The directors and management are confident that good corporate governance is a significant factor in promoting our sustainable economic growth and preserving society and the environment. Therefore, the implementation of the principles and guidelines established in this Restated Corporate Governance Policy is one of the missions of the Company's and its subsidiaries boards of directors, executives, and employees. The Company communicates this Corporate Governance Policy and other policies and regulations established hereunder to the directors, executives, and employees on a regular basis, and to promote the implementation of this Policy and such other policies and regulations throughout the organization. An evaluation of the implementation of this Policy and such other policies and regulations, and report on the results thereof to the Board of Directors, shall be made at least once a year and disclosed in the annual report.
Regarding the Company's Corporate Governance Policy, it has been revised to be consistent with certain changes in the capital market community in order to improve our organization's governance in line with international standards. The Company’s Corporate Governance Policy consists of five chapters:
- Rights of Shareholders
- Equitable Treatment of Shareholders
- Roles toward Stakeholders
- Disclosure of Information and Transparency
- Responsibilities of the Board of Directors
Excellence in Management
The Company defines goals, strategies, and plan following the Company strategy “Sustainable growth, Aiming for excellency, and Building solid foundation”. The Board of Directors is responsible for supervising the management to implement the strategy and follow-up the results.
The Chief Executive Officer and Co-President, who holds the highest management position in the Company, is appointed by the Board of Directors to manage the operations of the Company, so as to achieve the Company’s objectives and goals agreed by the Board of Directors. He is responsible for proper governance of the Company with fairness, to achieve maximum benefits for all stakeholders as well as to oversee the disclosure of the Company’s general and financial information according to best practices. In addition, Chief Executive Officer and Co-President has authority for carrying out any duties according to the Company’s normal operation.
The remuneration of Chief Executive Officer and Co-President comprises salary, annual bonus, and variable compensation depending the Company’s performance. In addition to financial aspect e.g. revenue, market capitalization, profitability including EBITDA and ROE, responsibilities to stakeholder e.g. customer and suppliers aspect, operations efficiency improvement aspect, personnel aspect and sustainability including corporate governance aspect are all covered in the remuneration consideration. Performance of CEO and Co-President should be evaluated by the Board of Directors according to the Company’s Corporate Governance Policy. Furthermore, the determination of annual targets shall include five-year plan for considerations.