Corporate Governance
The Company realizes the importance of good corporate governance.
It is believed that conducting business under good corporate governance practices will encourage the organization to increase its competitiveness and grow steadily and sustainably. It also reflects the organization’s management with efficiency, ethics, morality, and transparency. It can be verified as well as building confidence among all stakeholders including creating sustainable returns in the long term. In addition, proper management of risks that may affect the Company’s operations to comply with laws and regulations will increase the stability of the Company to be more sustainable.
The Company is committed to conduct business under good corporate governance and ethical principles along with caring for the environment and society as the Company has a real sense of social responsibility by the Company has set good practice guidelines in accordance with the rules of the Stock Exchange of Thailand. In the conducting business of the Company, they have considered the potential impact taking into account the relevant internal and external stakeholders of the organization as from shareholders, employees, customers, communities, to the wider society and in order to achieve sustainability in all sectors of society both in terms of conservation of natural resources and the environment including the creation of public benefits for society as a whole. The Board of Directors, therefore having resolved to approve the appointment of the Corporate Social Responsibility and Sustainable Development Committee with duties and responsibilities as follows:
Duties and Responsibilities
Anti-corruption
The Company also agreed with the importance of joining the Private Sector Collective Action Coalition Against Corruption (CAC) Project as well, in which the Company had participated in such project as well as a working group had been established to drive the project to be effective. The Company had already announced its intention to be a member of the Thai Private Sector Collective Action Against Corruption (CAC) Project in the Year 2022.
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Risk and Emerging Risk Management
The Board of Directors and Management closely monitor the risks and global emerging risks that could have a significant impact on current and future business operations or in the future, 5 next years or 10 years from now by considering risks and opportunities that may affect business operations. The Company is aware of risk factors that may occur in 4 aspects:
- Strategic risk
- Operation risk
- Financial risk
- Compliance risk. As in 5 dimensions of risk including the economic dimension (Economic), social dimension (Societal), environmental dimension (Environmental), geopolitical dimension (Geopolitical) and technological dimensions (Technological) as well as having prepared a risk management plan to help the Company to be achieved its goals according to the strategies and directions as set out below:
- Strategic Risk, Operational Risk, Financial Risk, Compliance Risk, Sustainability Risk
Crisis Management
The company has a process for managing uncertainty events that are likely to occur and affect the achievement of objectives and goals in various aspects of the organization, as from risk assessment, formulation of measures or guidelines for controlling or responding to risks until the follow-up and measurement of risk management’s measures to reduce the likelihood of a risk event occurring or reduce the impact of damage to a level acceptable to the organization including crisis and emergency management, operational continuity management.
The Company aims to prepare a Business Continuity Plan (BCP) including reviewing measures and rehearsing the Continuity Management Plan at least once a year, having created an incident management plan to cover all risk areas, having made an insurance plan along with reviewing the capital and scope of insurance to ensure that they are current and appropriate annually. These guidelines and management plans are to ensure that the Company can effectively manage and control any emergency situations that may occur to encourage business to go on its operations.
Performance of the Year 2022
| Performance | Unit | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Communicate sustainable practices for business partners to the company’s suppliers | Percentage |  |
 |
 |
| Complaints that a case has been seen violation of business ethics | Case | 0 | 0 | 0 |
Supply Chain Management
Supply chain management is essential to operate the business efficiently in terms of cost, quality of products and services, creating a competitive advantage including supporting the organization to be able to deliver the value according to the intent. The Company places importance to supply chain management by developing procurement policies, ethics that go hand in hand with business operations, social responsibility policies, good governance in business operations and guidelines for selecting business partners of the Company by taking into account quality, price, quantity, services and speed of response, efficiency as well as responsibility of society, environment and corporate governance. There is also a procurement process that places importance on transparency, fairness, and can be verified and corresponding with the rules, regulations, and relevant laws
- Management Approach
Currently, the Company has established a department of Supply Chain Management (SCM) to be responsible for and manages the Company’s supply chain in the process among manufacturers, service providers with suppliers for maximum efficiency to reduce production costs, leading to an increase in the profits of the business at the end by this process will start from the procurement, manufacturing, storage , Information Technology, Distribution as well as transportation, which having important effects on customer satisfaction.
- Supplier’s Risk Assessment
The Company has analyzed and classified the importance of business suppliers by setting criteria for grouping business suppliers into 3 levels as follows: Level 1 is a Critical suppliers. Level 2 is moderate trading suppliers (High-Risk). Level 3 is trading suppliers with low risk (Low Risk). And evaluation of the performance of suppliers by suppliers at each level must make a plan to improve products and services, guidelines for preventing and reducing risks that may occur in accordance with their own levels. The Company will continuously monitor the operation according to the operational guidelines of the business plan to ensure that all suppliers able to manage risks to a level that does not affect the business, community and environment as well as the Company also develops strategic procurement processes together with suppliers to identify ways to support the development of products and services that effectively meet the needs of customers.
The Year 2022 Performance
| Performance | Unit | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Communicate sustainable practices for business partners to the company’s suppliers | Percentage | N/A | 80 | 100 |
| Business partners acknowledge and agree to comply with the code of conduct sustainable for the company’s suppliers | Percentage | N/A | 80 | 95 |
| Complaints from suppliers on corruption | Case | N/A | 0 | 0 |
| Suppliers deceased | Person | N/A | 0 | 0 |
| Complaints of violations of the law Suppliers environment | Case | N/A | 0 | 0 |
Note: N/A (Not Available) The Company has not yet collected data.