For a Growing Business
The Company intends to develop the business to grow steadily and sustainably amid challenges from innovative or technological changes, the shift in global economic power, tax policy, and resource security to natural disasters that may impact business operations. Operating a business with transparency, fairness, ethics, and good corporate governance, as well as having the ability to manage risks and crises that may occur effectively, is considered an important mechanism in driving business to achieve such intent and building all groups of stakeholders’ confidence.
Good Corporate Governance
The Company focuses on operating business under good corporate governance principles with fairness, transparency, accountability, and responsibility towards stakeholders according to corporate governance structure. In addition, the Company has established a “Good Corporate Governance policy” to serve as a guideline for the Board of Directors, sub-committees, executives, and employees at all levels, as well as all relevant stakeholders to conduct business with responsibility, fairness, transparency, accountability, and in accordance with business.
Key Performance in 2024
Anti-Corruption
The Company remains committed to being free from corruption or bribery. Management must be a good example and ensure that all employees strictly follow anti-corruption measures. The Company has established and announced the anti-corruption and whistle-blowing policy and communicated it to all stakeholders to serve as guidelines for all groups of stakeholders not to get involved in corruption, either directly or indirectly. Furthermore, the Company Joins the Thai Private Sector Collective Action Against Corruption (CAC) to demonstrate the Company’s intention, commitment, readiness, and effectiveness in conducting business with integrity and preventing all forms of corruption.
Key Performance in 2024
Number of employees acknowledging anti-corruption Policy
Number of employees trained in business ethics, anti-corruption and anti-bribery courses
of complaints regarding violation of business ethics and corruption for the 8th consecutive years
Risk and Crisis Management
The Company and its Group recognize the importance of systematic risk management under the principles of good corporate governance to support efficient operations and achieve the set objectives. The Company has established the Enterprise Risk Management Policy as a framework of best practices for managing internal risks, along with internal audits, to ensure effective risk management. The company currently defines the risk management practices follow the principles of the Enterprise Risk Management – Integrated Framework developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) for risk management. A risk management working team has been established, consisting of executives from all departments. To ensure that risk management covers all aspects are included: strategic risk, operational risk, financial risk, compliance risk, ESG risk, and emerging risks. To enhance operational efficiency and ensure the achievement of sustainable objectives.
Supply Chain Management
The Company integrates sustainable development practices that consider environmental, social, and governance (ESG) aspects, as well as human rights principles, into the management of the supply chain. This ensures that the selection process for goods and services is highly quality, and efficient, and produces sustainable outcomes. Additionally, this approach serves as a key strategy in the Company's procurement process. The Company has developed and published a procurement policy focused on transparency, fairness, and accountability, to ensure budget efficiency, sustainable resource allocation, and effective risk management of partners. It also supports anti-corruption measures, promotes business ethics, and creates awareness among all partners about conducting business based on social and environmental responsibility. Furthermore, the Company aims to develop all partners to operate sustainably within the supply chain. The management approach includes the following guidelines:
Supplier Code of Conduct
Selection of New Suppliers
Supplier Risk Assessment
Evaluation of Supplier Performance
Building Relationships with Suppliers
Promoting Environmentally Friendly Procurement
The Company has developed a business ethics code for its partners, with the objective of demonstrating its commitment to sourcing, procurement, and contracting, as well as encouraging its partners and its Group to conduct business in an ethical manner. This includes respecting freedom and treating workers fairly according to human rights principles, prioritizing the environment, safety, and occupational health, as well as responsibility towards the community and society. The code is communicated and made publicly available to all partners through the Company's website.
Policy and Guidelines on Determining Payment Terms for Business Partners
In addition to supporting sustainability (ESG) initiatives with its business partners, the company also promotes financial liquidity for partners to enable them to continue operating their businesses sustainably. The company offers payment terms (credit terms) ranging from 30 to 120 days. These terms are determined based on the type of partner, nature of operations, and other relevant factors to ensure the highest efficiency in the company’s business operations. The agreed-upon credit term is established jointly with new partners during the onboarding process to ensure clarity, transparency, and fairness for all business partners engaging with the company.
Performance in 2024
In 2024, the company had an average actual payment period to its business partners of 69 days.
Key Performance in 2024
who have been evaluated and selected as new partners cover aspects of environmental, social, and governance (ESG)
22 suppliers who are Critical Supplier Tier 1 and have been evaluated and selected as new partners cover aspects of environmental, social, and governance (ESG)
Local procurement accounting for
of total procurement expenditure
Tax Management
The Company is committed to conducting business with a strong adherence to ethics, integrity, and transparency, in line with the principles of good corporate governance. The Company recognizes the importance of responsible tax management and compliance with tax laws and regulations in all countries where it operates. It carefully manages and evaluates tax-related risks to respond to changes in government policies or tax management approaches. The Company has established a tax policy to control potential risks, ensuring compliance with this policy to prevent any issues that may impact the Company and to build trust with all stakeholders. Additionally, the Company has aligned its tax management direction and strategies across all group companies to ensure effective operations by legal requirements.
