely large data analysis which predicts future events volumes of data in computer memory units. Big using a combination of historical information data now generally refers to the vast amounts of and statistical models or relatively more highly complex data that are created as a result complex technology, such as machine learning of technological advances, which gave rise to the or data mining. Examples of the use of problem that existing data management technology predictive analytics are in sales forecasting did not have enough capacity to store, manage and credit rating score calculation. and process such volumes of data in a timely â&#x20AC;˘ Prescriptive analytics is the most complex manner. form of data analysis because not only does it predict future events, their causes and their According to the definition given by US research duration, it also provides advice on the and business advisory firm Gartner, big data options available and their potential impact. is characterised by the three Vs: volume (the amount of data is vast), velocity (the data Q. Why is data analytics important and changes very fast, such as data generated from social media platforms) and variety (the data is in how is it used? various formats such as text, tables, XML, audio A. The volume of data and online activities generated by social networks increases every or pictures). year. The ability to understand the data we receive, connect data derived from various

B o a r d r o o m | 33


rate the relative safety of different neighborsources and analyse the relationships among hoods, based on pictures from Google Street data can result in vast improvements in business View. operations, sales and marketing, providing competitive advantages or creating new business • Machine learning and satellite images were used to make predictions about poverty in opportunities. order to locate areas where low-income people lived, by comparing daytime and Here are some examples of the use of data ananighttime satellite images to identify the lytics for business or other purposes: presence or absence of electricity in each area, which can be used as guidance for • In 2012, US President Barack Obama used development. data analytics to analyse his voting base and interactions between his voting base and the election campaign. This enabled his team to Q. What is cognitive computing adjust his campaign strategy to each group technology? of voters in a timely manner, helping to A. Cognitive computing enables computers to ensure the most effective use of his resources understand and learn various types of in due time. information so that they can think and make • Uber uses data analytics to support its decisions on their own, using the same learning dynamic pricing system, which automatically method as that of the human brain. It also adjusts fares based on demand, i.e. when the enables them to respond in a variety of situademand for service is high, the quoted fare tions, such as the following: will be high as well. This was evident when 14 people in Sydney, Australia, were being • In 1997, Deep Blue – a computer developed held hostage in 2014, with quoted Uber fares by IBM – defeated world chess champion for the affected area four times higher than Garry Kasparov, marking the first time that the normal rate because everyone nearby a computer was able to make decisions (in wanted to rush home. chess games) better than a human. • Domino’s Pizza, whose online sales account Subsequently, use of machine learning for more than 40% of all sales, uses data and cognitive computing technologies has analytics to analyse each business segment expanded into the world of business. and search for relationships between each • One of the leading hospitals in Thailand has set of data. This provides insights into sales implemented cognitive computing technology and possible new best-selling items for its to support oncologists and oncology experts sales and marketing teams. It also provides in considering treatment options for patients information about which branches have high with cancer. sales volume or are likely to be highly profitable, • A robot developed in Japan named Pepper so that the company can adjust the use of is able to read and respond to emotions, and resources accordingly. so it can be used to watch over children or elderly persons. Q. What is machine learning technology • IBM has developed the IBM Watson Trend application for shoppers. The application and how is it used? recommends products that are in high A. Machine learning enables computers to recdemand and predicts which hot-selling ognise data or their surroundings without manual items may sell out soon. It also suggests input from humans. The data are then stored as New Year’s gifts that are most likely to be a knowledge base in various formats, such as a appreciated by the recipient. rule or a function. Here are some examples of using machine learning for prediction: • An MIT research team used machine learning to train computers to determine how people

34 | B o a r d r o o m

Q. What is the role of data analytics in an audit? A. The role played by data analytics relevant to audits can be summarised as follows:

• Data analytics has an increasingly important role in audits, and its use has led to the development of new ways of auditing within an existing regulatory regime. The emergence of data analytics necessitates careful regulatory change, but we have to accept that embracing technological innovation is essential for auditors. Without it, their ability to respond to market demand may be compromised and their efficiency reduced. • Data analytics enables auditors to check 100% of the transactions in a population, whereas previously only samples could be selected and checked for correctness. The old method is clearly a lot less effective than the current method that is supported by the use of innovative technology. • Data analytics is a new technology for auditors. It requires substantial investment in hardware, software, skills and quality control, but it is an important part of the response of large audit firms to market demand in the largercompany audit market. Data analytics can be applied to a wide range of assurance engagements, not just audit. • For now, smaller audit firms have limited knowledge and experience of the application of data analytics. However, some software vendors are beginning to offer audit firms audit software that supports data analytics, integrated with many of the widely used proprietary accounting systems such as Sage, Intuit, Xero, TASBooks, FreeAgent and Kashflow. CaseWare Analytics is one of these vendors, offering a large and complex data analysis tool called “IDEA Data Analysis” to internal and external auditors. This tool is now widely used among mid-tier and large audit firms, as well as by local and national government agencies for monitoring organisational transactions.

Q. Does EY use data analytics technology in its audits? A. EY uses data analytics in audits to gain insights through analysis of collected data that is arranged in formats that can be used in prediction of trends, comparison of relationships, analysis and classification. This demonstrates that data analytics has audit applications and it can be said that data analytics is used to manage


the internal and external data of companies being audited, in order to identify risks of material misstatement and to ensure that audits are carried out efficiently and effectively, and provide accurate audit conclusions. Data analytics is a critical element of our audit transformation and is beginning to deliver tangible benefits in terms of enhancing audit quality, improving audit efficiency, and providing more relevant insights to our clients.

Q. Does EY use artificial intelligence in its audits? A. Emerging technological innovations, like machine learning and cognitive computing, have significantly transformed the audit process. At EY, we began this transformation with the use of data analytics in our audits, and we are continually developing applications of new technologies that are consistent with our goal of a highly efficient and significantly less time-consuming audit that better meets both market expectations and the performance requirements of key stakeholders. Our use of new technologies to facilitate the audit depends on the audit work being done, and such work can be divided into two types.

Routine audit work - The focus is on application of analytics in routine audit work, such as auditing the purchase and sales or payroll processes, and the use of robotics (programs or computer-assisted methods used in the audit of routine processes, systems or accounting records, sales processes and the recording of transactions in ledger accounts) in the audit, in order to enhance the efficiency of routine audit work. EY is currently at the early stages of evaluating the effectiveness of using robotics to facilitate audit work. Non-routine audit work â&#x20AC;&#x201C; Advanced analytics, including machine learning, predictive analytics and cognitive computing, are used in non-routine audit work tasks, such as reviewing impairment and provisions. Machine learning helps auditors to determine the best working and audit approaches based on the way they work on their computers, while cognitive computing assists auditors in identifying appropriate audit methodologies determining the level of materiality and tolerable error.

B o a r d r o o m | 35


Board Opinion

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36 | B o a r d r o o m

¾ààìòëñÞßæéæñöæðÞèâöïâîòæïâêâëñìãäììá äìóâïëÞëàâ« 'ITCES<>V6ES<-O<'YO$Z‰`+%O* $TE$lT$S<6[`G$V+$TE9Wg6W7TC9Wg Òëæñâá ËÞñæìëð Âàìëìêæà Þëá ÐìàæÞé Àìêêæððæìë ãìï ¾ðæÞ ÞëáñåâÍÞàæãæà$GTIcI  Àåâàèéæðñ· b'E$EEC$TE¬_G%T;Z$TE<EVKS9 _CYOg cMEg=ER-ZC'5R$EEC$TEc7ECTLLZ69TD ODT*cE'*+RcC*T D;S$8TO*'$E+R7O*<S*'S< bM$EEC$TE>[< EVMTE@;S$*T;bMCW ¾ààìòëñÞßæéæñö `7_'EYgO*CYO9Wg+R-IDLET*¾ààìòëñÞßæéæñöO*'$E 'YO$0<S7EER_<WD<O*'$ECT7E2T;9T*+EVD:EEC ;aD<TDBTDb;O*'$E;aD<TD$lTM;6OlT;T+%O* `7GRM;ID*T;9Wg$lTM;68X*%O<_%7OlT;T+'ITC ES<>V6-O<%O*$EEC$TE >[<EVMTE `GR@;S$*T; O*'$E'IE$lTM;6bMCW$TE7EI+9T;$0ER_<WD< 7T*e_MGT;Wh_=;ETD= a6DOT+<EE+ZOD[b;ITER $TE=ER-ZC'5R$EEC$TE_@YgObMCW$TE=ES<=EZ* bM$0ER_<WD<7T* e bM_=;=++Z<S; _G%T;Z$TE


<EVKS9'IECWàåâàèéæðñITER=ER+lT7T*eb;$TE =ER-ZC'5R$EEC$TE_@YgObM$EEC$TEc6OT;b; `7GR= `GR=ES<=EZ*bM_=;=++Z<S;_LCO _@ETR LVg * _MG T ;Wh 'Y O 7S I $l T M;6bM $ TE6l T _;V ; *T;%O* O*'$EOD[b;%O<_%7%O*$TE$lT$S<6[`G$V+$TE9Wg6W “B” Bible b;9W;g MhW CTD8X*$TEEI<EIC$0MCTD

ER_<WD< =ER$TJ ;aD<TD7T* e 9Wg_$WgDI%O* $S<:ZE$V+%O*O*'$E;Sh; e .Xg*OT+EI<EIC_=;E[= _GC MEYOEICb;ER<< æëñïÞëâñ %O*O*'$E_@YgO bM? TD$0MCTD¥ÉâäÞé¦ MEYO? TD=1V<S7V$TE7TC $0MCTD ¥ÀìêíéæÞëà⦠b-_=; àåâàèéæðñ b; $TE7V67TCIT? TD7T*eb;O*'$Ec6=1V<S7V7TC $0MCTDER_<WD<=ER$TJ7T*e'E<8I;`GR 7E*_IGT _@YgOMGW$_GWgD*$TEa6;a9K9T*$0MCTD _-;a9K=ES<`GRa9K+lT'Z$.Xg*LTERLlT'S‰%O*a9K =ES<;Sh; MT$_=;a9K=ES<b;+lT;I;;OD MTb-IT +RcC CW > G$ER9<7 O $TE$l T $S < 6[ ` G$V + $TE9Wg6W  _;YOg *+T$a9K=ES<8YO_=;a9K9T*OT‰T`GRL*>G7O BT@GS$K5`GRCT7E2T;$TE$lT$S<6[`G$V+$TE9Wg6W %O*O*'$E  Àåâàèéæðñ· b'E $EEC$TE¬? TD$0MCTD¬? TD=1V<7S V $TE7TC$0MCTD _CYgOcMEg=ER-ZC'5R$EEC$TE9Z$c7ECTL ODT*cE$TE6lT_;V;:ZE$V+9Wg%T6$EO<MEYO

a'E*LET*9T*$0MCTD_LCYO;$TE%S<_'EYgO*<V; a6DcCCW_E6TE 'Z5OT+%S<c=-;B[_%TMEYO7$9R_G b;9WLg 6Z  b;_CYOg O*'$EcCC$W TEEI<EIC$0MCTD9Wg 7O*=1V<7S V O*'$E_LWDg *7O$TE=1V<7S >V 6V $0MCTDc6 a'E*LE T *9T*$0MCTD'Y O M;Xg * b;`=6O*' =ER$O<%O*$TE$lT$S<6[`G$V+$TE9W6g 7W TC9Wg Òëæñâá ËÞñæìëðÂàìëìêæàÞëáÐìàæÞéÀìêêæððæìëãìï ¾ðæÞÞëáñåâÍÞàæãæà$GTIcIIT ÄììáäìóâïëÞëàâ ïâîòæïâðãÞæïéâäÞéãïÞêâôìïèðñåÞñÞïââëãìïàâá æêíÞïñæÞééö« $0MCTD7T* e CW$TE@S4;T`GR _=GWgD;`=G*7GO6_IGT 6S*;Sh; 9Z$c7ECTL ? TD $0MCTD¬? TD=1V<S7V$TE7TC$0MCTD'IE<EE+Z ITER$TEETD*T;$0MCTDbMCeMEYO$0MCTD 7T*e9WgCW>G$ER9<7OO*'$EbM$EEC$TEc69ET< _;YgO*+T$$0MCTDMGTD,<S<9WgCW$TE$lTM;6a9K %O*$EEC$TEcI6IDLI;$TEC¿Wæßéâ'IEER<Z7SI<9 $0MCTD>[ES<>V6-O<ERDR_IGT=1V<S7V7TC`GR ERDR_IGT$TE7EI+LO<a6D? TD$0MCTD¬? TD =1V<S7V$TE7TC$0MCTD_-;b;:ZE$V+=ER$S;-WIV7 'lTLS*g ;TD9R_<WD;$lTM;6bM<EVK9S =ER$S;-WI7V 7O* L * ETD*T;ETDGR_OW D 6_$Wg D I$S < @;S $ *T;bM ` $ LlT;S$*T;'5R$EEC$TE$lT$S<`GRL*_LEVC$TE =ER$O<:ZE$V+=ER$S;BSD6S*;Sh;<EVKS97O*$lTM;6 ITM;ID*T;9Wg_$WgDI%O*c6`$ ? TD<Z''G7O*L* %OC[GETDGR_OWD6_$WgDI$S<@;S$*T;`GR? TD=1V<S7V $TE7TC$0MCTD+R_=;>[L*%OC[G `GR_IGTb; $TEL*'YO9Z$_6YO;$ZCBT@S;:_=;7;

“C” Communication $TE$l T $S < 6[ ` G

$V+$TE9Wg6WcC_$V6%Xh;c6ODT*LC<[E5MT$O*'$E cCCW$TELYgOLTEbM$EEC$TE>[<EVMTE`GR@;S$*T; c69ET< $TELYgOLTE'YO$TE6lT_;V;$TE9Wg9lTbM_$V6 $TECWLI ;EIC¥ÍÞïñæàæíÞñæìë¦`GR$TECWLI ;c6_LWD `GRCW'ITC_=;OS;M;Xg*OS;_6WDI$S; ¥Âîòæñö Þëá Æëàéòðæóâëâðð¦ .Xg*_=;O*'=ER$O<%O*$TE$lT$S< 6[`G$V+$TE9Wg6WMGS$$TE%O* Òëæñâá ËÞñæìëð ÂàìëìêæàÞëáÐìàæÞéÀìêêæððæìëãìï¾ðæÞÞëá ñåâÍÞàæãæà M;Xg*b;7SIODT*%O*$TELYgOLTE9Wg6W'YO ¾ëëâÊòéàÞåöO6W7ÀÂÌ9Wg@GV$L8T;$TE5 %O*Õâïìõ+;=ERL<'ITCLlT_Ef+$GTIcIIT $TELYOg LTE 9WgCW=ERLV9:VBT@.Xg*_EWD$c6IT_=;LI;=ER$O<9Wg LlT'S‰9WgLZ6%O*'ITCLlT_Ef+b;$TE_=GWgD;`=G* $GDZ9:%O*O*'$E  Àåâàèéæðñ· b'E$EEC$TE¬>[<EVMTE¬@;S$*T; _CYgOcME$TE$lT$S<6[`G$V+$TE9W6g CW 9W $Z aO$TL ODT*cEcCIT O*'$E+R$lTM;6$lTM;6$0<S7E ER_<WD<O*'$E CT7E2T;9T*+EVD:EEC ;aD<TD BTDb;O*'$E9W6g CW T$`'cM;`7MT$cCC$W TELYOg LTE +RcC_$V6$TE$lT$S<6[`G$V+$TE9W6g cW 6_GD $TELYOg LTE 'IE_$V6%Xh;a6D7GO6 `7MTb-ITcCCW$TE$lTM;6 $GDZ9: b;LI;%O*$EEC$TE`GR>[<EVMTEO*'$E 'IEb-7SI-ID.Xg*$f'YO _G%T;Z$TE<EVKS9b;$TE9lT M;T9WgLYgOLTEbM`$$EEC$TE¬>[<EVMTE_-;$TE=2C ;V_9JbM`$$EEC$TE¬>[<EVMTE9Wgc6ES<$TE`7*7Sh* bMC $TEb-`<<LlTEI+_@YgOLO<8TC'ITC_%Tb+ ETD=b;LI;%O*@;S$*T;O*'$E'IECW$TE$lTM;6 bM?T D9W_g $WDg I%O*LYOg LTE`GRDTl _EYOg *7T*e9_gW $WDg I%O* .Xg*_=;LI;M;Xg*%O*$TE$lT$S<6[`G$V+$TE9Wg6WbM`$ @;S$*T;_=;ETDc7ECTL a6D-O*9T*7T* e 9Wg O*'$ELYgOLTEBTDb; a6D7T*$S;c=`7GRO*'$E _@YgO_=;$TEDlTbM@;S$*T;c6ES<E[7GO6_IGT`GRCW 'ITCE[LX$8X*$TECWLI;EICa6D7O*LYgOLTEIT9lTcC 9Z$';8X*'IECWLI;EIC `GR>GGS@:'YOORcE9Sh* >G6W`GR>G_LWD_@ETRM;ID*T;7T*e9WgcCc6 9lT*T;_$WgDI%O*$S<*T;$0MCTDa6D7E*OT+%T6 'ITCE['ITC_%Tb+IT_M7Zb6M;ID*T;%O*7;+X*CW LI;c6LI;_LWDb;_EYgO*$TE$lT$S<6[`G$V+$TE9Wg6W

B o a r d r o o m | 37


It is regardless the perfect charter, penalty is a type of the criminal sanction impacting How to the image and standard of the Good Governance organization’s rules, code of conduct, internal policies etc., Without communication, Good of such organization. Governance is failed. A communication shall be input at all time with the communication strategy. Checklist: Company Secretary is a helper to communicate Who Directors/Legal/Compliance When Every quarter of the board of directors’ Good Governance matter to directors/executives for example the Good Governance communication meeting in orientation for the new appointed directors/exHow Lack of the legal framework is like ecutives, an annual Good Governance survey for controlling the aircraft without radar. You may crash a mountain or fall into the ocean. There is employees etc. Communication shall be the possibility to engage in the regulatory risk if conducted regularly by the assigned departments. It can be done by quarterly and in any a Bible has not been input into an organization. A-B-C is the simple formula which will be the applicable checklist for directors and executives United Nations Economic and Social Commission communication channels in order to echo Good Governance to employees. An organization shall for the last quarter of 2016 in order to implement for Asia and the Pacific states that “Good communicate why they have stake in Good governance requires fair legal frameworks that Good Governance without reinvention and Governance and what is the positive and negative are enforced impartially.” Law has a dynamic investment in the Good Governance strategy. result of Good Governance engagement. This is nature. Legal/Compliance shall propose the updated related laws and regulations quarterly to because some of business units may not have an “A” Accountability “Accountability is a key understanding how Good Governance plays an the board of directors’ meeting. It is significant requirement of good governance.” stated by United Nations Economic and Social Commission because many laws and regulations specified the important role to them. penalty to directors. In terms of the Bible, it shall for Asia and the Pacific. consisting of the laws and regulations, responsible departments, time lime to comply Checklist: Source: ”What is Good Governance?” United Nations Economic and Social Commission for and tracking period for the Legal/Compliance. Who Directors/Company secretary Asia and the Pacific “Anne Mulcahy: The Keys to For example, in the life insurance business, an When Last quarter of each year Turnaround at Xerox” Stanford Business December 1, How It is not efficient to enforce directors, insurance company is required to submit the 2004 by Lisa Vollme report re: employees’ details to the Office of executives and employees to engage in Accountability. Organizations need to have Insurance Commission. Human Resources, energy-saving tools: charters, organization’s therefore, shall submit the information to rules, code of conduct, internal policies, Compliance in order to submit to the OIC every delegation and authority policies etc. specifying February. the scope, authority and responsibilities of directors, executives and employees. Each “C” Communication Good Governance cannot organization shall have the annual tracking. It can be accomplished if there is the lack of be added as the agenda in the board of directors’ communication to directors, executives and meeting in order to let directors review and employees to acknowledge. Communication update such energy-saving tools. This is the creates “Participation” and “Equity and significant component for the Good Governance. Inclusiveness” which are the characteristics of Good Governance stated by United Nations Economic and Social Commission for Asia and “B” Bible is the package by gathering laws, regulations, notifications and policies related to the Pacific. One of the outstanding communication such organization’s business. It can be in a form role model is Anne Mulcahy, the former CEO of Xerox who engraved success history of Xerox of the manual or intranet as the checklist for Legal or Compliance to monitor if each business and said that “Effective communication was units have complied by related laws, regulations, perhaps the single most important component of notifications and policies completely and in time. the company’s successful turnaround strategy.” This will help avoiding any fine penalty and imprisonment. There may be the understanding Checklist: Who Directors/executives/employees that the minor amount of fine penalty does not When At all time impact the organization. However, the fine Stepping to the last quarter of 2016…many organizations are tight up with the corporate targets set since the early of 2016. The targets are definitely have changed according to the economic, political situation, laws and regulations. “Good Governance” as familiar component to each organization which may be overlooked. It is questionably that does each organization inject the Good Governance into their annual action plan as they set the action plan on the sale, investment etc.?

38 | B o a r d r o o m


Anti-Corruption Update

=L<"L3AL;LAE3L=JEA L"W.QG3 K3<L<3Âą/R?L;´¡¡ÂŹÂ&#x161;Ă&#x161;Ă&#x2014;Ă?Ă&#x161;Ă?Ă&#x203A;Ă&#x203A;Â&#x153;Ă?Ă&#x2DC;Ă&#x2014;Ă&#x161;Ă&#x153;ÂźÂ?Ă?Ă&#x2DC;Ă&#x153;Ă?Ă&#x2022;Ă&#x160;Ă?Ă&#x161;ÂąÂ&#x2122;Ă&#x2039;Ă&#x153;Ă&#x2014;Ă&#x160;Ă?Ă&#x161;´úݸ­ W2@< @:4(M3J.MÂ&#x2018;§Ă&#x201C;Ă?Ă?Ă&#x2030;Ă&#x2021;Ă&#x2DC;Ă?Ă&#x161;Ă&#x2030;ÂĽĂ&#x2021;Ă&#x2DC;Ă?Ă&#x201C;Ă&#x2019;§Ă&#x201C;Ă&#x2026;Ă?Ă?Ă&#x2DC;Ă?Ă&#x201C;Ă&#x2019;Â&#x2019; F!9KVF$2Z0;Y2K<. F. K2K<0Q"<Ă˝. (Thai Private Sector Collective Action Coalition Against Corruption: CAC)

Ă&#x20AC;ÏïïòíùÌÏÍĂ&#x2018;Ïäâùüâïa6D_-VÂ&#x2030;Ă?ĂŻĂŹĂŁÂŤĂ?ĂŹĂŤĂ&#x17E;ĂŠĂĄĂ&#x201A;ÂŤ ¿âïâÍĂ&#x;âÌê+T$Ă&#x2039;âôĂ&#x2013;ÏïèĂ&#x2019;ÍÌóâïðÌùÜĂ?ùâïÍĂ?Ă ĂĽĂŹĂŹĂŠ ĂŹĂŁ¿òðÌÍâððžåêÌÍÌðùïĂ&#x17E;ùÌÏÍ_=;Ă&#x2C6;âÜÍÏùâðíâĂ&#x17E;èâï .Xg*_=;>[E[b;_EYgO*$TE<EVMTE:ZE$V+LCSDbMC`<<b- Ă&#x201A;ùüÌà _=;_'EYgO*;lT9T*;Sh;+R7O*9lTODT*cE `GR 7O6IDĂ&#x160;ĂŻÂŤĂ?ĂĽĂ&#x17E;ĂŁĂŁĂŚĂ&#x160;Ă&#x17E;ùüâï>[$O7Sh*<EVKS9Ă&#x2014;ÌÎÌùáĂ&#x17E; Ă&#x2026;âĂ&#x17E;ÊùüĂ&#x20AC;Ă&#x17E;ïâĂ&#x2030;ÌêÌùâåÂĽĂ&#x2014;Ă&#x2026;Ă&#x2030;ÂŚCT_GTbMLCT-V$A* b;MSI%O9Wg';c9DMGTD';DS*'V6ITcC;T+R_=;c= c6Ă&#x2026;ĂŹĂ´¿òðÌÍâððĂ&#x192;ÌäüùžäĂ&#x17E;ĂŚĂŤĂ°ĂąĂ&#x20AC;ÏïïòíùÌÏÍ žĂ?âĂ&#x17E;ĂŠĂ&#x2030;ÌãâĂ&#x20AC;Ă&#x17E;ðâŸ<EVKS9;Wh_=;7SIODT*9Wg_6;-S6 b;$TE7O7T;$TE_EWD$ES<LV;<;+T$_+TM;T9WgES2  ;O$+T$;Whb;*T;6T;$TE<EEDTDbM'ITCE[ .Xg*_=;OZ=LEE'LlT'SÂ&#x2030;%O*$TE=ER$O<:ZE$V+ `GR _$Wg D I$S < $TE+S 6 9l T ;aD<TD`GRER<<= O *$S ; _=;9Wg9ET<$S;6WITĂ&#x20AC;Ă?Ă&#x2020; %O*=ER_9JOV;_6WD;Sh;OD[ 'OEES=-S;`GR$TE+TDLV;<;;Sh;a'E*$TEĂ&#x20AC;žĂ&#x20AC; b;OS;6S<9Wg7lT_ $IT=ER_9Jc9D c6ES<_-VÂ&#x2030;c=<EEDTDbM'ITCE[b;ITER7T*e_-; *T;LCT'C>[IV+SD`GR>GV7_BLS-BS53ÂĽĂ?Ă?Ă&#x201A;Ă&#x160;Ă&#x201A;ÂŚ  9Sh * ;Wh 9 T ;LTCTE87V 6 7TC$V + $EEC7 T *e b;IS;9Wg ÂŻÂł $S;DTD; `GREIC$S<LCT'C<EVKS9 %O*a'E*$TEOT9V _-g;$TE+S 6 O<ECMGS $L[7E +69R_<WD;c9D+S6LSCC;T Ă&#x201A;þíâïÌâÍàâ Ă?ĂĽĂ&#x17E;ïÌÍä žÍù̪Ă&#x20AC;ÏïïòíùÌÏÍ¡Ă&#x2018;üâĂ?ĂŻĂ&#x17E;àùÌàĂ&#x17E;ĂŠĂ&#x201E;òÌå⼞Ă&#x20AC;Ă?Ă&#x201E;ÂŚ b;IS;9Wg Âś `GR ÂŻÂŽ $S;DTD; b;_EYgO*$TE+S69lT `GR Ă&#x201A;ùüÌàĂ&#x17E;ĂŠ Ă&#x2030;âĂ&#x17E;åâïðüÌí Ă?ïÏäïĂ&#x17E;ĂŞ ÂĽĂ&#x201A;Ă&#x2030;Ă?ÂŚ c69Wg `<<=ER_CV ; 7;_O*_@Yg O LE T *CT7E$TE7 O 7 T ; ôôôùüĂ&#x17E;ĂŚÂŞĂ Ă&#x17E;Ă ÂŤĂ ĂŹĂŞMEYOLO<8TC$TELCS'E_%T 'OEES=-S;`GR$TE+TDLV;<;9Sh*;Wh_;YgO*+T$CW<EVKS9 O<EC$S<'Z5BS9ETBE5­¯ªœ²²ªŽŽ²²7OÂŻÂŽÂł MGTD`M*_%Tb+>V6'V6IT$TE$EO$`<<=ER_CV;bM 789 'E<+R>T;$TEES<EO*.*Xg <EVK9S 9W'g 6V _-;;WLh I ;bMÂ&#x2030; CS$+Rc6>G7E*%TC_LCO _@ETR_;YhOLTER%O* at Quarter 3, there was a total of 733 companies _O$LTE9Wg < EV KS 9 b- O T *CS $ +RcC ` L6*bM _ Mf ; 8X * As that have declared their stance against corruption ER<<<EV M TE+S 6 $TE'ITC_LWg D *'OE ES = -S ; 9Wg _ = ; and their intention to join the Thai Private Sector E[=:EECc6_GD<EVKS9CS$MG*>V6'V6IT$TE_%WD; Collective Action Coalition Against Corruption (CAC), ;aD<TD7O7T;'OEES=-S;`GR;aD<TD$TEbMMEYO of which 360 companies were listed companies. Also, during this Quarter an additional 70 companies ES<%O*%ISÂ&#x2030;;Sh;_=;_EYgO*9Wg_@WD*@O`GI b;- I *c7ECTLLTCCW < EV KS 9 =ER$TJ _+7;TEC5 7 O 7 T ;'OE ES = -S ; _@Yg O _% T E I C$S < a'E*$TE`;IE I C=1V <S 7V % O*BT'_O$-;c9Db; $TE7O7T;$TE9Z+EV7 MEYO Ă&#x20AC;žĂ&#x20AC; +lT;I; ´°° <EV KS 9 a6Db;+l T ;I;;Wh _ = ; <EV KS 9 +69R_<W D ;b; 7GT6MGS$9ES@D °³­ <EVKS9 `GRCW<EVKS9DYg; _O$LTE%OES<EO*b;EO<;WhCT$8X*´­<EVKS9;S<_=; +lT;I;L[*LZ6;S<7Sh*`7$O7Sh*a'E*$TE Ă&#x20AC;žĂ&#x20AC; a6D 'T6I T ; T +RCW < EV KS 9 > T ;$TEES < EO*9Sh * MC6 =ERCT5¯­­<EVKS9

 b;_6YO;7ZGT'CIS;9WgÂŽÂľ7ZGT'Ca'E*$TE Ă&#x20AC;žĂ&#x20AC;+S6$TE=ER-ZCER6S<-T7V'ESh*9Wg´MSI%OMGS$ +R_;;_EYgO* Ă&#x201A;ùüÌàĂ&#x17E;ĂŠ Ă&#x2030;âĂ&#x17E;åâïðüÌí¡ Ă&#x20AC;ĂŹĂŞĂ&#x;Ă&#x17E;ùÌÍä

40 | B o a r d r o o m

submitted their application, together with the associated documents, for formal CAC Certification. This is the highest total number of companies applying in any given Quarterly period ever since the CAC was established. It is expected that there


will then be approximately a total of 200 companies having received formal CAC Certification. Additionally, with regards to undertaking seminars aimed at informing and educating about establishing anti-corruption policies together with various measures to prevent corruption and bribery, the CAC was invited to present its anti-corruptionrelated knowledge and experiences on various occasions; such as: presenting at the PREME Event on 26 September, 2016; and joining the Thai Listed Companies Association in an Experience Sharing Seminar on 9 September, 2016 and on 21 September, 2016, respectively, on the procedures for undertaking a self-evaluation and assessment exercise as well as on the implementation of various measures on anti-corruption and against bribery. This is because many companies misunderstand that they will receive formal CAC Certification just only by the completing the self-evaluation forms. As such, if companies think so, then often many will

Boardroom | 36

achieve the opposite outcome and fail to pass the CAC Certification process, since the contents of the self-evaluation forms submitted often do not really demonstrate that any real and substantive systems to manage the risks of corruption occurring have been effectively implemented within their organizations. Such companies are often misled in thinking that it is sufficient enough by only just writing policies on anti-corruption or on giving/receiving gratuities. On 18 October, 2016, the CAC will hold the 7th National CAC Conference, with the main theme focusing on “Ethical Leadership: Combating Corruption Together” through inviting Prof. Ronald E. Berenbeim, from the New York University Stern School of Business Administration, to be the keynote speaker. This is because Prof. Berenbeim is a guru on modern management techniques through the use of ethics as a catalyst, as well as on how such techniques can be applied. This keynote speech will then be followed by a Mr. Shaffi Mather, founder of

Ziqitza Health Care Limited (ZHL), who will make a presentation to IOD Members on a subject that many Thais still believe to be an unachievable task namely: How Business Fight Against Corruption – A Real Life Case? This company is a uniquely positive example on how to fight against demands for bribes from government officials, which is a real obstacle or issue in conducting business. Further, it is also widely known that India’s CPI ranking is much lower than that of Thailand. Furthermore, IOD Members can follow and obtain further detailed information on the various activities of the CAC – such as, about the Anti-Corruption: The Practical Guide (ACPG) and Ethical Leadership Program (ELP) courses - by accessing www. thai-cac.com or making direct enquiries to Khun Patraporn at the IOD at Tel: 02-955-1155 Extn. 216.

789


Anti-Corruption in Practice

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Association, The Tourism Council of Thailand, and the Thai Institute of Directors Association (IOD) which also accepted the responsibilities in acting as the Secretary for the CAC and in being a core leader in driving forward the CAC initiative. For private sector companies, joining the CAC through declaring their anti-corruption intent and stance is voluntary and not compulsory, as well as costs nothing to do so. However, subsequent to the formal declaration of intent and position against corruption, the company then has obligations to determine associated tangible policies and practices, together with various operating procedures and internal controls aimed at preventing acts of corruption that are in line with the established criteria specified by the CAC Council. The companyâ&#x20AC;&#x2122;s external Auditor must also review and certify that these policies and practices have been genuinely implemented within the organization, together with submitting documented evidence that are used to achieve formal Certification by the CACâ&#x20AC;&#x2122;s Council within 18 months.

The formal CAC Certification procedures are stringent and considered to be an important process. This is because it is a mechanism and means to oversee as well as ensure that those companies, who have declared their stance against corruption, have genuinely established and actually implemented the required anticorruption policies and practices within the organization rather than just merely announcing their formal anti-corruption declaration as a corporate PR gesture and then do nothing else Today, the Boardroom wishes to relate to its to put into practice various genuine measures to readers about the progress that has been made by the Thailand Private Sector Collective Coalition help solve the problems of corruption. Against Corruption (or CAC), which has advanced a long way in the 6 years since its establishment. The achieved progress and tangible results have Apart from allowing and giving business companies the opportunity to actively participate attracted a lot of attention and interest, with in solving the problems of corruption, the CAC various anti-corruption organizations from overseas being keen to come and learn from the also acts as the coordinating organization for the overall collaboration and collective actions successful experiences achieved by Thailandâ&#x20AC;&#x2122;s in driving the required changes in the working Private Sector Collective Coalition Against behaviors of civil servants within the Government Corruption. system that provide services to people, so that this system will be transparent as well as void of The Thailand Private Sector Collective Coalition any corruption. Against Corruption (or CAC) Initiative was established in 2010 by 8 key business From the very beginning of the CAC Initiative associations in Thailand, namely: The Thai in 2010, when a total of 23 companies formally Chamber of Commerce, The Joint Chambers of declared their anti-corruption intent and stance, Commerce Foreign Chamber of Commerce in Thailand, The Thai Listed Companies Association, and up to today, there has been a significant The Thai bankers Association, The Federation of increase in the number of companies that have declared their intent and stance on being against Thai Industries, The Thai Capital Markets

B o a r d r o o m | 43


Anti-Corruption in Practice

The third major change event : The fact that listed companies, which have already received formal CAC Certification, have expanded their clean business practices, that are totally void of any forms of corruption, in a widening circle to also From the total of 733 companies having declared include their business partners, through inviting their intent and position on being against them to join the CAC. This is in order to spread corruption, the majority are large corporations the overall coverage of clean business practices possessing considerable economic power and into other associated businesses. Currently, strength, consisting of 360 listed companies many listed companies, that have received formal that, combined, account for almost 80% of the CAC Certification, have increasingly invited the total ‘market cap’ value of the Stock Exchange respective business partners within their of Thailand (SET). Additionally, many Subsidiary manufacturing supply chain to become CAC Companies of major overseas or multinational Members by declaring their intent and position corporations together with many mid-size and against corruption, so as to widen the coverage small companies, spread across various industrial of the clean businesses network throughout their sectors, are also joining to become Members of As for the regulatory authorities – such as, the respective overall manufacturing process. Securities and Exchange Commission (SEC) – the CAC all the time. they have all given significant support to requiring Exemplary examples of this trend are: Somboon Advance Technology Pcl, who invited 89 associated listed companies to fully disclose to investors Apart from the credibility of the CAC, due to its businesses to join the CAC through declaring effective overall management in a systematic and their respective anti-corruption policies and their anti-corruption intent and stance at the operating practices guidelines. While the Thai professional manner, there have been at least 3 beginning of the year; and Bangchak Petroleum Investors Association (TIA) has a program to major change events - or ‘tipping points’ - that Pcl., who also invited a total of 41 companies have resulted in its breakthrough growth as well protect Shareholders rights through appointing volunteers to attend Annual General Shareholders within its manufacturing supply chain to join the as in significant active participation by private Meeting (AGM) of all listed companies, in order CAC. companies in joining the CAC Membership to address questions to their Board of Directors network. relating to the progress made in regards to their If all CAC Member companies can act as the change agent, through endeavoring to expand respective actions in fighting corruption within The first major change event: The fact that all clean business practices to include their their companies. financial services related business associations business partners, suppliers and all other have joined the CAC in their entirety – commercial involved stakeholders in their businesses in such banks, securities and asset management companies, With such active support from both the official a manner, it is believed that the overall total general insurance and life insurance companies, authorities and also from investors, this has number of companies implementing clean and resulted in many listed companies joining and as well as other companies related to banking, transparent business practices will increase securities trading, capital markets and insurance participating in the CAC, since being a CAC quickly as well as exponentially. This will then Member is the clearest indicator that the listed services. The fact that all companies within the create new high standards of business conducts company takes seriously the issues of fighting financial services sector have joined in the CAC and practices within Thailand that will not allow corruption as well as putting in actual practice is a clear indication that the financial services any room for any acts of corruption going sector, which is one of the key economic pillars associated tangible measures. forward. in Thailand, places great importance on the CAC Initiative. Thus, this is major factor in helping to build trust, confidence and overall credibility of the CAC. corruption; whereby there is now a total of 733 companies, within which a total of 177 have now received formal CAC Certification.

44 | B o a r d r o o m

The second major change event: The support and driving force given by the regulatory authorities, institutional investors and retail investors, who have all push for good corporate governance to be implemented within listed companies – both at the policy and practices levels. As such, conducting business that is totally void of any corruption is a positive and key indicator of the company’s good corporate governance practices. This has resulted in listed companies to give great importance to being against corruption – both in terms of having policies and actually implementing genuine practices.


Regulatory Update

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46 | B o a r d r o o m

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In the recent article, we, FAP, have shared with you the information, gathered at the beginning of 2016, about concerns and questions raised about changes in the new auditorâ&#x20AC;&#x2122;s report. Although there were still some concerns on additional responsibilities and costs and the disclosure of the Key Audit Matter (KAM) the overall feedback obtained was generally positive on the benefits of users. As the extended auditorâ&#x20AC;&#x2122;s report is new to most countries using ISA, it is common that parties will have questions and concerns. IAASB issued a publication on 9 April 2016 about questions, main concerns on the new auditorâ&#x20AC;&#x2122;s report that were gathered from discussions with various international stakeholders in the countries where the new report were implemented such as UK, Netherland, South Africa and Australia. You can access the full article via the below link. https://www.iaasb.org/system/files/publications/files/IAASB-KAM-Publication-for-AuditCommittees-and-Finance-Executives_0.pdf

Â?ÂşnÂŤÂ&#x161;Ă Â&#x160;³¢³¤Â&#x2014;ÂŽmÂłÂ&#x161;Â&#x203A;Â&#x2DC;Â&#x2020;¨³¢Â&#x2039;Â&#x203A;²Â&#x203A;žÂ&#x2013;Ă&#x2026;¢Ă&#x201A;Â&#x2022;nÂ&#x2DC;ÂśĂ&#x2020; KWWSVZZZLDDVERUJV\VWHPILOHVSXEOLFDWLRQVILOHV,$$6% .$03XEOLFDWLRQIRU$XGLW&RPPLWWHHVDQG)LQDQFH([HFXWLYHVBSGI ¿Œ¹žÂ?ÂŁÂżÂ&#x;¤mĂ&#x20AC;Â&#x2022;ÂŁ,$$6% ž¢¸Ă&#x2020;Ž¨²Â&#x161;Â&#x2DC;ÂśĂ&#x2020; ž¢ª³£Â&#x161; B o a r d r o o m | 47


Board Review

¿ÏĂ&#x17E;ĂŻĂĄĂŻĂŹĂŹĂŞ ,<S<;Wh_ET;lT_L;O_EYgO*Ă&#x160;Ă&#x17E;ĂŤĂ&#x17E;äÌÍäĂ&#x2018;âàüÍÏÊÏäÜÂŁà ÌðïòíùÌÏÍ b;'OGSC; ¿ÏĂ&#x17E;ĂŻĂĄĂ?âóÌâô +X*ODT$`;R;lT M;S*LYOÂŻ _GC9Wg _$WgDI%O*$S<_EYgO*_9'a;aGDWbM9Z$9T;c6OT; 'YOĂ?òíâïÌÍùâÊÊÌäâÍàâ¡Ă?Ă&#x17E;ùüðŠĂ Ă&#x17E;ÍäâïðŠĂ?ùïĂ&#x17E;ùâäÌâð a6DĂ&#x2039;Ìàè¿ÏðùïÏê `GRĂ?ÌðâĂŹĂŁùüâĂ?ĂŹĂ&#x;Ïùð¡ Ă&#x2018;âàüÍÏÊÏäÜĂ&#x17E;ĂŤĂĄùüâĂ&#x2018;üïâĂ&#x17E;ùÏãĂ&#x17E;Ă&#x2021;ĂŹĂ&#x;ÊâððĂ&#x192;òùòïâa6DĂ&#x160;Ă&#x17E;ïùÌÍĂ&#x192;ĂŹĂŻĂĄ9Wg'Z5=EVÂ&#x2030;Â&#x2030;TMOC_O;$`GR'Z59E*DJ'S;:CT;;9ÂŻIV9DT$Eb;*T;Ă&#x2020;Ă&#x152;Ă  à ÌïâàùÏï¿ïÌâãÌÍ乏¯­Ž³c6`;R;lTbMOT;_@YgO9Wg+R_EWD;E[_@YgObM@EOCES<CYO$S<BSD'Z$'TC9WgOT++R_$V6%Xh;+T$_9'a;aGDWb;O;T'7 As in this Boardroom we present the topic of Managing Technology & Disruption, therefore in this column we want to recommend 2 books which are Superintelligence: Paths, Dangers, Strategies and Rise of the Robots: Technology and the Threat of a Jobless Future that two speakers in IOD Director Briefing 4/2016 Mr. Prinya Hom-anek and Mr. Songyot Kanthamanon recommended for understanding and be ready to managing technology & disruption.

2TODQHMSDKKHFDMBD Paths, Dangers, Strategies by Nick Bostrom

M;S*LYO_GC;W7h *Sh 'lT8TCcIIT +R_$V6ORcE%X;h 8T _'EYOg *+S$E_$*$ITC;ZKD =Â&#x2030;Â&#x2030;T=ER6VK2+R-ID_MGYOC;ZKDMEYO+R9lTGTDC;ZKD$S;`;;V'<OL7EOC c6O:V<TDLET*'ITC_%Tb+_EYgO*@Yh;2T;%O*C;ZKD `GR L7V=Â&#x2030;Â&#x2030;Tb;$TEb- -WIV7b;O;T'7 ITLCO*C;ZKDCW'ITCLTCTE8<T*ODT*9WgLS7IcCCW .Xg*_=; LVg*9Wg`<*`D$'ITCLTCTE89Wg_M;YO$IT%O*C;ZKD `GR8T_$V6IT_'EYgO*+S$E _$*$ITC;ZKDODT*9Wg_EWD$ITĂ?òíâïÌÍùâÊÊÌäâÍàâ+R9lTbM_$V6OlT;T+ODT* CMTJTG_$V;$IT9WgC;ZKD_ET+RLTCTE8'I<'ZCc6 C;ZKD+R_=;_MCYO; $OGVGT9Wg8[$_'EYgO*+S$E$lTM;6-R7T-WIV7cI6S*;Sh;_CYgO_ETDS*CW'ITCc6_=EWD< 9Wg+R_=GWgD;`=G*`GR'I<'ZCc6$O;_ET7O*_EVgCG*CYO_6WjDI;Wh Superintelligence asks the questions: what happens when machines surpass humans in general intelligence? Will artificial agents save or destroy us? Nick Bostrom lays the foundation for understanding the future of humanity and intelligent life. The human brain has some capabilities that the brains of other animals lack. It is to these distinctive capabilities that our species owes its dominant position. If machine brains surpassed human brains in general intelligence, then this new superintelligence could become extremely powerful possibly beyond our control. As the fate of the gorillas now depends more on humans than on the species itself, so would the fate of humankind depend on the actions of the machine superintelligence. But we have one advantage: we get to make the first move. Source : https://www.amazon.com/Superintelligence-Dangers-Strategies-Nick-Bostrom/ dp/1501227742

48 | B o a r d r o o m


Rise of the Robots:

Technology and the Threat of a Jobless Future by Martin Ford

*T;b;O;T'7'YOORcE CW7lT`M;**T;CT$@OLlTMES<9Z$';MEYOcC `GRb'E+R _=;>[9Wg8[$_GYO$ _ETOT+'V6`GR'T6MIS*IT+RCW$TE=1VIS7VOZ7LTM$EEC_,$_-;b;O6W7 8X*`CIT*T;<T*=ER_B9+RMTDc= `7DS*CWOW$MGT$MGTD*T;9Wg_$V6%Xh;bMC _@YgOEO*ES< ;IS7$EECb;O;T'7CTE7V;AOE6>[$O7Sh*Ă?ĂŚĂŠĂŚĂ ĂŹĂŤĂ&#x201C;Ă&#x17E;ÊÊâÜ`D*IT=Â&#x2030;MT9Wg_$V6%Xh;cCc6 OD[9 $gW TE_@VCg %X;h %O*+lT;I;MZ; D;7`7_=;_@ETR_9'a;aGDW9@gW 4S ;T%X;h CW$TE;lT_'EYOg *+S$E CT9lT*T;`9;9WgC;ZKD`GR>GV7>G*T;c66W$IT*T;9WgGTLCSD_-;9;TD;S$%TI@;S$*T; OOAAJMEYO`C`7;$S _%WD;a=E`$EC'OC@VI_7OE+R8[$`9;9W6g I DMZ; D;7`GRa=E`$EC 9Wg9S;LCSD$IT9lTbM*T;%O*>[b-`E**T;`GR>[9Wg9lT*T;b;LlT;S$*T;+R8[$<W<`GR'ODe MTDc=`CITLO*:ZE$V+bMÂ&#x2030;'YO:ZE$V+9T*$TEJX$KT`GR9T*$TE`@9DDS*MT*c$G+T$ $TEBSD'Z$'TC_MGT;S;h `7>G$ER9<9W_g $V6%X;h +T$$TE_@VCg %X;h %O*MZ; D;7'OY $TEIT**T; +lT;I;CT$`GR'ITCcC_LCOBT'L*>GbM_$V6>G$ER9<ODT*bMÂ&#x2030;MGI*7O_JEK2$V+ aG$  CTE7V; AOE6 O:V<TDb;M;S*LYO_GC;WhIT ORcE9lTbM_'EYgO*+S$E-TÂ&#x2030;,GT6`GR MZ;D;7=ERL<'ITCLlT_Ef+EICc=8X*$TE_EWD$EO*%O*@;S$*T;;S$IV-T$TE';IT*`>; ;aD<TD`GR+R_>-VÂ&#x2030;M;T$S<LVg*_MGT;Sh;ODT*cE What are the jobs of the future? How many will there be? And who will have them? We might imagineâ&#x20AC;&#x201D;and hopeâ&#x20AC;&#x201D;that todayâ&#x20AC;&#x2122;s industrial revolution will unfold like the last: even as some jobs are eliminated, more will be created to deal with the new innovations of a new era. In Rise of the Robots, Silicon Valley entrepreneur Martin Ford argues that this is absolutely not the case. As technology continues to accelerate and machines begin taking care of themselves, fewer people will be necessary. Artificial intelligence is already well on its way to making â&#x20AC;&#x153;good jobsâ&#x20AC;? obsolete: many paralegals, journalists, office workers, and even computer programmers are poised to be replaced by robots and smart software. As progress continues, blue and white collar jobs alike will evaporate, squeezing working- and middle-class families ever further. At the same time, households are under assault from exploding costs, especially from the two major industriesâ&#x20AC;&#x201D;education and health careâ&#x20AC;&#x201D;that, so far, have not been transformed by information technology. The result could well be massive unemployment and inequality as well as the implosion of the consumer economy itself. In Rise of the Robots, Ford details what machine intelligence and robotics can accomplish, and implores employers, scholars, and policy makers alike to face the implications. Source: http://www.goodreads.com/book/show/22928874-rise-of-the-robots

B o a r d r o o m | 49


Board Success

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CONGRATULATIONS

Â&#x17D;Â?Â&#x161;´´ú¹´´œ In the evening of 6 October, Institute of Directors (IOD) organized the Award Presentation Event for the participants of the Director Certificate Program (DCP 220-224) at the Renaissance Bangkok Ratchaprasong Hotel. During the event, photo boards were organized for the participants to post photos and take them home. In addition, there was a photo corner containing photos taken during the class, which participants could also take home. Another area was set aside for DCP alumni to take photos with friends. The event also included some enjoyable performances given by DCP alumni. One that received a lot of laughs was presented by DCP alumni children; it dealt with corporate governance. The evening concluded with presentations of certificates to the recently graduated DCP participants and some group photos.

Director Diploma Examination 50/2016 Ă ĂŻÂŤĂ?òÍâùïĂ&#x17E;Ă?Ă&#x17E;âÍäïĂ&#x17E;ĂąĂ&#x17E;ĂŤĂ&#x17E;èòÊ Ă&#x160;ĂŻÂŤĂ?òíĂ&#x17E;Ă ĂĽĂ&#x17E;ĂŚĂ?òèĂ&#x17E;ÍçĂ&#x17E;ĂŤĂ&#x17E;Ă­ĂŹĂŻĂŤ Ă&#x160;ĂŻĂ°ÂŤĂ?òíĂ&#x17E;ĂŻĂ&#x17E;ĂŤĂ&#x17E;ĂŤĂ&#x2018;Ă&#x17E;ÍóÌïòàü Ă&#x160;ĂŻÂŤĂ&#x2018;ĂĽĂ&#x17E;ĂŤĂ&#x17E;Ă´Ă&#x17E;ĂąĂ&#x2030;âïùôĂ&#x17E;ùùĂ&#x17E;ĂŤĂ&#x17E;ĂŻĂ&#x17E;è

50 | B o a r d r o o m

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Director Certification Program 222/2016 Êï«ÀåÞæñÞñÐÞâñÞëä Êï«ÀåÞïëÐïæóæèìïë Êï«ÀåïæðñìíåâïÀåæñÑòë Êïð«ÀðæééÞÈìåÞéêæªÊìëãæéð Êï«Äïâäìïö¾ëáïâôÔåæñâ Êï«ÅâëëæëäÅÞòäâïòáßïÞñâë Êï«ÇÞêâð¾«ÈÞíéÞë

Êï«ÇâÞëªÉìòæðÄïÞæëáìïäâ Êð«ÈåæëâÈåæëâËôâ Êð«ÈæêÀåÞôðòÄöæ Êð«ÊâéæëáÞÑòë Êïð«ÊìëñÞëÞÍìïëíòëöÞéâïñ Áï«ËæôâñÑåÞêêÞ Êï«ÍâñâïÔÞÞäâëðâë

Êï«ÍåæíåÞñÓìïÞíæíÞñ Êï«ÍæàåÞæÀåòâëðòèðÞôÞáæ Êï«ÐæêìëÁÞóæá¾éâõÞëáâï¾èâïìöá Êï«ÑÞèÞðåæÈòïìêâ Êï«ÑåÞáÞÀåÞëíïÞðæñ Êð«Ñåò÷ÞïÔæë Êð«ÔÞåÔÞåÊæë B o a r d r o o m | 51


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52 | B o a r d r o o m

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Áï«ÉÞßåÞÔÞñàåÞïÞðïæïìç© Íïâðæáâëñ ìã Àåæâã ÂëñâïñÞæëêâëñ Ìããæàâï¥ÀÂ̦Äïìòí

B o a r d r o o m | 53


Board Activities

Experiences Sharing of CAC Certification Process

IS;9WgÂś$S;DTD;9Wg>T;CT9T*L8T<S;$EEC$TE <EVK9S c9Db;2T;R_G%T;Z$TEa'E*$TE`;IEIC=1V<7S V %O*BT'_O$-;c9Db;$TE7 O 7 T ;$TE9Z + EV 7 ÂĽĂ&#x20AC;žĂ&#x20AC;ÂŚc6EIC$S<LCT'C<EVKS9c9D+69R_<WD;c9D b;$TE+S6LSCC;TĂ&#x201A;þíâïÌâÍàâðĂ?ĂĽĂ&#x17E;ïÌÍäĂŹĂŁĂ&#x20AC;žĂ&#x20AC; Ă&#x20AC;âïùÌãÌàĂ&#x17E;ùÌÏÍĂ?ïÏàâðð_@YgObM'ITC_%Tb+_$WgDI$S< _EYgO*$TE=ER_CV;'ITC_LWgD*6T;'OEES=-S; `GR _EYgO*OYg;e9Wg_$WgDI%O*$S<$ER<I;$TEES<EO*EIC9Sh* $TE+S69lT_;YhOMTMEYO7SIODT*_O$LTE7T*e9WgDS*CW 'ITC_%Tb+'GT6_'GYOg ;OD[ b;*T;;W_h ETc6E<S _$WDE7V +T$IV9DT$EÂŻ9T;c6`$'Z5$ZG_I-_+;IS4;IV9D 9Wg=EX$KTa'E*$TEĂ&#x20AC;žĂ&#x20AC;`GR'Z5O;ZIS4;+*DV;6W >[O Tl ;ID$TELlT;S$*T;7EI+LO<<EVK9S =[;.V_C;7c9D +lT$S6ÂĽCMT-;ÂŚCTEIC<EEDTD`GR7O<%O.S$8TC 7T*e +T$>[_%TEICLSCC;T .Xg*CW>[L;b+_%TEIC ODT*G;MGTC_$V;$IT9WgMO*=ER-ZC_ET+RLTCTE8 ES<cMI +X*c6<S;9X$ Ă&#x201C;Ă Ă&#x152; $TELSCC;Tb;'ESh*;Wh _@YgObM>[9WgL;b+ `7cCCWaO$TL_%TEICLSCC;Tb; 'ESh*;Whc6CWaO$TLES<A*c69Wgüùùí¡ùüĂ&#x17E;ĂŚÂŞĂ Ă&#x17E;Ă ÂŤĂ ĂŹĂŞ

On 9 September, IOD and the Thai Listed Companies Association organized the Executive Briefing 2/2016: Experiences Sharing of the CAC Certification Process Seminar. The objective of the seminar was to teach CAC members how to evaluate the risk of corruption and discuss relevant topics about the process of CAC certification, including how to prepare a document, with an example of the document that most members misunderstand The seminar was honored to have as a guest speakers Mr. Kulvech Janvatanavit, CAC Consultant, and Mr. Anuwat Jongyindee, Head of Internal Audit, The Siam Cement Public Company Limited. The seminar was very well received, with many participants suggesting that it be offered again. Those who missed it can watch it at http://thai-cac.com.

Mr. Anuwat Jongyindee, Head of Internal Audit, SCG

Mr. Kulvech Janvatanavit, CAC Consultant

L=5=J%R;WDA3L=J.K4==;L=W=Ä _G"Â&#x152;Ă&#x2013;Ă&#x2122;Ă&#x2014;Ă&#x2013;Ă&#x2122;Ă&#x2C6;Ă&#x203A;Ă&#x152;Â?Ă&#x2013;Ă?Ă&#x152;Ă&#x2122;Ă&#x2022;Ă&#x2C6;Ă&#x2022;Ă&#x160;Ă&#x152;Â&#x152;Ă&#x2013;Ă&#x2039;Ă&#x152;

Mr. Rapee SuCharitakul, Secretary-General, SEC

Ms. Waratchya Srimachand, Assistant Secretary-General, SEC

54 | B o a r d r o o m

_;YgO*+T$_Mf;ITMGS$$TE<EVMTE$V+$TE9Wg6W9Wg+R+S69lT%Xh;bMC_@YgOb-`9;9Wg MGS$$TE$lT$S<6[`G$V+$TE9Wg6WLlTMES<<EVKS9+69R_<WD;=¯²²²CW'ITC _$WgDI%O*$S<$TE=1V<S7V*T;%O*$EEC$TEa6D7E* 9T*L8T<S;$EEC$TE <EVK9S c9D+X*c6EI C$S<LlT;S$*T;'5R$EEC$TE$ÂŤGÂŤ7ÂŤ`GR7GT6MGS$9ES@D `M*=ER_9Jc9D +S6$TE=ER-ZC_LI;TER6S<$EEC$TE_EYgO* Ă&#x20AC;ĂŹĂŻĂ­ĂŹĂŻĂ&#x17E;ùâ Ă&#x201E;ÏóâïÍĂ&#x17E;ÍàâĂ&#x20AC;Ïåâ_CYgOIS;9WgŽ°$S;DTD;_@YgOLET*'ITC_%Tb+`GR ES<9ET<'ITC_=;CT%O*Ă&#x20AC;Ă&#x201E;Ă&#x20AC;Ïåâ7GO6+;<9<T9%O*'5R$EEC$TE 9Wg_=GWgD;`=G*c=b;2T;R>[;lT%O*$V+$TEL['ITCDSg*DY; The Corporate Governance Code will be revised from the Corporate Governance Code for listed company 2012. This is directly relevant for the practices of company Boards of Directors. IOD, the Securities and Exchange Commission, and The Stock Exchange of Thailand jointly organized a conference on 13 September to inform boards of directors about the Corporate Governance Code and the role of board of Directors with regard to corporate governance after it is set.


Executive Briefing 3/2016: Thailandâ&#x20AC;&#x2122;s Private Sector Collective Action Coalition against Corruption: CAC

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9T*L8T<S;$EEC$TE<EVKS9c9Dc6EIC$S<7GT6MGS$9ES@D`M*=ER_9Jc9D+S6Ă&#x20AC;Ă&#x201E;Ă&#x201D;ÏïèðüÏíÂŽ`GR¯¯­Ž³Ă&#x201A;ĂŤĂĽĂ&#x17E;ÍàÌÍäĂ&#x201E;ĂŹĂŹĂĄĂ&#x20AC;ĂŹĂŻĂ­ĂŹĂŻĂ&#x17E;ùâĂ&#x201E;ÏóâïÍĂ&#x17E;Íàâ Ă&#x;Ă&#x17E;ðâåĂŹĂŤĂ&#x20AC;Ă&#x201E;Ă?Ă?àÏïâàĂ&#x17E;ĂŻĂĄb;IS;9WgÂŻÂł$S;DTD;¯²²œ`GRIS;9Wg°7ZGT'C¯²²œ_@YgObM>[_$WgDI%O*b;$TE9lTĂ&#x20AC;Ă&#x201E;%O*<EVKS97T*ec69lT'ITCE[+S$$S< a'E*$TEĂ&#x20AC;Ă&#x201E;Ă?`GR-Wh`+*MGS$_$53a'E*$TEĂ&#x20AC;Ă&#x201E;Ă?=ER+lT=¯­Ž³bM_%Tb+7E*$S;.Xg**T;b;'ESh*;WhCW>[bM'ITCL;b+_=;+lT;I;CT$ IOD and the Stock Exchange of Thailand organized CG Workshop 1 and 2/2016 on the topic â&#x20AC;&#x153;Enhancing Good Corporate Governance based on the CGR Scorecardâ&#x20AC;?. Held on 26 September 2016 and 3 October 2016, the workshop aimed to inform company staff members involved in corporate governance about the CGR project guideline 2016

Family Business Club Dinner

_CYgO7;_6YO;7ZGT'C9Wg>T;CTĂ&#x2020;Ă&#x152;Ă  EIC$S<žĂ&#x152;Ă&#x2039; +S6*T;LSCC;TĂ&#x192;Ă&#x17E;ĂŞĂŚĂŠĂś ¿òðÌÍâððĂ&#x20AC;ÊòĂ&#x;à ÌÍÍâïa6Dc6ES<_$WDE7V+T$IV9DT$E9WgCW'ITC_-WgDI-TÂ&#x2030;'Z5 BT;ZIS4; _<fÂ&#x2030;_ETRCT;$EEC$TE>[+S6$TE`GR'Z5OE=IW5 $TÂ&#x2030;+a;CSD 9Wg=EX$KT+T$<EVKS9<EVKS9_OOO;PVIIV9ÂĽ=ER_9Jc9DÂŚ+lT$S6CT<EEDTDb; MSI%O$TE<EVMTELY<9O6Ă&#x192;Ă&#x17E;ĂŞĂŚĂŠĂś¿òðÌÍâððODT*CYOOT-W@9Sh*;Wh>[_%TEIC *T;c6bM'ITCL;b+ODT*CT$8TCW$V+$EECOYg;b69Wg;TL;b+9T*_ET+R`+* bM9ET<MEYOLTCTE87V67TC%TILTE+T$_If<c.7Ă&#x2020;Ă&#x152;Ă In the beginning of October, IOD, together with AON, held the Family Business Club Dinner The event and was honored to have Mr. Panuwat Benrohman, Managing Director, AON, and Mr. Ornpawee Karnchanomai, Consultant from AON, provide an overview on the topic â&#x20AC;&#x153;How to professionally manage a family businessâ&#x20AC;?. There was overwhelming interest to attend this event. If a similar event is planned in the near future, we will inform members through the IOD communications channels. B o a r d r o o m | 55


Welcome New Member

ÂŽĂ&#x201C;Ă&#x2030;Ă&#x17D;Ă&#x203A;Ă&#x17D;Ă&#x2030;Ă&#x161;Ă&#x2020;Ă&#x2018;²Ă&#x160;Ă&#x2019;Ă&#x2021;Ă&#x160;Ă&#x2014; | Name Mr. Mr. Mr. Mr. Mr. Mr. Mr. 3L< 3L< 3L< 3L" 3L< 3L< 38² 3L" 3L< 3L< 3L"DLA 3L< 3L< 3L< 3L< 3L< 3L< 3L< .=² 3L< 3L< 8K3WG 3L"DLA 3L"DLA 3L< 3L<

David HUI Weng Kim Mihir Rajiv Rasmus Subin dL8? N//N N=1K/ #L=RA==#dLW=Ăž} #N=#= %?N/ %S#N=L &R<8L" -=" ->;? -K(*8"C -K*8==C -K*AR,N 1AĂż 1K8%K< 1N8< W18BK.Nc 23= 2L3O 2L3O 38²8Ä&#x160;%K< 5-K..L 5=Ăž; 5/N8K,3 6.R"

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56 | B o a r d r o o m

D;L%NDL;K}4R?

Position

Company

Chief Executive Officer Chief Operating Officer Executive Director Partner President & CEO Executive Director CEO ==;L=4=ĂžEL= ==;L=4=ĂžEL= ==;L=6S#K.L= ==;L=/=A#DG4X?J==;L=GND=J ==;L= Independent Director 6SGdL3A<L= ==;L=4=ĂžEL= Director Executive Director 5=J2L3==;L= ==;L= ==;L=4=ĂžEL= ==;L=4=ĂžEL= W?L3RL=4=ĂžCK1 ==;L=4=ĂžEL= 5=J2L3==;L= ==;L=4=ĂžCK1 ==;L=/=A#DG4 ==;L=4=ĂžCK1 ==;L=GND=J Chairman ==;L=4=ĂžEL= 5=J2L3==;L=4=ĂžEL= ==;L=6S#K.L= ==;L=GND=J =G"6SGdL3A<L=E?KDS/=4=ĂžEL=#K.L= .L3AL;;K_3"K`3DS" ==;L= ==;L= ==;L=4=ĂžEL= Non-Executive Director ==;L=4=ĂžEL= CEO,Director 6SGdL3A<L=7L<L=W"Ăž3 ==;L=4=ĂžCK1 ==;L=4=ĂžEL= ==;L=GND=J

Krungthai-AXA Life Insurance Plc. Advance Info Service Public Company Limited Complete Shipping And Logistic Co.,Ltd PricewaterhouseCoopers ABAS Ltd. Tata Steel (Thailand) Public Company Limited FLSmidth Thailand Co.,Ltd Suvitech Co., Ltd. 4=ĂžCK1[1<X55/G?G=5GW=%K_3#dLK.ÂŹ;EL%3­ 4=ĂžCK1AG?N/O`G3D/=K%K_3Y5=.KD#dLK.ÂŹ;EL%3­ 4=ĂžCK18=Ăż[&&=Ăż3Y5=.KD#dLK. 4=ĂžCK16?N/[99 L#dLK.ÂŹ;EL%3­ L=1 LW=Ä GXE "5=JW1B[1< 4=ĂžCK1GL=WG^;[G#dLK. Y="8<L<L4L?D==8DN12N5=JD" DdL3K"L38K,3L8Ä&#x160;"3=ÂŹG"L=;EL%3­ 4=ĂžCK1GN;X8^WG^&N4N%K_3X;W3#W;31#dLK. 4=ĂžCK1GN3W/G=X3%K_3W3N?WG3#OW3O<=Ăž"#dLK.ÂŹ;EL%3­ 4=ĂžCK1DRA8Ä&#x2039;=2==;AK,3J#dLK. 4=ĂžCK11L8LY#dLK.ÂŹ;EL%3­ 4=ĂžCK1WG==Ăż_XG3.4=LA3ÂŹ5=JW1B[1<­#dLK. 4=ĂžCK1DN"EWGDW/1#dLK.ÂŹ;EL%3­ 4=ĂžCK1N"DW1W?G;#dLK. 4=ĂžCK13dL`/L?3=W8%=#dLK. 4=ĂžCK11=Ăž8W8Ä&#x160;?[GY?#ND/ND=R5#dLK. 4=ĂžCK1Y?W.3X?3.W=D&NW.3&#dLK. 4=ĂžCK1[1<X55/G?G=5GW=%K_3#dLK.ÂŹ;EL%3­ 4=ĂžCK1&K3W1W;1K?D#dLK. 4=ĂžCK1Y?4G?G3W3^%K_3D#dLK.ÂŹ;EL%3­ 4=ĂžCK1GL=WG^;[G#dLK. 4=ĂžCK1WW&G=L#dLK. 4#²XG^?[?.W;^11K?DÂŹ[1<X?3.­#dLK. 4=ĂžCK15=Ăż.LYH?.NÄ?"#dLK. 4=ĂžCK1[1<ÂąW<G=;K3W&=L;NGN3.KD1=Ăż_#dLK.ÂŹ;EL%3­ DdL3K"L3GdL3A<L=E?KDS/=L=4=ĂžEL=#K.L=.L3AL; ;K3_ "K`3DS"D;L;AĂž1<L?K<5 G"K3=L%GL-L#K= personal 4=ĂžCK1;ELDL=L;W4WAGW=%#dLK. 23LL=DX/3.L=.%L=W/G=.ÂŹ[1<­#dLK.ÂŹ;EL%3­ 4=ĂžC1K [1<4=Ăž/N%&OWO<A=Ăž/O`8=Ăž`3/NÄ?"#dLK.ÂŹ;EL%3­ 4=ĂžCK1WGGR1K<#dLO. Siam City Concrete Co.,Ltd 4=ĂžCK1.OWG%XG?&K88?L<W%3ÂŹ5=JW1B[1<­#dLK. 4=ĂžCK11OAĂż[.W=^#dLK.ÂŹ;EL%3­ 4=ĂžCK1?N3W.ÂŹ5=JW1B[1<­#dLK.ÂŹ;EL%3­ 4=ĂžCK1DX8?%;OW.O<#dLK.ÂŹ;EL%3­


Name 3L< 3L< 3L< 3L< 3L< 3L< 3L< 3L< 3L< 3L"DLA 3L< 3L< .=² 3L< 3L<

A=8"C A=AR,N AĂžAK,3 D;%L< D<L; D>C.Nc DLY=% DR=8? WDD== WDLA?KC- G3K3/ GL3R:L8 GR>C) WG8? YGFL=

DR2L331 GK#$=Ăž<B=Ăż8"B AL"-L3R=KC A=R-8K32R?KC- G":K.ODR Y%%K<3N=K3.= %<LAĂžAK,3R? 5?Q`;GL=;< GL/;L"S= $K/=?;K< ?L:DRD0N/ SAĂž3N%R? BK?<8"C BN=Ăž8K32 A"BDR=8Ä&#x160;W%C*

Position ER3D A3 ==;L=4=ĂžEL= ==;L=1O_W536S4=ĂžEL= ==;L=1O_W536S4=ĂžEL= ==;L=6S#K.L= ==;L=1O_W536S4=ĂžEL= ==;L=GND=J ==;L=/=A#DG4 ==;L=4=ĂžEL= ==;L=4=ĂžEL= 6S% A<==;L=6S#K.L= ==;L= ==;L= ==;L=4=ĂžEL= 5=J2L3W#LE3L1O_4=ĂžEL=

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4=ĂžCK1[8=&AGW/G=WHLDSW5G=DG3&K?/NÄ?"ÂŹ5=JW1B[1<­#dLK. 4=ĂžCK1W#;D8LAĂž?W?O_<3#dLK.ÂŹDdL3K"L3ZE} ­ Safe Fertility Center Co.,Ltd 4=ĂžCK1W.GJX8?1N3K;=R5#dLK.ÂŹ;EL%3­ 4=ĂžCK1D<L;?L=GR/DLE==;#dLK. 4=ĂžCK18Ä&#x2039;AL<[GG3&K?/NÄ?"#dLK. 4=ĂžCK1[1<W8=&NW.319Ä&#x161;.D#dLK.ÂŹ;EL%3­ 4=ĂžCK1&OWGD?^G&GN3Y9#dLK.ÂŹ;EL%3­ 4=ĂžCK1WG^38Ä&#x2039;&OW&9/O`XG3.WG^3[A=G3W;31G?W&G=AĂžD#dLK. 4=ĂžCK1=Ăž%W=DW/G=G"#dLK. 4=ĂžCK123LL=DN=[1<#dLK.ÂŹ;EL%3­ 4=ĂžCK1&O3N2X?3.DW5#dLK. 4=ĂžCK1W8<D4L<#dLK. 4=ĂžCK1E?K1=K8<GL=WG%4OÂŹ5=JW1B[1<­#dLK.ÂŹ;EL%3­ 4=ĂžCK1[1<=K45=JK3:K</ G#dLK.ÂŹ;EL%3­

D;L%NDL;K}3N/4N R ?

Company Bank of Ayudhya Public Company Limited 4=ÞCK13S1=Þ&#dLK.;EL%3­ 4=ÞCK11L3/JAK3GR/DLE==;#dLK.;EL%3­

Company

Name Mr. 3L< 3L< 3L< 3L< 3L< 3L< 3L< .=² 3L"DLA 3L< 3L<X81< 3L"DLA 3L<

Hirotake 9 L9Ä&#x2026;Ä&#x2021;3 GKC(L= -=" 5=J#KC 8"B8? DRA==-%K< GKBAĂž3 #Ä&#x2013;+L;LD %<L:=- }L-BK.Nc 8"CBK.Nc AK%3K3 AĂż=J

Taguchi W/^;4R}WO<=/N ?NÄ?;5/N W.%L23L=R#N= /K`"Z# =K/3XD"D=A" Y?EJAK,3R? =K;3RC< GN"Y82Nc%K< W?Q_G33:LA==;Y3;K<8Ä&#x160;4S?< AĂž1<L= BR:#==<L B=Ăż%3J%K<Y%

3L"DLA Mr. Mr. 3L< 3L<

G=K}}L Johson Lam tuck N//N8"C [=1N8<

W$?N;8=AY=.; Lim Keong 8A";L?L [=>C

Position Non-Executive Director ==;L=4=ÞCK1 ==;L=GND=J ==;L=4=ÞCK1 =G"==;L=6S#K.L= =G"==;L=6S#K.L= ==;L=4=ÞCK1 ==;L=GND=J ==;L=GND=JX?J==;L=/=A#DG4 W?L3RL=4=ÞCK1 ==;L=GND=JX?J5=J2L3-J==;L=/=A#DG? 5=J2L3-J==;L=4=ÞCK1 ==;L===;L=4=ÞEL=6²G²8K,3L2R=N# ==;L===;L=4=ÞEL===;L=4=ÞEL=AL;WDO_<" 5=J2L3W#LE3L1O_4=ÞEL= ==;L=GND=JX?J==;L=/=A#DG4 ==;L=6S#K.L= ==;L=6S#K.L= ==;L=6S#K.L= 5=J2L3==;L=

B o a r d r o o m | 57


¦Ã&#x2DC;Ã&#x2DC;Ã&#x201D;Ã&#x2C6;Ã&#x17D;Ã&#x2020;Ã&#x2122;Ã&#x160;²Ã&#x160;Ã&#x2019;Ã&#x2021;Ã&#x160;Ã&#x2014; | Name Mr. Mr. Mr. Mr. Mr. Mr. 3L< .=² 3L"DLA 3L< 3L"DLA 3L"DLA 3L< 3L< 3L< 3L< 3L" 3L" 3L"DLA 3L"DLA

Arun Francis Salvador Michel Opas Peter Pierre Oliver WC; #= .A"/L 8Ä&#x160;8Ä&#x160;2 :K.O :LAþ/L AþY=#3 Aþ%K< D;BK.Nc D==WD=þ} DN=þ32= DR8= DRA:K1= G2NC*L

Singh Rego Roeffaers Lopansri Wiesner Schnerb ;L[=W?NB 23JX81< D;N/DRA==WG33N2N W#O<;#==<L ?O`DR? D/N2Y=5=- DK31K.G3RAK/= L}#3LL= D"A3BK.Nc A"B13"BK.Nc GdL3A<8==W"þ3"L; #N/=L3RW=LJE

D;L%ND;14

Position

Company

Chief Information Officer Regional Finance Director CEO Executive Director Advisor Chief to CTO =G"==;L=6S#K.L= Non-executive Director 6SGdL3A<L=ZE} =G"==;L=6S#K.L=GLARYD =G"==;L=6S#K.L=7L<L=W"þ3X?J4=þEL= 6SGdL3A<L=DL<"L34=þEL=G"= Vice President W?L3RL=-J==;L=/=A#DG4 6SGdL3A<L= 6S% A<==;L=6S#K.L= PA to Management Management Committe 6S#K.L=7L<4=þEL=1K_A[5 Corporate and Commercial Department

4=þCK1W;L[?9 [&XG^3&8Ä&#x2039;1OAL<#dLK. 4=þCK1W;L[?9 [&XG^3&#dLK.¬;EL%3­ Cobra International Company Limited 4=þCK1;L?O=R5#dLK.¬;EL%3­ 4=þCK1L=4N3=R"W18#dLK.¬;EL%3­ Cobra International Company Limited 4=þCK1GN/K?[1<AþBA==;#dLK. 4=þCK1234R=ÿWH?1X==R5#dLK.¬;EL%3­ 4=þCK1Aþ1<RL=4N3XE "5=JW1B[1<#dLK. 4=þCK123LL=DN=[1<#dLK.¬;EL%3­ 4=þCK14GD9L=;LX=#dLK. 4=þCK11OGL=&OG3/=K%K_3#dLK.¬;EL%3­ 4=þCK1L=4N3=R"W18#dLK.¬;EL%3­ 4=þCK1#OWG^;WG^;X=;;O_#dLK.¬;EL%3­ Hitachi Asia (Thailand) Co.,Ltd 4=þCK11=þDG=5GW=%K_3#dLK. 4=þCK1XG^?[?.W;^11K?D¬[1<X?3.­#dLK. 4=þCK1GL=&OXG?#dLK.¬;EL%3­ 4=þCK1X8?1W3=L#dLK. 4=þCK1/N??NOXG3.N44N3DGN3W/G=W3%K_3X3?#dLK.

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R 58 | B o a r d r o o m


B o a r d r o o m | 59



Boardroom vol48 final re