Boardroom Vol. 59 Issue 4/2018

Content

ÂŁÂŽĂˆÂ ÂźÂźÂşÂ ĂŠÂź

Board of Directors

Äš ĂƒĂŒÂźĂ‰ÂŠ ŸIJĂ?̟Ă?

Prof. Hiran Radeesri

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

ÂŁĂ?ÂŽĂƒÂŠĂŒÂŚ §ªÊ Ă€Ă‰Ä´Â˛ÄšĂŒÂźĂŒÂąÂźÂźÂş ²Ê Ă”Â ÂźĂŒ Â Ă˜Â Âź ÄśĂ?ÂźĂˆĂ•ÂˇÂ°ÂťÄ?

Vol. 59 Exclusively For Company Directors

Board Welcome CEO Reflection Cover Story Global Trends that will Disrupt Boards Rising above Disruptions: A Call for Action !N@QC !QHDĹ°MF How Boards Engage with Cyber Issues in the

Boardroom Board Development The Role of the Board of Directors in Driving the Organization Strategic Plans IT Risk and the Changing Landscape of Company Disclosure Why Disruption is the CEO’s Best Friend (Part1) Anti-Corruption Update Anti-Corruption in Practice Board Review

Board Activities Member Corner Board Success

Welcome New Member

ÀÉij¯Ă?Â´ÂźĂˆĂ‚ÂŚÂŁÄ?

ĔÜÄ?ÄœÄ…Ä”ĂłĹ¤ĂąĂ™ÄŠĂťÄ”Ă´ĂşÄ•ĂśĂťĹœÄ”Ă™Ä?ÄœĂşĂżĂ™Ä‰Ă˛Ă™ÄŠĂťĂ™ÄĄÄŠĂ™Ä‰Ă˛ĂŹÄ‘Ä•Ă˝Ă™ÄŒĂ Ă™ÄŠĂťĂŻÄ?ÄœĂŹÄ?ėăĹ?Ă™Ä‰Ă˛Ä‚ĂšÄŠĂ˘ÄŒĂ™Ä‚ĂšÄŠĂœĂšÄ‡

ĔÜÄ?ÄœÄ…Ä”ĂłĹ¤ĂąĂ™ÄŠĂťÄ”Ă´ĂşÄ•ĂśĂťĹœĂšĹ?Ä…ĂšÄ‘Ă˝Ă™ÄŒĂ Ă™ĂťĂťĂšĂšÄ…Ă&#x;Ä‚ĂšÄŠĂœĂšÄ‚ĹœĂ&#x;Ä”Ä‚ĂťÄŒĂšÄ‚ĂŽÄŠĂ˛Ä‰ĂąĂ™ĂťĂťĂšĂ™ÄŠĂťĂ˛ĂťÄŒÄ Ä‰ĂŻÄ˜ĂŻĂş

ėăĹ?Ă™Ä‰Ă˛Ä‚ĂšÄŠĂ˘ÄŒĂ™Ä‚ĂšÄŠĂœĂšÄ‡

ĔÜÄ?ÄœÄ…Ä”ĂłĹ¤ĂąĂ™ÄŠĂťÄ”Ă´ĂşÄ•ĂśĂťĹœĂ˛ĂŻĂœĂżÄŠĂšÄ•Ă˝ÄˆĂ™ÄŒĂ Ă™ĂťĂťĂšĂšÄ…Ă&#x;Ä‚ĂšÄŠĂœĂšÄ—ÄƒĹ?Ä‚ĂšÄŠĂ˘ÄŒĂ™ĂťÄ‰Ă˛ĂŻĂťÄŠĂ˛

Ä‚ĂťÄ?ĂłĂłĂťÄˆÄ”ĂŹÄ›ĂąĂŹĹ?ÄŠĂąĂ™ĂŚÄƒĂšÄŠĂş Ă™ĂŚĂťÄˆÄ”Ă˛Ä?ĂşĂ˛Ä—ÄƒĂšĹœÄš ĂŻÄ?ÄœÄ”Ă™Ä?ÄœĂşĂżĂšĹ?Ä…Ă&#x;Ă™Ä‰Ă˛Ă™ÄŠĂťĂŻÄĄÄŠÄƒĂąĹ?ÄŠĂŻÄ?ÄœĂ™ĂťĂťĂšĂ™ÄŠĂť

08 10 10 20 50 50

Vice Chairman

²ÊŒÂÊÀ ¡Ĝ²Ă?ÂťÄ? ÂąÂ˛Ă€ÂźĂŠÂ˛ĂŒÂ§

Ms. Potjanee Thanavaranit

54 60 64 68 70 76 78 86 90 94

Mr. Prasan Chuaphanich

Mr. Predee Daochai

 ŸŸº ÊŸ¾ÑĊÅĝʲÀ ÊŸ

President & CEO

 ŸŸº ÊŸ

Director

Â˛ĂŠÂŚĂ˜ÂĄÄšÂźĂ? Ô²Ă?ĂœĂ…ÂŚĂ‚ĂŒÂ ÂĄĂŠĂ”ÂˇĂ?²

Mrs. Kaisri Nuengsigkapian

Äš ÂˇĂŒĂ”ÄšĂ Â ĂŒÄłĂŒÂˇÂŚÄšÄ? Ă…Ă?Ÿ¡Ă?¡ÉĴ²¡ŒĚÄ? ²Ê ĜŸÉº¡Ÿ Ă–Â§ÄłĂŒÂ Ă”Ă‚ÂŻĂ?Ÿ

²Ê §ÉÀÉĴ²Ä? Ă…Ă?°ÉÀŸŸŽÄ? ²ÊŒ ²Àž¡ŸŸŽ ÂžĂœÄťĂŠÂ¨ÄťĂŠ

²Ê ³ŸŸĜŒ ÄśĂŒÄłÄłÄ?ÕĜĊŒ

²Ê Ă˜ÂˇÂłĂ‘ÂžÂťÄ? Â ĂŒÄłÄłĂŒÄšÂźĂ? ÉŒÀʲ IJŸ šÊ Ÿ Â´Ä ÄłÂąĂ€Ă‰Â§Â§Ă‰Âť

²ÊŒ šÉ°ŸĂ?Ê Ô³ŠĜ¡ž§É ²Ê Ÿ¡Ă? Ă‚Ă?ÄśÂźĂŒÄłÂ Ă?ž

²ÊÂĂ?¡ÉĴ²¡Œà Ä? ¡É²¹Ä?ÂşĂ?Ô§ÊÀÄ?

54

Mr. Krik-Krai Jirapaet

ÂźĂ…ÂŚÂ´ÂźĂˆÂąĂŠÂ˛Â ÂźÂźÂşÂ ĂŠÂź

IJŸ ÂłĂ‰ÂŽÂ­ĂŒÄł Â˛ĂŒÄśÂŻĂŠĂ€Âź

06

Khunying Jada Wattanasiritham

Chairman

²Ê ´Ÿ�IJ� IJÊÀĸʝ

ISSBN 1513-61755

Prof. Kovit Poshyanand

Â´ÂźĂˆÂąĂŠÂ˛Â ÂźÂźÂşÂ ĂŠÂź

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

Issue 04/2018

Honorary Chairman

Dr. Bandid Nijathaworn

Prof. Kitipong Urapeepatanapong Mr. Charamporn Jotikasthira Mr. Chaiwat Utaiwan

Mrs. Nualphan Lamsam

Mr. Banchong Chittchang

Mr. Paiboon Kittisrikangwan Mr. Pakorn Peetathawatchai

Mrs. Patareeya Benjapolchai Mr. Rapee Sucharitakul

Mr. Supattanapong Panmeechaow

ÂŁÂŽĂˆÂ ÂźÂźÂşÂ ĂŠÂź Member

Member Engagement Committee

(Boardroom)

Dr. Chatchavalit Saravari

Engagement Committee IJŸ Â§Ă‰Â§Ă€ÂžĂŒÄł ŸÀʟĂ?

²Ê ÂŽ ¡Œà Ä? Ă‚Ă?¥ÂŒÀ²

²Ê ÂąĂ?ÂźĂˆÂťĂ?°¹ ijɲijŸÊ¡ž

²ÊŒÂÊÀ šÉ£§ÉŠŠÊ §Ă?ÄłĂŒÂşĂŠĂ€ÂŚÄšÄ?

²Ê ÀÉĴ²Ê ĂƒÂžĂŠÂťĂ”ÂˇĂŒĂœÂşÂˇĂ‘Â˛

Âź Äł ° ÄšĂŒĂ€ĂˆÂźĂ‰Â Ă Ä? ÂˇĂŒÂ˛ĂŒÄśĂŠÂźÂşÂŽÄ? ¾Ě ŲĂ?§Ê ÄśĂŒÂ˛ÄłÂ ĂŠÂ˛Â˛Â°Ä?

(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°ÄťĂŠ ÔĜĊʥŌ

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

Editorial Team

²ÊŒÂÊÀ ÄšĂŒÂźĂŒÂˇÂź Ă€Ă?Ä´ĂŒÂ Ă?ž

Ms. Siriporn Wutthigul

²ÊŒÂÊÀ Ă‚ĂŠÂźĂŒÂŽĂ? ԟĂ?Ō£ŒÔ Ă?ÂťÂźÄłĂŒ

Ms. Sarinee Ruangkongkiat

²ÊŒ Ă€ĂŒĂ˜ÂžÂźĂ‰ÄłÂ˛Ä? Ô²Ċ²ÕŒ¹ŸŸº

Mrs. Wilairat Nensaengtham

²ÊŒ Ă€Ă?ŸÀŸŸŽ ÂşĂ‰Â˛Â˛ĂŠÂšĂŒÂ˛Ă‰Â˛Â°Ä?

Mrs. Wirawan Munnapinun

²ÊŒÂÊÀ Ă‚Ă?Â°ÂąĂŒÂ˛Ă? Ă”Â ĂŒÄ˛Â§Ä‰Ă€Âť

Ms. Suthinee Kerdchuay

Ă‚ÄťĂŠÂ˛Ă‰Â ÂŚĂŠÂ˛ÄłĂŒÄ˛ÄłÄ‰Ă…

Contact

ĂƒÂşĂ‘Ä‰ Ö£ŸŒ ÊŸ²ÅŸÄ?¹´ÊŸÄ?ÂŁ

Northpark Project,

Ă”ÂĄÄłĂƒÂžĂ‰Â Ă‚Ă?Ăœ  ŸĂ?ŒÔ°¡Ç

Thungsonghong, Laksi, Bangkok

Ö°ŸÂʟ

Tel: (66) 2-955-1155

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

E-mail: sarinee@thai-iod.com

Åʣʟ Àij° Åʣʟ §É�²

CMA. Building 2, 3rd Floor, 2/9 Moo 4

ÂŻÂ˛Â˛Ă€ĂŒÂšĂŠĂ€Ä˛Ă?ÂźĂ‰ÂŚĂ‚ĂŒÄł Õ¥ÀŒ°Ă?Ä‰ÂŚĂ‚Ă…ÂŚĂƒÄŠĂ…ÂŚ

Vibhavadi-Rangsit Road,

Ö°ŸĚÉ¡°Ä?

10210

E-mail: sarinee@thai-iod.com

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

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

Board Welcome

<OE 6 E[ C ,<S < ;Wh OS ; `; ; c=6 I D% O C[ G 9Wg $EEC$TE'IE9ET< _@YgO_7EWDC'ITC@E OC9Wg+R ES<CYO$S<= Â&#x2030;MTbMC e9W+g R_$V6%X;h b;BTDBT'M; T a6Dc6 ;lT_L;Ob;:WC Ă&#x201E;ĂŠĂŹĂ&#x;Ă&#x17E;ĂŠ ùïâÍåð ùüĂ&#x17E;Ăą Ă´ĂŚĂŠĂŠ åÌðïòíù Ă&#x;ĂŹĂ&#x17E;ĂŻĂĄĂ° .Xg*<9'ITC`E$b;_G C;Wh %O MDV<D$ Ă?íââà ü %O* Ă&#x160;ĂŻÂŤ Ă&#x201A;ĂĄĂ´Ă&#x17E;ĂŻĂĄ Ă?Ă&#x17E;ĂŠĂŞĂŚĂ°Ă&#x17E;ĂŤĂŹ Ă&#x2026;âĂ&#x17E;ĂĄ ĂŹĂŁ Ă&#x2020;ÍùâïÍĂ&#x17E;ùÌÏÍĂ&#x17E;ĂŠ +T$ žòðùïĂ&#x17E;ĂŠĂŚĂ&#x17E;ĂŤ Ă&#x2020;ÍðùÌùòùâ ĂŹĂŁ Ă&#x20AC;ĂŹĂŞĂ­Ă&#x17E;ĂŤĂś à Ìïâà ùÏï𠼞Ă&#x2020;Ă&#x20AC;Ă ÂŚ 9Wg$G TIb;*T; žĂ&#x2020;Ă&#x20AC;à âóâÍù 5 L8T;9[7OOL_7E_GWD =ER+lT =ER_9Jc9D .X*g b; Ă?íââà ü ;Wch 6 C$W TELEZ=_9E;6 9Wg$EEC$TE'IEERIS*cI ² =ER$TE 9 T;>[ O T; 7V67TCc6 b;'OGSC; Ă&#x20AC;Ïóâï Ă?ùÏïÜ

BOARD WELCOME

= 69 TD6 ID ° <9'ITC6We OT9V Ă&#x2020;Ă&#x2018; Ă?Ìðè $S < $TE_= 6 _>D% O C[ G <EV KS 9 +69R_<W D ;9Wg _=GWgD;c= <9<T9%O*'5R$EEC$TE$S<$TE %S<_'GYgO;`>;$GDZ9: b;O*' $E `GR Ă&#x201D;ĂĽĂś à ÌðïòíùÌÏÍ ĂŚĂ° ùüâ Ă&#x20AC;Ă&#x201A;Ă&#x152; Ă° ¿âðù Ă&#x192;ïÌâÍå 9Wg+R 9lTbM $EEC$TEc6 O T;_7EWDC'ITC@E OC9Wg+R ES<CYO$S<= Â&#x2030;MTbMC e 9Wg+R_$V6%Xh;b;BTDBT' M; T `GRDS*CW'OGSC; OYg;e 9Wg; TL;b+.Xg*9 T; LTCTE8O T;c6 b;<OE 6E[C,<S<;Wh `GR_@YgObM _Mf;BT@%O*$TE à Ìðïòíù 9Wg -----------------------------------------$I T*%Xh; b;<9LEZ=*T; Ă&#x2039;Ă&#x17E;ùÌÏÍĂ&#x17E;ĂŠ à Ìïâà ùÏï This edition of Boardroom is filled with Ă&#x20AC;ÏÍãâïâÍà â ¯­Ž¾ 9Wg Ă&#x2020;Ă&#x152;Ă +S6 b;MSI% O Ă?ÌðÌÍä information that directors should know in Ă&#x17E;Ă&#x;Ïóâ à ÌðïòíùÌÏÍ¡ ž Ă&#x20AC;Ă&#x17E;ĂŠĂŠ ĂŁĂŹĂŻ žà ùÌÏÍ c6 order to be prepared to handle new problems @[6_$WgDI$S<$TE_=GWgD;`=G*9Wg_$V6+T$'ITC in the future. The theme of this edition is $ TIM; T9T*_9'a;aGDWCT@GV$a,C9Z$e LVg* _@YgO â&#x20AC;&#x153;Global trends that will disrupt boardsâ&#x20AC;?. The LE T*E[=`<<MEYOLVg*bMC %Xh; _$V6`;I'V6bMC e first article in this Boardroom is a speech _% TL[ 7GT6bMC `GRE[=`<<:ZE$V+bMC e ;Whc6 from Mr. Edward Palmisano, Head of 'Z$'TCL I;`< *$TE7GT6b;:ZE$V+`<<6Sh*_6VC International from Australian Institute of `GRM; T 9Wg 9Wg 6l T E*OD[ b ;MGTDOZ 7 LTM$EEC Company Directors (AICD) at the AICD '5R$EEC$TE9WCg 'W ITCLTCTE8b;$TE'T6$TE5 event at the Australian Embassy, Thailand. = + +S D $ O $I;`GR@E O C9Wg + RES < CY O +X * _= ; LVg * In his speech, there is a summary of 5 +lT_= ; _@YgO$TE_7V<a7%O*:ZE$V+ `GRG*GX$8X* trends that directors should be aware. You $TE_-Yg O CaD*ERMI T *'5R$EEC$TE`GR may read about it in the cover story column. _9'a;aGDW+T$=ER_6f;$TELSCC;T_EYgO* Ă&#x2026;ĂŹĂ´ Ă&#x;ĂŹĂ&#x17E;ĂŻĂĄĂ° âÍäĂ&#x17E;äâ ôÌùü Ă ĂśĂ&#x;âï Ìððòâð Ă&#x17E;ĂŤĂĄ To illustrate a clearer picture of disruption Ă&#x20AC;ĂśĂ&#x;âï ĂŚĂŤ ùüâ ¿ÏĂ&#x17E;ĂŻĂĄĂŻĂŹĂŹĂŞÂŤ which has become wider, the summary 6 | Boardroom

of the National Director Conference 2018 which IOD had held under the topic â&#x20AC;&#x153;Rising above Disruption: A Call for Actionâ&#x20AC;? has mentioned how changes from technological advancement which turns everything around to create new patterns, new items, new ideas, new markets and new business models, has threaten the market shares of traditional business models and their existing roles in many industries. The directors who are competent in predicting disruptive factors and prepared to handle them are essential for business growth. We also go in depth on the link between directors and technology from the â&#x20AC;&#x153;How boards engage with cyber issues and Cyber in the Boardroomâ&#x20AC;? seminar.

Finally, there are three great articles: IT risk and changes in the disclosure of list company information, the role of directors in driving the organizationâ&#x20AC;&#x2122;s strategy and why disruption is the CEOâ&#x20AC;&#x2122;s best friend. These articles would help our directors to be prepared to cope with new upcoming obstacles, and there are also other interesting columns in this edition.

Perspective matters

© 2018 Deloitte Touche Tohmatsu Jaiyos Co., Ltd.

CEO Reflection

.=² 4K-+N/ 3N#0LA= Ú² ÉÖÌÑÌ ÑÒÉÜÐÉß×ÚÖ President & CEO Thai IOD

W;Q_GY? W5?O_<3 2R= N# ^/`G"5=K4/KA Businesses must Adapt to the Changing World _6YO;9Wg`G I L8T<S;cOaO6W+S6*T;LSCC;T $EEC$TE MEYO ËÞñæìëÞé Áæïâàñìï Àìëãâïâëàâ _= ;*T;bM =ER+lT= .Xg*=ERL<'ITCLlT_Ef+ 6 ID6W CW$EEC$TE`GR>[ L;b+_% TE IC*T; °¯­ '; `GR= ;WhCW>[ _% TE IC+T$7 T*=ER_9JCT$_= ; @V_JK _@ETRIV9DT$EL I;M;Xg*CT+T$_'EYO% TD L8T<S;$EEC$TE<EVKS99SgIaG$MEYO ÄËÁÆ 9WgCW L8T<S;$EEC$TE$I T ¯­ =ER_9J_= ;LCT-V$ MGTD';9WgCT-O<*T;CT$ -CMSI% OLSCC;T6W `GRIV9DT$ECW'ITCE[ >Cb;2T;R.WOaW O$fL<TDb+ 9Wg*T;> T;c=c6 6W `GR$faG *O$c=OW$= 9Wg*T; OO$CT6W

+T$_6VC _- ; ';EZ ;bMC +R9lT:ZE$EEC$TE_*V; _- ; aO;_*V; > T;`O@@GV_'-Sg;%O*:;T'TE<; a9EJS@9 CYO8YOCT$$I Tc=9lT9WgLT%T:;T'TE ;O$+T$;Wh $fCW`E*$ER9<+T$$TE_=GWgD;`=G* $0ER_<WD<%O*9T*$TE9Wg7 O*=ES<7SI7TC$TE _=GWgD;`=G*%O*:ZE$V+9Wg$lTGS*_$V6%Xh; cC EIC 8X*$TE'T6MIS*%O*>[ <EVaB'9Wg7 O*$TE_Mf;$TE 9lT:ZE$V+CW'ITCES<>V6-O<CT$%Xh;7 OLS*'C`GR LVg*`I6G OC

b;$TE`% *%S;`GR$TE_7V<a7%O*:ZE$V+ 9lTbM '5R$EEC$TE+R7 O*_% Tb+$TE_=GWDg ;`=G*6 T; _9'a;aGDW9Wg$lTGS*_$V6%Xh; _% Tb+b;>G$ER9< 9Wg$TE_=GWgD;`=G*+RCW7 O:ZE$V+%O*<EVKS9 7 O M I*a. $TE>GV7%O*<EVKS9 `GR7 ODZ9:JTL7E :ZE$V+9Wg<EVKS9$lTGS*%S<_'GYgO; _@YgObM '5R $EEC$TELTCTE8b- 'ITCE[ 9lT*T;E IC$S<? TD +S6$TE6[`GbM :ZE$V+LTCTE8=ES<7SI`GR$ TI % TC>G$ER9<_MG T;Whc6 a6DcC $ER9<$TE $lT$S<6[`G$V+$TE9Wg6W%O*<EVKS9 .Xg*cC b- _EYgO* * TD`GRb;$TELSCC;T ; lTM;S$%O*$TE@[6$S; _EYgO*$TE=ES<7SI;Wh$fbM 'ITCLlT'S CT$$S<'lTI T ñïÞëðãìïêÞñæìë .Xg*$f'YO $TE_=GWgD;`=G*IV:W $TE9lT:ZE$V+OD T*'E<8 I;

9Sh*MC6 LE T*`E*$66S;bM :ZE$V+7 O* =ES<7SI _@YgOES$KT'ITCLTCTE8b;$TE`% *%S; `GRcC L[ _LWDLS6L I;7GT6bM $S<>[ _G ;ETDbMC MSI% OLSCC;T'YO `E*$ER9<MEYO Áæðïòí- 9WgOT+7O<L;O*'ITC7 O*$TEbMC e%O*G[$' T ñæìë 9Wg$lTGS*_$V6%Xh;b;BT':ZE$V+ 9Wg9lTbM :ZE$V+ c6 6W$I T 9lTbM :ZE$V+_6VC7 O*=ES<7SI_@YgO'ITC ;V7DLTE<OE 6E[C ¥¿ìÞïáïììê¦ ,<S<;Wh 7 O*=ES<7SI _9 T9Wg=ER_CV; BT':ZE$V+E[ 6WI T_EYgO*;Wh OD[ EO6 EI<EIC% O'V67 T*e+T$*T;LSCC;T9Wgc6 +S6c= $lTGS*_$V6%Xh; _= ;>GCT+T$_9'a;aGDW 9Wg_% TCT CW<9<T99T*$TE>GV7`GR$TEbM <EV$TEG[$' T _EYgO*;Wh b;`* $TE$lT$S<6[`G$V+$TE <9<T9 CTLEZ=bM LCT-V$9ET< EIC8X*;lT_L;O`;Ia; C CT+T$$TE_=GWgD;`=G*%O*EL;VDC>[ <EVaB'9Wg M; T9WgLlT'S %O*<OE 6 $f'YO 7 O*9lTbM _$V6'ITC LlT'S ER6S<LT$G9Wg+R$ER9<:ZE$V+b;= ¯­®µ ;Wh b- _9'a;aGDWCT$%Xh;b;-WIV7=ER+lTIS; 9lTbM CSg;b+I T<EVKS9CW'ITC@E OC9Wg+RLTCTE8=ES< MIS*I TLTERb;;V7DLTE<OE 6E[C,<S<;Wh+R_= ; _$V 6 'ITC7 O *$TELV ; ' T `GR<EV $ TE9Wg 7 T *c= 7SI$S<LVg*_MG T;Wh_@YgOES$KTcI .Xg*'ITCLTCTE8 =ERaD-; 7 OLCT-V$`GR'5R$EEC$TEb;$TE 9lTM; T9Wg

8 | Boardroom

Last month, the Thai Institute of Directors (IOD) organized a National Director Conference, one of the institute’s main annual events. It was a great success. Around 320 turned up, including an unusually high number of foreign guests - thanks largely to the Global Network of Directors. The foreign participants and speakers came from over 20 countries.

As CEO of the Thai IOD, I’m very pleased to note that all were quite happy about the topics discussed and were particularly impressed by the caliber of the key speakers.

This year the conference centered on business disruption brought about by rapidly changing technologies in production and service provision as a result of changes in consumer behavior. As the consumers increasingly rely on technologies in daily living, they create demand for new types of goods and services. Our evaluation shows that the Thai business sector is acutely aware of the disruption, and the concomitant

is crucial that the board keep abreast with the ongoing technological change and its potential impact on their own businesses, supply chain, and business strategy. They must be ready to use their insights to work with management, to ensure proper business adaptation to safely sail through disruption without compromising corporate governance. This is certainly not an easy task and the seminar spent a fair amount of time discussing such adjustment, with emphasis on “transformation”, which is part All the aforementioned issues are pressuring and parcel of the best business practice. businesses to adjust in order to maintain competitiveness and avoid losing market This edition of Boardroom collects and share to new players that may be able to digests interesting angles from the conference for IOD members as well as better serve new demand from clients. pointing to the key global trend that could In terms of corporate governance, one key disrupt businesses in 2018. I sincerely role of the board is obviously to ensure that hope this edition of Boardroom will be the company is ready to cope with these particularly useful for IOD members and disruptions to preserve competitiveness board of directors in performing their duties. and sustain business growth. Therefore, it --------------------------------------------------need to cope with the challenges. An instance of these is the preference of the millenial to conduct financial transactions through mobile apps, rather than at bank’s branch.

Disruption can also be driven by regulatory shifts, which may occur in tandem or with a lag with the changing business landscape as consumers become more environmentally conscious and expect more responsible social and environmental senses from business operators.

Boardroom | 9

Cover Story

Â?Ă&#x152;Ă&#x;Ă&#x2030;Ă&#x161;Ă&#x152; Â&#x161;Ă&#x2030;Ă&#x201D;Ă&#x2022;Ă&#x2018;Ă&#x203A;Ă&#x2030;Ă&#x2013;Ă&#x2014; Edward Palmisano leads the AICDâ&#x20AC;&#x2122;s international engagement and his team won the NSW Emerging Exporter Award in 2017. As a former diplomat, he represented Australia at international negotiations and served at the Australian Embassy in Spain. As a diplomat he specialised in international law and was awarded an Australia Day Citation during the IsraelLebanon war. He is admitted to the High Court of Australia, is on the Board of the Art Gallery Society of NSW and is a Fellow of the Cambridge Commonwealth Trust. He speaks Spanish, is an Australian-EU dual national and holds a masters in international relations from Cambridge University.

W1=3.c G"Y? 1O_#JD=`L"5K}ELZE` K4 -J ==; L= Global Trends that will Disrupt Boards _O6_IVE 6 =TGCV.Ta; ÂĽĂ&#x201A;ĂĄĂ´Ă&#x17E;ĂŻĂĄ Ă?Ă&#x17E;ĂŠĂŞĂŚĂ°Ă&#x17E;ĂŤĂŹÂŚ _= ; >[ ;lTb;$TECWL I;E ICERMI T*=ER_9J%O* žĂ&#x2020;Ă&#x20AC;Ă `GR9WC*T;%O*_%Tc6 ES<ET*ISG Ă&#x2039;Ă?Ă&#x201D; Ă&#x201A;êâïäÌÍä Ă&#x201A;þíÏïùâï žôĂ&#x17E;ĂŻĂĄ b;= ¯­Ž´ b;2T;RO6W7;S$$TE 9[7_%T_= ;7SI`9;=ER_9JOOL_7E_GWDb;$TE _+E+TERMI T*=ER_9J`GR9lTM; T9Wgb;L8T;9[7 OOL_7E_GWDb;L_=; b;2T;R;S$$TE9[7_%T_= ; >[ _-WgDI-TÂ&#x2030;6 T;$0MCTDERMI T*=ER_9J`GR c6 ES<ET*ISG žòðùïĂ&#x17E;ĂŠĂŚĂ&#x17E;ĂŤ Ă&#x20AC;ĂŚĂąĂ&#x17E;ùÌÏÍ Ă Ă&#x17E;Ăś ERMI T* L*'ETCOVLET_OG_G<T;O; _%Tc6 ES<$TE7O<ES< _% T9lT*T;9WgJTG1W$T%O*OOL_7E_GWD `GR_= ; '5R$EEC$TE žïù Ă&#x201E;Ă&#x17E;ÊÊâïÜ Ă?Ïà ÌâùÜ %O*ES2 ;VI_.T9 _IGL `GR_= ;IZ4<V 5S 3V7%O* Ă&#x20AC;Ă&#x17E;ĂŞĂ&#x;ïÌåäâ Ă&#x20AC;ÏêêÏÍôâĂ&#x17E;Êùü Ă&#x2018;ïòðù _%T@[6BTKTL_=;`GRCW LSÂ&#x2030;-T7VOOL_7E_GWD`GROWD [ `GR+<=EVÂ&#x2030;Â&#x2030;Ta96 T; 'ITCLSC@S;: ERMI T*=ER_9J+T$CMTIV9DTGSD _'C<EV6+ OW$9Sh*DS*_= ;7SI`9;CT=ER-ZC Ă&#x201E;ĂŠĂŹĂ&#x;Ă&#x17E;ĂŠ Ă&#x2039;âùôÏïè ĂŹĂŁ à Ìïâà ùÏï Ă&#x2020;ÍðùÌùòùÌÏÍ ÂĽĂ&#x201E;Ă&#x2039;Ă Ă&#x2020;ÂŚ 9Wg= ;Wh Ă&#x2018;ĂĽĂ&#x17E;ĂŚ Ă&#x2020;Ă&#x152;Ă c6 _= ;_+ TBT@ `GR_O6_IVE 6 DS*CWaO$TL c=<EEDTD9Wg L 8T;9[ 7 OOL_7E_GW D =ER+l T =ER_9Jc9DbM 9ET<8X*_9E;6 %O*aG$9Wg+RLE T* = Â&#x2030;MTbM $S<'5R$EEC$TE .Xg*9T* Ă&#x2020;Ă&#x152;Ă _Mf;I T+R _= ;=ERaD-; `$ >[ O T; +X*c6 ;lT<9<EEDTD;WhCT _>D`@E bM 9 T;c6 O T; 10 | B o a r d r o o m

DR:L84R=RCX?JDR:L8D/=Ăż6S ;OW O<=/N1R 1 L3

'5R$EEC$TE`GR>[ <EVMTEG I;`7 _; ;9Wg'ITC _-YgOCSg; IS4;:EEC`GR'ITCMGT$MGTD @I$ _%T@[6_$WgDI$S<b<O;ZÂ&#x2030;T79T*LS*'C`GR$TE _=GWgD;'ITC'T6MIS*%O*-ZC-;`GR@I$_%T$f $lTGS*7 OL[ 6Vh;E;$S<$TE+S6$TE9Wg6Wb;aG$9Wg$lTGS* _=GWgD;`=G*OD T*EI6_EfI

M;Xg*b;<9<T9%O*>C$f'YO$TEc6 @[6bM >[ ' ;9Sg I aG$c6 ES < E[ _ $Wg D I$S < =ER_6f ; _EYg O *$TE +S6$TE9Wg6W9Wg_ET$lTGS*_>-VÂ&#x2030;OD[ > Cc6 CW a O$TL @<$S<;TD:;T'TEMGTD9 T;b;LV*'a=E `GR _+ T%O*:ZE$V+'EO<'ESIb;P O*$* c6 @[6'ZD$S< >[ <EVMTEES2IVLTM$V+b;6[c< `GR>[ <EVMTE9 O*8Vg; IS;;Wh >C%O`< *= ;'ITCE[ +T$<9L;9;T 7 T*e9Wgc6 _+OCT'ES< b;A +V >Cc6 CWaO$TL@[6'ZD$S<'5RMO$TE' Tb; _IWD6;TC`GR;S$IV-T$TEb;ESL_-WD c6 CWaO$TL @[ 6 'Z D $S < >[ = ER$O<$TEb;OV L ET_OG`GR>[ OlT;ID$TEL8T<S;b;CT_G_.WD `GR>C$fc6 8TC 'lT8TC ORcE'YO'ITC9 T9TD9Wg'5R$EEC$TE `GRO*$E' %O*'Z5$lTGS*_>-VÂ&#x2030;OD[ LVg*9Wg9lTbM >CE[ LX$`=G$b+$f'YOI T CS;CW'ITC_MCYO;$S; %O*'lT7O<CT$$I T'ITC7 T*+T$A +V8X*ESL_-WD

OD T*`E$_GD$f'YO >CODT$+R<O$I T >CcC b- >[ _-WgDI-TÂ&#x2030;b;6 T;$TE+S6$TE9Wg6Wb; =ER_9Jc9D >C'V6I T>[ A *9Z$9 T;'*CW'ITC E[ 'ITC_% Tb+9WgGX$.Xh*_$WgDI$S<$TE+S6$TE9Wg6Wb; =ER_9Jc9DCT$$I T>C `GRCZCCO*%O*>C $fG I;CT+T$$TEc6 @[6'ZD$S<-ZC-;6 T;$TE +S6$TE9Wg6Wb;9Wg7 T*e9SgIaG$ `GR>C$f7 O*$TE9Wg +R`< *= ;'ITCE[ 9Sh*b;6 T;<I$`GRG<

ù AL;W%Q_G;K_3X?J L=/ GDS W8č_G AL;#=þ"

>C+R_EVgC6 ID'ITC_-YgOCSg; 'ITC_-YgOCSg; _= ;=ER_6f;9WgCW';@[68X*.ÉÍ´`G I.ÉÍ´_G T b;'ITC _= ;+EV* _CYgO= 9Wg`G I >Cc6 CWaO$TL_% TE IC$TE =ER-ZC ÄËÁÆ 9W;g 'E_.;9 =_ 7OE L_<VE$ b;ESL_.WD 'ITC_-Yg O CSg ; _= ; M;Xg * b;=ER_6f ; 9Wg ' 5R $EEC$TE9SgIaG$$lTGS*_>-V OD[ _ET9Z$';7 T*$f'Z ;_'D$S< ÂáâéêÞë Ñïòðñ ¿Þïìêâñâï .Xg*bM 'lT;VDTC= ¯­®µ I T_= ; $TE 7 OL[ _@YgO'ITC+EV* >GLlTEI+@<I T'ITC_-YgOCSg; b;L8T<S;7 T*e cC I T+R_= ; :ZE$V+ ES2<TG LYgO `GR ËÄÌð G I;`7 7$ È´Í _= ;=ERIS7$V TE5 9IgS aG$ ER6S<'ITC_-YgOCSg;9Wg7$ ÈÍ´9WgLZ6@<b;O_CEV$T .Xg*G6G*8X* °´ 'R`;;b;9Z$$GZC L8T<S;`GR ;Wg_= ;$TEG6G*9WgCT$9WgLZ67Sh*`7 CW$TEIS6ER6S< 'ITC_-YgOCSg;CT b;OOL_7E_GWD 'ITC_-YgOCSg;G6 G* ®­ 'R`;; ;O$+T$;Wh b;LV*'a=E `';T6T ?ESg*_JL LMET-OT5T+S$E `GR=ER_9JOYg;e 'ITC_-YgOCSg;$fG6G*_- ;$S; b;'ITC_= ;+EV* CW`' ³ 7GT6_9 T;Sh;9Wg 'ITC_-YgOCSg;_@VgC%Xh; c6 `$ +W; _$TMGWb7 LIW_6; CT_G_.WD `GRLMES2OTMES<OVCV_E9L +T$$TE LlTEI+%O* ÂáâéêÞë Ðòïóâö @<I TCWMGTD = ++SD9Wg9lTbM 'ITC_-YgOCSg;G6G* IV$F7V$TE_*V;aG$c6 LSg;'GO;'ITCJES9:T b;L8T<S;7 T*e $TE_=GWg D ;`=G*OD T *EI6_Ef I %O* _9'a;aGDW9WgL *>GOS7a;CS7Vc=DS*'ITCIV7$ $S*IG%O*';*T; =ET$0$TE5 % TI=GOC L *>G7 O'ITC ; T_-YgO8YO%O*LYgO b;<EV<9%O*<EVKS9$f_- ;_6WDI$S; CW<EVKS9 9WgCW-YgO_LWD*MGTD`M *9Wg<$@E O*b;6 T;'ITC _-YgOCSg; = 9`gW G I -YOg %O*@;S$*T;`GRG[$' T%O*O[_<OE $I T ²´ G T;-YgO8[$+TE$EEC `9;9Wg+R`+ *`$ G[$' T_$WgDI$S<$TEESgIcMG%O*% OC[G O[_<OE $GS< @DTDTC9Wg+R=$= 6'ITC>V6@GT6a6D$TE+ TD ' Tc8 $S<;S$+TE$EEC ;O$+T$;Wh DS * CW $ E5W 9Wg _ AL<Z ' b- % O C[ G L I;7SI%O*G[$' T_@YgO$TE' T EIC8X*$TEL[ _LWD

'ITC_-YgOCSg;%O* ÌõãÞê© Ïâá ¿òéé `GR Ôâééð 'YO_EYgO*IS4;:EEC cC $WgOT9V7D 9Wg> T;CT >C ÃÞïäì OD[ b ;A +V @[ 6 'Z D $S < '5R$EEC$TE-;_> T '; M;Xg*.Xg*_= ;_+ T%O*9Wg6V;%;T6bM .Xg*'5R b;OOL_7E_GW D _ETc6 _ Mf ; $TE@S * 9GTD MSIM; T-;_> T7 O*$TEbM 'ITCLlT'S b;$TE %O*'ITC_-Yg O CSg ; b;L8T<S ; $TE_*V ; %O*_ET =ES<=EZ*IS4;:EEC%O*'5R$EEC$TE .Xg*_= ; OD T*CT$a6D_,@TROD T*DVg*b;`* %O*MGS$2T; <9L;9;T9Wg_MCYO;$S;9SgIaG$ cC CW'ESh*cM;9Wg LY<LI;%O* ¿Þëèæëä ÏìöÞé Àìêêæððæìë _ET+RCT@V+TE5TIS4;:EECb;9Wg9lT*T;%O*_ET `GR ¾ÍϾ 7 O À¿¾ OD T*GR_OWD68Wg8 I;_MCYO;'ESh*;WhCT$$ O; Ñåâ ¿Þëèæëä ÏìöÞé Àìêêæððæìë c6 9lT$TEc7 LI;L8T<S;9T*$TE_*V;%O*_ET· M; ID*T;$lT$S<6[`G9Wg-Wh;lTc=b;9T*9Wg>V6 $TE_$f<' T<EV$TE$S<$TE<EV$TE9WgG[$' TcC c6 ES< EIC8X*$TE_$f<' T<EV$TEMGS$+T$_LWD -WIV7`G I $TE-6_-D9WgcC _@WD*@O @F7V$EEC9WgcC CW+EVD:EEC

7O;;WhCW7SIOD T*'ITCG C_MGI%O*MGTD <EVK9S 9WCg -W OgY _LWD*OS;_;YOg *CT+T$IS4;:EEC9Wcg C 6W 9Wg ÓìéèðôÞäâë _ETc6 _Mf;IS4;:EEC9WgbM >G7O<`9;+T$`E*+[*b+6 T;$TE=1V<S7V7TC % O$lTM;66 T;LVg*`I6G OC

9W g Ôâæëðñâæë Ðñòáæìð _ETc6 _Mf;IS4;:EEC 9WgO69;O6$GSh;7 O$TE$ER9lT9Wg;O$_M;YOc= _CYOg 'ITC_-YOg CS;g G6G* '5R$EEC$TE`GR +T$IV8W' T;VDC9T*LS*'COD T*LVh;_-V* >[ <EVMTE'IE9lTOD T*cE¼ 9WOg OL_7E_GWD _ETc6 _Mf;$TEbM 'ITCLlT'S 9W$g TE=ER-ZC ¾ÆÀÁ _ET_-YOg I T'5R$EEC$TE b;6 T;IS4;:EEC a6D_,@TROD T*DVg*ERMI T*9Wg CW'ITCES<>V6-O<b;$TE$lTM;6;aD<TD +T$ ¿Þëèæëä ÏìöÞé Àìêêæððæìë `GR ¾ÍϾ <;G*G T* '5R$EEC$TE7 O*CW'ITCLSC@S;: 9lT$TELY<LI; À¿¾ 7SIOD T*_- ; $TELO<LI; 9Wg_-YgOb+`GRLE T*LEE' $S<>[ CWL I;c6 L I;_LWD %O* ¾ÍϾ @<IS4;:EEC<T*OD T*%O* À¿¾ 9Z$'; ¥cC b- `' $S<>[ 8YOMZ ;¦ `7 _= ;@;S$*T; c6 `$ M; ID*T;$lT$S<6[`G G[$' T .S@@GTD_OOE LYgO $TEbM ' ITCLl T 'S 6 T ;>G=ER$O<$TE `GR-ZC-; _@ETR$TELE T*'ITC_-YOg CS;g %X;h CTbMC 9T*$TE_*V;_M;YOLVg*OYg;b6 +lT_= ;7 O*b- CT$$I T`> ;a<-SIE ÀÐÏ LTCM; T $TEbM 'ITCLlT'S $S< % TI6W `7 CO*% TC 'ITC_LWgD*6 T;G< $TELE T*'ITC_-YgOCSg;+lT_= ;7 O*OTJSD $TE%T6'ITC; T_-YOg 8YOERMI T* '5R$EEC$TE $EEC$TE`GR>[ <EVMTEb;$TEES<A *@E OC$S< 7EI+LO< '5R$EEC$TE'ITC_LWgD* `GR 'ITCE[ LX$E ICc=$S<@;S$*T; G[$' T`GR>[ CWL I; '5R$EEC$TE@V+TE5T' T7O<`9; c6 L I;_LWD $TE@Xg * @T'ITC_-Yg O CSg ; `GR$TE=EX $ KT MTEYOCT$_$V;c=+;;lTc=L[ $TE%T6'ITC $TELE T*'ITC_-YgOCSg;7 O*CWa'E*LE T* 9 T9TD9WgLE T*LEE' 'ITC_LWg D *9Wg b M ' ITCLl T 'S $S < $TE7S 6 LV ; b+ $TEbM 'ITCLlT'S $S<'ITC_LWgD* `9;9Wg+R 6 T;+EVD:EEC$ O;>G=ER$O<$TE9T*$TE_*V; _= ;'ITC_LWgD*bMC MEYO'ITC_LWgD*9Wg$lTGS* _$V6%Xh; $TELE T *'ITC_-Yg O CSg ; 7 O *CW $ TE+ T D ' T7O<`9;_= ;ET*ISG`$ IS4;:EEC9Wg6WcC b- 9Wg ; T `=G$b+9Wg LZ 6 $TELY < LI;@<I T b; IS4;:EEC9Wg`D `GR7 O*CW$TEG*a9K9WgEZ;`E* <EE6T>[ ;lT À¿¾ CW'ITC_-YgOCSg;b;7SI_O*I T 7 O$TE$ER9lT'ITC>V67 O<EVKS9 $TE$lT$S<6[`G%O*@I$_%TCW=ERLV9:VBT@ _M7Z b6_EYgO*;Wh+X*LlT'S _ETcC 'IE7 O*CWIV$F7V_@YgO9Wg ú AK,322==; +RLO;_ET8X*'ITCLlT'S %O*IS4;:EEC =ER_6f ; 9Wg L O*9Wg > CODT$+R$G T I8X * $f B o a r d r o o m | 11

CW'ITC_LWDMTD9Wg-S6_+;$S<-YgO_LWD* $TEG* 'R`;;_LWD*9Wg7E*% TC$S<ETD*T;>G7O<`9; >G$ER9<7 OET'TMZ ;`GR'ITC_LWgD*9Wg_@VgC%Xh; +T$$TE$ER9lT%O*$GZ C `7 IS4;:EEC9WgcC 6WDS* LTCTE8;lTc=L[ 'ITC_= ;OVLER $TE%T6=ER-ZC `GR'ITCDT$GlT<T$b;$TEES$KT<Z'GT$E

b;=ER_9Jc9D ÀÂÌ CS$+RcC b- ';c9D EIC8X*'ITC_LWgD*9WgLlT'S MEYOcC ¼ 6S*;Sh;+X*LTCTE8@[6'ZD$S<=ER:T;$EEC$TE _ETCW ; aD<TD_$Wg D I$S < >[ ` + * _<TR`L9Wg CW =ERLV9:VBT@MEYOcC ¼ c6 OD T*_= 6_>DCT$%Xh; ;O$+T$;WhDS*CW';c9D EZ ;bMC 9WgCW'ITC$G T9Wg+R@[6OD T*_= 6_>D`GR $TELl T EI+'ITC'V 6 _Mf ; @;S $ *T;c6 E IC 9 T9TD7 OLVg*7 T*e 'l T 8TC_$Wg D I$S < IS 4 ;:EEC`GR+EV D :EEC 6 IDMEYOcC ¼ LV*g _MG T;W7h E*% TC$S<LMES2OTMES<OVC_V E7L _ET$lTGS*6lT_;V;$TE=ER_CV;'5R$EEC$TE 9W g ¾ÆÀÁ _ET_-YOg I T'5R$EEC$TECW<9<T9 .Xg* ÀÂÌ CS$_= ;-TIOV;_6WD`GRcC LTCTE8@[6 BTD;O$OD T*LCÈÍ´_LCO_@YgOIS6IS4;:EEC %O*_ETMEYOcC ¼ LlT'S b;$TELE T*IS4;:EEC '5R$EEC$TE OD T*OVLER ¥`GRc6 ES<O;Z T7bM OD[ b;=ER_9J 7 O*_= ;7SIOD T*b;6 T;'ITC; T_-YgO8YO 'ITC c6 MT$CW7lT`M; **T;_9 T;Sh;¦ û AL;E?L E?L< G" AL; N. a=E *bL `GR@F7V$EEC6 T;+EVD:EEC 8T =ETJ+T$ 'ITC; T _-Yg O 8Y O `GR'ITCa=E * bL`G I '5R$EEC$TEERMI T*=ER_9J+R$lTM;6 MSI% O9WLg TC 'ITCMGT$MGTD _CYOg _ET@[68X* IS 4 ;:EEC%O*@F7V $ EEC6 T ;+EV D :EEC$f c C IS4;:EECc6 OD T*cE_CYgOCWaO$TLc6 @<$S;_@WD* 'ITCMGT$MGTD_ETcC c6 MCTD8X*'ITCMGT$ LTCTE8*O$*TC`GRcC CW9T*$GS<L[ 'ITC_-YgO `' LWg'ESh*7 O= _9 T;Sh;¼ MGTD9T*_@J_@WD*OD T*_6WDI `7 'ITCMGT$ CSg;%O*-ZC-; MGTD%O*'ITC'V6 'ITCMGT$MGTD%O* _ET`;R;lTbM '5R$EEC$TE8TC'lT8TC9Wg =ERL<$TE5 'ITCMGT$MGTD%O*B[CV= T ;Wg _ = ; 'ITC+EV * CT$b;'5R$EEC$TE LlT'S 6S*7 Oc=;Wh `GR'ITCMGT$MGTD9T*IS4;:EEC ERMI T*=ER_9J .Xg*IS4;:EECCW'ITC.S<. O; _ET+lT_= ;7 O*bM 'ITCLlT'S $S<ITER$TE CT$%X;h =ER$O<6 IDMGTDBTKT _%7OlT;T+JTG =ER-ZC a6DbM _IGT$S<'ITC_LWgD*9WgLlT'S _ET9Z $ ';7ERM;S $ 8X * = MT%O* 7TC$0MCTD`GR<EE9S62T;9T*:ZE$V+ L I; `GRDZ9:JTL7E CT$%Xh;MEYOcC ¼ '5R$EEC$TE9W_g = ;_;YOh _6WDI$S; @I$_%TCW`;Ia; C Ll T 'S %O*$TE$l T M;6IS 4 ;:EEC'Y O 'ITC '5R$EEC$TE%O*_ETc6 $ER7Z ;bM CW$TE'V6 9Wg+R'V6`<<$GZ C @I$_%TCW`;Ia; C9Wg+R9lT% O LSC@S;: %O*=ER:T;_+ TM; T9Wg<EVMTE ¬ =ER:T; _-V*IV@T$K MEYO_ET$lTGS*_LWgD*7 O$TE'V6 >V 6 @GT6_-V * $GDZ 9 : ` GRcC DY 6 MDZ ; _CYg O 7 O * $EEC$TE .Xg*7 T*$S;c=b;`7 GR9Wg9SgIaG$ `<<EIC$GZ CMEYOcC ¼ _>-V $S<IV$F7V _ET_Mf;LVg*;Wh9Wg ÉâåêÞë ¿ïìñåâïð _ET$lTGS*c6 ES<% OC[G9Wg8[$7 O*+T$>[ <EVMTE .Xg * $TE%T6'ITCMGT$MGTDCW L I ;9l T bM

12 | B o a r d r o o m

CWETD-YgO>[ LCS'E ²­¬²­ _CYgO_GYO$$EEC$TE _$V6$TEG CLGTD a6DCW'5R$EEC$TE9Wg%T6 bMC =ERL<$TE5 6 T;$TE:;T'TE`GRcC c6 8TC 'lT8TC9Wg8[$7 O*7 O ÀÂÌ ;O$+T$;Wh Àåïæðñæëâ _ETCWa'E*$TEbM 'lT=EX$KT .Xg*- IDbM 'lT =EX$KT`$ >[ M V*CT$$I T ¯²­ '; ÉÞäÞïáâ DS*c6 $G TIcI IT 8 T ÉâåêÞë ¿ïìñåâïð 'YO ÉâåêÞë Ðæðñâïð IV$F7V+R`7$7 T*c=CT$ _ETCWa=E`$EC$TEJX$KT@V_JK_- ; ¿ìÞïá Âããâàñæóâëâðð ãìï Ôìêâë 9Wg Âëïìë 7TCETD*T;%O*IZ4VLBTLMES2 $TEG C LGTDL I ;M;Xg * _;Yg O *CT+T$$TE%T6 ü Z4G3R}L/1L"DK" ;X?J L=W5?O_<3X5?"

'ITC_= ;OVLER`GR$TE'V6`<<$GZ C%O*'5R AL; L.EAK" G"%R;%3 $EEC$TE b;OOL_7E_GWD7TC$TELO<LI;%O* MSI% O9WgLWg >C7 O*$TELlTEI+_$WgDI$S<b< ¾ÍϾ _$WgDI$S< À¿¾ $TE%T6'ITCMGT$MGTD O;Z T79T*LS*'C`GR$TE_=GWgD;`=G*'ITC %O*'5R$EEC$TE $TE%T6'ITC'V6_-V*IV@T$K 'T6MIS*%O*-ZC-; b;=ER_9J7 T* e 9SgIaG$ `GR$TE'EO<*l T a6D>[ _-Wg D I-T _= ;= + +SD 9Wg _ET_Mf;-ZC-;7 T*e8O;b<O;Z T79T*LS*'C OO$+T$O*' $E9WgL[ _LWD'ITCcI IT*b+ 9lTbM _$V6'ITCG C_MGI6 T;$TE$lT$S<6[`G <T*9W;WgOT++R_= ;>GCT+T$$TE_@VgC%Xh; CWMGS$2T;CT$CTDI T'ITCMGT$MGTD %O*';9Wg_$V6b;DZ' ¯­­­ 9Wg_EWD$I T êæééâëëæÞé ;lTc=L[$ TE7S6LV;b+9W6g %W ;hX '5R$EEC$TE9WMg GT$ .Xg*$lTGS*$GTD_= ;';$GZ CbM 9WgLZ6b;9Wg9lT*T; MGTDCW% OC[G`GR`;I'ITC'V69WgMGT$MGTD9Wg ';$GZ C;WhCW'ITC'T6MIS*`7$7 T*+T$';EZ ; +R;lTOO$CTb- c6 $ O; e @I$_%T7 O*$TE_= TMCTD9WgL[*%Xh;b; $TE9lT*T;`GR7 O*$TEbM O*' $E%O*7;CWL I; 9l T cC_ET+X * 7 O *6Vh ; E;$S < 'ITCMGT$ E ICb;=ER_6f;9T*LS*'C MGTDa6D_,@TROD T*DVg*'ITCMGT$MGTD9T* _@J¼ b;%5R9W<g T*=ER_9J _- ; ;OE _ID c6 $Tl M;6 CW'ITC'T6MIS*%O*-ZC-;9Wg_=GWgD;`=G* a'I7T ±­¢ LlTMES<>[ M V*b;'5R$EEC$TE c=OYg; e a6D_,@TR$TE_=GWgD;+T$>G$lTcE LlTMES<<EVKS99Wg.YhO%TDb;7GT6MGS$9ES@D `GR b;ERDRLSh ; c=_= ; C[ G ' T 9Wg DSg * DY ; b;ERDRDTI ES2IVLTM$V+ L I;=ER_9JOYg; e $lTGS*6Vh;E;_@YgO b;LMES2O_CEV$T;S$G*9Z;L8T<S;$lTGS*$66S; bM _$V6'ITC_9 T_9WDC$S;a6DCW' T_,GWgD9SgIaG$ bM ' 5R$EEC$TE`L6*bM _ Mf ; I T @I$_%TCW OD[9 gW ®¶¢ b;OOL_7E_GWD _ETOD[9 gW ¯´«´¢ ¥¾ÐÕ¯­­¦ L I;E ICb;$TE$lTM;6$GDZ9: %O*<EVKS9_@YgO LMET-OT5T+S$E ¯µ«¶¢ ¥ÃÑЪ®­­¦ LMES2O_CEV$T ' T;VDCERDRDTI ¯°«³¢ ¥Ð £ Í ®­­¦ `GR`';T6T ¯­«³¢ ¥ÑÐÕ Àìêíìðæñ⦠b;=ER_9Jc9D ETD*T;=ER+lT= ;S$G*9Z;9Wga66_6 ;MGTDETDOD T* ÉÞïïö %O*6W G OD9 E TD*T;I T b;=ER_9Jc9DCW Ãæëè +T$ ¿éÞàèÏìàè c6 _EWD$E O*bM <EVK9S 7 T*e $EEC$TE>[ M V*b;'5R$EEC$TEOD[ ®¯«´¢ `GR bM 'ITCLlT'S $S<$TELE T*C[G' TOD T*DSg*DY; CT$$I TETDc6 ERDRLSh; b;LMET-OT5T+S$E b;=ER_9J+W; ®­¢ @ERET-<S S7V<EVKS9 $lTM;6M; T9Wg<EVKS97 O =ER_9J7 T*e9SgIaG$$lTGS*7 OL[ $S<'ITC >[ 8YOMZ ; `7 O*' $E7 O*'lT;X*8X*>G=ERaD-; %O* 9 T9TD 9Wg ¾ÆÀÁ _ETL;S<L;Z;'ITCMGT$MGTD >[ CWL I;c6 _LWDOYg; e _- ; G[$' T@;S$*T; `GR a6D_,@TROD T*DVg*=ER:T;$EEC$TE%O*_ET >[ >GV76 ID_- ;$S; Âéæ÷Þßâñå Íïìòðñ _ETCW_= TMCTD_@VgC$EEC$TE >[ M V*bM 8X* °­¢ b;'5R$EEC$TE<EVKS9-Sh;;lT '5R$EEC$TE'IE=1V<S7V7TC'ITC'T6 ¯­­ <EVKS9OS;6S<`E$b;- I*=GTD= ¯­®µ CWIV:W MIS*%O*-ZC-;9Wg_=GWgD;`=G*_MG T;WhOD T*cE¼ $TE9Wg_ETLTCTE8- IDbM '5R$EEC$TE<EEGZ _= TMCTD;Wh _ET_-YgOI T'5R$EEC$TE+R7 O*_= ;c= b;`7 G Rc7ECTL_ET+R_>D`@E E TD*T; 7TC' T;VDC IVLSD9SJ; `GR@S;:$V+%O*7;_O* _ET_Mf ; $TEbM ' ITCLl T 'S CT$%Xh ; b; 'ITC'Y<M; T_$WgDI$S<_= TMCTD%O*_ET _ET+R_EWD$=ER-ZC'5R$EEC$TE_@YgO9Wg+R IS78Z=ERL*' %O*O*' $E ;O$+T$;Wh_ETDS*_Mf;

'ITCES < >V 6 -O<9Wg _ @Vg C CT$%Xh ; %O*'5R $EEC$TE = ++Z<S;'5R$EEC$TEcC _@WD*`7 7 O*'lT;X*8X*>[ 8YOMZ ; @;S$*T;`GR;S$G*9Z; `7 7 O*'lT;X*8X*G[$' T`GR-ZC-;OW$6 ID a6D_,@TROD T*DVg* _ET7 O*'lT;X*8X*>[ CW L I;c6 L I;_LWD9WgO O;`O _- ; >[ L[*OTDZ ';-TD %O<`GR';9WgCWOlT;T+; OD$I T _M;YOLVg*OYg;b6 _ET7 O*@V+TE5TI T-ZC-;8YOI T$TE$ER9lT%O* _ET_= ;_EYgO*9WgDZ7V:EEC`GRES<>V6-O<MEYOcC ý #K"EAJ LA G" L=W5?O_<3X5?"

_9E;6 LZ69 TD9Wg>C7 O*$TEOBV=ETDb; IS;;Wh'YO+S*MIR$ TI%O*$TE_=GWgD;`=G*`GR >G$ER9<7 OM; T9Wg%O*$EEC$TE _ET9Z$'; 7 T*'Z ;_'D$S<M; T9Wg`<<6Sh*_6VC%O*$EEC$TE _- ; 'ITCJES9:T 'ITC_OTb+bL `GR'ITC%DS; MCSg;_@WDE $EEC$TE7 O*9lTM; T9WgOD T*8[$7 O* `GR=ETJ+T$>G=ERaD-; 9S<. O; @I$_%T 7 O*_% Tb+2T;R9T*$TE_*V;%O*<EVKS9 `GR7 O* cC 6lT_;V;:ZE$V+b;%5R9Wg$lTGS*G CGRGTD M; T 9Wg % O*$EEC$TE_MG T ;Wh CW ' ITC 'G TD'GX*$S;9SgIaG$`GR_% Tb+c6 _= ;OD T*6W `7 M; T9Wg%O*$EEC$TE`<<6Sh*_6VC_MG T;WhLTCTE8 9;7 O áæðïòíñæìë 9Wg_EfI`<<'GYg;DS$K LX;TCVc6 MEYOcC ¼ %5R;Wh_ET$lTGS*OTJSDOD[ b;aG$9Wg9IW7a6D =ER:T;T:V<6Wb;7O;_- T_= ;=ER_6f;9SgIaG$ b;< TDIS;;Sh; `7 CW'lT8TC9Wg7 O*8TC$EEC$TE 9Sh*MC69Z$';· M; T9Wg$EEC$TE`<<_6VCLTCTE8ES<CYO$S< aG$9Wg_=GWgD;`=G* cC `; ;O; .S<. O; `GR 'GZC_'EYOc6 MEYOcC ¼ $EO<$TE$l T $S < 6[ ` G%O*_ETCW ' ITC DY6MDZ ;CT$@O9Wg+R=ES<7SIbM _% T$S<aG$9Wg _=GWgD;`=G*c=OD T*EI6_EfIc6 MEYOcC ¼ '5R$EEC$TELTCTE8_'GYg O ;cMIc6 _Ef I @O9Wg + RES < CY O $S < 'ITC_Ef I %O*$TE _=GWgD;`=G*c6 MEYOcC ¼ _9'a;aGDW9Wg$ ObM _$V6= MT_- ; = T =ER6VK2 àïìôá ðìòïàæëä <GO'_-; `GR <V9'OD; +R9 T9TDbM _ET@V+TE5T'lT8TC9T* +EVD:EEC9Wg.S<. O; B o a r d r o o m | 13

+S * MIR$ T I%O*$TE_=GWg D ;`=G*_= ; =ER_6f;9Wg7 O*bM 'ITCLlT'SÂ&#x2030;b;=ER_9Jc9D a6DCW åÌðïòíùÌÏÍ +T$ = Â&#x2030;Â&#x2030;T=ER6VK2 a6E; <S7EcE ';%S< Ă&#x2020;ĂŹĂ&#x2018; Ă&#x2020;ĂŹĂ&#x201A;Ă&#x2018; MZ ;D;7 'GTI6 `GR $TE_EWD;E[ 6 ID_'EYgO*+S$E >[ I T$TE:;T'TE`M * =ER_9Jc9D$lTGS*bM 'ITCLlT'SÂ&#x2030;$S<$TELE T* B[CV'Z C$S; _@YgO7 O7 T; åÌðïòíùÌÏÍ 6 IDO*' $E 9WgI O*cI 'G O*7SI `GRDY6MDZ ;

b;LMES2O_CEV$TOT+_= ;$TE<$@E O*7 O M; T9Wgb;6 T;$TE6[`G`GR'ITCBS$6W CWCZCCO* 7 O_EYgO*;Wh9Wg'G TD$S;b;P O*$*`GRLV*'a=E _ET 'V6I T8X*_IGT`G I9Wgc._<OE +ROO$CT+T$CZCCY6 `GR;lT_% TM O*=ER-ZC'5R$EEC$TE_MCYO;$S< _EYgO*$TE7EI+LO<b;O6W7

cC +lT_= ;7 O*CW>[ _-WgDI-TÂ&#x2030;6 T;c._<OE b;'5R$EEC$TE%O*'Z5 `7 $EEC$TE7 O*CW '5R$EEC$TE+R7 O*'V68X*'ITC_LWgD* 'ITCL*LSD`GR8TC'lT8TC9Wg8[$7 O*_$WgDI$S< `GR$GDZ9: b;E[=`<<bMC e 8X*_IGT`G I9Wg+R $TE+S6$TE _=GWgD;+T$ 'ITC_LWgD* %O* åÌðïòíùÌÏÍ c=L[ '5R$EEC$TE'ITC_LWgD*'IE@V+TE5T aO$TL %O*$TE åÌðïòíùÌÏÍ _$WgDI$S<c._<OE `GRbM CSg;b+I Tc6 CW$TE+S69lT _ETc6 ER<Z 'ITC_LWgD*%O*M*L 6lT `GR 7TC'ITC_MCTRLC`GRLO6'G O*$S<$GDZ9: LVg*9WgcC E[ 9WgDS*cC E[ MEYOcC Âź _CYgOLO*= 9Wg`G I `GR'ITC_LWgD*9Wg'5R$EEC$TEO;ZCS7V '5R $TE+V;7;T$TE8X* ¿ïâþÌù 9ESC= _$TMGW_M;YO $EEC$TE'IEc6 ES<'lT`;R;lT+T$BTD;O$_CYgO `GRL*'ETC$TE' T 6[+R_= ;_EYgO*9Wg_= ;c=cC +lT_= ; `GRb;_%7OlT;T+JTG<T*`M * _- ; c6 _GD CS;9lTbM _ET;X$8X*LZBTKV7+W;9WgI T OD T OOL_7E_GWD <EVKS97 O*`+ *bM M; ID*T;9Wg$lT$S< 6[`G$TEGR_CV6% OC[GOV;_9OE _;f79ET< $GSIMCYg;`7 bM _$E*M;Xg*b;MCYg; _ETc6 +l T `;$'ITC_LWg D *%O*_ETa6D 'lT;X*8X*'ITC$I T*%O*=ER_6f;6 T;$TE_CYO* LVg*`I6G OC $TE_*V; $GDZ9: `GR_9'a;aGDW 9WgOT+L *>G$ER9<7 OO*' $E%O*_ETMEYOcC Âź `GR'5R$EEC$TELTCTE8ES<CYO$S<$TEa+C7W b;aG$c._<OE _- ; Ă&#x201D;Ă&#x17E;ĂŤĂŤĂ&#x17E;Ă ĂŻĂś .Xg*9lT'ITC_LWD MTD`$ 'OC@VI_7OE CT$$I T ¯­­Š­­­ _'EYgO*b; Ž²­ =ER_9Jc6 OD T*cEÂź '5R$EEC$TE7 O*_EWD;E[ IV:WES<CYO$S<<T* OD T*9WgcC b- 'lT8TCI T 8 T `7 _= ; _CYgOcME b;%5R9Wg_ET7ERM;S$6W8X*>G_LWD9Wg_$V6$S<-YgO _LWD*OS;_= ;>GCT+T$$TE_+TR% OC[G`GR$TE GR_CV6% OC[G `7 cC ' ODCWb'E9ET<I T$EEC$TE `7 GRETDOT+7 O*_>-VÂ&#x2030;$S<'ITCES<>V6b;$TE a+C7W9T*OV;_9OE _;f7

41D=R5

LZBT@<ZEZK`GRLZBT@L7EW >C%O%O<'Z5 _= ;OD T*L[*9Wg9 T;c6 _LWDLGR_IGTCTE ICA *b; IS;;Wh IS;;Wh>Cc6 @[6_$WgDI$S<_9E;6 M TOD T*9Wg_ET 'V6I T+R9 T9TD'5R$EEC$TE MSIb+%O*_EYOg *;W$h f 'YO'5R$EEC$TE+RLTCTE8LE T*'ITCcI IT*b+ `GRL *_LEVCIS4;:EEC9Wg8[$7 O*c6 OD T*cE_CYgO _>-VÂ&#x2030;$S<$TE_=GWgD;`=G*9WgGX$.Xh*_- ;;WhÂź

ÂąĂ&#x2020;Ă&#x2030;Ă&#x17D;Ă&#x160;Ă&#x2DC; Ă&#x2020;Ă&#x201C;Ă&#x2030; Ă&#x152;Ă&#x160;Ă&#x201C;Ă&#x2122;Ă&#x2018;Ă&#x160;Ă&#x2019;Ă&#x160;Ă&#x201C;Â&#x2013; One of the unique parts of my role is speaking to people all over the world about the corporate governance issues they are facing.

Iâ&#x20AC;&#x2122;ve met with bankers in Singapore and family businesses in Hong Kong. Iâ&#x20AC;&#x2122;ve spoken to state owned enterprises in Dubai and local chiefs in Fiji.

Iâ&#x20AC;&#x2122;ve spoken to chambers of commerce in Vietnam and academicsin Russia.Iâ&#x20AC;&#x2122;vespoken to entrepreneurs in Israel and director institutes in Malaysia.

_ET_-Yg O I T $EEC$TEb;DZ ' = + +Z <S ; 'IE _>-VÂ&#x2030;$S<'ITC9 T9TD_MG T;Whb;%5R_6WDI$S;$f And I ask them the same question. What are bM 'ITCLlT'SÂ&#x2030;$S<'ITC'V66Sh*_6VC%O*$TE_= ; the challenges your boards and organisations $EEC$TE<EVKS9 are facing? _ETc6 ES<CO<MCTDbM ;lTO*' $E%O*_ET > T;$TE_=GWgD;`=G*9WgcC _'DCWCT$ O;;Wh`GR'* cI .Xg*'ITC.YgOLS7D 7 OIVLSD9SJ; `GR_= TMCTD %O*_ET `GR8 T_ETLTCTE8;lTO*' $E> T;'GYg; GC_MG T;Whc=c6 _CYgO_ET7 O*OO$+T$O*' $E CS; +R_= ;O*' $E9Wg6W$I T7O;9Wg_ET_EVgC7 ;9lT*T; _= ;'ESh*`E$

b;LMET-OT5T+S$E OOL_7E_GWD `GR `';T6T'ITCG C_MGI%O*'5R$EEC$TEb; $TEG6'ITC_LWgD*b;aG$c._<OE OT+8YO_= ;$TE <$@E O*7 OM; T9Wg$EEC$TEb;$TEb- 'ITC%DS; MCSg;_@WDE 9S$KR `GR'ITCEO<'O<OD T* %O<'Z5'ES< _MCTRLC

14 | B o a r d r o o m

Â&#x17E;Ă?Ă&#x2018;Ă&#x203A; Ă&#x2030;Ă&#x161;Ă&#x153;Ă&#x2018;Ă&#x2039;Ă&#x201D;Ă? Ă&#x;Ă? Ă&#x;Ă&#x2014;Ă?Ă&#x201D;Ă&#x152; Ă&#x201D;Ă&#x2018;Ă&#x201C;Ă? Ă&#x153;Ă&#x2014; Ă&#x2DC;Ă&#x161;Ă?Ă&#x203A;Ă?Ă&#x2013;Ă&#x153; Ă&#x153;Ă?Ă? Ă&#x203A;Ă&#x2DC;Ă?Ă?Ă&#x2039;Ă? Ă&#x2014;Ă&#x17D; Â&#x2014;Ă&#x161;² Â?Ă&#x152;Ă&#x;Ă&#x2030;Ă&#x161;Ă&#x152; Â&#x161;Ă&#x2030;Ă&#x201D;Ă&#x2013;Ă&#x2018;Ă&#x203A;Ă&#x2030;Ă&#x2013;Ă&#x2014;° Â&#x2019;Ă?Ă&#x2030;Ă&#x152; Ă&#x2014;Ă&#x17D; Â&#x201C;Ă&#x2013;Ă&#x153;Ă?Ă&#x161;Ă&#x2013;Ă&#x2030;Ă&#x153;Ă&#x2018;Ă&#x2014;Ă&#x2013;Ă&#x2030;Ă&#x201D; Ă&#x17D;Ă&#x161;Ă&#x2014;Ă&#x2022; Â&#x2039;Ă?Ă&#x203A;Ă&#x153;Ă&#x161;Ă&#x2030;Ă&#x201D;Ă&#x2018;Ă&#x2030; Â&#x201C;Ă&#x2013;Ă&#x203A;Ă&#x153;Ă&#x2018;Ă&#x153;Ă?Ă&#x153;Ă? Ă&#x2014;Ă&#x17D; Â?Ă&#x2014;Ă&#x2022;Ă&#x2DC;Ă&#x2030;Ă&#x2013;ĂĄ Â&#x17D;Ă&#x2018;Ă&#x161;Ă?Ă&#x2039;Ă&#x153;Ă&#x2014;Ă&#x161;Ă&#x203A; ÂŹÂ&#x2039;Â?Â?Â&#x17D;­ Ă&#x;Ă?Ă&#x2014; Ă&#x2018;Ă&#x203A; Ă&#x153;Ă?Ă? Ă&#x161;Ă?Ă&#x2DC;Ă&#x161;Ă?Ă&#x203A;Ă?Ă&#x2013;Ă&#x153;Ă&#x2030;Ă&#x153;Ă&#x2018;Ă&#x17E;Ă? Ă&#x153;Ă&#x2014; Ă?Ă&#x2030;Ă&#x17E;Ă? Ă&#x2022;Ă?Ă?Ă&#x153;Ă&#x2018;Ă&#x2013;Ă? Â&#x2018;Ă&#x201D;Ă&#x2014;Ă&#x160;Ă&#x2030;Ă&#x201D; Â&#x2DC;Ă?Ă&#x153;Ă&#x;Ă&#x2014;Ă&#x161;Ă&#x201C; Ă&#x2014;Ă&#x17D; Â&#x17D;Ă&#x2018;Ă&#x161;Ă?Ă&#x2039;Ă&#x153;Ă&#x2014;Ă&#x161; Â&#x201C;Ă&#x2013;Ă&#x203A;Ă&#x153;Ă&#x2018;Ă&#x153;Ă?Ă&#x153;Ă&#x2018;Ă&#x2014;Ă&#x2013; ÂŹÂ&#x2018;Â&#x2DC;Â&#x17D;Â&#x201C;­ Ă&#x;Ă?Ă&#x2018;Ă&#x2039;Ă? Â&#x17E;Ă?Ă&#x2030;Ă&#x2018; Â&#x201C;Â&#x2122;Â&#x17D; Ă&#x2018;Ă&#x203A; Ă&#x153;Ă?Ă? Ă?Ă&#x2014;Ă&#x203A;Ă&#x153; Ă&#x2018;Ă&#x2013; Ă&#x153;Ă?Ă&#x2018;Ă&#x203A; ĂĄĂ?Ă&#x2030;Ă&#x161;° Â&#x152;Ă?Ă&#x203A;Ă&#x2018;Ă&#x152;Ă?Ă&#x203A; Ă&#x153;Ă?Ă&#x2030;Ă&#x153;° Ă&#x2018;Ă&#x2013; Ă&#x153;Ă?Ă&#x2030;Ă&#x153; Ă&#x153;Ă&#x161;Ă&#x2018;Ă&#x2DC; Â&#x2014;Ă&#x161;² Â?Ă&#x152;Ă&#x;Ă&#x2030;Ă&#x161;Ă&#x152; Ă&#x2030;Ă&#x201D;Ă&#x203A;Ă&#x2014; Ă?Ă&#x2030;Ă&#x17E;Ă&#x2018;Ă&#x2013;Ă? Ă&#x2014;Ă&#x2013; Ă&#x2014;Ă&#x2DC;Ă&#x2DC;Ă&#x2014;Ă&#x161;Ă&#x153;Ă?Ă&#x2013;Ă&#x2018;Ă&#x153;ĂĄ Ă&#x153;Ă&#x2014; Ă?Ă&#x2018;Ă&#x17E;Ă? Ă&#x2030; Ă&#x203A;Ă&#x2DC;Ă?Ă?Ă&#x2039;Ă? Ă&#x2030;Ă&#x153; Ă&#x153;Ă?Ă? Â&#x2039;Â?Â&#x201C;Â&#x17D; Ă?Ă&#x17E;Ă?Ă&#x2013;Ă&#x153; Ă&#x2030;Ă&#x153; Ă&#x153;Ă?Ă? Â&#x2039;Ă?Ă&#x203A;Ă&#x153;Ă&#x161;Ă&#x2030;Ă&#x201D;Ă&#x2018;Ă&#x2030;Ă&#x2013; Ă?Ă&#x2022;Ă&#x160;Ă&#x2030;Ă&#x203A;Ă&#x203A;å° Â&#x17E;Ă?Ă&#x2030;Ă&#x2018;Ă&#x201D;Ă&#x2030;Ă&#x2013;Ă&#x152; Ă&#x;Ă?Ă&#x2018;Ă&#x2039;Ă? Ă&#x;Ă? Ă&#x153;Ă?Ă&#x2014;Ă?Ă?Ă?Ă&#x153; Ă&#x2018;Ă&#x153; Ă&#x;Ă&#x2018;Ă&#x201D;Ă&#x201D; Ă&#x160;Ă? Ă?Ă&#x203A;Ă?Ă&#x17D;Ă?Ă&#x201D; Ă&#x17D;Ă&#x2014;Ă&#x161; Ă&#x153;Ă?Ă? Ă&#x161;Ă?Ă&#x2030;Ă&#x152;Ă?Ă&#x161; Ă&#x203A;Ă&#x2014; Ă&#x;Ă? Ă&#x160;Ă&#x161;Ă&#x2018;Ă&#x2013;Ă? Ă&#x153;Ă?Ă&#x2030;Ă&#x153; Ă&#x203A;Ă&#x2DC;Ă?Ă?Ă&#x2039;Ă? Ă&#x153;Ă&#x2014; Ă&#x2DC;Ă?Ă&#x160;Ă&#x201D;Ă&#x2018;Ă&#x203A;Ă? Ă&#x2018;Ă&#x2013; Ă&#x153;Ă?Ă&#x2018;Ă&#x203A; Ă&#x2039;Ă&#x2014;Ă&#x201D;Ă?Ă&#x2022;Ă&#x2013;²

What strikes me is that there is more similarity than difference in the answers.

From Fiji to Russia, boards and executives are focussed on trust, culture and diversity.

Theyâ&#x20AC;&#x2122;re talking about social licence and changing community expectations.

And theyâ&#x20AC;&#x2122;re grappling with governance in a rapidly changing world.

Today I’d like to share some insights from According to the Edelman survey, a range of factors contributed to the breakdown of those conversations. trust.

Right from the beginning, I should say I’m • The global financial crisis shattered faith in traditional institutions not an expert on governance in Thailand.

• The rapid pace of technological change I acknowledge that this audience has a and automation is creating anxiety among far deeper understanding of corporate workers governance here than I do.

• The ‘fake news’ phenomenon undermining trust in media Rather, my perspective is drawn from The corporate world is very much part of this conversations in the global governance story and there have been several high procommunity, and I’d like to share those file breaches of trust. insights, both positive and negative.

regulators, customers, suppliers, the media and the community.

Rebuilding trust requires more than a three page glossy CSR brochure.

It requires directors and CEOs to listen with genuine empathy to the concerns of their employees, customers and stakeholders.

It requires risk structures that prioritise ethical decision making over financial performance.

It requires remuneration that rewards good culture, not poor culture. And it requires Last year at Uber, the names of 57 million strong penalties for corporate wrongdoing.4 ù ¹×ÚØÙ ÆÓÉ ÙÍÊ ÇÆÙÙÑÊ ËÔ× Ù×ÚÙÍ employees and customers were hacked.

Let me start with trust. Trust is an issue that Instead of notifying customers of the breach, ú ¨ÚÑÙÚ×Ê comes up again and again.

Uber attempted to cover it up by paying a The second issue I’d like to talk about is ransom.3 culture.

In fact, last year I attended the GNDI meeting in St Petersburg, Russia. Trust emerged as Note Facebook’s use of personal data for A few weeks ago I was in Fiji, speaking with one of the top challenges faced by directors commercial purposes. Note trust breaches a board of chieftains which owns vast land around the world. holdings. at Oxfam, Red Bull and Wells Fargo.

We are all familiar with the Edelman Trust In Australia, we have seen significant Barometer, which defines 2018 as ‘the battle erosion in trust in our financial institutions, for truth1. especially in light of evidence in the Banking Royal Commission and the APRA Inquiry The survey found that trust in all institutions into CBA. – business, government, the media and NGOs – has reached record lows around The Banking Royal Commission heard the world. evidence of our financial institutions: • Misleading regulators The steepest decline in trust was seen in • Charging people for services they did not the United States, with a 37-point drop in receive, including after death trust across all institutional groups. This was • Failing to compensate adequately the steepest decline ever measured.

• Unethical behaviour In Australia, trust fell by 10 points. Trust also fell in Singapore, Canada, France, the UK and many other countries.2 In fact, there were only six markets with extreme trust gains: China, South Korea, Sweden, Malaysia, Poland and the UAE.

They were very focussed on improving the culture of their boards, a conversation occurring in boardrooms around the world.

The culture of our workplaces has probably never been under greater scrutiny than it is today.

There has been a steady stream of highprofile corporate failures as a result of poor culture.

At Volkswagen, we saw a culture that rewarded performance incentives over So with trust in decline, what should boards environmental compliance.5 and CEOs do?

At Weinstein Studios, we saw a culture that At the AICD, we believe that the board has a tolerated conduct that was entirely out of responsibility to set the ‘tone from the top’. step with social values.6 The Board needs to have a trusted and constructive relationship with all stakeholders In Australia, we have seen a great focus on (not just shareholders) but employees, culture, especially during the Banking Royal

B o a r d r o o m | 15

Commission and the APRA Inquiry into the A key part of setting the culture is the CEO/ Chair relationship, which is different around CBA. the world.

For example, the APRA Inquiry found a In Thailand, the CEO is often not a Thai culture at CBA that: • Prioritised financial performance over all national, and can therefore speak more openly with the Chair. There is also a younger else • Over emphasised ‘good news stories’, generation of Thais who are more open to speak out and challenge. while overlooking negative risks • Lacked accountability between audit, risk This contrasts with the UAE, where the CEO and remuneration committees • Overreliance on trust and consultation, is often Indian and cannot speak so freely leading to lack of constructive challenge (and is only allowed to remain in country • Had a reactive focus on risk, not on new with a job). or emerging risks.

Given these complexities, how does the Most surprisingly, the inquiry found that international board set the culture when it among CBA leaders there was a self-belief might only meet four times a year, often for fly in fly out meetings? that their governance was effective.

Why does this matter? We shouldn’t need a crisis to teach us the importance of culture.

There is the obvious reputational damage, vote against remuneration report, impact on share price and increased risk of class actions.

But poor culture can also lead to disengagement, absenteeism and difficulty retaining staff.

At the AICD we believe boards have a crucial role in shaping culture. Boards need to exemplify accountability, transparency and ethical behaviour.

We recommend Boards ask important questions7 : • Do we need to refocus our agenda, with more time on key risk and strategy?

• Does our board encourage critical thinking, or are we prone to ‘group think’?

• Are we receiving the right information from management, including key risks?

• Do we have an effective whistle-blower policy?

• Do our staff surveys include questions about culture and ethics?

• Are we conducting regular external board evaluations to measure our culture?

Without greater accountability and transparency, a culture of ethical behaviour û ©ÎÛÊ×ØÎÙÞ ÔË ÙÍÔÚÌÍÙ can’t flourish and there is no pathway This leads me to my third topic, diversity. towards regaining community trust.

When we talk about diversity, we don’t This is especially true in international mean just gender diversity, but diversity of boards, where the culture is even more thought, diversity of experience, cognitive complex, with multiple languages, legal diversity, cultural diversity. jurisdictions and business norms at play.

16 | B o a r d r o o m

We are all aware of the problems of homogenous boards. They are prone to group think. They are more inclined to make strategic errors and are less resilient when faced with a crisis.

We saw this at Lehman Brothers, where lack of diversity contributed to the collapse, with a board that lacked banking experience and failed to ask the right questions of its CEO.8 As an aside, it was Christine Lagarde who said, ‘If Lehman Brothers was Lehman Sisters, the crisis would have been quite different”!

At Enron, according to the US Senate Report, the collapse was partly due to lack of independence and groupthink of the board.9 In Australia, according to the APRA Inquiry into CBA, lack of board diversity, lack of critical thinking and the dominance of an expert chair were all contributing factors to the governance failures.

There is ample evidence that diversity leads to better decision making10 . A diverse board has a wide range of information and thinking styles to draw from.

So why then are we struggling with diversity, in particular gender diversity?

While some countries, like Norway, have legislated quotas for 40% women on publicly traded and state-owned corporation boards,11 most other countries are struggling to get close to parity, with the global average at 19%.12 In Australia, we are at 27.7% (ASX200), the UK 28.9% (FTSE-100), the US 23.6% (S&P 100) and Canada 20.6% (TSX Composite).

In Thailand, according to the 2016 Deloitte There are other changing community Directors must act with proper purpose and Report, there are 12.7% women on boards expectations, especially a shift from short disclose conflicts of interest. They must and in China 10%.13 term profits, to long term sustainable value. understand the company’s financial position and not to trade while insolvent.

Countries around the world are grappling In the US, institutional investors are pressuring boards to demonstrate that they These director duties are similar around the with the challenge. are actively guiding a company’s strategy world, and fairly well understood.

At the AICD we are strong advocates for for long-term value.16 greater diversity, especially our Chairman, But are these traditional director duties Elizabeth Proust. We have a target of 30% Several prominent investors, most notably able to withstand the tsunami speed of women on our top 200 boards by the end Larry Fink of BlackRock, have urged disruption? of 2018. companies to focus on sustained value creation rather than short-term earnings.17 We are now living in a world where a tweet There are practical ways we can help by the President in the morning is the headachieve this: In the UK, the Companies Act imposes a line across the world that afternoon.

• Each quarter we publish a report on duty to shareholders, but organisations progress toward our target. must take into account interest of other But there are questions that need to be • We call on boards to have a 50/50 stakeholders (eg customer, employees, asked of all directors: candidate list when selecting new board suppliers).

• Are traditional duties able to deal with members. a volatile, uncertain, complex and • We have a Chair’s Mentoring Program, How should boards navigate these changing ambiguous world? which has helped mentor more than 250 community expectations?

• Is our governance framework flexible women. enough to adapt to a rapidly changing We believe the board must be true to its • We have specialist education programs value, vision and mission. We are seeing a world? such as Board Effectiveness for Women. greater focus on the organisation’s purpose. • Can boardrooms move quickly enough to deal with the pace of change? ü ¸ÔÈÎÆÑ ÑÎÈÊÓÈÊ ÆÓÉ ÈÍÆÓÌÎÓÌ We are also seeing a broadening of the ÈÔÒÒÚÓÎÙÞ ÊÝÕÊÈÙÆÙÎÔÓØ board’s responsibilities. Today’s board Disruptive technologies such as AI, crowd The fourth topic I’d like to explore deals with needs to consider, not just shareholders, sourcing, block chain and bitcoin will social licence and changing community employees and investors, but customers challenge us to consider complex ethical questions. expectations. and the community.

In countries around the world, we see In particular, we need to be mindful of The pace of change is an area of key focus communities withdraw the social licence vulnerable stakeholders, such as the elderly, in Thailand, with disruption from AI, drones, driverless cards, IoT, IoET, robotics, cloud, from organisations that lose their trust.14 the marginalised and the less powerful. machine learning.

Perhaps this is being driven by the rise of Above all, we need to consider whether the millennials, who are rapidly becoming the community views our actions as fair and The Governor of the Reserve Bank is focussing on building ‘immunity’ to withstand largest cohort in the workplace. responsible. disruption through resilient, agile and nimble organisations.

Millennials have different expectations than ý ¹ÍÊ ÕÆÈÊ ÔË ÈÍÆÓÌÊ previous generations. They want higher The final trend I’d like to discuss is the pace purpose of work and want their organisations of change and its impact on director duties. It will require boards to think of risk and We are all familiar with the traditional duties strategy in new ways. It is time to shift to have a voice on social issues.15 a director owes, such as good faith, care from ‘risk’ of disruption to ‘opportunity’ of disruption. and diligence.

B o a r d r o o m | 17

Have we identified those ‘black swan risks’, the ‘unknown unknowns’? Only two years ago it seemed impossible to imagine Brexit, Trump, North Korea, trade wars.

The risk committee should consider cyber and ensure it is being adequately addressed in accordance with the strategy and risk appetite approved by the board.

It reminds us of that Chinese saying, ‘Never be afraid of the ten thousand, be afraid of The board should get external advice when necessary. And in some jurisdictions, like the one in ten thousand’.

Australia, the company must notify the Have we classified our risks taking into regulator of a cyber breach. account the breadth of political, environmental, financial, strategic, technology issues that ¨ÔÓÈÑÚØÎÔÓ may impact our organisation?

Ladies and gentlemen, thank you so much for your time.

And how can boardrooms deal with cyberattacks, such as Wannacry, which struck Today I’ve spoken about five trends that more than 200,000 computers across 150 we think will challenge boardrooms. At the countries?18 heart of this, how can boardrooms regain trust and foster the right culture in the face Boards need to learn how to deal with of such profound change? something that is not a question of ‘if’, but ‘when’.

We believe the director of today should face these challenges while being truthful to the While we are all well aware of the significant traditional notions of company directorship. reputational harm resulting from hacking We are entrusted to steer our organisations and data breaches, it is less known that through unprecedented change while reindividual directors may also face liability for maining faithful to our vision and purpose. cyber-attacks.

And if we can navigate these unchartered In England, Australia and Canada, a board’s waters, we can leave our organisations in failure to mitigate cyber risk may be a breach better shape than when we started. of the duty to exercise reasonable care, skill Thank you. and diligence.

--------------------------------------------------In the US, it may be a breach of duties of End Notes Edelman Trust Barometer – Global Report care and loyalty. A similar view has been 12 2018 Edelman, Page 9 3 Jacki Johnson, Solving the problem of eroding trust, AGS Reader taken in Hong Kong and Singapore.19 2018 We think it’s time for cyber to come out of the backroom, and into the boardroom, much like the audit function has in the past.

It is not essential to have cyber expert on your board, but directors must have an enquiring mind and ask the right questions of management.

18 | B o a r d r o o m

4 5 6 7 8 9

Note AICD position on increased penalties.

“Culture and Compliance: Board Lessons From Volkswagen”, NAICD, May 2017 “Five lessons for boards from the Weinstein scandal”, Company Director, October 2017 “How do boards monitor culture?”, Company Director, December 2017 Dan Konigsburg, Corporate governance trends and challenges for board members, Deloitte, 2014 The Role of the Board of Directors in Enron’s Collapse, United States Senate Report, 2002: Inappropriate conflicts of interest, excessive compensation, lack of independence, fiduciary failure, high risk accounting.

10 Bain and Co Report, “A strong link exists between diverse organisations and better business outcomes, where gender balance is the yardstick for overall diversity”.

11 In 2006 Norway introduced a quota with 40% of board members required to be women.

12 GCC Report, page 29 13 Women in the boardroom: A global perspective, Deloitte, 2017 14 KPMG, page 11 15 Jennifer Deal, What Millennials Want from Work 16 Harvard Law School: https://corpgov.law.harvard.edu/2017/01/06/ global-and-regional-trends-in-corporate-governance-for-2017/ 17 Larry Fink’s 2016 Corporate Governance Letter to CEOs, Blackrock, 2016 18 WannaCry Ransomware Attack, Wikipedia 19 Norton Rose Fulbright, Cyber risk and directors’ liabilities: an international perspective, 2017

C o v e r Story Story Cover

,I <<: K< J39K@I5R 2cK Directors and Leadership

June 21, 2018 The Athenee Hotel, A luxury collection hotel, Bangkok

20 | B o a r d r o o m

INTRODUCTION

Rising Above Disruptions: A Call for Action

¾ | ¶Æ ¤³ ² ¶¨m³¾¤³ ˳¦² n³¨¾ n³«ºm£¹ ¶Æ¾ À À¦£¶ ¾ n³¢³¢¶ ³ «Ë³ ²èÁ ¶¨µ ¤± ˳¨² ¿¦± m®Á¬n¾ µ ³¤ ¾ ¦¶Æ£ ¿ ¦ Á ¬¦³£ Ä n³ ¬¤¸® ¶Æ¾¤³¾¤µĀ¢ ¹n µ ² ˳¨m³ 'LVUXSWLRQ ³¤¾ ¦¶£Æ ¿ ¦ þ«Ç ¤n³ ¸ Ç ¶¿Æ ¦±À® ³« ³ ¹¤ µ Á¬¢m ˳Á¬n¾ µ ºn¾¦m ¤³£Á¬¢mÁ ¬¦³£¡³ ®¹ «³¬ ¤¤¢ ± ¤¤¢ ³¤ ¤µª ² · n® ˳ ¨³¢¾ n³Á ¿¦±¾ ¤¶£¢ ¤n®¢¤² ¢¸® ¨³¢ n³ ³£ ¿¦±¿¤ ¤± ¶Æ¾ µ ·Ç Á¬n n

,2' ·  n ² ³ ¤± ¹¢¤± ² ³ µ 1DWLRQDO 'LUHFWRU &RQIHUHQFH Á ¬²¨ n® 5LVLQJ $ERYH 'LVUXSWLRQV $ &DOO IRU $FWLRQ ¾¢¸Æ®¨² ¶Æ ¢µ ¹ ³£ ¶Æ m³ ¢³ À £Â n¤² ¾ ¶£¤ µ ³ ¨µ £³ ¤ ³ m³ ¤±¾ ©¿¦±Á ¤±¾ ©¬¦³ ¬¦³£ m³ ¢³¤m¨¢ ˳¾« ®¢¹¢¢® ¿¦±¾« ®¿ ¨ ³ ¾ ¤¶£¢¤² ¢¸® ²Ç ³ n³ ³¤ ¾ µ ¿¦± ³ ¬ n³ ¶Æ ® ¤¤¢ ³¤

¾¤µĀ¢ n «²¢¢ ³Á m¨ ¾ n³ n¨£ ³¤¾ ¤µĀ · ¨³¢¾«¶Æ£ n³  ¾ ®¤q ¨m³ ±¾ µ ·Ç ³ «³¾¬ ¹Á ¿¦± ±¾ µ ¨³¢¾«¶Æ£ n³ Á n³ ¿¦± ¤ ¨µ¤Â «² µ ¤±¡ º¨n ³m ³¤ ³ ³¤¿¬m ¤±¾ ©Â £ ·Ç ¦m³¨ ³ ³ µ¾©ª À £Á¬n ¤±¾ Å «Ë³ ²è¨m³ uÁ ³ ± ¶Æ ¤±¾ ©Â £ n® ³¤¢¹ m µ¤ º ¤± µ µ ®¦ ¾¤³ · n® ¢¹ m ¾ n  ¶Æ «³¢ ¤±¾ Å ¬¦² ¸® ¨³¢«³¢³¤ Á ³¤ ¦µ ³¤«¤n³ ¡º¢µ ¹n¢ ² ¿¦± ³¤¤¨¢ ²¨ ² ¨³¢ n³¨¬ n³ ³ ¾ À À¦£¶ ² ¾ | À® ³«®² £µĀ Á¬èm«Ë³¬¤² ¾¤³Á ³¤£ ¤± ² ¤±¾ Å ²Ç «³¢ þÇ ®£m³ ¶Æ¢m¾ £¢¶¢³ m® Á ±¾ ¶£¨ ² ºn ˳¬ À£ ³£¿¦± ¬ m ¨ £ ³ Ë ³ ² º ¿ ¦ Å « ³¢³¤ Á¬n ³¤« ² « ¹ Á ¤± ² À ¤ «¤n³ ¸Ç ³ ¿¦±«m ¾«¤µ¢«¡³ ¿¨ ¦n®¢ ¶Æ¢¶¾« ¶£¤¡³ ¾®¸Ç® m® ³¤«¤n³ «¤¤ q ¨² ¤¤¢Á¬n®£ºmÁ ¤± ² ¶Æ«³¢³¤ ˳¾ µ ³¤  n¿¦± ˳ «ºm ³¤¾ ¦¶Æ£ ¿ ¦ ¶Æ¢¶ ¨³¢¬¢³£«Ë³¬¤² ¤±¾ © À £¤¨¢v

³ ²Ç ˳¾ n³«ºm¬²¨ n® 0$1$*,1* ',65837,216 $1' 5,6. ,1 ),1$1&,$/ ,1'8675< ¶Æ n¤² ¾ ¶£¤ µ ³ 0U $QGUHZ 6KHQJ 'LVWLQJXLVKHG )HOORZ $VLD *OREDO ,QVWLWXWH WKH 8QLYHUVLW\ RI +RQJ .RQJ ¿¦± ¹ ¤ ¶ «¹ ¤µ ¹¦ ¾¦ ³ µ ³¤ «Ë³ ² ³ ± ¤¤¢ ³¤ ˳ ² ¬¦² ¤² £q¿¦± ¦³ ¬¦² ¤² £q ¦ ¶Æ ¦m³¨ · ¦ ¤± ³ n³ ³¤¾ µ ³ ³¤ 'LVUXSWLRQ Á ¡º¢µ¡³ ¾®¾ ¶£ ³¤ ² ³¤ ³ n³ ³¤¾ µ Á £¹ )LQDQFH ¤¨¢ · ³ ¬ n³ ¶Æ ® 5HJXODWRU ¶Æ n® ¾ ¤¶£¢ ¤n®¢¤² ¢¸®Á ¿ m¢¢¹ m³ Ä Ç² ³¤ ¤² ¨³¢ µ ¤± ¨ ³¤ ˳ ³ ¿¦± ³¤®® ¬¤¸®¾ ¤¸Æ® ¢¸®Á¬¢mÄ ¾ ¸Æ®Á¬n«® ¤² ² ³¤ ˳ ³ Á £¹ 'LVUXSWLRQ þÇ Á m¨ ³¤®¡µ ¤³£ ¦¹m¢ %XLOGLQJ 5HVLOLHQFH LQ WKH (UD RI 'LVUXSWLRQ LQ )LQDQFH 6HUYLFHV ¨µ £³ ¤Â n¤m¨¢¿« ¨³¢ µ ¾¬Å Á ¿ m¢¹¢ ® ¤µª² m³ ³ µ ¶Æ n® ¾ ¤¶£¢ ¤n®¢¤² ¢¸® ² ³¤¾ ¦¶Æ£ ¿ ¦ ³ ¹¤ µ ¶Æ¤¨ ¾¤Å¨ þÇ

Ú² ÍÍÚÉÜÐÉÑ ÉÖÜÑØÚÉÊÐ×Ê° ×ÞÍÚÖ×Ú ×Î ÜÐÍ ÉÖÓ ×Î ÐÉÑÔÉÖÌ

Z3*L3J1O_5=JW1B[1</ G" L=;R" 5)N=5S =J44.N#/N G?

W=L#P"/ G";R" W3 3[51O _ DL;5=JW.^3E?K QG AL;DL;L=0Z3 L=6?N/ L=D= L":S;N R ; K3 X?J L==A;/KA K3 AL; LAE3 L1L"W1 Y3Y?<O3K4W5 3YG LDGK3<NĎ"ZE} DdLE=K4 W=LZ3 L=< =J.K45=JW.^31K`"DL;3O`G< L"1O_[; W <;O;L G3 «Ë³¬¤² ¬²¨ n®«²¢¢ ³Á ¡³ m³£ ¸® /($',1* 7+528*+ ',65837,216 )520 7+( %2$5'5220 À £¾ | ³¤¾«¨ ³ · ³ ¬ n³ ¶Æ ® ¤¤¢ ³¤ ¶Æ¢¶ m® 'LVUXSWLYH 7HFKQRORJ\ ¤±¾ Å Á m ¨ þÇ « ® ¦n ® ² ³ ³Á m ¨ ¾ n ³ ¶Æ ¦m ³ ¨¨m ³ ¤¤¢ ³¤ n® ¢¶ ³¤ ¤² ²¨Á¬n ² m®¾ À À¦£¶ ¶Æ¤¨ ¾¤Å¨ n® ¢¶ ³¤¾ c ¤² ¨² ¤¤¢Á¬¢mÄ Ë³ · · ¨³¢ n® ³¤ ® ¦º n³¾ | «Ë³ ²è ¤n®¢ ² n® ¤² ¨³¢ µ ® ¤¤¢ ³¤Á ³ ± ºn ˳ ® q ¤ ¨m³ n® £®¢¤² ³¤¾ ¦¶Æ£ ¿ ¦ ®£m³£· µ ² «µĀ ¾ µ¢Ä ¿¦±¾ ¸Æ®Á ¨³¢«Ë³ ²è ® ¾ ¤³± n® ² ³ ¿¦±® q ¤ ¨ ºm ²  Á m¨ n³£ ® ³¤ ¤± ¹¢¾ | ³¤¾«¨ ³ ³ ¦¹m¢ «¢³ µ *OREDO 1HWZRUN RI 'LUHFWRU ,QVWLWXWHV *1', Á ¾¤¸Æ® .H\ ,VVXHV DQG $FWLRQV IURP *OREDO %RDUGURRP À £ ¨µ £³ ¤¿ m¦± m³  n¾« ®¢¹¢¢® ¶Æ¢³ ³ ¿ m¦± ¤±¾ © ¾ m ¿® ¤µ ³Á n c¦µ c «q ¤³ µ¦ «¬¤³ ®³ ³ ² ¤®² ¥ª ¾ | n ·Ā ¤³£¦±¾®¶£ ¦¶ £m®£Á ¿ m¦± ¤±¾ Å «³¢³¤ µ ³¢Â n ³ %RDUGURRP ² þÇ B o a r d r o o m | 21

Û ÐÉÑÔÉÖÌ ÉÑÕÛ Ü×ßÉÚÌÛ ÌÑÏÑÜÉÔ ÚÍÎ×ÚÕ°

ØÚ×ÌÝËÜÑ×Ö ËÉØÉËÑÜá° ÑÕÕÝÖÑÜá ÉÖÌ ÝÖÑÜá ÉÚÍ ÜÐÚÍÍ ÕÉÒ×Ú ÉÚÍÉÛ that technological advancement will give us opportunities like never before.

As we all know that we are in the digital age that technology becomes crucial in our everyday lives and leads to changes in several dimensions. We start getting used to the word ‘disruption’ which can provide new business opportunities and establish several new players in industrial sector. Hence directors should pay attention to disruptive technology and prepare for any challenge or impact that may happen.

aims towards digital reform, production capacity, immunity and unity are three major areas that technological advancement will give us opportunities like never before. In the meantime, policymakers and regulatory bodies can also support on infrastructure and environmental development which will strengthen stability and innovation, leading to meaningful change in the country,” he said.

The National Director Conference 2018 on a topic Rising Above Disruption: A Call for Action was therefore organized by IOD on June 21. Well-known Thai and foreign speakers share their views on solutions to cope with disruptive technology.

The next session “Managing Disruption and Risk in Financial Industry” was presented by Andrew Sheng, Distinguished Fellow at the University of Hong Kong Asia Global Institute, and Rapee Sucharitakul, Securities and Exchange Commission secretary-general. The focus was on the impact of disruption in Asia’s financial sector, and the role of regulators in preparation to financial management 4.0 whether it is adjusting mindset, working process, rules and regulations or new tools to meet with disruption. Speakers also shared their views from international companies’ lens regarding bracing for rapid business change during a group talk on the topic Building Resilience in the Era of Disruption in Finance Services.

Prior to the seminar session, a breakfast talk on the topic “How to Build a Cyber Resilient Organization” presented by Paul M O’ Rourke, PwC Cybersecurity Leader-Asia Pacific, covered details about cybersecurity risk and its impact, followed by Q&A session.

The first seminar session focused on the much-disrupted financial sector. Dr. Veerathai Santiprabhob, Bank of Thailand Governor, gave a special lecture. “As Thailand

The afternoon session was all about non-financial businesses, starting with a seminar on the topic “Leading through Disruptions from the Boardroom” focusing on the directors’ need to adjust themselves to disruptive technology and new innovation based on clients’ need.

As the corporate leader, directors can no longer stick with the same old mindsets or beliefs. Human and organizational development need to go together. A special lecture on the topic “How the Era of Change has Shaped Expectations about the Strategic Role of the Board?” by Anne Molyneux, Vice Chair of the International Corporate Governance Network (ICGN), and a group seminar from members of the Global Network of Director institute on the topic “key issues and actions from global boardroom” were scheduled in the last session. Each speaker from different countries such as South Africa, Brazil, England, the Philippines and the United States also shared his/her interesting views. Ú² ÉØÍÍ ÝËÐÉÚÑÜÉÓÝÔ° ÍËÚÍÜÉÚá± ÍÖÍÚÉÔ° ÍËÝÚÑÜÑÍÛ ÉÖÌ àËÐÉÖÏÍ ×ÕÕÑÛÛÑ×Ö° ÐÉÑÔÉÖÌ ¬ ­

22 | B o a r d r o o m

INTRODUCTION

Cyber Risk: How to build a cyber-resilient organization

by Mr. Paul O’Rourke, Global Cyber Security Leader, PwC

z ¹ ² ¨³¢¾«¶Æ£ n³  ¾ ®¤q &\EHU 5LVN ¸®¾ | ¾¤¸Æ® ¸Ç ³ ¶Æ ¤¤¢ ³¤ ¨¤ ¤³ ¾ ÿĀ® ³ ¨³¢¾«¶Æ£ n³  ¾ ®¤q ²Ç ¢¶ ²Ç ¿ m¤º ¿ ¸Ç ³  · ¤º ¿ ¶Æ ¢¶ ³¤¨³ ¿  ¤m ¤® ¢³®£m³ ¶ ¦m³¨ ¸® ¾¤µ¢Ā ³ ¾¤¸®Æ m³£Ä ¾ m ³¤À ¤ ¤¤¢ ®¢ µ¨¾ ®¤q ¬¤¸®À ¤©² q¢¸® ¸® ˳Á¬n«ºè¾«¶£ n®¢º¦«Ë³ ²è ²Ç n®¢º¦«m¨ ²¨¿¦± n®¢º¦ ¤µª² ³¤ n®À ¹ ¤µ À £ Á ® q ¤¾ ¸Æ ® À¢£¬¤¸ ® ¤² ¾ ¦¶Æ£ n®¢º¦ ¤µª² ¾ ¸Æ® ¤±À£ q«m¨ ²¨ ³¤ À ¢ ¶ ³ ¡³£ ® À £ ºn ˳ ³¤ +DFNHUV

¾ n³¢³¦ n®¢º¦¬¤¸®À « q n®¢º¦«m¨ ²¨Á ¾¨Å  q ® ¤µª² ¾ n³¢³¿ n n®¢º¦¾ ¸Æ® ³¤£² £® ¬¤¸® À¢£¾ µ ¬¤¸®¾ n³¢³À ¢ ¶ ¾ | ¤± ¨ ³¤¾ ¸Æ®Á¬n¾¨Å  q ¤µª² ¬¤¸® ¤± ³ ®¢ µ¨¾ ®¤q ® ¤µª² ˳ ³ ¢m

 n ˳Á¬n ¹¤ µ n® ¬£¹ ± ² ¬¤¸®«m ¦ ¤± n®¢º¦Á À¦  ¾ ®¤q ³¤«ºè¾«¶£ ¦ ¦µ ¶Æ¢¶ Á ³ ¦ m® ¤µª² Á¬n¢m«³¢³¤ ˳¾ µ ¹¤ µ ¹ ¡³ ¤¨¢ · n® ¢¶ ³¤ ¤² ¤±¾ ¶£ Á¬¢m m®Â  n ¾ ¶Æ£¨ ²  ¾ ®¤q¾ µĀ¢¢³ ·Ç

® ³ þÇ £² «m ¦ ¤± Á¬n¾ µ ¨³¢¾«¶Æ£ n³ ®¸Æ Ä ³¢¢³  n¿ m 6? =J141O_W N. Ā`3#L AL;WDO_<" . L3[&W4G= ¨³¢¾«¶£Æ n³ ¦£¹ q 6WUDWHJLF

¾¢¸®Æ ¢¶ ¨³¢¾«¶£Æ n³  ¾ ®¤q¾ µ · Ç Risk) x ³¤ ³ ³¤¢¶«m¨ ¤m¨¢Á À¦  ¾ ®¤q £m ® ¢«m ¦ ¤± ³ ¦ Á n ³ m ³ Ä ®³ ˳ «ºm ¨³¢¦n¢¾¬¦¨ ® ³¤¤µ¾¤µĀ¢¾ µ ¢³ ¢³£ ¾ m ³¤«ºè¾«¶£¤³£Â n¬¦² ³¤«ºè¹ ¾«¶£ ¦£¹ q ¶Æ«Ë³ ²è ® ® q ¤¿¦± ˳ «ºm ¨³¢ ¨³¢¾ ¸Æ®¢²Ā ® ¦º n³ ¦³ ¹ ¦m¢«¦³£ ¾«¶£¾ ¤¶£ Á ³¤ ˳¬ ¦£¹ q n ¹ m³¾«¶£À® ³«¾ µĀ¢ ·Ç ³¤¾«¶£¾ ¤¶£ ¨³¢¾«¶ Æ £ ³ Ç ³ ³¤¾ µ ¾ µ ¦£¹ q ³¤¾ µĀ¢ ·Ç ® ¬ þÇ«µ ³¤¾ µĀ¢ ·Ç ® ¾ ¶Ç£ ¤± ² ¡²£Á À¦  ¾ ®¤q m³Á n m³£ ¶Æ )LQDQFLDO 5LVN x ³¤¾ µ ¨µ ¥ ³¤ q ³ ¾ µĀ¢ ·Ç Á ³¤ m®¢¿ ¢¿¦± ˳¤¹ ¤² ª³ m³Á n  ¾ ®¤q ®³ ˳ «ºm ³¤«ºè¾«¶£ ³ ³¤¾ µ m³£ ¶Æ¾ µĀ¢ ·Ç Á ³¤ ® « ® ¿¦± ³¤ ºn ¸ ¾ | ®£m³ ¢³ B o a r d r o o m | 23

5 }EL1L"[&W4G= X< ?"GL#W3Q_G";L#L :L 2R= N#X?J:L =K*[; DL;L=0X 5 }EL AL;WDO_<"3O`[. =A;0P"G" =/ L"] ZE AL;DdL K} K4 L=?"1R31L". L3W1 Y3Y?<OX?J L= A4 R; L=Z% W1 Y3Y?<O;L W N3 AL;#dLW5 3 ¨³¢¾«¶Æ£ n³ ¹ ¡³ 4XDOLW\ DLWE/R3dL[5DS 5 }EL1L"[&W4G= Risk) x ¬³ ®¹ ¤ q¬¤¸® ¦µ ¡² q ƶ ¢m¤® ¤² «³¾¬ ¹ ¶Æ ˳Á¬n z謳 ³  ¾ ®¤q ¢³ ¤ ³¤ ³  ¾ ®¤q¾ ¶£ ® ®³ ¸®Â n¨m³ ¿£m ¦ ®³ ¾ ÿ Ā® ¢³ ³ ¡³ ¹¤ µ ¿¦±¡³ ¤² ¾ | ¦µ ¡² q ¹ ¡³ ÈÍ´ ¢m«³¢³¤ ¿ n z謳 ¨³¢¾«¶Æ£ þÇ n ¤¨¢ · ¨³¢¾«¶Æ£ ³ n³ ³¤ ² ³¤ ® q ¤ m³ Ä Á¬n ¨³¢«Ë³ ²è ² ³¤¦ ¹ 2SHUDWLRQDO 5LVN ¨µ ¥ ³¤ q ³  ¾ ®¤q ³ n ³ ¾ À À¦£¶ ¿ ¦± ³¤ ¨ ¹ ¢ ³¤Á n ®³ Ë ³  «ºm ³¤¾ c ¾ £ n ® ¢º ¦ ¶Æ ¢¶ ¨³¢ ¾ À À¦£¶¢³ ¾ µ ¨³¢ ˳¾ | ¨³¢Â¢m¢¶ ¦±¾®¶ £ ®m ® ¬¤¸ ® ¾ | ¨³¢¦² ³ ³¤ n ³ ¤±«µ µ¡³ ³ ³¤Á n ¾ ®¤q ¶Æ ¢m n º ® ¹¤ µ ˳Á¬n ³¤ ˳¾ µ ¹¤ µ ¬£¹ ± ² Å ² ³¤¿¦± ¨ ¹¢ º¿¦À £ & /HYHO ¬¤¸® ± ¤¤¢ ³¤ ¿¦±¤¨¢ · ³¤ ³ ¨³¢¤ºn ¾ |  n ¨³¢¾ n³Á Á ¾¤¸Æ® ³¤À ¢ ¶ ³ À¦  ¾ ®¤q ¨³¢¾«¶Æ£ n³ ¸Æ®¾«¶£ ¶Æ ±«m ¦ ¤± m® ¸Æ®¾«¶£ ® q ¤¬¤¸® ¦ 5H SXWDWLRQ 5LVN x ³¤¦±¾¢µ «µ µ ³ ˳¤ ³ ³¤¾ µ  ¾ ®¤q ¿ ¦± ³¤ ® « ® m ®¨µ ¥ ³¤ q ³  ¾ ®¤q ¶Æ¦m³ n³«³¢³¤ «m ¦ ¤± m® ¸Æ®¾«¶£ ® ® q ¤Â n®£m³ ¢³ dL0L;1O_ -J ==; L= A=EL dL/G4 ¨³¢¾«¶Æ£ n³ ³¤ µ ² µ ³¢ À £«¤¹ ¨³¢¾«¶Æ £ n ³  ¾ ®¤q ¤±¾ ¶£ &RPSOLDQFH 5LVN x ¨µ ¥ ³¤ q ¾ |

¾¤¸ Æ ® «Ë ³ ² è «Ë ³ ¬¤² ¹ ¤ µ ¶Æ ¤± ¹ ³  ¾ ®¤q®³ ˳ «ºm ³¤ ¤² ¾ ¦¶Æ£ ¤µ ª

² ²

²

Ç Ë³ ³¢ ¶Æ ± ¤¤¢ ³¤ ¨¤ ® ¤±¾ ¶£ n® ² ² ·Ā ®³ £³ m® ³¤ ˳¾ µ Á¬n  n ¾ ¶ £ Æ ¨ ²

¾¤¸Æ® þÇ Â n¿ m ¹¤ µ m®Â  n

Ú² ÉÝÔ ñ ×ÝÚÓÍ° áÊÍÚÛÍËÝÚÑÜá ÍÉÌÍÚ ÛÑÉ ÉËÑÎÑË° ß

24 | B o a r d r o o m

± ¤¤¢ ³¤¤ºn¬¤¸®Â¢m¨m³® q ¤¢¶ ¨³¢ ¾«¶Æ£ n³  ¾ ®¤qÁ ¾¤¸Æ® Á n³ ® q ¤¢¶ ¤± ¨ ³¤¿¦± ²Ç ® ¶Æ n® Ë ³ ¾ µ ³¤¾ ¸Æ ® ¿ n  z è ¬³ ¨³¢¾«¶Æ £ ³ n³  ¾ ®¤q®£m³ ¤ n³ ± ¤¤¢ ³¤¢¶ ³¤ ¤±¾¢µ ¨³¢¾«¶Æ£ ³ n³  ¾ ®¤q®£m³ ¾ | ¤± ¬¤¸®Â¢m ± ¤¤¢ ³¤¢¶ ³¤¿ ¦ ³¤ q¾ ¶Æ£¨ ² ³¤£®¢¤² ¨³¢¾«¶Æ£ ³ n³  ¾ ®¤q ¬¤¸®Â¢m ± ¤¤¢ ³¤ ±«³¢³¤ £®¢¤² ¨³¢ ¾«¶Æ£ ³ n³  ¾ ®¤q n¢³ n®£¾ ¶£ Á ³¤£®¢¤² ¨³¢¾«¶Æ £ ³  ¾ ®¤q ²Ç º ¦º z ®£ºm ²Ā ¨ ²Ç ® q ¤®£m ³ ¢¶ ¤±«µ µ¡³ ¬¤¸®Â¢m

Cyber risk is regarded as fundamental knowledge trend that the directors should know as it is varied from easy and common format to careful, wellthought and complicated plan. It can start with simple frauds and scams leading to loss of important private and company data. Whether it is insider fraud stealing company’s data for personal gain, hackers deleting or posting messages on company’s website or the process of cyber attack, all affect company’s website, resulting in business suspension and negative impact on the company.

Cyber risk impact Cyber risk that happened has many negatively impacts for example loss of income, loss in clients’ confidence, capital market failure, increasing cost of opportunity loss, strategic disadvantage, increasing debt and cyber risk premium, maintenance cost and data recovery cost, loss of quality products and new adjustment to cyber rules and regulations.

Other impacts that will follow are:

6. Cyber crisis may lead to change and improvement of rules and regulation which makes business operation more complicated

Reasons that lead to cyber issues Reasons that could worsen cyber issue may vary from inability of business and governmental sectors to solve the risk to over technological investment in different organizations. Lacking effectiveness to manage cyber usage, control by C-level or the directors and lacking understanding on cyber attack which may affect organizational credit and financial profits.

Questions that the directors should seek answers In conclusion, cyber risk is crucial for business operation as it affects every company. Therefore, the directors should be able to answer the following questions: - Are the directors aware of any cyber risk the organization is exposed to?

1. Strategic Risk – loss of cyber - What are steps and processes that the organization should be participation may lead to failure to equipped with in order to solve the key strategic initiation and strategic issue of cyber risk? identification disadvantage 2. Financial Risk – Cyber crisis may - Do the directors systematically assess cyber risk? lead to major financial loss 3. Quality Risk – Equipment or product - Do the directors issue any statement of acceptance to cyber risk? that is not compatible with cyber measure, they can be regarded as - To what extent the directors can low-quality product. accept cyber risk?

4. Operational Risk – Cyber crisis may lead to disclosure of confidential - Is acceptance of cyber risk effectively grown in the organization? data, leading to suspension of business operation 5. Reputation Risk – Violation of cyber copyright and delayed response to cyber crisis may affect reputation of the organization B o a r d r o o m | 25

Ú² ÍÍÚÉÜÐÉÑ ÉÖÜÑØÚÉÊÐ×Ê° ×ÞÍÚÖ×Ú ×Î ÜÐÍ ÉÖÓ ×Î ÐÉÑÔÉÖÌ

Keynote Remark

by Dr.Veerathai Santiprabhob, Governor of the Bank of Thailand

¾¤³®³©²£®£ºmÁ £¹ ³¤¾ ¦¶Æ£ ¿ ¦ ¶Æ ¨³¢ n³¨¬ n³ ³ ¾ À À¦£¶ ± ¦µ À ¢ ¹ Ä «µĀ ²Ç ¨³¢¾¤Å¨ ® ¾ ¿¦± ¦ ¤± ® ³¤¾ ¦¶Æ£ ¿ ¦ ¶Æ¾ µ ·Ç ²Ç ¦n¨ ¿¦n¨¿ m ¾ | «µĀ ¶Æ¢m¾ £¾ µ ·Ç ¢³ m® À £ ±¾ n³Â ¤² ¾ ¦¶Æ£ ²Ç 9DOXH &KDLQV Á ¹ ¡³ «m¨ ¿¦± ¹ ¢¹¢ ²Ā¨À¦ ®£m³ n³¨ ¤±À

³¤ µ ¨² µ µ µ ®¦«m ¦ ¤± ¨n³ ¿¦±¬¦³ ¬¦³£¢³ ²Ç ¿ m¡³ ³¤ ¾ ª ¤Â · ¤ £ q ³ ¾ ª ¤ ¤Â · ºn¾ ¶Æ£¨ ³è n³ ³¤¾ µ 'URQH º ˳Á n¾ ¸Æ® ¤¨ «® ¦ ¦µ ³ ³¤¾ ª ¤¿¦±Á¬n ¤µ ³¤ ³ n³ À¦ µ« µ «q $, «³¢³¤ ˳Á n ³ ³¤ q¢±¾¤Å ³ ¤º ¿  n¿¢m £Ë³ ¨m³ ¿ £q¿¦± ˳Á¬n¤ £ q«³¢³¤ ² ¾ ¦¸Æ®  n ¾® ³ ' 3ULQWLQJ *HQRPH 0DSSLQJ  «ºm ,QWHUQHW RI 7KLQJV ¿¦±Á ¾¨¦³®² Á ¦n ,QWHUQHW RI (YHU\WKLQJ ¹ ®£m³ ±¾ |   n ®£m³ ¤n ¶ ˳ ²

26 | B o a r d r o o m

¬³ ¾¤³«³¢³¤ ® « ® m ® ¨³¢ n³ ³£¾¬¦m³ þÇ n ¶¾ ¶£ Á £m®¢ ±¾ | ²¨ ˳¬ ˳¿¬ m ® ¤±¾ ©Â £Á ¤± ¾©¤ª µ À¦ ¿¦±¾«n ³ «ºm® ³ ® ¦º ¬¦³ ¾¤³ ¿ m ® ¨m³Â¢m¢¶Á ¤«³¢³¤ ³ ¾ ³  n®£m³ º n® ¨m³¾«n ³ ® ¨³¢ n³¨¬ n³ ³ ¾ À À¦£¶ þÇ ± ˳¾¤³Â «ºm® ³ ®£m³ ¤ ¿ m«µĀ ¶Æ¾¤³«³¢³¤ ¢²Ā Á  n ¸®¨µ ¶ ²Ç ¾ µ¢Á ³¤ ˳¾ µ ¹¤ µ m³ Ä ¿¦± ¨³¢¾ | ºn ˳ ± º n³ ³£ ± ¤¤¢ ³¤¿¦± ºn ¤µ¬³¤ n® ¾ µè ² ¨³¢¾«¶Æ£ ¾ µ ¦£¹ q ¶Æ®³ ¹ ³¢ m ® ¨³¢«³¢³¤ Á ³¤ Ë ³ ¾ µ ³ ® ® q ¤¬³ ¨ ¾ ³Â¢m«³¢³¤ ¾ ¦¶Æ£ ¿ ¦ ¤º ¿ ¹¤ µ  n ² ¾¨¦³¾ ¸Æ®Á¬n¿ m ²  n «µĀ «Ë ³ ² è ®¶ ®£m ³ ¸ ® ³¤ ¤µ ¬ ³¤ ² ³¤ ¨³¢ ¾«¶Æ £ ¶Æ ¾ ¶Æ £ ¨ n ® ² ³¤¾ ¦¶Æ £ ¿ ¦ ³ µ µ ®¦ ¤¤¢ ³¤ ¹ m³ ¤³ ¶¨m³ ³¤ ˳¾ µ ³¤¾ ¦¶Æ£ ¿ ¦ ¾ µ ¦£¹ q Á¬n ¤±« ¨³¢«Ë³¾¤Å ¢mÁ m¾¤¸Æ® m³£ ¿¦± ³¤ ˳¾ µ ³¤¾ ¦¶Æ £ ¿ ¦ ¤± µ µ ®¦Á¬n ¤±« ¨³¢«Ë³¾¤Å Á ± ¶Æ¤± µ¾¨©£² ² ³ ®£ºm ±£µĀ ¾ | ¾¤¸Æ® ¶Æ n³ ³£¢³ ·Ç  ®¶

m ³ ¢ ¦³ ¨³¢ n ³ ¨¬ n ³ ³ ¾ À À¦£¶ Ƥ¶ ¨ ¾¤Å¨ ¢¾ ¸Æ®¨m³ ¹ ¾¬Å n¨£ ¨m ³ ¦£¹ q ³¤¾ i ³ ¤®¿¦±¾ i ³ ¢® ¢m ¾ ¶ £ ®¿¦n¨ ¿ m n® Á n ¨³¢ ¦n³¬³èÁ ³¤¾ | ºn ˳¾ µ ³ ¾ n³Â Á µ ¿ ¶Æ¢m¤ºn ² ¨³¢¤ºn ¨³¢¾ n ³ Á ¤m ¨ ¢ ² ¤±¬¨m ³ ¤¤¢ ³¤ ± m¨£Á¬n¾¤³«³¢³¤ ² «µ Á  n®£m³ º n® ¿¦± ˳® q ¤Â n ¿¦± ¶Æ«Ë³ ²è£µĀ ¨m³ ²Ç ¸® Ë ³ ¤±¾ ©Â £«ºm ¾ «n ³ ¶Æ º n ® ·Ā ¾ | ¾«n ³ ¶Æ ±£ ¤± ² £µĀ ·Ç

Á ³ ± ¶Æ ¤±¾ ©Â £ n® ³¤¢¹m µ¤ º ¤± µ µ ®¦ ¾¤³ · n® ¢¹ m ¾ n  ¶«Æ ³¢ ¤±¾ Å ¬¦² ¸® ¨³¢«³¢³¤ Á ³¤ ¦µ ³¤«¤n³ ¡º¢µ ¹n¢ ² ¿¦± ³¤¤¨¢ ²¨ ² ¨³¢ n ³ ¨¬ n ³ ³ ¾ À À¦£¶ ² ¾ | À® ³«®² £µĀ Á¬èm «Ë ³ ¬¤² ¾¤³Á ³¤£ ¤± ² ¤±¾ Å ²Ç «³¢ þÇ®£m³ ¶Æ¢m¾ £¢¶¢³ m® Á ± ¾ ¶ £ ¨ ² ºn Ë ³ ¬ À£ ³£¿¦±¬ m ¨ £ ³ Ë ³ ² º ¿ ¦ Å « ³¢³¤ Á¬n ³¤« ² « ¹ Á ¤± ² À ¤ «¤n ³ ¸Ç ³ ¿¦±«m ¾«¤µ ¢ «¡³ ¿¨ ¦n®¢ ¶Æ¢¶¾« ¶£¤¡³ ¾®¸Ç® m® ³¤«¤n³ «¤¤ q

¨² ¤¤¢Á¬n ® £ºm Á ¤± ² ¶Æ « ³¢³¤ Ë ³ ¾ µ ¾ ¦¶Æ£ ¿ ¦ Á «¡³ ¿¨ ¦n®¢¿ µ µ ®¦ ³¤Â n¿¦± ˳ «ºm ³¤¾ ¦¶Æ£ ¿ ¦ ¶Æ¢¶ ¨³¢ ²Ç ± n ® «¤n ³ ¨² ¤¤¢® q ¤ ¶Æ ¦m ® ² ¨ ¿¦±¨m ® ¨¾ ¸Æ ® Á¬n ¾ µ ¨³¢£¸ ¬£¹m ¿¦± ¬¢³£«Ë³¬¤² ¤±¾ ©À £¤¨¢ ¤¨ ¾¤Å ¨ ¶Æ ± m ¨ £¾ µĀ ¢ ¤±«µ µ ¡ ³ ¿¦± ¤± ³¤¿¤ ¾ ¶Æ£¨ ² ¨³¢«³¢³¤ ¨² ¤¤¢Â n Á ±¾ ¶£¨ ² Å n® ¦º z Á ³¤ ¦µ ³¤¾ µ¢Ā ¨³¢«³¢³¤ Á ³¤ ¦µ ¨² ¤¤¢ ³¤ ¤µ¬³¤ ¨³¢¾«¶Æ£ ¾ ¸Æ® i® ² ® ¤±¾ ©¾ | «µĀ Ë ³ ¾ | ¾ ¸Æ ® Ë ³ Á¬n ¢²Ā Á ¤µª² n¨£ ¨m³ ³¤¾ µ À ³ ¾©¤ª µ ±¾ µ ®£m ³ m® ¾ ÿĀ® ³ ®¹ «³¬ ¤¤¢ m³ Ä ·Ā ³ ¾ ÿĀ® Á ¤±£±£³¨ À £¾ ³±®£m³ £µĀ ³¤ ¾ ¦¶Æ£ ¿ ¦ ³ À ¤ «¤n³ ¾ ÿĀ® ³ ¿¤ ³ n®¢º¦¿¦±¾ À À¦£¶ ƶ ² ¾ ¦¸Æ® n¨£ n®¢º¦ ¶Æ ¢¶ ® ³£¹ ¢ ³ Ë ³ Á¬n ¤±¾ © ® ¾¤³ n ® ¢³ · Ç ³¤¤² ª³ ¨³¢ ¦® ¡²£Á À¦  ¾ ®¤q ¤² ¤¹ ³¤ ¦µ ¾ ¸Æ®¤² ª³¤± ² ® ¦ ¦µ · n ®  n ¤² ³¤ µ ³¤ ³¾ | ®² ² ¿¤ ¾®³Â¨n Á ± ¶Æ®² ¤³ ³¤¾ µ À ® ¿¤ ³ Ë ³ ¨ ¾¬ ¹ ³¤ q ® ¡² £ ¹ ³¢ ²Ā¨ À¦  n  £ ˳¦² ¦ ¦ À £¤±¬¨m³ d ¾ µĀ¢ ·Ç À £¢¶ ¨³¢ ¶Æ ¨³¢ ² n® ¿¦± ¨³¢ ®² ¤³ ³¤¾ µ À ® ¿¤ ³ m ® d ¢¶ ®² ¤³ ¤¹ ¿¤ ® ¦ ¤± ¾ µĀ¢ ·Ç ²¨®£m³ ¾ m ¾ ¦¶Æ£ ·Ā ¦ ¦ ®£m³ ¢³ ³ Á Á d 0F$IHH /DEV  n ² · ¢²¦¿¨¤q m¨ ¤±¬¨m³ d ¬³ ¤±¾ ©Â £ Á¬¢m ˳ ¨ m®¨² ¿ m¾¢¸Æ® · d £² ¢¶¿ ¨À n¢¾ m þÇ m®Â ¤±¾ ©Â £ ± ²¨¾¦ ² ¦m³¨Â n¾ µĀ¢ ·Ç ¾ ¸® ¾ m³ ¾ | ¢m«³¢³¤ ¤² ª³¤± ² ¨³¢«³¢³¤ Á ³¤ m®¨² ¬¤¸® ¤±¢³ m® ³ ¶ À £ ³ ¨m ³ m ³ Á n m ³ £ ® ®³ è³ ¤¤¢ ¿ m ² ¿¦± ¦ ¦µ  n  ¾ ®¤q ±¾ µ ² ¦n³ ¾¬¤¶£è«¬¤² Á

z ¹ ² ¨ ³ ¢ n ³ ¨ ¬ n ³ ³ d Çþ n¨£¾¬ ¹ ®Çþ q ¤ · n® «¤n³ ¨³¢£¸ ¬£¹ m ¾ À À¦£¶ ˳Á¬n n ¹ Æ³Ë ·Ā «m ¦«Ë³ ²è m® Á À¦  ¾ ®¤q n¨£ ³¤¨³ ¢³ ¤ ³¤ i® ² ³¤¾ µ¢Ā ¦ ¦µ &ORXG &RPSXWLQJ 5RERWLFV ¾ ¸Æ ® ¤² ¤¹ ³¤ i ® ² ¿¦± ¤¨ ¬³¡² £ ¿¦± $XWRPDWLRQ m¨£Á¬n ¤¹ µ «³¢³¤ ¤±¬£² ¹ ³¢¿¦±¾ ¤¶£¢ ¤n®¢¤² ¢¸® ² ³¤ ® m³Á n m³£Â n¢³ %LJ 'DWD $, ¿¦± 0DFKLQH « ® ¿¦± ³¤ ºn ¸ ¾¢¸Æ ® ¢¶ ³¤À ¢ ¶ ³ /HDUQLQJ «³¢³¤ ˳¾« ® n®¢º¦¾ µ ¦· ¶Æ m¨£  ¾ ®¤q Á¬n«³¢³¤ ¾ n³ · ¤µ ³¤ ¶Æ ¤ ¾ i³¬¢³£¢³ ¤± ³¤ ¶Æ«³¢¾ ¶Æ£¨ ² ³¤¤¨¢ ² £µĀ ·Ç ¹ · ¨¤ ¨n³À® ³« þÇ¿¦±£ ¤± ² ¾ À À¦£¶Á¬¢mÄ ¾ ¸Æ® ¤² ¤¹ ¤±«µ µ¡³ ³¤ ² ³ ³ ¾©¤ª µ À £Â¢m¢¶ ³¤ ¤± ³£ ¶Æ¾ | ¤¤¢®³ ˳Á¬n¾ µ ¨³¢Â¢m¢²Ā ³ ® ¤µª² ®¹ «³¬ ¤¤¢ ¿¦± ¤±¾ © «² ¢¿¦±¾©¤ª µ ¿¦± ³¤¾ µ À ®£m³ £² Ā £¸ ¤± ³¤ ¶Æ « ® ¾ ¶Æ £ ¨ ² ³¤«¤n ³ Á ¤±£±£³¨ þĀ¾ | ®¶ ¬ ·Ā ¤±¾ Å ¶Æ¾¤³ n® ¡º¢µ ¹n¢ ² ¾ ¸Æ® ³¤¾ µ À ®£m³ £²Ā £¸ ¾¤³ n® ¤² ¤¹ Á ¤± ² ¤±¾ © ³¢¤³£ ³ ® ¢¶¡º ¢µ ¹n¢ ² ¶Æ¾ ¶£ ® m ® ³¤¤² ¢¸® ² ¿¤ &UHGLW 6XLVVH ® ¨³¢¢²Ā ²Ā ® ¤±¿ ¶Æ¢m ³ µ ¾¤³ ˳¦² ¢¶ ¶¨µ ®£ºmÁ ¤±¾ © º ¨ ¹¢À £ ºn ¶Æ¤ Æ˳¤¨£ ¶Æ«¹ ·Ā ¢¶ m¨ ¾¨¦³¿¬m ³¤¾ ¦¶Æ£ ¿ ¦ ¶Æ£µĀ Á¬èm ·Ā ®£ºm¿ m¾ ¶£ Á ± ¶Æ ¶Æ µ ¾ | ¦¦² q ±¾ µ ·Ç ®£m³ ² ¦² ¢m«³¢³¤ ¾ n³ ® À £ ºn ¶Æ¾ | ¾ n³ ® ¶Æ µ ¿¤ Á ³ ¾ ³Â n ¢¶ ¨³¢ ² ¨ ¿¦± ˳ «ºm¤º ¿ ± ¶Æ ¤± ³ ¤«³¢Á «¶Æ  ¢m  n ¾ | ¾ n ³ ® Á¬¢m ® ¨³¢¾«¶Æ£ ¢m¾ ¶£ ¿ m ¤µª² ±¾ µè ¶Æ µ Á Ä ¾¦£ ² ¨³¢¾«¶Æ£ ³ n³ ¦£¹ q ³¤¾ µ ¿¦± ¾ m ¾ ¶ £ ¨ ² ³ ¤ µ ¨² µ ³¤ ˳¾ µ ³ ¾ m³ ²Ç ¿ m ¤µª² ± n® ¾ µè ² ¨³¢¾«¶Æ£ ¶Æ¾ ¶Æ£¨ n® ² ³¤¾ ¦¶Æ£ ¿ ¦ ®¹ «³¬ ¤¤¢«¢²£ m® ³¤ µ¨² µ µ µ ®¦ ˳ ³ µ µ ®¦ n¨£ ³¤ ¤µ¬³¤ ² ³¤ ¤± ¨ ³¤ ¢³ ·Ā ¨³¢ n³ ³£Á ³¤ ¤± ³£¤³£Â n¿¦±

¨³¢¢²Ā ²Ā ¾ ÿĀ® ³ ºn ¶Æ¢¶ ² ª±¿¦± ³¤ ¾ n³ · ¾ µ ¹ «º ¨m³¢¶¿ ¨À n¢ ¶Æ ±¾ Å ¾ ¶Æ£¨ ¦ ¤±À£ q¿¦±Â n¤² «m¨ ¿ m µÇ Á¬èm ·Ç ¾¤³ · ¨¤¾¤¶£ ¤n® Á¬n¾ µĀ¢ ¨³¢ £³£³¢Á ³¤¿ n  z è ¬³ þÇ ¾ ¸Æ ® Á¬n ¿ m Á ¨m ³ ¢m ¢¶ Á ¤ º µÇ ¨n n³ ¬¦² ·Ā ¬³ z謳 þÇ º ¦±¾¦£ µ µ ®¦ ±£µĀ ˳Á¬n¾ µ m® ¨m³ ³ n³ ¨³¢ ¾ m³¾ ¶£¢ ² ¢³ ·Ç

³¤¾ n³ · ¾ À À¦£¶¿¦± ¨² ¤¤¢ ¶Æ m³£ ³£¿¦±¤³ ³Â¢m¿ «³¢³¤ m¨£¦ ¨³¢¾¬¦¸Æ®¢¦Ç³Ë ¿¦±«m ¾«¤µ¢ ³¤¤¨¢ ²¨ ® ¤±¾ ©Â £ ¦¹m¢¤³£Â n ¶Æ¢¶¤³£Â n Æ³Ë ¿¦± ºn Á ¸Ç ¶Æ¬m³  ¦ ˳¾ | n® ¢¶ ³¤¾ n³ · ¤µ ³¤ ¶Æ¢¶ ¹ ¡³ ·Ā ˳¾ | m® ³¤ ² ³ «¨²« µ ³¤¾ m ¤µ ³¤ n³ ³¤©· ª³¿¦± ³¤ ³ ³¤ ² ²Ç · ¾ | ¾¤¸Æ® «Ë³ ²è ¶Æ ± n® ¢¶ ³¤¨³ À ¤ «¤n³ ¸Ç ³ ²Ç ¸Ç ³ ¾ m ¹ ¾ ¸Æ®¢ m®®µ ¾ ®¤q¾ Å ¨³¢¾¤Å¨«º ²Ā¨ ¤±¾ © ¿¦±¤± À® ¾ µ ³ 3URPSW3D\

À ¤ «¤n ³ ¸Ç ³ ¾¬¦m ³ þÇ n ® «³¢³¤ Ë ³ ³ ¤m ¨ ¢ ²  n ¿ ¦±¾ c ¨n ³ «Ë³¬¤² ¹ ·Ā ¿ m ® ¨m³ ± n® ¢¶ ³¤ ˳ ³ ¤m¨¢ ² ¤±¬¨m³ ®¹ «³¬ ¤¤¢ ²Ç ¬¢ ¢m Á m¿ m ¨³¢ £³£³¢ ® ¤µª² Á ¤µª² ¬ ·Ā 3URPSW3D\ ¾ | ¦¢³ ³ ¨³¢¤m¨¢¢¸® ®£m³ Á ¦n µ ¤±¬¨m³ ³ ³¤¿¬m ¤±¾ ©Â £ ² «¢³ ¢ ³ ³¤Â £ ¤± ¹n Á¬n¾ µ ³¤ ¿ m ² ¤±¬¨m³ ³ ³¤ ·Ā ¾ | ³¤ ¤± ¹n Á¬n ¾ µ ³¤¾ µĀ¢ ¤±«µ µ¡³ Á ¤º ¿ ³¤ ˳¤± ¾ µ ³ ®¶¾¦Å ¤® µ «q ·Ā ± m¨£¾ µĀ¢À® ³« Á¬n ² ºn n³¿¦± ºn ¤µÀ¡ ¤³££m®£ ˳ ¨ ¢³

®¶ z ²£¬ ·Ā ¶Æ«Ë³ ²è«Ë³¬¤² ³¤ ¤¨¢ ² ¾ | ¨³¢¤ºn¾ ¶Æ£¨ ² ¤± µ µ ®¦ ¢¶ ¨³¢ ˳¾ | ¶Æ ± n® ² Á¬n¢¶ ² ª± ¶Æ ˳¾ | «Ë ³ ¬¤² ³¤®£ºm ¤ ® ¿¦±¾ ¤µ è ¾ µ À Á £¹ µ µ ®¦ þÇ þĀ¾ | ³ ¶Æ£²Ā £¸ ¿¦± n® ¢¶«m¨ ¤m¨¢ ®£m³ ¢³ Á ¹ ¤± ² ¨³¢ £³£³¢ þ«Ç ³¢³¤ ¾¤µĀ ¢ n n ¨ £ ² ³ ¿ m ¦ ± Á ® q ¤ ·Ā ˳ ³ ¶Æ¢¶ ¨³¢ ˳ ³è ³ n³ ¾ µ  «ºm¾ ¸Æ® ¶Æ ˳ ³ n³ ³£ ³ ¾ À À¦£¶

® ØÍÍËÐ $4K4W/^;DL;L=0G L3W8Ċ_;W/N;[. 1O_ ßßß²ÜÐÉѱÑ×̲Ë×Õ

B o a r d r o o m | 27

4=ĂžCK1#J/ G"W6%N} K4 AL;WDO_<"1O_W O_<A G" K4 L=W5?O_<3X5?"1L".N#N/G?. A< L=4=ĂžEL=#K. L= =J4A3 L=W5?O_<3X5?"Z3D:L8XA.? G;X44.N#N/G?3K`3

#J/ G"D= L"AK,32==;G" =1O_ ? G"/KAX?JA G"[A W8Ä?_GZE W N. AL;<Q.E<R 3X?J=A.W=^A1O_#J% A<W8Ä&#x160;_;5=JDN12N:L8X?J3AK/ ==;[. Â?Ă&#x2014;Ă&#x2022;Ă&#x2DC;Ă&#x2030;Ă&#x2013;Ă&#x2018;Ă?Ă&#x203A; Ă&#x;Ă&#x2018;Ă&#x201D;Ă&#x201D; Ă&#x17D;Ă&#x2030;Ă&#x2039;Ă? Ă&#x2013;Ă&#x2014;Ă&#x153; Ă&#x2014;Ă&#x2013;Ă&#x201D;ĂĄ Ă&#x;Ă&#x2018;Ă&#x153;Ă? Ă&#x203A;Ă&#x153;Ă&#x161;Ă&#x2030;Ă&#x153;Ă?Ă?Ă&#x2018;Ă&#x2039; Ă&#x161;Ă&#x2018;Ă&#x203A;Ă&#x201C;° Ă&#x17D;Ă&#x2018;Ă&#x2013;Ă&#x2030;Ă&#x2013;Ă&#x2039;Ă&#x2018;Ă&#x2030;Ă&#x201D; Ă&#x161;Ă&#x2018;Ă&#x203A;Ă&#x201C; Ă&#x2030;Ă&#x2013;Ă&#x152; Ă&#x2014;Ă&#x2DC;Ă?Ă&#x161;Ă&#x2030;Ă&#x153;Ă&#x2018;Ă&#x2013;Ă? Ă&#x161;Ă&#x2018;Ă&#x203A;Ă&#x201C;

Ă&#x160;Ă?Ă&#x153; Ă&#x2030;Ă&#x201D;Ă&#x203A;Ă&#x2014; Ă&#x;Ă&#x2018;Ă&#x153;Ă? Ă&#x152;Ă&#x2018;Ă?Ă&#x2018;Ă&#x153;Ă&#x2030;Ă&#x201D; Ă&#x152;Ă&#x2018;Ă&#x203A;Ă&#x161;Ă?Ă&#x2DC;Ă&#x153;Ă&#x2018;Ă&#x2014;Ă&#x2013;²

Â?Ă?Ă&#x2030;Ă&#x2013;Ă?Ă? Ă&#x2022;Ă&#x2030;Ă&#x2013;Ă&#x2030;Ă?Ă?Ă&#x2022;Ă?Ă&#x2013;Ă&#x153; Ă&#x2018;Ă&#x2013; Ă&#x153;Ă?Ă? Ă&#x152;Ă&#x2018;Ă?Ă&#x2018;Ă&#x153;Ă&#x2030;Ă&#x201D; Ă?Ă&#x2013;Ă&#x17E;Ă&#x2018;Ă&#x161;Ă&#x2014;Ă&#x2013;Ă&#x2022;Ă?Ă&#x2013;Ă&#x153; Ă&#x2013;Ă?Ă?Ă&#x152;Ă&#x203A; Ă&#x153;Ă&#x2014; Ă&#x2018;Ă&#x2013;Ă&#x2039;Ă&#x2014;Ă&#x161;Ă&#x2DC;Ă&#x2014;Ă&#x161;Ă&#x2030;Ă&#x153;Ă? Ă&#x153;Ă?Ă? Ă&#x160;Ă?Ă&#x2018;Ă&#x201D;Ă&#x152;Ă&#x2018;Ă&#x2013;Ă? Ă&#x2014;Ă&#x17D; Ă&#x161;Ă?Ă&#x203A;Ă&#x2DC;Ă&#x2014;Ă&#x2013;Ă&#x203A;Ă&#x2018;Ă&#x17E;Ă? Ă&#x2030;Ă&#x2013;Ă&#x152; Ă&#x2030;Ă?Ă&#x2018;Ă&#x201D;Ă? Ă&#x2039;Ă?Ă&#x201D;Ă&#x153;Ă?Ă&#x161;Ă? Ă&#x2018;Ă&#x2013; Ă&#x153;Ă?Ă? Ă&#x2014;Ă&#x161;Ă?Ă&#x2030;Ă&#x2013;Ă&#x2018;âĂ&#x2030;Ă&#x153;Ă&#x2018;Ă&#x2014;Ă&#x2013;° Ă&#x201D;Ă?Ă&#x2030;Ă&#x152;Ă&#x2018;Ă&#x2013;Ă? Ă&#x153;Ă&#x2014; Ă&#x2030;Ă&#x152;Ă&#x2030;Ă&#x2DC;Ă&#x153;Ă&#x2030;Ă&#x160;Ă&#x2018;Ă&#x201D;Ă&#x2018;Ă&#x153;ĂĄ Ă&#x2030;Ă&#x2013;Ă&#x152; Ă&#x203A;Ă&#x2DC;Ă?Ă?Ă&#x152; Ă&#x153;Ă?Ă&#x2030;Ă&#x153; Ă?Ă?Ă&#x201D;Ă&#x2DC;Ă&#x203A; Ă&#x2018;Ă&#x2022;Ă&#x2DC;Ă&#x161;Ă&#x2014;Ă&#x17E;Ă? Ă&#x2018;Ă&#x153;Ă&#x203A; Ă&#x2DC;Ă?Ă&#x161;Ă&#x17D;Ă&#x2014;Ă&#x161;Ă&#x2022;Ă&#x2030;Ă&#x2013;Ă&#x2039;Ă? Ă&#x2030;Ă&#x2013;Ă&#x152; Ă&#x2018;Ă&#x2013;Ă&#x2013;Ă&#x2014;Ă&#x17E;Ă&#x2030;Ă&#x153;Ă&#x2018;Ă&#x2014;Ă&#x2013;² We are living in the disruptive era with technology transforming all things. It has never happened before in terms of speed, scope and impacts. Changes are found in the entire value chains of all sectors throughout the world by leaps and bounds.

The impacts of digital disruption are broad and diverse, affecting industries from agriculture to automobile and influencing people from farmers to financial experts. Drones have been used in agricultural productivity monitoring and logistics service providing.

AI steps in as a medical tool to predict some forms of cancer with more accuracy when compared to a doctorâ&#x20AC;&#x2122;s diagnosis. It also allows cars to drive themselves. From 3D printing, genome mapping, internet of things and, in no time, internet of everything, all will be limitlessly possible.

However, what we can be sure of is that the traditional way of business and leadership will be challenged. Board of directors and management will be facing strategic risks seen as threats to corporate capability if failing to change business practices. Another important thing is management of risks related to digital disruption. Every director is well aware that it is not easy to succeed strategic change operation. Transforming into digital system while the overall ecology is still at developing stage is even more challenging.

In the world of rapidly emerging technology, I believe all would agree that waiting and observing strategies is no longer enough. Courage is needed to lead the way to the unknown land.

Shared knowledge and understanding among directors will help us make a right decision to lead the company and, most importantly, bring Thailand to the How well we respond to these right, elevating path. challenges will indicate Thailandâ&#x20AC;&#x2122;s position in the global economy and With Thailand focusing on digital transthe future prospect of our children. It formation, we have to look at three main is certain that no one can foresee how points which are productivity, immunity technology will lead us to the future. and unity. Technology is considered as

28 | B o a r d r o o m

a major opportunity for us to upgrade these three elements as never seen before. Meanwhile, policymakers and regulators can provide support in infrastructure level, promote a friendly and secure environment appropriate for an executable innovation and the development of meaningful changes for the country in a general aspect.

Firstly, for productivity, a domestic boost up is a must to make sure that economic growth will continues in the long run, especially in terms of change in infrastructure. With a number of aged workforce, we need improvement to maintain our capacity level as growth rate of Thai labor is decreasing. During 2002-2017, a growth rate of Thai workforce is at an average 2.9% per year, a big drop compared to 5% during 1986-2001. If such trend continues, Thailand may not be able to maintain its competitiveness and productivity.

Nowadays, technology helps reduce the cost, leading significantly to an increase in productivity. Cloud computing, robotics and automation helps save a lot of money while big data, AI and

of people do not own any piece of land.

Similar to industrial revolution in the old days, digital revolution brings not only challenges in income and wealth diversification but also opportunities for us to improve better skills, access to fund, yield more benefits and take a bigger slice of the pie. We then should come up with the stronger effort to solve problems in order to make sure that no one is left behind. With the problem being neglected, digital will even make the equality gap wider.

machine learning offers in-depth information allowing for a more accessible service provided for the right target. All should take this opportunity to enhance new technologies for the efficiency improvement of companies, industries and the country.

Secondly, about immunity, we need to be immune enough in dealing with the unexpected shock in order to ensure sustainable growth. We are living in the era of great disruption with a possible outcome that can be sudden, unexpected, fluctuating and leading to new forms of risk. Companies will face not only with strategic risk, financial risk and operating risk but also with digital disruption.

Change management in the digital environment needs to incorporate the building of responsive and agile culture in the organization, leading to adaptability and speed that helps improve its performance and innovation. Practice of risk management also needs to be cultivated for corporate security.

Since industries nowadays depend on data and data-driven technology more than ever, cyber security is the issue

to be considered first. Numbers of threats affecting throughout the world have risen as well as their frequency, complication and impact intensity.

For example, in 2010, McAfee Labs recorded 60,000 new malwares per day while, in 2017, the number increased, by almost 10 times, to 500,000 malwares per day or approximately 350 malwares per minute. It is expected that cybercrime can cost more than 600,000 US dollars this year. Therefore, organizations have to build their cyber resilience by setting preventive measures to enhance security and search for possible threats, together with preparing to respond and restore whenever cyberattacks happen.

An easy and inexpensive access to technology and innovation can help reduce the divide and promote Thailand’s unity. People with low payment and those living in remote areas need access to quality services, including education and banking essential for welfare development. Infrastructures such as nationwide high-speed internet connection and PromptPay money transaction system are fundamental for development the country.

These basic infrastructures must be able to work together. There certainly need to be cooperation between all industries, beyond any single company’s effort. PromptPay is an output of close collaboration between the Bank of Thailand and the Thai Bankers Association.

Competition has been encouraged among banks to enhance their performance through the form of e-payment which helps maximize opportunity for a large number of retail Thirdly, in terms of unity, a lack of fair sellers and consumers. diversification in economy growth may Another important issue about unity cause insecurity in social and economic is digital knowledge. Essential skills aspect as well as in sustainable growth for survival and growth in the digital in the long run. This is another issue in era are needed to be provided. All need of a national-level improvement. levels are required to take part in this According to Credit Suisse, 58% of a sustainable approach. This effort can country’s wealth is held by its richest start from each and every employee people accounting only for 1% of the who is specialized technician and then population while 61% of land is tenanted move on to his/her colleagues working by the top 10% owner and three-fourth with technological challenge.

® ÝÔÔ ÛØÍÍËÐ ×Î Ú² ÍÍÚÉÜÐÉÑ ÉÖÜÑØÚÉÊÐ×Ê ÉÊÔÍ Ü× ÚÍÉÌ ÉÜ ßßß²ÜÐÉѱÑ×̲Ë×Õ B o a r d r o o m | 29

INTRODUCTION

Finance 4.0: Implication for Board and Business Models

by Mr. Andrew Sheng, Distinguished Fellow, Asia Global Institute, the University of Hong Kong

Á m¨ ¡d ³£¬¦² ¨µ ¥ ¾©¤ª µ À¦ ²Ā¨À¦ m³ ¾ µè¬ n³ ² ¨µ ¥ ³¤ q GLVUXSW ¤±¾ © ¶ ¦³£¾ | ¤±¾ ©¢¬³®Ë³ ³ n ³ ¾©¤ª µ ®² ² «® ¤® ³ «¬¤² ®¾¢¤µ ³ ¤¨¢ · ¢¶ ³¤ µ¨² µ n³ ¾ À À¦£¶Á¬n ² «¢²£ ·Ç ·Ā ³¤¾ ¦¶Æ£ ¿ ¦ ¤²Ç £µĀ Á¬èm n³ ¶Æ ±«m ¦Á¬n ³¤ ˳¾ µ ¹¤ µ ¬£¹ ± ² ¦  n ®¸ ³¤¾ ¦¶£Æ ¿ ¦ ³ ³¤¾¢¸® ¡¢º ©µ ³« ¤q ¾ © m¨ ®³£¹ ¡º¢µ®³ ³© ¿¦±¾ À À¦£¶

³¤ n³¨¾ n³«º m ³¤ µ¨ ² ®µ ¹ «³¬ ¤¤¢ ² Ç ¾ | ³¤ ¤² ²¨ ¶ Æ ³Ë  «º m ¨³¢«¤n³ «¤¤ q ·Ā ± þÇ ¤±¾ © ¶ ˳¦² ¾ ¦¸Æ® ²¨¿¦± n³¨  «ºm VFDOH ¶ÆÁ¬èm ·Ç ¿¦n¨ «m¨ ¡³ ¤¨¢ ® ¤±¾ ©®¸Æ Á ¿ ¾®¾ ¶£ ±¾ | ³¤¾ ¦¶Æ£ m³ ³ ²Ç ¾ ª ¤ ¤¤¢Â £² ²Ç ¨² ¤¤¢ ¿¦± ¦µ ¡² q ¶Æ¾ | ¶Æ£®¢¤² ¤± ² À¦

30 | B o a r d r o o m

Á ® ³ ¤±¾ ©Á ¿ ¾®¾ ¶£ ±¢¶ ¨³¢ ¤Æ³Ë ¤¨£¢³ ·Ç ¢¶ ³ ¦º n³ ¶Æ¢³ ·Ç ¤¨¢ ²Ç ¢¶ ¾ q ¶Æ¾ n¢ n ·Ç ·Ā ¦ ¤± ® ¾ À À¦£¶ m®À ¤ «¤n³ ¹¤ µ ¢¶ z ²£¬¦²  n¿ m

³¤¿ m ² ¤¹ ¿¤ ·Ç x ¤³ ³ «µ n³ ¶Æ º ¦ ³¤ «m  n¤¨ ¾¤Å¨ ·Ç ¿¦± ¤® ¦¹¢ ²Ā¨À¦

³¤¾ ¦¶£Æ ¿ ¦ ³ n³ ¤± ³ ¤ ©³« ¤q x ¦º n³¢¶®³£¹¾ µĀ¢ ·Ç ¾ ©¬èµ ¢¶ ®Ë³ ³ ¸Ç®«º ·Ç

¨³¢ ³ ¬¨² ³ ¦º n³¾ µĀ¢ ·Ç x ¦º n³ n® ³¤ ¨³¢¾ ¸Æ®¢²Ā ¨³¢À ¤m Á« ³ «µ n³¢³ ·Ç ¤¨¢ · «¸Æ® ±¢¶ ¦ m®¡³ ¦² ª q ® «µ n³¢³ ·Ç

¬¢³£ ¾ q n® ² ² £¹m £³ ¢³ ·Ç ¢¶ ³¤¬¦¶ ¾¦¶Æ£ ¡³ª¶ ¬¢³£ n³ ®¤q¤² ²

«Ë ³ ¬¤² ¦ ¤± ³ n ³ ³¤ ¾ µ ¬³ ¾ ¤¶£ ¾ ¶£ ² m³ ³ µ¿¦n¨ · ¿¢n ¡º¢µ¡³ ¾®¾ ¶£®³ £² ¢m¢¶ ³¤ ˳ ² º¿¦ ¶Æ ¶ ¶Æ«¹ ¿ m Å¢m n¾¦¨¤n³£¢³ ² ² ¾ m Á m¨ ¨µ ¥ ¾©¤ª µ d ¶Æ ¤±¾ ©Â ££² «³¢³¤ ² ¾ ¦¸Æ ® ¾©¤ª µ ® ¤±¾ ©  n ¾ ÿĀ® ³ ® ¹¤ µ Á ¤±¾ ©¾ | ¹¤ µ ¤® ¤²¨ ¿¦± ¤·Ā ¬ ·Ā Á ²Ç ¾ | ²¨ ² ¾ ¦¸Æ® *'3 ® ¤±¾ ©

¤±¾ Å «Ë ³ ² è Á ³¤ ² ³¤ n ³ ³¤¾ µ ® ¤µª² ¸® ¤µª² ¢² « Á ¦ ® ¿ ¤±£±«²Ç ¾ m À ²« ¢³ ¨m³¢¹m ¾ n ¨³¢£²Ā £¸ ® ¤µª² Á ¤±£±£³¨ ® ³ þÇ

£² ¢m¢¶ ³¤ ¤± ³£ ¨³¢¾«¶Æ£  £² «m¨ m³ Ä ® ® q ¤¾ m³ ¶Æ ¨¤ ¤µª² ¨¤¢¶ ³¤ µ¤º n³ ¾ À À¦£¶ ²Ç Á ¾¤¸Æ® 6SHHG [ 6FDOH [ 6L]H ¿¦±«¤n³ ¨³¢¾ ¸Æ®¢²Ā Á¬n ² ºn¢¶«m¨  n ¾«¶£ ¹ h³£ À £¾ ¤¶£¢ ¤n®¢¤² ¢¸® ² z謳 ¶Æ ±¾ µ ·Ç Á ¤±£±£³¨ ¤¨¢ ²Ç ¾ q ¶Æ ±¢¶ ³¤¾ ¦¶Æ£ ¿ ¦  ® ³ þÇ ² ³ ¶Æ¢¶ ¨³¢«³¢³¤ Å¢¶ ¨³¢ ˳¾ | m® ³¤ ² ¾ ¦¸Æ® ¹¤ µ Á À¦ £¹ z ¹ ² ¾ m ²

)LQDQFH ²Ç ± ˳Á¬n ³¤ ˳¾ µ ¹¤ µ ¢¶ ¨³¢¿ m³ ³ ¤º ¿ ¾ µ¢ ºn «³¢³¤ ˳ ¹¤ ¤¤¢ ³ ³¤¾ µ ¾®  n 3HHU WR 3HHU À £Â¢m n® m³ ³¤ ˳ ² º¿¦ ³ « ³ ² ³¤¾ µ ® ³ þÇ ¶ ®µ ¾ ¶£ ¿¦±®³¾ ¶£ ±¢¶¤³£Â n¢³ ·Ç ²Ç ¦³ ¢¶ ˳ ¨ ¾ µĀ¢ ·Ç ¿¦±¾¤µĀ¢¢¶ ³¤ ² ¾ ¦¸Æ® ¹¤ µ Ú² ÖÌÚÍß ÐÍÖÏ° À £ Ë ³ ¾ À À¦£¶ ¤ ± ² «º ¾ n ³ ¢³ ¤² Á n ÑÛÜÑÖÏÝÑÛÐÍÌ ÍÔÔ×ß° ÛÑÉ Ô×ÊÉÔ ÖÛÜÑÜÝÜÍ° ÜÐÍ ÖÑÞÍÚÛÑÜá ×Î ×ÖÏ ×ÖÏ ® ³ þÇ ³¤«¤n³ ¨³¢¾ ¸Æ®¢²Ā Á ¤± ³¤ ¾ µ HFR V\VWHP RI WUXVW ± ˳ «ºm ³¤ 1. More intense competition - cheaper always looks at short-term return, ¾ µ À ®£m³ £²Ā £¸ ® ¹¤ µ Á ¡º¢µ¡³ ¾®¾ ¶£ prices, faster delivery and global such as bonus payment, rather than focusing on its long-term sustainability. reach  n®¶ n¨£ 2. Change in demography - customers getting older, women with higher Twenty years after the global economic purchasing power crisis, the world is facing disruptive situation with China ranked as the 3. Higher customer expectation customer’s higher need of confiworld’s second economic powerhouse dence and transparency in products after the US, and modern technology and the media’s greater influence revolution. Massive changes in six on product image areas that could lead to business setback include changes in politics, 4. Law - more complicated regulations, geology, gender, age, climate and tax avoidance, corruption law technology.

For financial impact, although the regulations in Asia, when compared to the west, might not be the best, they are not that bad. As seen during the economic crisis in 2008, Thailand could still pull through with its economy since 70% of the businesses were In the future, Asian countries will become family-owned and half of them were richer with the larger customer base those who propelled the country’s and stricter regulations. The impacts of GDP. technology towards business structure A key issue in corporate financial can be described in the following 4 areas: management is that the company Industrial Revolution 4.0 is a move towards creativity. China is already moving at the bigger step while other Asian countries in general are shifting from agricultural to innovative environment, with globally-recognized products.

Moreover, risks are not diversified to company units as much as they should be. The company should promote technological transformation in terms of speed, scale and size as well as build confidence among all stakeholders.

Preparation needs to be made for dealing with issues that will happen in the long run and the regulations that will change over time. Adding to that, skilled employees are also required to run the company’s business in this present world.

Finance 4.0 will change a traditional business practice. People can make their own transactions on a peerto-peer basis, without the financial institutes’ oversight. China, India and ASEAN will earn more revenue. Middlelass population is expected to increase.

Advanced technology will be adopted into business practices. And, building eco-system of trust will also lead to a sustainable business growth in the Asian region.

B o a r d r o o m | 31

Rising Above Financial Disruption through Regulation: Role of Regulators in the New World of Disruption

by Mr. Rapee Sucharitakul, Secretary-General, Securities and Exchange Commission, Thailand (SEC)

³¤ ¦µ ² 'LVUXSWLRQ ˳¦² ¾ µ ² ¹ Ä ®¹ «³¬ ¤¤¢ ¿¦± ºn ˳ ² º¿¦ ˳¾ | n® ¤² ²¨¾ ¸Æ® n³¨ m³ ³¤¾ ¦¶Æ£ ¿ ¦ ¶Æ ¤¨ ¾¤Å¨ þÇ ² ²Ç ¾¤³ ¹ n® ¾¤¶£ ¤ºn ¶Æ ± ¤² ²© µ¾ | ®² ² ¿¤ ¤¨¢ ²Ç ¤± ¨ ³¤ ¿¦± ³¤Á n ¬¢³£¾ | ¾ ¤¸Æ® ¢¸® « ³ ² ¶Æ ®£ºmÁ n ¾ q®³ ¢m«³¢³¤ ˳¾ µ ³¤Â  n ®m ¬¤¸®®³ ˳¾ | n® ¾ ¦¶£Æ ¿ ¦ ¤º ¿  £ ²¨®£m³ ¾ m ®¹ «³¬ ¤¤¢ ³¤¾ µ ¶Æ n ¾ ¦¶Æ£ ¤º ¿ ³¤ ˳¤±¾ µ Á ® ³ ®² Á ¦n þÇ ¤± 3 3 ± m¨£¾¤³ ˳ ³¤ ¦³ Á¬n¾ n³ · ¦¹¢m ¦º n³ ¾ n³¬ þ¿Ç ¦±¦º ¬ þ Ç £ ² ¢¶¤ º ¿ ¾ µ¢ Ä ®±Â¤ ® ³ ³¤ ¶Æ£² ¬¦ ¾¬¦¸®®¶ n³ ¢m¨m³ ±¤º ¿ ¤± ³£®Ë³ ³ ¶Æ m¨£Á¬n ² ¦ ¹ ˳ ¹¤ ¤¤¢ ³ ³¤¾ µ À £Â¢m n® Á n ³ ³¤ ¤º ¿ ¾ µ¢ ® ºn ˳ ² º¿¦ ¸® ³¤ ¨ ¹¢

32 | B o a r d r o o m

¨³¢¤² µ ® · n ® ®£ºm ² « ³ ² ¿ m ³n ¢m¢«¶ ³ ² ³¤¾ µ ¾¬¦m³ ² Ç ¿¦n¨ ² ¦ ¹ ¶Æ ±¾¤¶£ ¤ºn¿¦± ¤±¬ ² ¤ºn¨m³ ¨³¢ ¾¤³ ± ˳®£m³ ¤ ¾«¶£Æ ¢¶¢³ ¨m³ ¶ Æ nº ³Ë ² º¿¦«³¢³¤ ¨ ¹¢Â n

² ²Ç ºn Ë ³ ² º ¿ ¦ n ® ¦² ¢³ n¨£¾¬ ¹ ¦ þÇ ¨³¢¤¨ ¾¤Å¨¿¦± ³¤ µ ³¤ ³ · ³ Á «² ¢Á¬¢m Ä ¶Æ ˳¦² ¾ ¦¶Æ£ ¿ ¦ ®£m³ ¤¨ ¾¤Å¨ ºn ˳ ² º¿¦ n® · ¤² ²¨ · ¾ | «µĀ ˳¾ | n®¢º¦ m³¨«³¤Á¬¢m Ä ¤±¦· ¨m³ ² ³ ³¤ ® À¦ µ µ ®¦ ± m®£ Ä ¾¬ ÿ® ³¤ ³ ¾ ³ ˳¦² ¢³ ºn ˳ ² º¿¦Â¢m ˳¾®³¾ ¤¸Æ® ¢¸®Á¬¢m Ä ¾ n³¢³¿ ¶Æ¾ ¤¸Æ® ¢¸® « ³ ¢ ³ ¤ £· ® £ºm ² ¾ q ¾ m ³ ³ ¤±« ³¤ q¾ µ¢ Ä Â n®¶ m®Â ¿ m ˳¾ | n® ¾ m³¾ µ¢ Ä ¶Æ¾¤³ ¹n ¾ £ ² m®Â þÇ ¢®  n³ ¬ n³¨m³¾¤³ ±¤² ¢¸® ² ¾ q

¢¶¨µ ²£ m® ¾® ®£m³ ¤

³¤©· ª³

³¤«¤n³ ¨³¢ ¤±¬ ² ¤º n n³ n®¢º¦

ºn ˳ ² º¿¦ ˳¾ | n® ¤±¦· ¾«¢®

˳¦² ³¤ ¦³

ºn ˳ ² º¿¦¬ m¨£ ³ ˳¾ | n® ¨m³¢¶ ³¤¾ ¦¶Æ£ ¿ ¦ ® ¤± ³ ¤ ºn ¸®¬¹n «¸Æ®«³¤ ² ² ¦ ¹ ¨m³ ¾¤³Â¢m«³¢³¤ ˳Á «µĀ ² m®Â þÇ ¾ m³ Ä Â n®¶ m®Â

2) Education 3) Raising Awareness (information) 4) Market force - Regulators need to communicate to investors that regulators can no longer do what is expected of them traditionally.

- Instead the responsibility also rests on investors to learn and be aware of risks that go beyond what regulators can control.

Due to this, Agility and adaptability is necessary. New and unpredictable information is coming. Regulators can no longer base regulations on past experiences, but instead need to look forward on how we deal with regulations. Ú² ÉØÍÍ ÝËÐÉÚÑÜÉÓÝÔ° ÍËÚÍÜÉÚá± ÍÖÍÚÉÔ° ÍËÝÚÑÜÑÍÛ ÉÖÌ àËÐÉÖÏÍ ×ÕÕÑÛÛÑ×Ö° ÐÉÑÔÉÖÌ ¬ ­

³ ® ³¤¢¶«m¨ ¤m¨¢ À £ ³¤ Á n m® ³ Á¬¢m Ä ¾ m À ¾ ¶£¦¢¶¾ ¶£ ¾ ¹o ¦ l

ºn ˳ ² º¿¦ n® ² ³¤ ¨³¢ ³ ¬¨² ® ºn ¿¦± ® « ® ¨³¢ n® ³¤ ®£m³ ¤¨ ¾¤Å¨

ºn ¢m«³¢³¤ ¾ ¸Æ®¢²Ā m®« ³ ² ¾ µ¢ Ä m®Â ² ²Ç ºn ˳ ² º¿¦ ˳¾ | n® ˳ ³ ² ® q ¤ m³ Ä ¤¨¢ · ³¤¤± ¢ ¹ Á ¤º ¿ Á¬¢m Ä

¤³ ³ ® ¾ q£² ®£ºm · ¿¢n¨m³¾¤³ ±®£ºm m³¢ ¦³ ¨³¢¾ ¦¶Æ£ ¿ ¦ ¿ m¬¦² ³¤£² ®£ºm¾¬¢¸® ¾ µ¢ ºn ˳ ² º¿¦ n® ¢²Ā Á ¨m³Â¢m¢¶ ³¤ n®À ¢²Ā Á ¾¤¸Æ® ¨³¢ À ¤m Á« ® n®¢º¦ ¢³ ¤ ³ ³ ¨µ ³ ¶ ¿¦± ˳¤ ¨n ·Ā ©² µÊ©¤¶ ® ¦³

³¤ ² ³¤ ² ¨³¢ ³ ¬¨² ® ºn ¸®¬¹n ¶Æ¿ m³ ² ±¢¶ ¨³¢ ˳¾ | ®£m³ ¢³ ¿¦±¢¶ ¨³¢«Ë³ ²è¢³ ¨m³¾ µ¢ ¾¤³ · n® «¸Æ®«³¤ ² ºn ¸®¬¹n ¨ ¾ ³Â¢m«³¢³¤ £· µ ² « ³ ² ¿ ¾ µ¢ Ä ¬¤¸® ¦ ³ ¾ m³ Ä Â n®¶ m®Â ¿ m ®n º ¿Æ¶ ¨ µ ¿¦± ³¤¨µ¾ ¤³±¬q ¨n £

Disruption is coming to all industries and regulators need to adapt to these times of rapid changes. So, people must learn to first change their mindset/ process/use of regulatory tools.

Institutions under regulations may no longer be there/or may change the form. For instance, the banking industry has changed its payment systems. In the near future if we have p2p system that will be open for market participants, borrowers, lenders, what would be left of the banks as we know it? (Decentralized platforms that would allow investors to transact with one another without banks). The traditional role of regulators was to take control over institutions; but what do we do when those institutions no longer exists?

Thus regulators must reconsider its role in the new (rapidly developing) society. Regulators must realize that the development of the digital world erodes on its traditional tools to new tools must be used.

1) Self-discipline

Regulators need to take into account the demographic shift in stakeholder profiles.

- Participation scale --> use new channels ( social-media, Facebook live, line).

- Regulators must manage people’s expectations over the swiftness of their response.

- People no longer trust the formal institutions, so regulators need to work with other organizations and crowd source.

Foundation of regulation still exists.

Even though we are living in a changing world, our principles remain the same.

Regulators must ensure that there is no scam/fraud, ensure information transparency, professional standards, integrity of the market.

Managing expectations across differing stakeholder will be so necessary and more important than ever .We have to communicate to stakeholders that they can’t rely solely on past institutions or performances, but instead on their own thinking and analysis.

B o a r d r o o m | 33

Ú² ÍÖ ×áÉÖÉÏÑ° Û² ÚÝ ÍÖÖÍÜÜÍ° Ú² ×ÍÔ ÝÑÛÕÉÖ° Ú² ÜÍÎÎÍÖ ËÐÝÊÍÚÜ° Ú² ÍÚÚá Éá

Panel discussion I: “Building Resilience in the Era of Disruption in Finance Services”

Á z ¹ ² ¹¤ µ ³¤¾ µ ² ¾ | ¹¤ µ ®² ² n Ä ¶ Æ ³Ë ¦² ¤±« z謳Á £¹ ¿¬m ³¤ ¾ ¦¶Æ£ ¿ ¦ ¬¤¸® ¶Æ¾¤¶£ ² ¨m³ £¹ 'LVUXSWLRQ ¾¢¸Æ®¾ À À¦£¶Á¬¢mÄ ¾ n³¢³¾ ¦¶Æ£ ¿ ¦ ³¤ ˳¾ µ ¹¤ µ ¿ ¾ m³ £ ²¨®£m³ ¾ m ³¤Á¬n ¤µ ³¤ ³¤¾ µ m³ À ¤©² q¢¸® ¸® ¾ | n « ¹¦¾ µ µ µ ®¦ ¬¤¸® ¶¾Æ ¤¶£ ¨m³ &U\SWR &XUUHQF\ ¿¦±¾¬¤¶£è µ µ ®¦ ¬¤¸® 'LJLWDO 7RNHQ ¸® ˳¾ µ · Ç ¿¦± ¦³£¾ | ¿ ¨ ³ ³¤¤± ¢ ¹ ¤º ¿ Á¬¢m · ¿¢n¨m³ ±¢¶ ³¤¿ ¬¤¸®£² ¢m n¤² ³¤¤² ¤® ³ ¬¢³£ Á¬nÁ n nÁ ³ ¤±¾ © ³¤¤² ª³ ¨³¢¦² ® n®¢º¦Á ¡³¨± £³£ ²¨®£m³ ¤¨ ¾¤Å¨ ® «¸Æ®À ¾ ¶£¦ «m ¦Á¬n ¤¹ µ ¹ ¤±¾¡ ¤¨¢ · ¹¤ µ ³¤¾ µ ²Ç ¤±¾ Å «Ë ³ ² è ¨m ³ ±¤² ª³ n ® ¢º ¦ «m ¨ ² ¨ ® ¦º n³ À £Â¢m ¤± ² ³¤ ˳¾« ® ¨³¢ «± ¨ « ³£ Á ³¤Á n ¤µ ³¤Â n®£m³ ¤

34 | B o a r d r o o m

¤± £¸ £² ²¨ ³ µ µ ®¦¾ | ®¶ ¾¤¸Æ ® ¬ ·Ā ¶Æ º ²Ç n ® « «² £ Á ¾¤¸Æ ® ¨³¢ ¾«¶Æ£ n³ ¨³¢ ¦® ¡²£ ® n®¢º¦ ¶Æ®³ ¾ µ ³ ¤± ¨ ³¤ ¶Æ¾ | µ µ ®¦ ¢¶ ³¤¾¤µĀ¢ ˳ zèè³ ¤± µª q ¿ ¦±¤± ¬¹m £ q ¢³Á n ² ¤± ¨ ¹¢ ²Ç ® ®² À ¢² µ ³¤ µ m® ² ¦º n³ ¿¦± ³ ¤µ¬³¤«µ ¾ ¸Æ® ¿¦± ³¤¾ µ ·Ç ® %ORFNFKDLQ ·Ā ¾ | ¤± Á ³¤ ² · n®¢º¦ ¹¤ ¤¤¢®® ¦ q ž ¸Æ®¨m³ ±¾ n³¢³¤² ³ ³¤¾ | ¦³ ¿ ºn Á ¬n ¤µ ³¤ ³ ³¤¾ µ ¤º ¿ ¾ m³ ¶Æ ¦m³¨¢³ ²Ç ¬¢ n³ n þÇ ¸® ²¨®£m³ ® ¨³¢ n³ ³£ ¶Æ ¹¤ µ ³¤¾ µ n® ¾ µèÁ z ¹ ²

˳¾ | ¶Æ ± n® ¨ ¦£¹ q ³¤¦ ¹ Á¬¢m ¤¨¢ · n® µ ¬³¬¦² ¾ q Á ³¤ ¤±¾¢µ ¦ ³¤ Ë ³ ¾ µ ¹ ¤ µ ¾ µĀ ¢ ¾ µ ¢ ¾ n ³  n ¨ £ «µĀ ¬ ·Ā ¶Æ«Ë³ ²è ¶Æ«¹ ¸® ©² £¡³ ® ®¤q ¤µ ¬ ³¤Á ³¤¤² ¢¸ ® ² ¾ À À¦£¶ ¶Æ ¾ ¦¶Æ£ ¿ ¦  ®£m³ ¤¨ ¾¤Å¨ ³¤ ² ¾¦¸® ¤¤¢ ³¤ ¤µ¬³¤¿ m¦± ± n®  ¤m ¤® ¾ ¸Æ®Á¬n¿ mÁ ¨m³ ¨ ¾ ³ ±«³¢³¤ º¿¦ ¹¤ µ  n ® £m ³ ¢¶ ¤±«µ µ ¡ ³ Á m ¨ ¾¨¦³ ® 'LVUXSWLRQ þ Ç %ODFN5RFN ¾® ¾ n³Â ¢¶«¨m ¤m¨¢ n¨£ ³¤«m ºn¿ ®¤q  ¤m¨¢ ¤µ¬³¤ ¤µª² ¾¬¦m³ þÇ ¾ ¸Æ®Á¬n¿ mÁ  n¨m³ ¤¤ ³ ºn ¸®¬¹n ±Â¢m ³ ¹ ³ ³¤ ² «µ Á ¶Æ¢m¢¶ ³¤ ¤² ²¨ ³¢« ³ ³¤ q ® ¶Æ ¤± ¹¢ ¤µ¬³¤

0V 3UX %HUQHWWH ¤¤¢ ³¤ º n ² ³¤ ¤µª ² %ODFN5RFN ¦m³¨¨m³ ¾ ÿ®Ā ³ ¤µª ² ¿¦± ® ³ þÇ %ODFN5RFN £² ¾ n ¹¤ µ «m¨ Á¬èm ¶Æ ¤µª² ¾ n³Â ¦ ¹  n¤² ¦ ¨³¢«Ë³ ²è ¶Æ ³¤ ¤µ¬³¤ ¨³¢¾«¶Æ£ ® ¤± ³ z ²£¾ ¦¶Æ£ ¿ ¦ þÇ ¨ ¾ ³ · ¤µª² m³ Ä «µĀ ¶Æ %ODFN5RFN n® ³¤Â¢mÁ m

³¤¢¶ ºn ¾ ¶Æ £ ¨ ³è n ³ ¨³¢ ¦® ¡² £ ³  ¾ ®¤q¾ n³Â ²Ā Á ®¤q ¤µ¬³¤¿ m¾ | ³¤ ¢¶ À£ ³£¤² ¢¸ ® ² ¨³¢¾«¶Æ £ ® ¤¤ ³ ¤µª² ¾¬¦m³ þÇ ¿¦± ± ¤¤¢ ³¤ ¨³¢¾«¶Æ£ Å«¢ ¨¤ ±¢¶ ³ «Ë³ ²èÁ ³¤¤² ¢¸® ² ¨³¢¾«¶Æ£ ³  ¾ ®¤q ¾ m ¾ ¶£¨ ² ¨³¢ ¾«¶Æ£ n³ ®¸Æ Ä n¨£

Á «m ¨ ® « ³ ² ³¤¾ µ ²Ç %ODFN5RFN ®n ³¤Á¬n« ³ ² ¾¬¦m³ þÁÇ n ¤±À£ q ³ ¾ À À¦£¶ ¾ ¸Æ® ³¤ ¤µ¬³¤À® ³«¿¦± ¨³¢¾«¶Æ £ ¢³ ¨m ³ ¾ ¸Æ ® ¨² ¹ ¤±« q ®¸Æ £ ²¨®£m³ ¾ m ³¤Á n¾ À À¦£¶Á ³¤«¤n³ ¤± ¨µ¾ ¤³±¬q ³¤¾ µ ¾ ¸Æ® ³¤Á¬n ˳¿ ± ˳ ³ ³¤¾ µ ¿ m¦º n³ ¢³ ¨m³ ±¾ | ¾ ¶£ ³¤ ˳ ³¢ ¤±¿«À £Â¢m¢¶¿ ¨ ³ ² ¾

0U 5RHO +XLVPDQ ¤± ³ ¾ n³¬ n³ ¶Æ ¤µ¬³¤¦º n³¤³££m®£ ³ ³¤ ¬³¤Â £ Á¬n ¨³¢¾¬Å ¨m³ ¾ À À¦£¶ ˳¦² ¾ ¦¶Æ£ À¦ ¾ À À¦£¶¾ ¦¶Æ£ ¿ ¦ «µĀ ¶Æ¾¤³ ˳ ¨µ ¶ ³¤ ¿¦± ¥ µ ¤¤¢ ® ¾¤³ ¾ ¤³± ± ²Ç n³ ¹ ¢m ¤² ¾ ¦¶£Æ ²¨¾® ¹ Å ± º ¶ ² Ç ³ ¡³£ ® «Ë³¬¤² ¹¤ µ ³ ³¤ ³¤ n³¨¾ n³«ºm£¹ µ µ ®¦ ˳Á¬n¾¤³ n® ¾ ¦¶Æ£ ¿ ¦ ²¨¾® ¿¦±¾¤³ Å ¢® ¾¬Å À® ³««Ë³ ²èÄ ¬¦³£®£m³ 0U 5RHO ¦m³¨«¤¹ ¨m³ ®² ¶Æ ¤µ ¿¦n¨ ¾ À À¦£¶ µ µ ®¦ ¾ µĀ¢ ¶ ¨³¢«³¢³¤ ²Ç Á n³ ³¤¾ n³ · ³¤ ¨ ¹¢ º¿¦ ¨³¢¾ | «m¨ ²¨ ³¤«¤n³ ¤±À£ q¿¦± ¨³¢¾ |   nÁ¬n¢¶¢³ ·Ç

¹ ¨² þÇ 'LJLWDO %DQNLQJ ¾ | ¢³ ¨m³¿ m¿® ¦µ¾ ²Ā ¾ ¤³±¾ À À¦£¶ µ µ ®¦ m¨£ ² ³ ¤±« ³¤ q ¶Æ¦º n³Â n¤² ³ ¤µ ³¤ 0U 5RHO ¦m³¨¨m³ ³¤ ±®£ºm¤® Á «¡³¨±¾ ¦¶Æ£ ¿ ¦ ¾¤³ ±¾ | ± n® «¤n³ ¨µ ¶ ³¤ ˳ ³ ¿ Á¬¢m ¤¨¢ · ² ³® q ¤ Á¬n¢¶ ¨³¢«³¢³¤ Á ³¤ ® ¤² ¿¦±¢¶ ¨³¢ ¨ m® ³¤¾ ¦¶Æ£ ¿ ¦ ¶Æ¾ µ ·Ç ®£ºm ¦® ¾¨¦³ ¨³¢«³¢³¤ Á ³¤¿ m ² ¢mÁ m¾¤¸Æ® ® ³ ¨m³Á¬èm¬¤¸®¾¦Å ®¶ m®Â ¿ m ¦² ®£ºm ¶Æ ¨m³Á ¤ n³¬¤¸®¾¤Å¨ ¨m³ ² «Ë³¬¤² ³ ³¤ ¬³¤Â £¿¦n¨ ¾¤³ µ ¨m³ ³¤ µ¤º n® ¾ µ ·Ç ¬¢ ²Ā¨ ²Ç ® q ¤ ¢mÁ m¿ m¬ m¨£ ³ Á ¬ m¨£ ³ ¬ ·Ā ³¤ ¤µ¬³¤ ³ ¤º ¿ ¾ µ¢ ¿ ¦ ¦m³ Á n¢m n ¦Á «¡³¨±¾ m þÇ ¾¤³

n® ¤µ¬³¤® q ¤Á ¿ ¨ ® Á¬n®Ë³ ³ ¤µ¬³¤¿ m ² ³ ¬¤¸® ² Á¬n¢¶ ³¤ ˳ ³ À £¿ m ¾ | ¶¢ 9DOXH &KDLQV ¿¦± ¶¢ $JLOH ¢¶¬²¨¬ n³ ¶¢ ·Ā ±¾ | ¤± ¹n Á¬n¾ µ ¨³¢ ¤± ¸®¤¸®¤n m® ³¤¾ ¦¶£Æ ¿ ¦ Á ¬¢º m ² ³

0U 6WHIIHQ 6FKXEHW ¤± ³ ¾ n³¬ n³ ¶Æ ¤µ¬³¤ ¤µª² $QDSL[ &DSLWDO ˳ ² ¿¦±® ¶ ¤± ³ ¾ n ³ ¬ n ³ ¶Æ ¤µ ¬ ³¤ ¤µ ª² 1$6'$4 'XEDL ˳ ² ¿¦± 1DVGDT (XURSH ¿« ¨³¢ µ ¾¬Å ¾¤¸Æ® 'LVUXSWLRQ Á ¢¹¢¢® ® ¬ m¨£ ³ ˳ ² º¿¦¨m³ ¾¤³ ˳¦² º ² ®£m³ ¢³ ®² ¶Æ ¤µ ¨³¢¾ ¦¶Æ£ ¿ ¦ n³ ¾ À À¦£¶¾ µ ·Ç ²Ç ¿ m d¢³¿¦n¨ · ¢mÁ m¾¤¸Æ® Á¬¢m¾«¶£ ¶¾ ¶£¨ ®£m³ ¤ Å ³¢«µĀ ¶Æ ¾¤³¾¬Å ®£ºm ¹ ¨² þÇ ¸® ³¤¾ µ À ¶Æ¤¨ ¾¤Å¨ ¿¦± ¤± ² ¬² ·Ā «m ¦Á¬n¨µ ¶ ³¤ ¨ ¹¢ º¿¦ ¦³ ¿ m ² n® ¾ ¦¶Æ£  ®£m³ «µÇ ¾ µ

0U 6WHIIHQ £² ¦m³¨ n¨£¨m³ ¨³¢ £¸ ¬£¹m Á ³¤ ¤² ² ¨ ® ® q ¤¾¤µĀ ¢ n ¶Æ ®¤q ¤µ¬³¤ ¤¤¢ ³¤ ¤µ¬³¤ ® ¤µª ² m³ Ä n® ¾ n³Á ¿¦±¾ ¤¶£¢ ¤n®¢¤² ¢¸® ² ¨³¢ ¾ ¦¶Æ£ ¿ ¦ £µĀ  ¨m³ ²Ç ®¤q ¤µ¬³¤ ˳¾ | ± n® ¾ n³Á ¨m³ 'LVUXSWLRQ ²Ç ¢mÁ m ¤±¾ Å z謳 n³ ® ¶ ¿ m¾ | ¤±¾ Å n³ ¦£¹ q ³¤ ² ³¤ ¨³¢ ¦® ¡²£ ³  ¾ ®¤q ¨¤¾ | ¤±¾ Å ¦£¹ q¾ ¸Æ® ¨³¢«Ë³¾¤Å ¤±£± £³¨ ® ¤µª²

&U\SWR &XUUHQF\ ¾ | «µĀ ¬ ·Ā ¶Æ «m ¦ ¤± m®« ³ ² ³¤¾ µ À £ ¤ ¾¤³ ³ ³¤ q¨n ²Ç ¿ m¾¢¸Æ® d ¶Æ¿¦n¨¨m³« ¹¦¾ µ µ µ ® ¦ ± ¾ | ¦² ² ¾ ¦¸Æ ® ¨ ³ ¢ ¾ ¦¶Æ£ ¿ ¦ ¿¦± ® þǾ¤³ Š˳¾ | n® ¤² ¢¸® ² ¢² «Ë³¬¤² ¬ m¨£ ³ ˳ ² º¿¦ ² Ç « ¹¦¾ µ µ µ ®¦¾ | «µĀ ¶Æ ® £ºm ® ¾¬ ÿ ®  ³ «µĀ ¶Æ ¬ m¨£ ³ ¾¬¦m³ þÇ ± ¨ ¹¢ º¿¦Â n ¿ m · ®£m ³ ²Ç ¾¤³ ¹ ¡³ «m ¨ Å Ë ³ ¾ | ¶Æ ± n ® ¤m ¨ ¢¢¸ ® ² Á ¤± ² «³ ¦¾ ¸Æ ® ¤² ¢¸ ® ² « ³ ³¤ q ¶Æ¾ µ ·Ç

® ³ þÇ 0U 7HUU\ 5D\ ¤± ³ ¤µ¬³¤ h³£¾ À À¦£¶ ³ ,PSHUYD £²  n ¿« ¨³¢ µ ¾¬Å · ¨³¢¾«¶Æ£ ³  ¾ ®¤q ¨m ³ ¾ | «µĀ ¶Æ ®¤q ¤µ ¬ ³¤ n ® Ë ³ · · ¿¦±

¾ ¤¶£¢ ¤n®¢¤² ¢¸®®£ºm¾«¢® Á « ³ ³¤ q z ¹ ² ¾¤³ ˳¦² ˳Á «µĀ ¶Æ¿ m³  ³ ¾¢¸Æ® d ¶Æ¿¦n¨®£m³ ¢³ ¹ ¨² þÇ n®¢º¦ ® ¾¤³Â ¤³ ®£ºm ¹ ¶Æ n®¢º¦ ± º «m m®Â £² ¤µª² ¶Æ¢¶ ³ ¾¦Å ¨m³¿¦± ˳ ¾ Š¨n ¶Æ ¤µª² ¶Æ¾ | ¹ ¦ ¶Æ«³¢¬¤¸® 7KLUG 3DUW\ ¢¶ ³¤ ² ³¿® ¦µ¾ ²Ā Á¬¢mÄ ®£m³ m®¾ ÿĀ® ¿¦±£µĀ ¢¶¿® ¦µ¾ ²Ā ¢³ ·Ç ¾ m³Â¬¤m n®¢º¦ ® ¾¤³ Å ± º ¿ ¤q ¾ Š¨nÁ ¶Æ m³ Ä ¢³ ·Ç ¾ m³ ²Ç ˳Á¬n¢¶ ¾ n³ · n®¢º¦ ® ¾¤³  n¢³ ·Ç ·Ā ¢¶ ¨³¢¾ |   n«º ¶Æ ±¢¶ µ Á n n®¢º¦ ® ¾¤³Â Á ³ ¢µ ® ¾ µĀ¢¢³ ·Ç n¨£ ³¤ ² ³¾¬¦m³ þǾ µ ·Ç ¤n®¢ ² ¨³¢¾«¶Æ£ ¶Æ¾¤³ ¨¤¤ºn¢m¨m³ ±¾ | ³¤À ¢ ¶ n¨£ ''RV ³¤À ¢ ¶¿® ¦µ¾ ²Ā ³¤À ¢ ¶ n¨£ 5DQVRPZDUH ¿¦±¡²£ ¹ ³¢ ³ Á ® q ¤

¤µ ª² ¬¦³£¿¬m Ë ³ n ® ¢º ¦ ¬³£Á m¨ d ¶Æ m³ ¢³ ³¢ n®¢º¦ ¶Æ n¤² ³ 'DWD ORVV'% RUJ ¢¶¤³£ ³ n®¢º¦¤²Ā¨Â¬¦Á ¤±¬¨m³ m¨ ¾ ¸® ¥ª¡³ ¢ ¾ ¸® ¾¢ª³£ ¢³ · ¨m³ ¾ « ¿¦± ¨m³ n ® ¢º ¦ n ³ ³¤ º ¿ ¦«¹ ¡³ ¢¶ ®² ¤³¤²Ā ¨ ¬¦ ¾ µĀ¢ ·Ç ®£m³ ¢³ Á ± ¶Æ¡³ ³¤¾ µ º ± ¾¬¢¸® ± ² ³¤« ³ ³¤ q  n ¶ ¨m³

³ ²Ç ¬¢ ¶Æ ¦m³¨¢³ þÇ ¾¤³ ±¾ | ¶Æ ± n ® ¾ ¦¶Æ £ ¿ ¨ ¨³¢ µ ³ ³¤Á¬n ¢¶ ¾ ¶£ ¬¢³£ ˳ ² º¿¦ ²Ç ¸Ç ³  «ºm ¿ ¨ µ «¢² £ Á¬¢m ¾ ¤¸Æ ® ¨³¢ ¦® ¡² £ ® n®¢º¦ ®£m³ ¤ Å ³¢ ¾¢¸Æ®Â n«® ³¢¾¬¦m³ ¤± ³ ¤µ¬³¤ n³ ¨³¢ ¦® ¡²£ ® n®¢º¦ · ³ ³¤¤² ª³ ¨³¢¦² n ® ¢º ¦ ® ¦º n ³ ¨m ³ «µĀ ¶Æ ¨ ¾ ³¾ | ¬m ¨ ¢³ ¶Æ «¹ ¸ ® ®±Â¤ ˳ ® n®¿¤ ¶Æ n¤²  n¿ m

n®¢º¦¤²Ā¨Â¬¦À £ ¶Æ ¤µª² ¢m¤ºn ²¨ ¾ ÿĀ® ³ ¢¶ n®¢º¦¾ | ˳ ¨ ¢¬³©³¦ º ¾ Š¨nÁ ¤±

¤µª ² ¢m« Á «²èè³ ¾ ¸® n³ ¨³¢ ¦® ¡²£ m³ Ä ¿¦±Â¢m«³¢³¤ ³¢ « ³ ³¤ q  n ² Á ± ¶Æ ¤µ ¢ ³ ¨³¢ ¾«¶Æ£ ¾ µĀ¢¢³ ·Ç

¤µ ª ² ³ ¤² £³ ¤ ¹ ¦ ¡³£Á ¶Æ ¢¶ ¤±«µ µ ¡ ³ Á ³¤ m ¨ £¤² ª³ ¨³¢¦² n®¢º¦Â n

B o a r d r o o m | 35

®£m³ ¤ Å ³¢ 0U 7HUU\ £²  n ¦m³¨ À £«¤¹ ¨m³ Á ³¤¤² ¢¸® ² n® ² ¨¦¾¬¦m³ þÇ ¹ «³¢³¤ Á n¤± ³ n®¢º¦ ® ¹ ¢³¾ | ¾ ¤¸Æ® ¢¸® ¤¨ «®  n ¿¦± · ¢m¢¶ ³ n®¢º¦ Å £² ¢¶ ³ ¾¦¸ ® ®¸Æ Á ³¤¿ n z è ¬³ ¶Æ ¹ «³¢³¤ ˳ n ¬¦² ³¤«Ë³ ²è ¸® ¹ n® ² ¬³ ˳¦² ¢³¤² µ ® Á ³ ²Ç In this era, financial services are among the top industries that are faced with challenges of disruption. The way they do businesses traditionally has been disrupted by new technology. Mobile financial services is an example. Crypto currencies and digital tokens emerged as a new means of fundraising even though they are banned in some countries and not yet regulated. Data privacy in social media proliferation affects all kinds of businesses including financial services, bringing up the important issue of how to keep data privacy without compromising on the convenience. Digital KYC is another area that is questioned about the risks associated with privacy issues when the process is digitized. AI and Robotics started to be used in process automation, customer interface and credit management. The emergence of Blockchain is also believed to obsolete middleman roles of traditional financial service providers. All of the above mentioned are some of the challenges facing financial services these days.

Ms. Pru Bernette, Managing director from BlackRock said that since most of the companies and industries in which they invest are impacted by disruption, it is necessary for them to rethink their investment strategy and look for more criteria for their assessment. One of the most important areas goes into board competence in responding to the rapid changes in technology. Composition of board members needs to be reconsidered to ensure that they are able to

36 | B o a r d r o o m

perform their oversight roles effectively during these disruptive times. BlackRock also engage with companies by sending board representative to sit in companies to make sure that shareholders will not lose money due to the lack of adaptability in the boardroom.

responsive and agile to the ever changing environment. Competitive landscape is no longer about large or small, it is all about fast or slow. For TMB, the approach to transformation is entire organization must transform, not just a single unit. The traditional top-down management does not work under this changing environment.

We need to flatten our organization, empower employees or organize ourselves into Value Chains and Agile teams. The leaders need to create enthusiasm of workforce for change.

Apart from that, BlackRock also look at how the companies manage risks. They wouldn’t look for cyber security expert on the board, but what they would be looking for are companies’ policies in dealing with risks. Also, it is expected that risk committee should play a major role in dealing with cyber risks, Mr. Steffen Schubet, CEO of Anapix like other risks.

Capital Ltd. and former CEO of NASDAQ Dubai Limited and Nasdaq For financial institutions, BlackRock Europe shared his view about prefer them to make use of new disruption from the regulator side technology for opportunity and risk that we are currently under a lot of management purposes. For example, pressures. In fact, technology change companies can adopt technology to has happened since the past 20-30 create better financial analysis in order years; therefore it is not exactly a new to give financial advice to clients, rather thing. However, what we are seeing than just to keep up with the new today is the matter of speed and rapidity trends. of growth that radically change the way we regulate the market.

Mr. Roel Huisman, Chief Head of Retail Banking from TMB also shared his Mr. Steffen also mentioned that view that technology is now changing corporate resilience starts with board the world. Technology changes what of directors. Corporate boards must we do, how we do things, and also understand the change and get themhow we behave. Therefore, if you don’t selves ready to deal with it. More disrupt yourself, you will be disrupted. importantly, boards need to acknowledge For banks, digital transformation forces that disruptive change is not an IT issue, us to change and there are huge but a strategic issue. Managing cyber opportunities we can think of. Mr. Roel security should be a strategic issue for concludes that digital actually enables company’s long-term success. more: more access, more control, more personal, more benefits and more Cryptocurrency is one of the areas that possibilities. disrupts financial institutions directly.

We anticipated digital currency as a Nowadays, digital banking is more than disruptive force 20 years ago. We now just an application. It helps improve the need to deal with it. For regulators, it customer experience through digital is outside of something that regulators technology. To survive in the disruptive can do, but it is something that we all environment, Mr. Roel said that we need to work together at the global need to reinvent the way we work level. and also make the organization more

Last but not least, Mr. Terry Ray, Chief Technology Officer from Imperva, shared his view on the cyber risks that board of directors should be concerned about and prepare for. In todayâ&#x20AC;&#x2122;s environment, we are doing something very different from 5 years ago.

Nowadays, our data is everywhere.

Data is shared to smaller companies and stored by third party. Applications have been developed continuously and the more applications we have, the more places your data will be stored.

More people can access to our data and there is a strong possibility of having more actors that do something bad with your data. All these development come with risks that we should be aware of including DDoS attacks, Application

attacks, Ransomware attacks and security, what they are most concerned about, the followings are top three of Insider threats. their concerns: Many companies lost data during the past year. According to DatalossDB. 1. Breaches go undetected due to massive data stored. org, data breaches of more than 10,000 records happened during May 2. Organizations ignore security alerts and canâ&#x20AC;&#x2122;t keep up with the increase 2017 â&#x20AC;&#x201C; April 2018. It is also found that of volumes. there is a significant rise in the number of healthcare data breaches, while 3. Organizations lack of competent in-house staff to help secure data. financial sectors seem to manage situations better.

However, Terry summarized that, From all the above mentioned, shifting to cope with those concerns, your mindset from baseline regulation to database has the ability to audit. modern data security is necessary. Without database, there are always However, when asking the Chief other solutions and you have the Information Security Officers (CISOs) capability to do it. The key is you just about, in performing their roles in data need people to do that task.

B o a r d r o o m | 37

ÉØܲ Ú² £×ÖÏáÝÜÐ ÉáÉÔÉÚØ° Ú² ÐÉÖÛÑÖ ÚÍÍÖÝËÐÉÏÚ×Ö° Ú² ÐÑÜØ×Ô ÝÖÏØÚ×Õ° Ú² ÑËÐÉÜÍ ÉÖÜÑßÉÖÑËа Ú² £ÝÜÐ ×ÚÉËÐÉÜÜÉÚÖ

Panel discussion II: Leading Through Disruptions from the Boardroom 414L1 G" -J ==; L=1O;_ /O G ©ÎØ×ÚÕÙÎÛÊ ® q ¤ ¹ d ¢¶ ³¤ º ³ ©· ª³ n®¢º¦ m³¨«³¤ · ¾¤¸Æ® ¾ ¶Æ£¨ ² µ µ ®¦ ²Ç ¸®¾ | ¾¤¸Æ® ¶Æ Technology ¾ n³¤m¨¢ ³¤«²¢¢ ³ ¨³¢¤ºn m³ Ä ¾ ¸Æ®¾ | ³¤ n³ ³£«Ë³¬¤² h³£ ¤µ¬³¤¾ | ®£m³ £µĀ

˳¾ µ ¤³£ ³¤À £ ¤®n £¾® ³£¿ £q £ £¹ ¢²£¦³¡ º®n ³Ë ¨£ ³¤ h³£ ² ¢µ ¤® q ¤ ¿¦± µ ¤¤¢¾ ¸Æ®«² ¢ À¤ £³ ³¦ è³Â ® ¶ À ª ¤± ˳«Ë³ ² ³£ ¤² ¢ ¤¶ À £¿ m ¦± m³ ¬n¿« ¨³¢¾¬Å ¾ ¶£Æ ¨ ² ³ ® ± ¤¤¢ ³¤ ¶¢Æ ¶ ®m 'LVUXSWLYH 7HFKQRORJ\ ¨m³ ¹ ³è©µ¦ l ¤¶ ¹ ¤ ¤± ³ ¾ n³¬ n³ ¶¾Æ À À¦£¶¿¦±¨µ©¨ ¤¤¢ ¤µª ² ˳ ² ¢¬³ ¾¦m³ · ¢¹¢¢® ¿¦± ³ ® ± ¤¤¢ ³¤¿¦± ºn ¤µ¬³¤ ® ¶Æ¢¶ m® 'LVUXSWLYH 7HFKQRORJ\ ¨m³ ¨µ ¥ ³¤ q m³ Ä ¶Æ¾ µ ·Ç ˳Á¬n n® ¤² ²¨ ¾ ¸Æ® n³¨Â «ºmÀ¦ µ µ ®¦¢³ ·Ç À £ ± ¤¤¢ ³¤¿¦± ºn ¤µ¬³¤ ® ¦¹m¢¢¶ ³¤ ¨ ¦£¹ q ®

38 | B o a r d r o o m

¾ µĀ¢ º ¨³¢¤ºn ¨³¢¾ n³Á ¤² ¤ºn · ¿ ¨À n¢ ¹ ¨µ¾ ² µ¨³ µ ¤¤¢ ³¤®µ«¤± Á¬¢m ¾ ÿĀ® ³ ¢¶ ¨³¢¾ ¸Æ® ¶Æ¨m³ n³® q ¤Â¢m¢¶ ³¤ ¤² ²¨Á¬n ² m®À¦ ¹¤ µ ¶Æ¾ | µ µ ®¦ Å ¤µª² ¾ ² ¾ µÇ¦£º ¶ ®µ À À¦ µ« µ «q ˳ ² ¢¬³ -:' ¾¦m³ · -:' ¨m³ ˳¾ µ ±Â¢m«³¢³¤ ¿ m ²  n ¹¤ µ n³ :DUHKRXVH ¿¦± /RJLVWLF

¶Æ m³ ¢³ ± ¤¤¢ ³¤Â n® ¹¢² µ ¾ n ¿ ¨ µ ¶Æ¨m³ u:H WKLQN HYHU\WKLQJ À ¤ ³¤ ¶Æ m ® Á¬n ¾ µ ¨² ¤¤¢ ³ n ³ ORJLVWLFDOO\v ¸® ¹ «µĀ «³¢³¤ ¾ ¦¸Æ® £n³£ µ µ ®¦ m³ Ä Ë³ ¨ ¢³ ¤¨¢ · ¤m¨¢¢¸® ² ¾ ¦¶Æ£ ¿ ¦  n -:' ¸®¨m³ ¢¶¤³ ³ ¢³ « ³ ² ³¤¾ µ ²Ç ˳ ® ¤±¾ © ¾ ¸Æ® ® ³ ¹¤ µ ¤® ¤²¨ À £ ¹ ¨µ¾  n¾ n³Â « ® ¨³¢ n® ³¤ ® ¦º n³Á À¦ µ µ ®¦ ˳¤ ˳¿¬ m Á ± ¤¤¢ ³¤ -:' Á ¿¦±Á «m¨ ® ³¤ ¦µ ³ ¦¹m¢ £²  n ³ ± ¤¤¢ ³¤®µ«¤± ·Ā Á m¨ m® ¶Æ -:' ¤m¨¢¢¸® ² ¤µª ² ² Ç Ë³ m³ Ä Á ³¤ ˳¾ À À¦£¶ ±¾ n³¢³ ±¾ ¶£ Á ¦ Å n® ¢¶ ³¤ ¾ n³¢³¢¶«m¨ ¤m¨¢Á ¤± ¨ ³¤ ¦µ ¢³ ·Ç ¤² ²¨ m® n³ ¢³ ¤±¾ Å n³ ³£ ¸® ³¤ ·Ā «³¢³¤ ¦ z è ¬³ ³¤¾ µ ¡³¨± ¹ ¾ µ ¤² ¨µ ¶ µ ® ¾ n³ ® ¿¦± h³£ ² ³¤Á¬n 8QSODQQHG 6KXWGRZQ  n ®£m³ ¤ Å ³¢ ³¤ «³¢³¤ ˳ ³ ¤m¨¢ ² ² ± ¤¤¢ ³¤Â n ˳Á¬n ± ¤¤¢ ³¤ ® ¦¹¢m ¢¶ ¨³¢¾ n³Á ²Ç þÇ«m¨ ²¨ ¹ ¨µ¾ ¾® ·Ā ¾ n³Â ˳¬ n³ ¶Æ

Á ³ ± ¤¤¢ ³¤®µ«¤±¢¶ ¨³¢ n® ³¤ ¶Æ ± ·Ā ± þÇ ¢¶ ® £ºm ¤ ±¬¨m ³ ³¤ µ ³¤ ³¤³£ ¾¤¶£ ¤ºn¿¦±¾ n³Á Á ¹¤ µ ® -:' · ¾« ® ¦±¾®¶£ ® ³¤¾ n³¤m¨¢¾ | «¢³ µ ¿¦± ²¨¾ | ¤± ³ ¤¤¢ ³¤ ¤¨ «® ¾ ¸Æ® ¶Æ ± µ ¤¤¢ ¶ Æ ± ˳¾ µ ³¤ ¢¶À® ³«©· ª³ n®¢º¦ m³ Ä Â n®£m³ ¦±¾®¶£

«Ë³¬¤² 0LQGVHW ® ºn ˳ ¶Æ«m ¾«¤µ¢

«Ë³¬¤² ¤±¾ Å ³¤ ¤² ²¨ ³ n³ ³¤ ˳¾ µ ¹¤ µ Á £¹ 'LVUXSWLRQ ¹ £¹ ¾ À À¦£¶ ²Ç ¹ ¨µ¾ ¾¦m³¨m³ ¾ ÿĀ® n¨£ ¹¤ µ ¾« ®¨m³ ¢¶ n³ «Ë³ ²è ² þÇ n® ¾ ¸Æ®¨m³ À¦ £¹ z ¹ ² ¤n®¢ ® -:' ¾ | :DUHKRXVH ¿¦± /RJLVWLF ·Ā ¢® ¨m³ ¾ | ³¤ ˳«µĀ ® ¶Æ¾ | ® ºn®¸Æ ¢³ ¶Æ ±¾ µ ³¤¾ ¦¶Æ£ ¿ ¦  n ¦® ¾¨¦³ ®£m³ º¿¦ ² ²Ç n® Á¬n ¨³¢«Ë³ ²è ² ³¤¤² ª³ µ ¨m³ ¢m¾ µ ·Ā ¿ ¨ µ ¾ m þÇ ± ¤± ¹n ¿¦± ² ³¤ n¨£¨µ ¶ ³¤ ¶Æ º n® · ˳¾ µ ³¤ Á¬n µ ¿¦±¾ ¤¶£¢ ¨³¢ ¤n®¢ ®£m³¬¦ ¤±¾¤µ ² ¨³¢«Ë³¾¤Å ¾ m³Ä n¨£ ³¾ ¦m³Â¢m n n® Á n¾ À À¦£¶¢³ m¨£ ¾ µĀ¢ ¤±«µ µ¡³ ·Ā Á ³¤ ¤² ²¨ n³ ® ® q ¤ ·Ā ®³ m®Á¬n¾ µ ¨³¢ µ ¦³ ¾ À À¦£¶ þÇ ± ¤¤¢ ³¤ -:'  n ˳¬ Á ® ³  n ¾ ¤³± ¨³¢ ¤±¢³ ¸®¬ ³ À £³£Á ¤± ² ± ¤¤¢ ³¤¨m³ ± n® ˳ «ºm ¨³¢¦n¢¾¬¦¨ ¤¤¢ ³¤ n® ®£¾ Å n®¢º¦ ,7 ¶¢Æ ¶ ¤±«µ µ¡³ ¾ n³¢³ m¨£ ² ¾ ¦¸®Æ ¹¤ µ «µĀ µ ¦³ ¶Æ¾ µ ·Ç Á ® ¶ ¾ ¸Æ® ˳¢³ ¤² n® ¢¶ ³¤ ² «¤¤ ¤±¢³ «Ë³¬¤² ³¤ ˳ Á n ² ¿ ³ Á ® ³ n® ²Ç ¾ i³¬¢³£ ¶Æ ,7 ¾ n³¢³Á n ·Ā ³¤ ˳ ,7 ¢³Á n ²Ç ¢¶ m³Á n n³ ³£Á¬¢mÄ ¾ ¸Æ®Á ¾¤¸Æ® ¨³¢«Ë³ ²è ® m³£«º · n® Á¬n ¨³¢«Ë³ ²è ² ³¤«¸Æ®«³¤Á¬n ¹ ¢® · ¦ ¶Æ ±¾ µ ·Ç Á ¤±£±£³¨ ¾ ¸Æ® n® «¤n³ ¨² ¤¤¢® q ¤ ¶Æ m®Á¬n¾ µ ³¤ Á¬n¾ µ ³¤£®¢¤² ¢m ¨¤ ˳ · · ¤±¾ Å ¦n³ µ ¦n³ ³¢ ¿¦± ¦n³¦ ¢¸® ˳ n® «m ¨³¢ ¹n¢ ¹ ¾ ¶£ ¤± ³¤¾ ¶£¨ ¿ m n® ¢® ¾«¤µ¢¿¦± ² ³ Á¬n ¤n®¢ m® ³¤ ¤² ²¨ n¨£¨m³ «³¢³¤ ® « ® ¨³¢ n® ³¤ ® ºn¢¶«m¨  n¾«¶£Â n¬¤¸®Â¢m ¾ | ³¤¾ µĀ¢À® ³« W1 Y3Y?<O 5 ##K<3dL2R= N#X?J1NB1L"Z3G3L / Á ³¤ ˳ ¹¤ µ Á¬n¢¶ ® ¾ ¶Æ ¨n³ ·Ç ¢¶

¹ µ ¦ ¢ Ā² ¤n®¢ ¤± ³ ¾ n³¬ n³ ¶Æ ¨³¢ º n® ¿¦±¿¢m £Ë³¢³ £µĀ ·Ç n¨£ ¤µ¬³¤¿¦± ºn m® ²Ç =DQURR  n¾¦m³ · ¹¤ µ ²ÎÓÉØÊÙ G"6S3 Ld 1OD_ " WD=þ; L=.dLW3N32R= N# ® =DQURR ¨m³¾ | 0DUNHWLQJ 7HFKQRORJ\ 6WDUWXS ¶ÆÁ¬n ¤µ ³¤ 6RFLDO /LVWHQLQJ 6RFLDO Z3<R ©ÎØ×ÚÕÙÎÔÓ (QJDJHPHQW ¿¦± &RQVXOWDQF\ 6HUYLFH ¹

m® ± ˳¾« ® · 0LQGVHW ¹ £¹ µ ¦ ˳¾« ®¾ µĀ¢¾ µ¢¨m³ ¾ À À¦£¶ ¸®¾ | ¨¤ ² ¤ ³¤ ¤± ³ ¤¤¢ ³¤ ¢¤¢ ¤¤¢ ³¤ z ²£«Ë³ ²èÁ ³¤ ˳¾ µ ¹¤ µ z ¹ ² ¿¦± ®µ«¤±  n ¦m³¨ · ¶Æ¢³ ® ³¤ ² ²Ç ¢¤¢ ±£² ¢¶ ³ «Ë³ ²èÁ À¦ £¹ ® ³ m® ¤¤¢ ³¤®µ«¤±¨m³ ¾ | ¿ ¨ µ ¤µ¾¤µ¢Ā ® « ³ ²  ·Ā ¹¤ µ ¶Æ =DQURR ˳®£ºm Å¢¶ 'LVUXSWLRQ ¤¤¢ ³¤ ¤µª²  £ ,2' À £¢¶¨² ¹ ¤±« q ¾ m ² ¦m³¨ ¸® ¾ ¸Æ®¾ | ©º £q¤¨¢ ® ¤¤¢ ³¤®µ«¤±Á ³¤ ±«² «¤¤ q ¿¦ ¾ ¦¶Æ£ n®¢º¦ m³¨«³¤ ® ¶ ³¤ ˳¾ µ ¹¤ µ ¾ | ¿ 2QH ¨³¢¤ºn ¤±« ³¤ qÁ ³¤ µ ² µ ³ Á ³ ± IRU $OO £ ²¨®£m³ ¸® %UDQG m³ Ä ¶Æ n® ³¤ ¤¤¢ ³¤®µ«¤± ³¢¬¦² ³¤ ˳ ² º¿¦ µ ³¤ ¾ n³ · ¦º n³ Á n¨µ ¶À ª ³¿ ¾ µ¢ À £Â¢m¢¶ ¶Æ ¶ ¾ ¸Æ®« ² « ¹ ¿¦±«m ¾«¤µ¢ ³¤ µ ² µ ³ ³¤ ˳¨µ ²£¢³ m® ¨m³ ¦º n³¢¶ ¨³¢ n® ³¤ ® ¤¤¢ ³¤®µ«¤± ¾ ¸Æ®¤m¨¢ ² «¢³ ¢ ¨³¢ ® ¿ Á ¬³ ¦º n³ ® Å ±«²Ā ¸Ç® «m ¾«¤µ¢« ³ ² ¤¤¢ ³¤ ¤µª²  £Á ³¤ ¿ m n³Â¢m ® Å ±¾ µ ¨³¢¤ºn«· 2YHU VDOH ² ³ ³ n³ m³ Ä Á ³¤« ² « ¹ ¿¦± ¿¦±Â¢m« Á «m ¾«¤µ¢ ³¤ µ ² µ ³ ® ¤¤¢ ³¤®µ«¤± ¾ ¸Æ®¾ | «¸Æ® ¦³ Á ³¤«¸Æ®«³¤ ¨³¢ µ ¾¬Å z ¹ ² ¾ n³«ºm£¹ ¶Æ ,7 ¾ ¸Æ®¢À£ ² ¾¤¸Æ® m³ Ä ® «¢³ µ ¢¤¢¿ m ºn ¶Æ¾ ¶Æ£¨ n® ¥ µ ¤¤¢ ® À £ Á £¹ z ¹ ² ¢¶ ³¤

Á n¾ À À¦£¶Á ¶¨µ ¤± ˳¨² ¢³ ·Ç ¿ ³ ³ ² £³ ² ²Ç ¤µ ³¤ ® =DQURR ¶Æ¾ n³Â ¾ Å n®¢º¦ ¨³¢« Á ® Á À¦ 6RFLDO · «³¢³¤ ˳¨µ ²£ · ¨³¢« Á ¿¦± ¨³¢ ® ® ·Ā ±¾ | n®¢º¦«Ë³ ²èÁ ³¤ Ë ³ ¬ ¦£¹ q ¾ ¸Æ ® ¾ n ³ · ¦º n ³ ® %UDQG m³ Ä ·Ā ¹ µ ¦Á¬n n® µ ¾ µĀ¢¾ µ¢ ¨m³ «µĀ «Ë³ ²è ¸® u¢m ˳¾ | n® ¾« ®«µ n³ ¶Æ ¶ ¶Æ«¹ ¿ m«µ n³ ²Ç n® º Á ¦º n³ ¶Æ«¹ v ® ³ ±¾ n³«ºm£¹ 0DFKLQH WR 0DFKLQH 0 WR 0 ¿ ¨ µ $OO IRU RQH ¸® ¹ ®£m³ «³¢³¤ «¢ «³ m®Á¬n¾ µ ³¤ ˳ ³ ¤m¨¢ ²  n ¾ ÿĀ® ³ ¹ ®£m³ ¾ ¸Æ®¢ m® ¾ | ®² ¬ ·Ā ®² ¾ ¶£¨ ² ¢¶ ³¤ ˳ $UWLILFLDO ,QWHOOLJHQFH $, ¢³Á n £ ²¨®£m³ ¾ m ± ¶Æ ¹ ² ¤ £ q «³¢³¤ «²Ā ³¤Â £² ¾ ¤¸Æ® ¤² ®³ ³© ¶Æ n³ Á¬n¾ c ¨n m® ¶Æ ¹ ± ² ¤ · n³ ¾ | n ® ³ þÇ ³¤¾ n³ · ¦º n³Á ® ³ ±¢¶ ¨³¢¾ ³±¾ ³± ³¢ ¨³¢ n® ³¤«m¨ ¹ ¦¢³ ·Ç ˳Á¬n ¢m¢¶ ¨³¢¤ºn«· ¨m³ «µĀ ¶Æ n¤² ¸® À ª ³ ¾ m ¹ ®³ ¾ £ OLNH ¬¤¸®¾ n³Â º n®¢º¦¾ ¶Æ£¨ ² ¤® ¾ n³ ¶Æ ¹ ®£³  n ¾ £¾ n³Â º¬¤¸® ¾ Å ¤³ ³ ³¢¾¨Å  q ¬¤¸®¿¢n¿ m ¶Æ¤n³ n³ ¾ À À¦£¶«³¢³¤ ¾ Å n®¢º¦ ¨³¢« Á ® ¹ ¿¦± ¤±¢¨¦ ¦ ˳Á¬n¤n³ n³«³¢³¤ µ ³¤ ³¾¦¸® «µĀ ¶Æ ¤ Á ² ¨³¢ n® ³¤ ® ¹ ¤n®¢ ¤µ ³¤«m «µ n³ · n³ À £ ˳ ¾ | n®¾« ®«m ¢³£² ¹ ¾ ¶£ ºn¾ ¶£¨ ·Ā ± ˳Á¬n ¹ ¤ºn«· ®Á ¢m¤ºn«· ¨m³ þǾ | ³¤ À ª ³«µ n³ ¾ | n 5 ##K<D3K4D3R3Z3 L=X " K31L"2R= N#Z3 <R ©ÎØ×ÚÕÙÎÔÓ

m¨ n³£ ® ³¤®¡µ ¤³£ ¤n®£¾® ³£¿ £q £ £¹ ¢²£¦³¡  n«® ³¢¾ ¶Æ£¨ ² z ²£« ² « ¹ Á ³¤¿ m ² ³ ¹¤ µ Á £¹ 'LVUXSWLRQ ·Ā ºn®¡µ ¤³£¿ m¦± m³ ¾« ® ² þÇ

¹ ³è©µ¦ l ¤¶ ¹ ¤ ¾¬Å ¨m³ ¤¤¢ ³¤ ºn ¤µ¬³¤ ² ³ n® ¢¶ 0LQGVHW ¨m³ ¾ À À¦£¶¢¶ ¨³¢«Ë³ ²è ¤n®¢ ¶Æ ±¾¤¶£ ¤ºn ¿¦± ¤² ²¨ À £ n® ¦n³ µ ¦n³ ˳ ¦n³ ¾¤¶£ ¤ºn

B o a r d r o o m | 39

¹ ¨µ¾ ² µ¨³ µ ¾¬Å ¨m³ ¤¤¢ ³¤ n® ¸Æ ²¨¿¦± ¤² ²¨Á¬n¾ n³«ºm£¹ ¿¬m ³¤¾ ¦¶Æ£ ¿ ¦ ¾ À À¦£¶ n® ¾¤¶£ ¤ºn ¨m³ ¹¤ µ ¨¤ ˳¾ µ  Á µ© ³ Á ¾ ¸Æ®Á¬n ® « ® m® ¨³¢ n® ³¤ ® ¦º n³ À £ «µĀ ¶Æ ˳¢m ˳¾ | n® ¶ ¶Æ«¹ ¿ m n® Á m ¶Æ«¹ ® « ® ¨³¢ n® ³¤ ® ¦º n³Â n

Mr. Chansin Treenuchagorn, Chief Technology and Engineering Officer of PTT Public Company Limited, shared PTT directors’ views and roles on the disruptive technology that all crises have pushed PTT to adapt into the digital world. An annual review of the organisation’s strategy is conducted by the corporate board and management.

Activities such as field trips, news and information distribution, and training seminars enable directors to expose to new knowledge and trends to remain competitive in the digital-driven business.

¹ £¹ ¨¤ ² ¤ ³¤ ¾¬Å ¨m³ ¨³¢«Ë³¾¤Å ¾¤µĀ¢ n ³ ¨³¢ µ ¶Æ¢¶ ¹ ¡³ ¿¦± ¨³¢ µ ²Ç  n º ¤±¢¨¦®® ¢³ ¾ ¸Æ® Á n¾ | ¿ ¨ ³ µ ² µÁ ³¤ ® « ® ¨³¢ n® ³¤ ® ¹ ¨¤¢¶ ³¤ ¦¹ ¤± ¢Á¬n ¹ h ³ £ ¤±¬ ² · ³¤«¤n ³ ¨³¢ µ ¶Æ ¢¹m ¾ n m® ³¤ ® À £q ³ n³ ¾ À À¦£¶ ¿¦± All this time, the board has approved ³¤«¤n³ ¤¤£³ ³©Á ¶Æ ˳ ³

¹ µ ¦ ¢²Ā ¤n®¢ ¾¬Å ¨m³ ¾ ¸Æ® ® À £q ³ n³ 7HFKQRORJ\ 'LVUXSWLRQ ¾¤³ n® ¤ºn®±Â¤ n³ ¬³ £² ¢m¢¶ ¨³¢¤ºn ¨³¢ ¾ ¶Æ£¨ ³èÁ ¾¤¸Æ® ²Ç Ä Å«³¢³¤ ˳¹ «¢ ² µ ® ¹ ¦³ ¤ ¶Æ¾¤³ n® ³¤Á¬n¾ n³ ¢³ ˳ ³ ³ n³ þÇ ¿¦±«¤¤¬³¾ n³¢³ m¨£ ˳¾ µ ³

a number of projects that can lead to digital innovations and has worked together with the country’s leading financial institutes to meet the customers’ needs in the digital world.

In terms of production, PTT group also cooperates with major companies to integrate technology into the process, which proves to reduce the issue of unexpected shutdown. However, it is extremely challenging for the management to create digital understanding among corporate directors.

®£m³ ¤ Å ³¢ ¹ ¦ ¶Æ¢¶ ¨³¢¤ºn ¨³ ¢ « ³ ¢ ³ ¤ Á ¾ ¤¸Æ ® ¾ À À ¦ £¶ Á ¤±¾ ©Â £ ²Ç m® n³ ¬³£³ · ˳¾ | n ® «m ¾«¤µ ¢ ³¤¾¤¶ £ ¤ºn ¿ ¦±«¤n ³ «¡³ ¿¨ ¦n®¢¾ ¸Æ®¾®¸Ç®Á¬n¾ µ ¨³¢« Á Á ¾¤¸Æ® þÇ Mr. Vichate Tantiwanich, Independent Director of JWD InfoLogistics Public ²Ç ¿ m¾ Å

Roles of Directors on Disruptive Technology Moderated by Captain Dr. Yongyuth Mayalarp, Director of Corporate Partnership and Social Responsibility, Phyathai 2 Hospital, and former Government spokesman, the speakers offered each of their views on directors’ roles on the disruptive technology as follows:

40 | B o a r d r o o m

service to deliver belongings to others.

A correct method of the maintenance and management. Technology will be implemented into the process that cannot be looked after with only human eyes in order to enhance effectiveness.

The company’s board has set a policy on budget allocation and availability of efficient information technology that will help propel the business. As IT operation is expensive, we must highlight the importance of communication to develop a shared view for long-term result and acceptance. Considerations have to be made not only on a costprofit approach but also on whether they serve the needs of stakeholders.

Such practice enhances business opportunity in a broader, more accurate and precise aspect.

Mindset of a Leader for Business Promotions in the Disruptive Era Before speaking about mindset, Mr. Yuth Vorachattarn, Chairman of the Independent Director’s Club, talked about the background of club establishment that it was an original idea of Thailand Institute of Directors (IOD).

The club’s objectives are 1. to work as a meeting center for independent directors to exchange news and information as well as knowledge and experience under the corporate governance code, to support and promote the work of the independent directors 2. to join hands with IOD in various developments to support and promote the work of independent directors 3. to work as a mediator to communicate with club members on different issues. Now consideration on the qualifications of club members and supporting activities is underway.

Company Limited, talked about JWD that their motto “We think everything logistically” means everything is moveable and changeable. Starting as a family business, JWD has been through a rather big reformation before getting listed on SET. The challenge is how to reorganize the mindset of the owner and the management to work with the board of directors. As an independent director, Mr. Vichate volunteered to be the Chairman of Auditing in order to learn more in-depth to understand JWD business.

On the topic of “Mindset of a Leader for Promotions in the Disruptive Since JWD’s business is related to Business Era”, Mr. Yuth his views on the warehouse and logistics, providing following three shared key dimensions:

1. Must believe that the present world is always ready to get disrupted. Do not assume that change will never come.

Such mindset allows us to think and be prepared.

2. Do not get carried away with the previous success of the organization.

That can cause us to make mistakes in the future as carelessness is the path to failure. Directors must keep record of the past mistakes for applying to the future plans and also set new challenging targets.

3. Believe in significance of people.

Directors must develop a culture of courage in the organization that allows people to think, ask and execute. Also support and develop people to be prepared for reformation.

Technology: Key Factor for Leading the Business and Future Directions Mr. Chitpol Mungprom, CEO and founder of Zanroo Limited, talked about his business as marketing technology startup providing social listening, social engagement and consultancy service.

Mr. Chitpol added that technology is considered as a key factor in business nowadays and will maintain its major role in the future era. Zanroo’s current business also has to deal with disruption: Past: One-for-all business practice. For example, the product brands in search for access to customers used traditional advertisement without any research on the target’s demands and preferences.

Customers would buy products if they liked them but, if they did not like them, they would feel oversold and not interested.

Present: We are in the age that IT connects with people’s behaviors.

Technology are in their everyday life in an inseparable manner. Zanroo’s service of collecting data on the interests of people on social network can, therefore, develop a research on interests and preferences which will become key information for product brands in their strategy planning to achieve access to the customers. Mr. Chitpol shared his additional thoughts on this saying the key is that “there is no need to offer the best but the most satisfying product”.

Future : Going towards the Machineto-Machine (M to M) Era on the basis of all-for-one concept. Everything can be combined for coordinated performances as all are connected in unity. AI will be used. For example, while you are driving, you can send in a command to turn on your airconditioner at home even before you arrive. Access to the customers in the future will be more specific by personal demands in the way that you no longer feel they are advertisements.

You might have liked or followed information about the shoes you wish to buy. You might have taken a peak or done a price check on websites or even at the stores. What technology can do is it collects and processes all information about your interests so the shops can sort out what products will satisfy your demands, with provided delivery. The whole offer will be customised and sent only for you, making you feel so satisfied that you forget to realise that it is totally a product advertisement.

Supporting Factors for Business Competition in the Disruptive Era At the end of the discussion, Captain Dr. Yongyuth Mayalarp asked about supporting factors for business competition in the disruptive era and each speaker shared their thoughts as follow: 1. Mr. Chansin Treenuchagorn: Directors, management and staff have to share a mindset that technology is important so they have to be ready to learn, adapt and have courage to think, to act and to learn.

2. Mr. Vichate Tantiwanich: Directors have to be responsive and adaptable to the era of disruptive technology. They have to learn about which direction their business should be heading in order to answer to the customers’ needs. What you are doing does not have to be best, but to be right, serving the demands.

3. Mr. Yuth Vorachattarn: Success begins with quality ideas. Those ideas are to be processed for practice in the way that serves everyone’s needs.

All units should be urged to realize the ideas which focus on resolving technological issues and building an active working atmosphere.

4. Mr. Chitpol Mungprom: To resolve technology disruption, we need to know if there is a lack of particular knowledge or skills. So we can determine the qualifications of the person required and proceed the recruiting for the job.

However, people with technological knowledge and skills are hard to find so it is crucial to promote learning and build the providing environment for creating early interests in this area from childhood.

B o a r d r o o m | 41

Keynote Address: “How the Era of Change has Shaped Expectations about the Strategic Role of the Board?”

by Ms. Anne Molyneux, Vice- Chair, International Corporate Governance Network (ICGN)

Á ³¤ ¤± ¹¢ ¾¤³ ± µ ³¤ ³¾¤¸Æ® ¾ À À¦£¶¿¦± ³¤ ˳ ² º¿¦ µ ³¤ n¨£ ² ¾«¢® ®£m³ ¾ m ³¤ ˳¾®³¾¤¸Æ® %ORFN FKDLQ ¢³®£ºmÁ ¨³¤± ³¤ ¤± ¹¢ «µĀ ¶Æ ± ˳¾ µ ³¤ Á ® ³ ¨³¢ ³ ¬¨² m® ³¤¾ ¦¶Æ£ ¿ ¦ ¿ 'LVUXSWLRQ ² ¦ ¹ ¿« ³ ¾ µ ¤¹ ¢³ ·Ç ¾ ¸Æ® i® ¾® Á z ¹ ² ,&*1 ·Ā ¾ | ² ¦ ¹ « ³ ² ¿¦±¦ ¹ Á ® q ¤ m³ Ä Â n º · ¾¤¸Æ® ¨µ ¥ ³ ³¤¾ µ ºn ˳ ¬ n ³ ¶Æ Ë ³ ² º ¿ ¦ Å Á ¬n ¨³¢«Ë ³ ² è ² ¾¤¸Æ ® ® ² ¦ ¹ ¿¦± ³¤ º ¿ ¦ n ® ¢º ¦ m ³ Ä 6WHZDUGVKLS FRGH ¦³£¾ | ²¨ ˳¨³¢ ³ ¬¨² ® ®¹ «³¬ ¤¤¢ ¶Æ¾ ¶Æ£¨ n® ¬¦² ³¤ m³ Ä Å n¢¶ ³¤ ˳¢³ ¨ ¿¦± ¾¤¶£ ¾¤¶£ Á¬¢m ³¤À n ¨³¢¾ | ºn ˳ ž | ¨³¢ ³ ¬¨² ® ®¹ «³¬ ¤¤¢ 'LVUXSWLRQ ¾ | ¢³ ¨m³¿ m¾ ¶£ ¾ À À¦£¶ ¿ m ¨n³ ¿¦±

42 | B o a r d r o o m

«m ¦ ¤± m®®¹ «³¬ ¤¤¢Á ³ ¶Æ¬¦³ ® ¶ ³¤«¤n³ ˳¤Á ® ³ ¿¦± ³¤ ˳ Á n ¤±À£ q ³ ® ± ¤¤¢ ³¤£² ¬¦³£¿ m³ ¨m³¾ µ¢¢³ ¾¬¢¸® ¾ µ¢ ¢¶®Ë³ ³ Á ³¤ µ ² µ¬ n³ ¶Æ

± ¤¤¢ ³¤ Ë ³ ³ Á «¡³¨± ¢m¢¶ ¦ ¤±À£ q ² n® ¢¶ ³¤ ¤±¾¢µ ¿¨ ¦n®¢ ¶Æ ² ²Ç ¨³¢Â¢m¢²Ā ³ ³¤ ¹è¿ «Ë³ ²è Å ¸® ³¤¨³ ¿ ¦£¹ q ·Ā ¾¢¸® ¨³¢ ³ ¬¨² ¶Æ¢¶ m® ¤µª² ¾ µĀ¢ ·Ç n® ¾ | ¦£¹ q¤±£±£³¨ n¨£ ® ³ ²Ç ¨³¢¾«¶Æ£ ³ ³¤¾ µ ¤¨¢ ²Ç $, %ORFN ± ¤¤¢ ³¤ n ® º ¿ ¦¾¤¸Æ ® ³¤«¸ ® FKDLQ $JLQJ 3RSXODWLRQ 3ROOXWLRQ ¿¦± ®Ë³ ³ ³¤¢¶«m¨ ¤m¨¢ ² ºn ¸®¬¹n ³¤«¤n³ %LR WHFK ¶Æ ³Ë Á¬n¾ µ ³¤¾ ¦¶Æ£ ¿ ¦ Á ³¤ ¨² ¤¤¢ ¿¦±¾ ÿĀ® ³ ± ¤¤¢ ³¤¾ | «¤n³ À® ³« ¥ µ ¤¤¢ ® ¦º n³ m®Á¬n¾ µ ºn ˳¬ µ© ³ ¿¦± ¦£¹ q ¤¨¢ · µ ³¤ ³ ¨³¢«² « Á ³¤ ˳ ² º¿¦ ¦£¹ q Å¢¶ ³¤ ² «µ Á ¾¤¸Æ® m³ Ä Á¬n¢¶ ¨³¢ º n® ¾¬¢³± ¾ ¦¶Æ£ ¿ ¦  ± ¤¤¢ ³¤ · ¨¤ ± n® «¢ ² ²Ç · ¢m ¨¤ º ˳Á¬n ¨n¾ ¨Â ³ «³¢³¤ ¤± ¹¿¦±£¸ ¬£¹m m® ³¤¾ ¦¶Æ£ ¿ ¦ ¾¤¸Æ® ¦£¹ q ± ¤¤¢ ³¤ ¨¤ n® ¹m¢¾ ¶Æ¾ µ ·Ç ± n® µ ³¤ ³¨m³«µĀ ¶Æ¾ µ ·Ç ²Ç ¨³¢ n³¨¬ n³ ³ ¾ À À¦£¶ ¨¤ ˳ ®£ºmÁ ±«m ¦ ¤± ®£m³ ¤ ¤µª² ± ˳¾ µ ¨³¤± ³¤ ¤± ¹¢ ± ¤¤¢ ³¤ ®£m³ ¤ Å ³¢ ³¤®£m³ ¤ «Ë³¬¤² ² ¦ ¹ ±¾¤µĀ¢ n ³ ± ¤¤¢ ³¤ ¦² ¢m nÁ n¾¨¦³ ¶Æ¢³ ® ³¤ ²Ç n®« «²£ º¤³£ ³ ¤± ˳ d ³¤¾ µ

² ¦ ¹ ¦n ¨ n ® ³¤¾ | ºn ± ¢m n® ³¤¾ | ºn¿ n ² ²Ç · n® «¤n³ À¢¾ ¦ ¹¤ µ Á¬¢m ¶Æ« ² « ¹ ³¤¦ ¹ ¤±£±£³¨ ³¤ ˳¬ ¦£¹ q ³¤ µ ³¢ h³£ ¤µ¬³¤ ³¤¢¶ ¢³ ¤ ³¤¨² ¾ m &(2 ® %ODFN5RFN  n Á¬n ˳¿ ± ˳ ¶Æ® µ ³£ · ³¤«¤n³ ¢º¦ m³¤±£± £³¨ ¦£¹ q ¨³¢¾«¶Æ£ À £¢¹m ¾ n ³ ³ n³ ¦£¹ q ¾ m ³¤ ˳¬ ¦£¹ q ³¤ µ ³¤ ³ ¶ ¨³¢«³¢³¤ ³¤¾ n³Á ¦ ® ³¤¾ ¦¶Æ£ ¿ ¦ ³¤ ˳ · · ºm¿ m ³¤Â¢m¢¹m ¾ n ¾ ³±¿ m Á ¹¤ µ ® ²¨¾® ¿ mÁ¬n ¨³¢«Ë³ ²è ² ¤® n³ n¨£ ¾ n  ¶Æ ³¤¾¤µĀ¢«µĀ Á¬¢m Ä Á ® ³ ¨³¢«³¢³¤ Á ³¤¿ m ² ¿ Á ³¤«¤n³ ¨² ¤¤¢ Á¬¢m ¤± ¨ ³¤ ¨³¢¾«¶Æ£ ³¤ ² ³¤ ¨³¢¾«¶Æ£ ¨² ¤¤¢ ¨³¢¾«¶Æ£ n³  ¾ ®¤q ± ¤¤¢ ³¤ ± º ¿ ¦ ¨³¢¾«¶Æ £ ®£m ³ ¤ º¿¦¡³ ¤¨¢®£m³ ¤ z謳¡³£Á ¤µª² ¢¶®±Â¤ n³ ¿¦±«m ¦ ¤± ®£m³ ¤ Á ¤ ¸® ºn ¶Æ¢¶¬ n³ ¶Æ ² «µ Á ¢m¾ n ¥ª ¶¿ m¢¹m µ ² µ Á ¤¾ | ºn ˳Á ³¤ ˳ ² º¿¦ ¦£¹ q ¨³¢¾«¶Æ£ ¹ ¤µª² n® ¢¶ ºn ˳¾ µ ¤¹ ¾ ¸Æ® µ ³¤ ³«¡³ ¿¨ ¦n®¢ ºm¿ m ¿¦± ¦£¹ q ± ¤¤¢ ³¤ n ® «³¢³¤ º ¿ ¦¨m ³ ¨³¢ ¾«¶Æ£ ± ² ³Â Á µ© ³ Á n® «³¢³¤ ¤± ¹ · ¶Æ¢³¿¦± ³¤¾ ¦¶Æ£ ¿ ¦  n ± ¤¤¢ ³¤ n® ¤ºn¿¦± ² ³¤ 'LVUXSW  n ¿ m Á z ¹ ² £² ¢m ¾ ¬Å ± ¤¤¢ ³¤ ¶Æ¢¶® q ¤± ® ¾ m ²Ç À £«m¨ Á¬èm ±¢¶®³£¹¢³ ¤±¢³ d Ç·  ² ² Ç · n® ¢¶ ³¤® ¤¢ Á¬n ¨³¢¤ºn ³¤Á¬n n®¢º¦¿ m ± ¤¤¢ ³¤ ³¤ ˳¬ À£ ³£¿¦±À ¤ «¤n³ ¤µª² Á¬n ± ¤¤¢ ³¤ ¤±¬ ² · ³¤¾ ¦¶Æ£ ¿ ¦ ¾ n³¢³ ¢¶«m¨ ¤m¨¢ ¹n ¾ £ ² ³¤ ¤µ¬³¤ ² ³¤ ¿¦± ¢¶ ³ ¶Æ ¨n³ ·Ç À £®³ ¢¶ ³¤ ¤±¾¢µ ¨m³ À ¤ «¤n ³ ± ¤¤¢ ³¤¾ |  ³¢¬¦² ¾ q¬¤¸®Â¢m ¢¶® q ¤± ® ¶Æ«³¢³¤ ¾ n³Á ¿¦±¤² ¢¸® m® ³¤¾ ¦¶Æ£ ¿ ¦  n¬¤¸®Â¢m ³¤ ˳¤ ˳¿¬ m ¤¤¢ ³¤ ¨¤¢¶ ³¤ ˳¬ ¾ | ¨³¤± ¢¶ ³¤ ¤±¾¢µ ¤± ˳ d ¿¦±¾ | ®µ«¤± ¢mÁ m ³¤¬¢ ¹¾¨¶£

¾ ¸Æ ® Á¬n ± ¤¤¢ ³¤«m ¨ Á¬èm ¶Æ ¢m¾ ¶Æ£¨ ³è ,7 ¿¦±¾ | ¤¹m %DE\ %ORRPHU «³¢³¤ ¤² ¢¸®Â n ± ¤¤¢ ³¤ ± n® «¤¤¬³ &(2 ¶Æ¢¶ ¨³¢¾ ¶Æ£¨ ³è ³ ,7 ¶Æ¾¬¢³±«¢

Û² ÖÖÍ ×ÔáÖÍÝà° ÑËͱ ÐÉÑÚ° ÖÜÍÚÖÉÜÑ×ÖÉÔ ×ÚØ×ÚÉÜÍ ×ÞÍÚÖÉÖËÍ ÍÜß×ÚÓ ¬ ­

² ³¤¾ ¦¶Æ£ ¿ ¦ ¿¦±Â¢mÁ m¿ m &(2 ¾ m³ ²Ç We will consider technology together ¶Æ ¨¤ µ ³¤ ³ ¿¢n¿ m ¦£¹ q +5 Å n® ¾ | with corporate governance during a  Á µ© ³ ¾ ¶£¨ ² À £ ¤µª ² ®³ ¾¤µĀ¢ n meeting. A topic of blockchain will ¦® ¿ m®£¾ | m®£Â m® ¬¤¸®¢µ¾ m ² Ç be included in a meeting agenda. ž | ¿ n³¨ ¤±À ®£m³ µ ®£ºmÁ ¤® For future workplan and expectation ¢® ¿ m ³¤ i® ² ®£m³ ¾ ¶£¨ ¢¶ ² ª± ¤µ¬³¤ towards changes caused by disruption, should play more active roles ¨³¢ ² ¿£n ¿¦± £³£³¢¬³¾ ¤¸Æ® ¢¸® investors to protect themselves. ICGN as insti¿ n z謳 ¥ µ ¤¤¢ ® ¦º n³ «Ë³¬¤² tutional and organizational investors ± ¤¤¢ ³¤ Å n® ¢¶ ³¤ µ ³¢ ¤¨ «® talked about financial crisis. Those in ¨m³ ³¤¾ ¦¶Æ£ ¿ ¦ m®Á¬n¾ µ ®¹ «¤¤ ®£m³ ¤ the regulatory level give importance to ²Ç ³ n³ ¬¢³£ ³¤¾¢¸® ¿¦±«² ¢ ¢¶ investors and information. Stewardship ¦ ¤± ®£m³ ¤ ± ¤¤¢ ³¤ n® «¤n³ code has become an indicator of ¨³¢À ¤m Á« ³¤¢¶«m¨ ¤m¨¢ ¿¦± ¨³¢ · industrial expectation relating to different ®Á Á¬n¿ m ºn ¸®¬¹n ·Ā ¾ À À¦£¶ µ µ ®¦ principles which are being revised and ±«³¢³¤ m ¨ £ Ë ³ Á¬n ¾ µ ³¤¢¶ «m ¨ ¤m ¨ ¢Á compiled. Leadership coaching is one of ³¤À¬¨ ¢³ ·Ç  n¤² m³¨«³¤¿¦±¤¨ ¤¨¢ the expectations of industry. Disruption n®¢º¦Â n¢³ ·Ç ¨² ¤¤¢¾ | «µĀ «Ë³ ²è has become more than technology as it m® ¨³¢«Ë³¾¤Å ¢³ ² ²Ç ± ¤¤¢ ³¤ affects wider ranges of industries. · ¨¤ n ® «¤n ³ Á¬n ¾ µ ¨² ¤¤¢ ® ³¤ have to work amid depressing ¾ ¦¶Æ£ ¿ ¦ ³¤¾ ¤¶£¢ ¤n®¢¤² ¢¸® ² ³¤ Directors environment, instability, increasing ¾ ¦¶Æ£ ¿ ¦ ³¤¾¤¶£ ¤ºn ¨² ¤¤¢ ® ºm¿ m expectation political to the company, financial ¿¦±«¤n³ «¤¤ ¨² ¤¤¢Á¬¢mÄ ¶Æ¾¬¢³±«¢ ² risk. Artificial Intelligence (AI), block ¤µª² ¾® Á¢mÁ m ˳¿ m«µĀ ¾ µ¢Ä chain, ageing population, pollution and

® ØÍÍËÐ $4K4W/^; G" Û² ÖÖÍ ×ÔáÖÍÝà DL;L=0G L3W8Ċ_;W/N;[. 1O_ ßßß²ÜÐÉѱÑ×̲Ë×Õ

B o a r d r o o m | 43

biotech, create opportunities. Consumer behavior could cause confusion to regulation. Strategies have also been changed. Directors should be able to identify changes and be flexible to it.

Directors should be able to consider to what extent changes would affect the company and how the company should be operated. For Investors, it can begin with asking question, checking annual report, previous financial status, future profit making and utilization. The role of directors is still the same – having an authority to work with no conflicts of interest, to conduct assessment. Longterm strategic planning is the key. In addition, the directors need to take care of power inheritance, participate with shareholders and establish organizational culture. The thing is the directors are the person responsible for steering the direction and strategy as well as consider each issue with precision. The directors should not be swayed from precise strategic planning.

On the other hand, the directors should be dedicated to their roles and responsibilities. Technological advance should be listed in a meeting agenda. In reality, however, the directors may not spend sufficient time.

will the directors deal with cyber risk and take care of the overall picture?

What are internal issues and how will these affect the company? Who is the decision maker? Implementation should be prioritized, not the theory.

Who is the leader in charge of regulating strategy and risk? Every company needs a proactive leader to consider factors such as environment, rivals and strategy. The directors should be able to project which direction risk will be going towards and identify its origin and its change. Directors should be aware of disruption, and know how to manage it. Unfortunately, there is no director having such qualification so far since most of them are over sixties. Training is therefore needed.

Information about policy and company structure should be given to directors so they will be aware of change, more willing to participate and familiar with the management and more extensive roles. The structure of the board of directors should be assessed if it is following the criteria and designed to sustain any future change. Director’s term in the position should be identified.

Annual assessment should be set up.

The position should also be independent and non-rotational.

All investors want to be winners, not losers. Hence new business model should be established to support longterm investment, strategic planning, follow up on the management and come up with measurement. BlackRock’s CEO is among a sample that gives suggestion for long-term investment, strategy, risk. Its focus is on the role of strategy while considering capacity to better understanding utcome due to change. Directors should not only focus on your own business but also competitors and surrounding factors such as new initiative, competitiveness, innovation plan, risk management process. How

To ensure that directors in the baby boomer generation, who are not an IT expert can deal with the change, CEO with IT expertise should be selected to sit in the board. HR strategy should also be planned in the same direction. The company should start experimenting either step by step or jumping start.

Do not think inside the box and should have conflict management skill. Always seek tools to solve consumers’ behavior.

Directors need to also follow up and check to what extent changes has brought obstacles as well as legal, political and social impacts. Directors need to establish transparency,

® ÝÔÔ ÛØÍÍËÐ ×Î Û² ÖÖÍ ×ÔáÖÍÝà ÉÊÔÍ Ü× ÚÍÉÌ ÉÜ ßßß²ÜÐÉѱÑ×̲Ë×Õ

44 | B o a r d r o o m

participation and satisfaction to stakeholders. Digital technology can help initiate participation to vote and more information gathering. As culture is the crucial factor leading to success, the directors should establish the culture of change in the company and prepare the company for dealing with any change. Rivals can be good sources of learning innovation that may be suitable for your own company rather sticking with same old thing.

A GNDI Forum: “Key Issues and Actions from Global Boardroom” 0V $QJHOD &KHUULQJWRQ ¤¤¢ ³¤ ºn ² ³¤ ,QVWLWXWH RI 'LUHFWRUV LQ 6RXWK $IULFD

z è ¬³¬¦² ¶Æ nº ¤µ ¬ ³¤Á ¨¶ ¿® ¤µ ³Á n ³Ë ¦² ¾ µèÁ ¤µ ® 'LVUXSWLRQ ¸® ³¤¾ µĀ¢ ·Ç ® ˳ ¨ ¤± ³ ¤ «m ¦Á¬n ¾ µ ¿¤ ² ®£m³ ¢³ m® ®¤q ¤µ¬³¤Á ¾¤¸Æ® ³¤«¤n³ ³ ® ³ þÇ ³¤¾ µĀ¢ ¦ ¦µ n¨£¤± zèè³ ¤± µª q £² ˳Á¬n¾ µ ¨³¢ n® ³¤Á¬n¡³ ¾® ² ³ ² ª± ® ˳ ³ Á¬n¢³ ·Ç ¤¨¢ · ¤² ª³ ¦¹m¢ ¶Æ¢¶ ¨³¢«³¢³¤ Á¬n£² ®£ºm ±¾ ¶£¨ ² Å ¤² ª³«¢ ¹¦£q ¨³¢£²Ā £¸ ® ¹¢  ¤n®¢ ² n¨£

¾ µ ³¤¾ ¦¶Æ£ ¿ ¦ ¿ m ¤¤¢ ³¤ ¤µª² Å£² £· ¬¦² ¦n®£ ³¢¿¦±®m® n®Á¬n ¢³ ¨m³ ¶Æ ±¢¹m ¾ n ³¤ ² ³ ¾® Á¬n¾ µ ¨³¢ ¹n µ ² ¾ À À¦£¶ ¢¶¾ ¶£ ® q ¤ ³ Á¬èm ¾ m³ ² Ç ¶¢Æ ¶ ³¤ ¤µ¬³¤ ³ ¾ ¸®Æ ® ¤² ¾ À À¦£¶ Á ± ¶Æ ¤µª² ³ ¾¦Å £² ¤² ¾ ¦¶Æ£ ¿¦± ® ¤² ¾ À À¦£¶  n n ³ · Ë ³ ¾ | ¶Æ ± n® ¢¶ ³¤ ¦² ² Á¬n¢³ ·Ç

0U )ULVR YDQ GHU 2RUG ºn®Ë³ ¨£ ³¤ h³£ ¨µ ²£ 1DWLRQDO $VVRFLDWLRQ RI &RUSRUDWH Directors

± ¤¤¢ ³¤ ¤µª² ± n® ³¢ ²¨ ¾® ¨m³ ¨ ¾ ³¢¶ ¨³¢¾¬¢³±«¢ ² ® q ¤¿¦± · ¿¢n¨m³¾ À À¦£¶Á¬¢mÄ ± ˳Á¬n ¢¶ ² ª± ¶Æ Á µ© ³ ¾ ¶£¨ ² ® ³ ®

¤µª² ¬¤¸®Â¢m Á ± ¶Æ 'LVUXSWLRQ ¾ µ ·Ç ¹ ¶Æ ± ¤¤¢ ³¤ ¤µª² ¨¤¾¤µĀ¢ ²Ç ˳ ³¢ £³ Ä ¾ m ¾¤³¢¶ ¦£¹ q n³ ¾ À À¦£¶¬¤¸® ¢m ¾¤³¢¶ ¹ ¦³ ¤ ¶Æ¢¶ ¨³¢«³¢³¤ ¾¬¢³±«¢ ¬¤¸®Â¢m ¬¤¸® m³ ® ¿ z ¹ ² ¾¬¢³±«¢ ¿¦n¨¬¤¸®£²

³¤¾ ¤¶£¢ ¨³¢ ¤n®¢¾ ¸Æ®® ³ ¾ m ³¤¨³ ¿ ¾ ¸®Æ « ³ ³¤ q ³m Ä¿¦± ³¤ ² ˳ %ODFN 6ZDQ $QDO\VLV ¾ ¸Æ®¨µ¾ ¤³±¬q « ³ ³¤ q ¶Æ m ³ ±¾ µ ¿¦±« ³ ³¤ q ¶Æ ¾¬ ÿ ® ¨³¢ ³ ¬¢³£¢¶ ¨³¢«Ë ³ ² è ¢³ ·Ç ¾ ÿĀ® ³ ˳Á¬n ¤¤¢ ³¤ ¤µª² ¾ n³Á · ¨³¢¾«¶Æ £ ¿¦± m ¨ £ ² «µ Á  n ¨m ³ ¨¤¬¤¸ ® ¢m ¨¤ ˳®±Â¤ n³ ¨² ¤¤¢® q ¤¾ | ®¶

B o a r d r o o m | 45

² ¡³ ¤² À £¤³¨Ä ¤·Ā ¬ ·Ā ® ¨² ¤¤¢ ¾¤¸Æ®£Ä ¿¦± ¦³£¢³¾ | µ ¤¤¢ ¶Æ ¹ ¤µª² ¶Æ¾ µ ·Ç ¦n¨ ¾ µ ³ ¤² ³¦ ²Ç ²Ç ³¢« µ µ n® ² Á¬n¢¶ ¿¦n¨ ¤µª² ¾® m³ Ä Á ¤±¾ ©¢² ¦ ¹ Á ¾¤¸Æ® ¨² ¤¤¢ n®£ ¨m³ ¤µª² ¶Æ ˳ ¹¤ µ 0U 5LFKDUG +RZLWW ¤± ³ ¾ n³¬ n³ ¶Æ ¦² ª ±¾ ¶£¨ ² Á m³ ¤±¾ ©¾«¢® · ¿¢n¨m³ ¤µ¬³¤ ,QWHUQDWLRQDO ,QWHJUDWHG 5HSRUWLQJ ±¢¶ ³¤ ˳¬ Á¬n ¶Æ ¤± ¹¢ ®¤q ® ¬¦³£ Council ,,5& ˳¦² « ² « ¹ Á¬n¢¶ ³¤ ² ˳ ¤µª² µ ³¤ ³ ¤±¾ Å ¾¤¸Æ® þǾ µĀ¢¾ µ¢ ¿¦n¨ Å ³¢ ¿ m¢² Å£² ¸®¾ | ¤± ¨ ³¤ ¶Æ ˳¾ | ¤³£ ³ º¤ ³ ³¤ ¬¤¸® ,QWHJUDWHG 5HSRUW ¾ ¸Æ®¨² ¹ ¤±« q Á ³¤¾ c ¾ £ n®¢º¦® q ¤ 0U )UDQFLV * (VWUDGD ¤± ³ ,QVWLWXWH n® ¢¶ ³¤ ² ³ m®Â Á ® ³ n®¿ m³ «Ë³ ²è¤±¬¨m³ ¤³£ ³ ² þÇ¿¦± RI &RUSRUDWH 'LUHFWRUV ¤¹ ¢± µ¦³

Á c¦µ c «q ¤± ³ ¤ ¶Æ¾ µĀ¢«º ·Ç 0U 6WHSKHQ 0DUWLQ ºn®Ë³ ¨£ ³¤Á¬èm ¤º ¿ ¤³£ ³ ®¸Æ Ä ¸® Á ± ¶Æ¤³£ ³ «m ¨ Á¬èm ¾ n µ ³¤ ³ ¦ ³¤ Ë ³ ¾ µ ³ ¸ ® ¾ | z ² £ ¨³¢¾«¶Æ £ ® « ³ ³¤ q Institute of Directors in UK «Ë³¬¤² Á «¬¤³ ®³ ³ ² ¤ ¢¶ z ²£ ¤±£±«²Ç ® ¹¤ µ ,QWHJUDWHG 5HSRUW ¾ | 'LVUXSWLRQ ¾ ¤³± ¤±¾ Å ² ¦m³¨¾ | «³¾¬ ¹ ® ¨³¢ n ® ³¤ ¤µ À ¡ ¶Æ ¾ µĀ ¢ ·Ç n ¨ £ ®¶ ¢³ ¢³£ ® ¾¬ ÿ® ³ ¾ À À¦£¶Á¬¢mÄ ¶Æ ¤³£ ³ ¶Æ¨µ¾ ¤³±¬q ¹¤ µ ²Ç Á ¤±£±£³¨¿¦±Á ® ³ þÇ £² ¢¶ ¤±¾ Å ¾¤¸Æ ® ¡º ¢µ © ³« ¤q «m ¦ ¤± m®¿ ¹¤ µ ¿¦±¨³¤± ³¤ ¤± ¹¢ ¤±£±«²Ç ³¤¾¢¸® ®² ¾ ÿĀ® ¢³ ³ À ¤ ³¤ ® ¤² ³¦ ®¤q ¤µ¬³¤ ¢m¨m³ ±¾ | « ³ ³¤ q ³ ³¤ ® ³ þÇ ¤³£ ³ þÇ£² ¢¶¾ i³¬¢³£ ¶ Æ ®n ³¤ ² ³¤ z謳¾ µ ¾ i®®£m³ ¿ Å ¤n³¨ ¾¢¸® «¡³¨±¾©¤ª µ ² ¨ ¿¦± z謳 n³ «µ Ā ¿¨ ¦n®¢ ¦¨n ¸®¾ | z ²£Á¬n¾ µ ³¤ ¤² ²¨ Á ³¤¢®  n³ ¬ n³¢³ ¨m³ ¶Æ ±¢® £n®

«Ë³¬¤² ¿¨ ¨ ¹¤ µ ²Ç ¾ À À¦£¶ ¶Æ m³¾ | ¬m¨ £µĀ ¨m³ ¸® z ²£¾¬¦m³ þÇ¢¶ ³¤  n³ ¬¦² · «³¢³¤ ¾ | ¾ ¤¸Æ® ¢¸® Á¬n ² ¶Æ m ® Á¬n ¾ µ «¡³¨± ³¤¾ ¦¶Æ £ ¿ ¦ ®£m ³ ¾ ¦¶Æ£ ¿ ¦ ®£m³ ¤¨ ¾¤Å¨®¶ n¨£ ¶Æ m³ ¢³ ± ¤¤¢ ³¤¿¦± ºn ¤µ ¬ ³¤ ® ¤µ ª² Á ² ¦² À £¾ ³±Á ¤µª² Á¬èmÄ º ¢® ¨m³ ¤±¿«¿ ¨ ³ ³¤¤² ¢¸ ® ² z è ¬³¾¬¦m ³ ³¤®® ¿ ¿ ¹¤ µ ¦® ³¤¾ n³Á ¾ | ¡²£ ¹ ³¢¢³ ¨m³ ±¾ | À® ³« Á ± ¶Æ þÇ Á «¬¤³ ®³ ³ ² ¤¢¹m ¾ n  ¶Æ ³¤¾ µĀ ¢ · ³¤«¤n³ ¹ m³Á¬n ² ¹¤ µ ® ¤µª²  n º¾¬¢¸® ¨m³¾ À À¦£¶¾ µ À  n¢³ ¨m³Á ©² £¡³ Á ³¤ ¤µ ¬ ³¤ ² ³¤ ² ºn ¢¶ «m ¨ ¤³£ ³ º ¤ ³ ³¤ m ³ ³ ¤³£ ³ ¨³¢  n«m¨ ¾«¶£ Á ¹¤ µ À £ ¤¤¢ ³¤ ¤µª² ± £²Ā £¸ ¤ ¶Æ¢m n¢¹m ® µ ³£¨m³ ¤µª² «m ¦ ¹¤ µ ³ ¾¦Å · ³ ¦³  n¤² ³¤ ¤± ¹n Á¬n¾ n³Â ¢¶«m¨ ¤m¨¢ ² ºn¢¶ m®À¦ ®£m³ ¤ ¿ m¾ | ³¤® µ ³£¨m³ À¦ «m

Á ¡³ ¹¤ µ ³ ¤±¾¡ ¨m³ «m¨  n«m¨ ¾«¶£Á ¤± ² ¶Æ¢³ ¨m³ ³¤¢¶«m¨ ¦ m® ¤µª² ®£m³ ¤¢³ ¨m³ ¢¶ z謳 ³¤Â n¤² n®¢º¦Â¢m¾ m³¾ ¶£¢ ² ·Ā ¤m¨¢ ² ºn¦ ¹ ®£m³ ¢³ ¬¢³£¿¦± n® ³¤ ² ˳ ,QWHJUDWHG 5HSRUW ˳¦² ± ¤¤¢ ³¤ ¤µª² ¨¤Á¬n ¨³¢« Á ¿¦± ˳¬ ® ¤±¾ ©¤± ¹¨m³ ± ¤¤¢ ³¤ ¾ n³Á · ¨³¢¾«¶Æ£ ¿¦± ¦£¹ q Á ³¤¤² ¢¸® ¤µª² ¢¶¬ n³ ¶Æ Á ³¤ ¤µ¬³¤ ³ ® ¤µª²  n¤² ¨³¢« Á ®£m³ ¢³  ²Ā¨À¦ Á ± þÇ Â¢m¾ ¶£ ¿ m¾ ¸Æ®¾ | ³¤ ˳ ³ ¿ ºn ¸®¬¹n ¬¦³£ ¤±¾ ©¾¤µĀ¢¬² ¢³Á n¤ º ¿ ³¤¤³£ ³ ¨³¢¾«¶Æ£ ¾ m³ ²Ç ¿ m¾ ¸Æ®¤² ª³ ¦ ¤±À£ q«º «¹ Á¬n ² ¿ º¤ ³ ³¤ ³¢« µ µ¢¶ ³¤ ¤¨ ¨m³ ¤µª² ¨m³ ¿¬m ˳¦² Á n ³ ,QWHJUDWHG 0V +HORLVD %HORWWL %HGLFNV ¤¤¢ ³¤ ºn ºn¢¶«m¨  n«m¨ ¾«¶£®¶ n¨£ 5HSRUW Á ¹¤ µ ® ¨ ¾ ³ ¾ ¸Æ® ³¤ n³¨Á¬n ² ³¤ %UD]LOLDQ ,QVWLWXWH RI &RUSRUDWH

¬¦² ³¤ Ë ³ ² º ¿ ¦ µ ³¤ ¶Æ ¶ ² ² ¤º ¿ ³¤¤³£ ³ ¿ Á¬¢m þÇ ®¤q *RYHUQDQFH

Á ¤±¾ © ¤³ µ¦ ¨² ¤¤¢ ¸® &* &RGH ¾ | «µĀ «Ë³ ²è ¶Æ¢m ¨¤¢® n³¢ ¤µ¬³¤ ˳¾ | ± n® ¢¶¿ ¨ ¨³¢ µ ¿ Á¬¢m ¨³¢ n³ ³£«Ë³ ²è ¿¦± ² ¾ | z ²£¬¦² Á ¾ ¤³± ² ¾ | ¾ ¤¸Æ® ¢¸® ¶Æ¢¹m «m ¾«¤µ¢ ¨³¢¤² À £¾ ¦¶Æ£ ¿ ¦ ³ ¿ ¨ ¨³¢ µ ³¤£®¢ ³¤«¤n³ ¨³¢¾ ¦¶Æ£ ¿ ¦ ® ³ þÇ ¤± µ ® ¤µ£ ¤¤¢ ¿¦±«Ë³ · Á ¬ n³ ¶Æ ® À® ®m® ³¢ ¬¢³£ ² ˳¤³£ ³ ³¢ ¶Æ ¤³ ³¤£² ¾ | ®¹ «¤¤ «Ë³ ²èÁ ³¤ ˳¾ µ ¤¤¢ ³¤ ¤µª² · ¾¨¦³¿¦n¨ ¶Æ ¤¤ ³ ± ¬¢³£ ˳ «ºm ²© µ¿ Á¬¢m ¶Æ¾ | ¹¤ µ ±¾¬Å  n¨³m ² µ ¶ Æ ³¤©· ª³Á «³ ³ ¤¤¢ ³¤ ¤µ ª² ± n ® ¤± ¹ ¢ ¬³¤¸ ® ®£m ³ ® q¤¨¢ ¿¦±¢¶ ¨³¢¾ ¶Æ£¨¾ ÿĀ® ² «µĀ m³ Ä m³ Ä ¢² ±£n³£®®  ˳ ³ m³ ¤±¾ © ¤µ ² ¾ ¸Æ ® ² «µ ¨m ³ ¨ ¾ ³ Ë ³ ³  n ¤ ¤® ²¨ ¾ ¸Æ®À® ³«Á ¶¨µ ¶Æ ¶ ¨m³ ¢³ ¨m³ ¦² ¢³ ³¢¨² ¹ ¤±« q ® ® q ¤¬¤¸®Â¢m ¤¨¢ · ˳ ³ Á ¤±¾ ©¡³£¬¦² ³¤©· ª³ n¨£ ¬³ Ë ³ ® ¨m ³ «² «m ¨ ® ± ¤¤¢ ³¤ ¾ | ¶¾Æ ¸®Æ ² ¨m³ ³¤ ² ˳ ,QWHJUDWHG «³¾¬ ¹ ¶Æ ¨m ³ ³ ¡³£Á ¤±¾ ©Â¢m « ³¢³¤ ¤µª² ²Ç ¢¶ ¨³¢¾¬¢³±«¢ ¾ m ³¤¿ m ²Ç 5HSRUW ¾ | ¾ ¤¸Æ® ¢¸® ¶Æ¾¬¢³±«¢«Ë³¬¤² ºn¾ ¶Æ£¨ ³è n³ ® ¶ ¬¤¸®¿ m ²Ç «¹¡³ « ¤¶Á¬n £¹ µ µ ®¦ ¾ ¤³±Â n¤¨ ¤¨¢¬¦³ ¬¦³£ ¢® ¨³¢ n³¨¬ n³Á¬n ² ¾®  n ¾ n³¢³ ˳¤ ˳¿¬ m Á ®¤q ¢³ ·Ç ¾ | n z ²£¢³¨µ¾ ¤³±¬q ¤n®¢ ² ·Ā ± ˳Á¬n ±

® ³ þÇ£² ¨m³ ¢¶ ³¤ ² ³ ¿¦±¬¦³ ¬¦³£¬¤¸®Â¢m ³¤ ² Á¬n¢¶ ³¤® ¤¢ ¤¤¢ ³¤Â n¾¬Å · ¦ ¤± ¶Æ ¤µª²  n¤² ¨² ¤¤¢Á ¡³ ¾® m® n³ n®£¾¢¸®Æ ¾ ¶£ ¤¤¢ ³¤ ¤µ ª² ¢¶ ¨³¢«Ë ³ ² è ¢³ ·Ç ³ z ²£ m³ Ä m³ ¨µ ¶ µ ¿ º¤ ³ ³¤

«µĀ ¬ ·Ā ¶Æ ®¤q ¤µ ¬ ³¤ ¤µ ª² n ® ¤±¬ ² · ® ¾ ¬ n³ ¶Æ ® ®¤q ¤µ¬³¤¾ ¦¶Æ £  ¾ ÿĀ® ³ n® ¾ n³Â ¢¶ ³ ¢³ ·Ç Á ¤± ¨ ³¤®® ¿ ¦£¹ q ¦m³¨ ¸® ¤¤¢ ³¤ ¤µª² ±¢¶ u ³¤ n³ v ¢³ ·Ç Á ³¤¾ ¤¶£¢ ¨³¢ ¤n®¢Á ³¤ ¤±¾¢µ ²Ç ¦ ³¤ ˳ ³ Á ® ¶ ¿¦±¿ ¨ ³ Á ® ³ ® ¤µª²

46 | B o a r d r o o m

Ú² ÉÖÌÑÌ ÑÒÉÜÐÉß×ÚÖ° Û² ÖÏÍÔÉ ÐÍÚÚÑÖÏÜ×Ö° Ú² ÚÉÖËÑÛ ² ÛÜÚÉÌÉ° Û² ÍÔ×ÑÛÉ ÍÔ×ÜÜÑ ÍÌÑËÓÛ° Ú² ÜÍØÐÍÖ ÉÚÜÑÖ° Ú² ÑËÐÉÚÌ ×ßÑÜÜ° Ú² ÚÑÛ× ÞÉÖ ÌÍÚ ×ÚÌ

Ms. Angela Cherrington, CEO, Institute slow to adapt and adopt with, thus culture is another point that boards of Directors in Southern Africa need further attempt. need to be aware of.

Key issue facing boards in Southern Africa in the context of disruption currently is an increase in population which put significant pressure on corporate board in terms of job creation. Besides, an increase in productivity using A.I. stems higher demand for private sector to enhance workforce skills and maintain talent pool while balancing sustainability of the community.

Given the disruption of new technology, board of directors, yet, still has a practice of conformance and compliance rather than focusing and developing themselves to get familiar with it. The governance in technology has been well-practiced in some large organization only while other, small companies still

Mr. Friso van der Oord, Director of Mandate of the board has changed Research, National Association of as they are asked to get involved Corporate Directors and play more active role in strategy setting process. That is, they will have Boards have to challenge themselves more “homework” in terms of preparing whether they fit with the organizations themselves to assess not only past and possess the skills which are in line performance, but also the company’s with the future direction of the company. future.

As disruptions are everywhere, boards are encouraged to start asking lots Mr. Francis G. Estrada, Chairman, of tough questions - Do we have the Institute of Corporate Directors, Manila technology strategy?, Do we have right talent for it?, Are the incentives aligned? In Philippines, growing population has been the perceived risk landscape of Looking forward to the future, such disruption. This becomes the issue as as doing scenario planning and black it leads to the rise in growing consumpswan analysis become more important tion. The country also has geopolitical as these activities allow boards to issue due to government’s project with understand risks and help decide aggressive inflation target. what action to take or avoid. Corporate

B o a r d r o o m | 47

In business community, disruption technology, especially in large companies, has been considered as the threat rather than the opportunity, while technology seems to grow at the greater rate in the small-medium ones.

In some business sector, the problem of information asymmetry still exists, hence requires board’s attention and understanding of risk and strategy.

greater stakeholder governance with boards being encouraged to engage to a far greater degree with stakeholders beyond their investors. As specified in domestic law and regulations, board of directors are not only required to oversee the company to serve their shareholders, but also for the best interests of all stakeholders.

CG code is something that should Ms. Heloisa Belotti Bedicks, Managing not be taken for granted as it aims to Director, Brazilian Institute of promote responsibility integrity and Corporate Governance accountability among board members.

It is time that boards need fruitful In Brazil, innovation is a big challenge discussion whether they fit with the and considered as the key disruptor. organization purpose or not, asking if Apart from this, bureaucracy is also a the board composition is appropriate barrier to businesses. It is observed that (e.g. bringing in IT experts, more many scholars moved working abroad women on board, etc.) and diversity is for better opportunity rather than taking place. Director training is more coming back home after graduation and more important than ever and since there was no career prospect. becomes a must-have activity.

Moreover, it is found innovation in private sector is quite small compared to public sector as around half of it comes from the government. Statistically, private firms usually spend less in innovation compared to their counterparts overseas. Although this issue has already been added to boardroom agenda in many organizations, it is an on-going process requiring further development.

Mr. Stephen Martin, Director General, Institute of Directors in UK In UK, there are many factors, not only emerging technology, affecting business models and influencing the boardroom agenda. Political situation, economic fluctuation and environmental issues are also considered as the disruptors. What to be concerned even more is the speed of how these things change.

To deal with these issues, in UK, we have seen the strong trend towards ÞÍÖÜ ÝØØ×ÚÜÍÌ Êá

the business, integrated report looks to both long term as well as short term aspects.

Besides, the report aims to look forward rather than backward which can be used as a tool for board and management to articulate business model and understand the value creation for the business. Unlike the sustainability report, integrated report does not focus on describing how the company impacts the world but how the world impacts the company.

Integrated reporting now shows a big movement around the world as there are many countries start adopting this reporting practice. The figures show that over 1,300 companies now using Integrated Report.

To catch up with this, it is a must for board to have a new mindset, changing Mr. Richard Howitt, CEO, International from old compliance mentality (reportIntegrated Reporting Council ing for legally requirement) to the new, holistic and connective view.

IIRC is advocating Integrated Report as a principal means of corporate Integrated reporting is said to be the disclosure. The key difference between right tool for digital era as it combines this report and other reporting formats many factors altogether, enabling is that, while most of the reports boards to see how things impact the consider short-term performance of company with their integrative thinking.

Board Briefing

-J ==; L= A==K4;QG K45=JW.^3 AL; 5?G.:K<1L"[&W4G=cG<_L"[= How Boards Engage with Cyber Issues in the Boardroom '5R$EEC$TE$S < =ER_6f ; $TEES < CY O 'ITC=GO6BS D 9T*c._<OE _ = ; MS I % O G T LZ 6 b;_I9W=ER-ZCLCT-V$LCT'CL *_LEVCL8T<S; $EEC$TE>[ <EVMTEc9D_CYgOIS;9Wg ®³ LV*MT'C9Wg > T;CT `GRDS*_= ;$TE_= 67SI ÆÌÁ Êâêßâïð ÐíÞàâ OD T*_= ;9T*$TELlTMES<LCT-V$LCT'C 6 ID 9*hS ;W h 6E«<S53V7 ;+V 8TIE $EEC$TE>[O Tl ;ID$TE %O*L8T<S;Q bM _$WDE7V$G TI_= 6*T;`GR7 O;ES< `%$>[ CW _ $W D E7V _ % T L[ * T;`GRL8T;9Wg @ <=R @[ 6 'Z D `M * bMC Ll T MES < LCT-V $ $ O ;_% T L[ =ER_6f ; 9Wg _ $Wg D I% O *$S < 'ITC=GO6BS D 9T* c._<OE +T$;Sh;6E«<S53V7+X*c6 _EVgC`;R;lT IV9DT$E%O**T; 'YO Êï« ÁÞóæá ÃâïßïÞàåâ >[ _-WgDI-T 6 T;'ITC=GO6BSD9T*c._<OE .Xg*CW =ERL<$TE5 CT$$I T °­ = CTbM % OC[G_+TRGX$ _EYg O *'ITCCSg ; '*%O*-T7V $S < $TEES < CY O BS D 'Z$'TC `GRaG$:ZE$V+$S<BSD'Z$'TC9T*c._<OE %Sh;L[*`$ LCT-V$ 50 | B o a r d r o o m

Êï« ÁÞóæá _EVgC6 ID$G TI8X*BT@EIC%O* BSDc._<OE `GR_M7Z$TE5 9Wg_$V67Sh*`7 _EVgC7 ;+; ;lTc=L[ $TEES<CYO$S<=ER_6f;'ITC=GO6BSD9T* c._<OE _%T$G TII T =ER_9Jc9D$lTGS*$ TI> T; $TE_6V;9T*9Wg$lTM;66 ID7SI_O*c=L[ $TE$ O7Sh* O*' $E'ITC=GO6BSD9T*c._<OE `GR_@YgObM ;V D TCa'E*LE T *`GR$EO<`;I9T*6 T ;$1 _$53 9Wg +l T _= ; _@Yg O ES < CY O $S < $TE'Z $ 'TC9T* c._<OE _@YgOO:V<TDBT@EIC'ITC_LWgD*%O*$TE 'Z$'TC9T*c._<OE Êï« ÁÞóæá c6 ;lT_L;O IV 6W a OLl T EI+'ITC'V 6 _Mf ; >[ < EV M TEb;LMETOT5T+S$E_EYgO*$TE_7EWDC'ITC@E OCES<CYO$S< BSD'Z$'TC9T*c._<OE >GLlTEI+@<I T <EVKS9 L I;bM 'V6I TLTCTE8ES<CYO$S<BSD'Z$'TC9T* c._<OE c6 OD T*cE$f7TC Êï« ÁÞóæá $G TII T CT$$I T'EXg*%O*>[ 7O<`<<LO<8TC9Wg'V6_- ;

;Sh; `9 +EV*`G I_= ;'ITC_% Tb+`<<>V6 e _ET DS*7 O*b- _IGTOW$;T;b;$TEES<CYO$S<=ER_6f; c._<OE ;Wh +T$;Sh; _;YhOMTb;IV6WaODS*O:V<TD_@VgC_7VC _EYgO*'ITC.S<. O;%O*BSD9T*c._<OE .Xg*_= ; =ER_6f;% TC-T7V OT- T$EEC9T*c._<OE _= ; _EYg O *9Wg a M6E T D`7 >[ = ER$O<$TE+l T _= ; 7 O * 9lT'ITC_% Tb+ Êï« ÁÞóæá $G TI OT- T$EEC _MG T;Wh_= ;_EYgO*DT$9Wg+R`$ c%_@ETRI TCW'ITC 7 O*$TE9Wg`7$7 T*6 T;$1_$53 'ITC+lT_= ; _@Vg C _7V C +T$$1_$53 ` GR'ITC+l T _= ; 9Wg `7$7 T*_$WgDI$S<$1_$53 b;ER6S<;T;T-T7V 7SIOD T*+EV*_$WgDI$S<$TE'Z$'TC9T*c._<OE 9Wg _$V6%Xh;$S<<EVKS9a9EJS@9 b;LMET-OT5T+S$Ec6 ;lTCT_= ;MSI% Ob;$TE8$=ER_6f;.Xg*'EO<'GZC 8X*$TE'Z$'TC% OC[G%O*G[$' T8X* ± G T;ETD-YgO 9WgOT+c6 ES<>G$ER9< `GR`;I9T*$TEES<CYO

9Wg_$WgDI% O*$S<$TE7V67TC>[ 9Wgc6 ES<>G$ER9< 7GO6_IGTM;Xg*= %O*$TE9lT*T;

4=þCK1D A3ZE} N.A LDL;L=0=K4;QG K4

Êï« ÁÞóæá DS*c6 $G TI8X*OT- T$E9T* c._<OE _EYgO*E[=`<<_L ;9T*$TE_*V;9W'g ;;S<G T; OT+7$_= ;_MDYgO `GROW$E[=`<<M;Xg*%O*BSD 'Z$'TC'YO$TE9WgG[$' T8[$;lTCT_EWD$' Tc8 8[$ MGO$bM aO;_*V; .Xg*OD T*MGS*;Wh:;T'TE`GR M I*a. :ZE$V+'YO_= T7$_= ;_MDYgO _CYgO8X*+Z6;Wh>[ <EEDTD$G TI8X*$TE_=GWgD;`=G*OD T*EI6_EfI %O*'ITC=GO6BSD9T*c._<OE 9WgCWCT$%Xh; _-YgO I TCW=ERCT5 °­ =ER_9J9Wg@S4;TJS$DBT@9T* c._<OE CTb- _@YgO$TE9MTE

:K< R L;1L"[&W4G= [.

X1 #=þ"X? AW5 3 AL;W LZ#X446ġ. ]

W = L < K " / ` G " Z % ` W A ? L G O 3 L 3 Z3 L==K4;QG K45=JW.^3[&W4G= 3 O`

Êï« ÁÞóæá LEZ=$TE<EEDTD'ESh*;WhI T :ZE$V+6 ID 'ITC=GO6BSD9T*c._<OE cC b- LVg*9Wg 'ITC=GO6BS D 9T*c._<OE ;S < _= ; aO$TL9Wg _ETLTCTE87V67Sh*_@VgC_7VCc6 +X*7 O*'V6OD T* OW$L I;%O*$TE;lT_L;O'YO _L ;9T*LE T* _ET+R'I<'ZC6V+V9SG6 ID'ITCCSg;b+ _@ETR;Wg 8[ $ 7 O *8 I ;8Wg _ @Yg O ES < CY O $S < $TE'Z $ 'TC9T* 'ITCCSg;'*9T*c._<OE Êï« ÁÞóæá $G TII T cC b- _= ;_@WD*`;I9T*b;$TE9lT:ZE$V+ `7 'EO< c._<OE _,@TRM; T _$V6$S<`7 GRO*' $E _EVgC`E$O*' $E_MG T;Wh+RcC 'GZ C 8X * $GDZ 9 :9T*:Z E $V + `GRIS 4 ;:EEC9T* DOCES<I T8[$'Z$'TC9T*c._<OE %Sh;7 OCT'YO 'ITCIV7$$S*IG9Wg9lTbM `7 GRO*' $E_EVgC_LTR `LI*MT'ITCCSg;'*bM CT$9WgLZ6_9 T9Wg+R_= ; c=c6 GlT6S<%Sh;7O;7 OCT'YO'ITCCSg;b+`<< >V6 e 9Wg9lTbM _$V6<9_EWD;ET'T`@*9Wg9lTbM E[ I T cC CW'ITCCSg;'*L[*LZ6b6 e ;lTCTL[ BTIR'ITC _= ;>[ ;lTOD T*`9 +EV*`GR;aD<TD$TE$lT$S<6[`G _@YgO-ZC-; LVg*;Wh_$WgDI% O*$S<=ER_6f;9Wg$lTGS*_= ; % O8$_8WD*b;LS*'C 9lTbM _$V6$TE@S4;T`GR L;S<L;Z;6 T;$TE+S6$TE% OC[G_@YgObM CSg;b+I T $TEES<CYO`GR_?

TERIS*7V67TC+RCW=ERLV9:VBT@ ;lTc=L[ ER<<'ITC=GO6BSD9T*'OC@VI_7OE b; O*' $E Mr. David Ferbrache, OBE, CTO, Cyber Security, KPMG LLP

$ O;+< Êï« ÁÞóæá bM CO*c=% T*M; T CW'lT8TCDT$ e 9Wg7 O*$TE'lT7O<_@YgOES<CYO$S< 'ITC=GO6BSD9T*c._<OE 6S*7 Oc=;Wh ®« _ETCSg ; '*=GO6BS D `' c M;_CYg O _9W D <$S < '[ `% * ¯« _ETCW'ITC=GO6BSDCSg;'*CT$%Xh;MEYO; OD G*`' cM; °« _ET+S 6 Gl T 6S < 'ITCLl T 'S `GRCZ * CSg ; _EYg O * $TE+S6$TE'ITC_LWgD*CT$; OD`' cM; ±« _ETbM 'Z5' T_EYgO*$TEG*9Z;_@YgO'ITCCSg;'* =GO6BSD9T*c._<OE CT$; OD`' cM; ²« _ETLTCTE8+S6$TE.S@@GTD_OOE c6 OD T*cE ³« _ETLTCTE8+S6$TE'ITC_LWgD*9T*c._<OE c6 OD T*cE B o a r d r o o m | 51

Cyber issues and how boardrooms deal with them was the topic for a recent IOD member event. Held on August 16, 2018, the event also marked the opening of the new IOD member space in Bangkok.

Dr. Bandid Nijathaworn, president and CEO of IOD, opened the event. He welcomed the guests with a discussion on the new member space prior to talking about the relevancy of the cyber issues. He then introduced the guest speaker, Mr. David Ferbrache, OBE, CTO, Cyber Security, KPMG LLP, an expert cyber-related issues, who has more than 30-years work experience in the area, focusing recently on national security to deal with cyber threats and the corporate world and high-end cyber threats.

Mr. Ferbache began the presentation by talking about the threat landscape and the “journey” to deal with cyber issues. He noted that Thailand is going through its own journey, with the country set to establish a cybersecurity agency to define the critical information infrastructure and the regulatory framework required to deal with cyber attacks.

To explain the threat landscape of cyber attacks, Mr. Ferbache showed a video on a discussion on a survey of executives in the United Kingdom on preparedness for cyber attacks. The results indicated that most companies think they have a handle on the pressing issue of potential cyber attacks.

However, Mr. Ferbache stated that many had a false sense of security and more than half of those interviewed believed they had a long way to go to deal with the issue.

The presentation then focused on the complexity of cyber issues, which are transnational. “Cyber crime is very entrepreneurial and ruthless”, said Mr. Ferbache.

The crimes are hard to tackle because of the different requirements related to regulatory regimes, different requirement

52 | B o a r d r o o m

ÐÉÑÔÉÖÌ ÑÛ Ï×ÑÖÏ ÜÐÚ×ÝÏÐ ÑÜÛ ×ßÖ Ò×ÝÚÖÍá° ßÑÜÐ ÜÐÍ Ë×ÝÖÜÚá ÛÍÜ Ü× ÍÛÜÉÊÔÑÛÐ É ËáÊÍÚÛÍËÝÚÑÜá ÉÏÍÖËá to define the critical information infrastructure and the regulatory framework required to deal with cyber attacks. levied on regulatory regimes and different requirements levied on regimes internationally.

A real-life example of a cyber attack on the TV telephone company in the United Kingdom was discussed, covering the extend to the attack in which details on four million customers might have been compromised and the response, which involved offering a year’s work of free credit monitoring to all possible victims.

that “there is no absolute security”. This finally leads to the true leadership stage involving firms coming together as a community to set governance policy. This involves surfacing the issues for discussion, having relevant debates, developing the right supporting management information to ensure that the issues are dealt with and that the monitoring is effective, and embedding cyber security in the organization.

Mr. Ferbache described cyber criminals as being rational criminals with financial models. In one model, millions of people’s accounts are targeted with hopes of only compromising a few accounts to steal from.

This is referred to as a ransomware attack.

Another model involves targeted attacks, which are not indiscriminate, such as trying to get an accountholder to make a financial transfer. With regard to the latter, banks and supply chains are being targeted in particular.

At this point, he also noted that a big shift in cyber security is growth in cyber warfare, with about 30 countries believed to be developing cyber military capabilities.

Before concluding, Mr. Ferbache put forward hard questions to ask when dealing with cyber security: 1. How secure are we and how so we compare to our competitors?

2. Are we getting more or less secure?

3. How do we set priorities and determine risk appetite?

4. Are we getting value for our cyber security expenditure?

5. How do we manage third party suppliers?

6. How are we organized to manage cyber risk?

The next part of the presentation focused specifically on the journey to achieve cyber security. Mr. Ferbache explained that it begins with firms being in denial that they would face a cyber attack, followed by the worry stage, prompting firms to get as much security as possible. Next is false confidence and then hard lessons, highlighted by the view

Mr. Ferbache concluded the presentation by saying that cyber security is about harnessing digital opportunities with confidence; it is not about getting in the way of doing business, but covers business strategy and culture. Cyber security is not something that can be retrofitted; it involves proper thinking about cyber attacks right up front.

--------------------------------------------------Event supported by

Board Development

Surviving the Traditional Business Model in the Disruption

414L1 G" -J ==; L= K4 L= K4W ?Q_G3 X63 ?<R12cZ3G" c = The Role of the Board of Directors in Driving the Organization Strategic Plans $TEIT*`>;$GDZ9: ¥ÐñïÞñâäæà ÍéÞëëæëä¦ 8Y O _= ; `>;9Wg LlT'S 7 O $TE%S < _'GYg O ;O*' $E _= ;$TE$lTM;69VJ9T*b;O;T'7%O*O*' $E a6D$lTM;6LBT@$TE5 b;O;T'79W7g O *$TE<EEGZ `GR$lTM;6`;I9T*b;$TE<EEGZLBT@$TE5 9Wg$lTM;6 <;@Yh;2T;% OC[GEO<6 T;OD T*_= ; ER<< a6D7 O*7O<'lT8TCMGS$ ± =ER$TE bM c6 I T ®¦ b;O;T'7 _ET7 O*$TEc=L[ +Z6b6 ¯¦ = ++Z<S; _ETOD[ 5 +Z6b6 °¦ _ET+Rc=L[ +Z6 ;Sh;c6 OD T*cE `GR ±¦ _ET+R7 O*9lT MEYO=ES< _=GWgD;ORcE< T* _@YgOc=8X*+Z6;Sh; 6S*;Sh;$TE'V6 _-V*$GDZ9: +lT_= ;7 O*OTJSD$TE'V6IV_'ETRM +T$GS$K5R 'ITCLTCTE8MGS$%O*O*' $E `GR LBT@`I6G OC6 T;7 T*e _@YOg $lTM;6`>;$GDZ9: 9Wg_MCTRLC$S<O*' $E%Xh; O*' $E9Wg_EVgC$ O7Sh*$f 7 O*b- $GDZ9: 9Wg`7$7 T*+T$O*' $E9Wg$ O7Sh*CT 54 | B o a r d r o o m

DTI;T; EIC8X* G$S K5ROZ7LTM$EEC L8T;$TE5 .Xg * b;O6W 7 <9<T9%O*$EEC$TEb;_EYg O *`>; $TE`% * %S ; $f _ = ; = + +S D Ll T 'S 9Wg 7 O *;l T CT $GDZ9: +R_= ;$TE@V+TE5T9<9I;`>;$GDZ9: =ER+lT= $lT$S<6[`Gb;_EYgO*@Yh;2T;a6DcC c6 @V+TE5T6 ID 'T6$TE5 8X*_M7Z$TE5 b;O;T'7 `GRO;ZCS7V LlTMES<_EYgO*`>;$GDZ9: %O*O*' $E '5R `>;$GDZ 9 : 7 TC9Wg ? T D+S 6 $TE;l T _L;Oa6D9Wg $EEC$TELTCTE8CWL I;E ICc6 ° ER6S<'YO cC c 6 CW $ TE_=GWg D ;`=G*MEY O OBV = ETD8X * 9T* ®¦ $TE$lT$S<6[`G ¥Ðòíâïóæðæìë¦ BT@ _GYO$OYg; e `7 = ++Z<S;b;aG$9WgLBT@`I6G OC EIC$TE<EVMTE*T;`GR9VJ9T*%O*O*' $E bM 9T*_JEK2$V+CW'ITC>S;>I; BT':ZE$V+CW$TE 6lT_;V;$TE7TC`>;$GDZ9: _@YgOL *>GbM >G @S4;TOD T*EI6_EfI`GRCW'[ `% *ETDbMC e _$V6 $TE=1V<S7V*T; ¥ÍâïãìïêÞëà⦠<EEGZ7TC %Xh; <9<T9$EEC$TEb;6 T;$GDZ9: _- ;_6VC _= TMCTD`GRIS78Z=ERL*' ¥ÄìÞéð Þëá OT+cC _@WD*@OOW$7 Oc= $TE'V6_-V*$GDZ9: +X* _= ;LVg*LlT'S 7 O'ITCOD[ EO6%O*O*' $E '5R Ìßçâàñæóâð¦ 9Wg$lTM;6 ¯¦ $TEL;S<L;Z; ¥Ðòííìïñæó⦠bM $EEC$TE7 O *CW < 9<T9CT$%Xh ; b;_EYg O *`>; LTCTE8=1V<S7V7TC`>;$GDZ9: _- ; L;S<L;Z; $GDZ9: %O*O*' $E a6DCW$lTM;6ITER$TE =ER-ZC_$WgDI$S<`>;$GDZ9: OD T*LCÈÍ´_LCO bM 9ES@DT$E7 T*e °¦ $TEE IC'V6`>;$GDZ9: ¥ÀìªàïâÞñæìë¦ % OC[G_-V*GX$_$WgDI$S<O;T'7_@YgOIT*$GDZ9: %O*

Ñåâ ëòêßâï ìã éæðñâá àìêíÞëæâð ñåÞñ ñåâ ßìÞïá ìã áæïâàñìïð åÞóâ ïâóæâôâá Þëá O*' $Ec6 OD T*_MCTRLC 9lT*T;`GRMTEYO$S< Þííïìóâá ñåâ àìêíÞëö ð óæðæìë© êæððæìë ìï ðñïÞñâäö æë ñåâ íÞðñ ãæðàÞé öâÞï𠥯­®±ª¯­®´¦ ÀÂÌ `GR>[ <EVMTEER6S<L[*b;$TE@S4;T`>; *T; CWL I;E ICb;$TE=ES<=EZ*OD T*7 O_;YgO* `GR_L;O$TE=ES<_=GWgD;$GDZ9: 9Sh*;Wh$TE9Wg $EEC$TE+R_% T c=CW L I ;E I Cb;`>;$GDZ 9 : CT$; OD_@WD*b6;Sh;%Xh;OD[ $S<L8T;$TE5 %O* <EVKS9 '5R$EEC$TE+X*7 O*CWE[=`<<9Wg-S6_+; b;$TE@S4;T<9<T9_-V*$GDZ9: 9Wg_MCTRLC$S< <EVK9S MT$L8T;$TE5 C'W ITC'GZC_'EYO .S<. O; MEYO'ITCcC `; ;O;' O;% T*L[* '5R$EEC$TE ¯­®± ¯­®² ¯­®³ ¯­®´ 'IE_% TCTCWL I;E ICb;$TE$lTM;6MEYO=ES< _=GWgD;$GDZ9: O*' $ECT$DVg*%Xh; Data from Corporate Governance Report of Thai Listed Companies: CGR year 2014-2017

7TC_$53 $ TE=ER_CV ; %O*a'E*$TE Ll T EI+$TE$l T $S < 6[ ` G$V + $TE9Wg 6W % O*<EV KS 9 +69R_<WD;c9D ¥ÀÄϦ c6 CW$TE$lTM;6_$53 9Wg_$WgDI% O*$S<_EYgO*$GDZ9: cI ° =ER_6f;9Wg ; TL;b+6S*;Wh

`7 GR';OT++RCW9S$KR`GR=ERL<$TE5 9Wg7 T* $S; 6S*;Sh; _= TMCTD%O*$TELEEMT$EEC$TE +X*'IECWGS$K5REIC$S;_= ;9WC a6D`7 GR';CW 'ITC_MCTRLC9Sh*9S$KR =ERL<$TE5 `GRO*' =ER$O<9Wg_$WgDI% O*$S<$GDZ9: 'ITC7 O*$TE

+T$>GLl T EI+@<I T CW + l T ;I;<EV K S 9 `GRIS78Z=ERL*' %O*O*' $E9Sh*b;= ++Z<S;`GR ­ª $TELEEMT$EEC$TE<EV KS 9 a6D @V+TE5T+T$'Z5LC<S7V9WgLO6'G O*$S<$GDZ9: +69R_<WD; 9WgCW$TELEEMT$EEC$TELO6'G O* O;T'7 %O*<EVKS9 b;= ++Z<S;<EVKS9+69R_<WD; c6 bM $S<$GDZ9: _@VgC%Xh;OD T*7 O_;YgO* +T$E ODGR µ 'ITCLlT'S $S<=ER_6f;;W h a6D_EVCg +T$$TELEEMT = ¯²²´ _@VgC%Xh;_= ;E ODGR ®° b;= ¯²²µ 7 O ¯ª $TE$lTM;6<9<T9M; T9Wg%O*'5R $EEC$TE9WgCW'ITCE[ =ERL<$TE5 `GR'ITC CT_@VgC%Xh;_= ;E ODGR ®³ `GR E ODGR ¯® b;= $EEC$TEb;$TE@V + TE5T9<9I;`GRO;Z CS 7V _-Wg D I-T 9Wg L O6'G O *$S < $GDZ 9 : % O*<EV KS 9 ¯²²¶ `GR ¯²³­ 9Sh*;Wh $TELEEMT$EEC$TE'IE IVLSD9SJ; BTE$V+ MEYO$GDZ9: %O*<EVKS9 8YO_= ; _@YgObM '5R$EEC$TE=ER$O<6 ID$EEC$TE @V+TE5Tb;_EYgO*LS6L I;bM CW'ITC>LC>LT;9Sh* 'ITC'T6MIS*M;Xg*9Wg>[ 8YOMZ ;7 O*$TE+T$'5R 9Wg L TCTE8$l T $S < 6[ ` G`GRbM ' ITC_Mf ; 9Wg _ = ; 6 T;9S$KR ¥Ðèæééð¦ 'ITCE[ ¥Èëìôéâáä⦠`GR $EEC$TE .Xg*'T6MIS*I T'5R$EEC$TE+R_= ; =ERaD-; 7 O$TE6lT_;V;$TE7TC`>;$GDZ9: c6 =ERL<$TE5 ¥Âõíâïæâëà⦠_;YgO*+T$$EEC$TE >[ $lTM;6bM <EVKS9CW`>;$GDZ9: `GRCW$TE @V+TE5T9<9I;`GRO;ZCS7VIVLSD9SJ; BTE$V+ ÐñÞñæðñæàð ìã éæðñâá àìêíÞëæâð ôåæàå åÞð ðâñ îòÞéæãæàÞñæìëð ãìï ïâàïòæñæëä ñåâ ßìÞïá ìã MEYO$GDZ9: %O*<EVKS9_= ;=ER+lT9Z$= _@YgObM `>;$GDZ9: ;Sh;_MCTRLC$S<L8T;$TE5 `GR áæïâàñìïð ßÞðâá ìë ñåâ àìêíÞëö ð ðñïÞñâäö æë ñåâ ßòðæëâðð öâÞï ìã ¯­®±ª¯­®´ LBT@`I6G OC9T*:ZE$V+ .Xg*b;=ER_6f;;WhM; ID *T;$lT$S<6[`G _- ; LlT;S$*T;'5R$EEC$TE $lT$S<MGS$9ES@D `GR7GT6MGS$9ES@D ¥$«G«7«¦ $fc6 $lTM;6bM $EEC$TE7 O*6lT_;V;$TEE IC$S< ? TD+S6$TE b;$TE$lTM;6`GR9<9I;$GDZ9: _= ;=ER+lT9Z$= 8YO_= ;MGS$=1V<S7V ® %O* MGS $ $TE$l T $S < 6[ ` G$V + $TE9Wg 6W Ll T MES < <EV KS 9 +69R_<WD; = ¯²³­ ¥ÀÄ Àìá⦠.Xg*<EVKS9 +69R_<WD;Q $fc6 ;lT`;I=1V<S7V;WhCT=ES<b- CT$ %Xh; 6S*+R_Mf;c6 +T$>G$TELlTEI+ ÀÄÏ = ¯­®± ¯­®² ¯­®³ ¯­®´ ¯²²´ª¯²³­ .Xg*CW<EVKS9+69R_<WD; 9Wg$lTM;6MGS$_$53 b; $TELEEMT$EEC$TE a6DLO6'G O*7TC$GDZ9: %O*<EVKS9CT$%Xh; 6S*+R_Mf;c6 +T$L8V7Vb;- I* = ¯²²´ª¯²³­

Data from Corporate Governance Report of Thai Listed Companies: CGR year 2014-2017 B o a r d r o o m | 55

+T$>GLlTEI+@<I T +lT;I;<EVKS9 +69R_<WD;9Wg'5R$EEC$TEc6 @V+TE5T9<9I; `GRO;ZCS7VIVLSD9SJ; BTE$V+MEYO$GDZ9: %O* <EVKS9b;= 9Wg> T;CT_@VgC%Xh;OD T*7 O_;YgO* +T$ = ¯²²´ 9WgCWE ODGR Ž° %O*<EVKS9+69R_<WD; 9Wg9lT$TE=ER_CV; _@VgC%Xh;_= ;E ODGR °¯² b;= ¯²³­ 9Sh*;Wh $TE@S4;T`GR$lTM;6$GDZ9: %O* O*' $E9Wg-S6_+;`GR$TE;lTc=L[ $TE=1V<S7V;Sh;CW 'ITCLlT'SÂ&#x2030;OD T*DVg*7 O'ITCLlT_Ef+%O*O*' $E MT$=ETJ+T$$GDZ9: 9Wg-S6_+;I TO*' $E'IE+R 9lTMEYOcC 9lTORcE`G I $fDT$9WgO*' $E+R=ERL< 'ITCLlT_Ef+7TC_= TMCTD9Wg7Sh*cI

Ă&#x2018;üâ Ă°ĂąĂ&#x17E;ùÌðùÌà Ïã ÊÌðùâå Ă ĂŹĂŞĂ­Ă&#x17E;ÍÌâð ùüĂ&#x17E;Ăą ùüâ Ă&#x;ĂŹĂ&#x17E;ĂŻĂĄĂ° ĂŹĂŁ åÌïâà ùÏïð ðòíâïóÌðâ ùüâ ðùïĂ&#x17E;ùâäÌà íÊĂ&#x17E;ĂŤ ÌêíÊâêâÍùĂ&#x17E;ùÌÏÍ ĂŚĂŤ ¯­Ž³ª¯­Ž´

¯­Ž³ ¯­Ž´

6S*;S;h b;L I;%O*$TE@S4;T`GR;lT$GDZ9: c=L[ $ TE=1V <S 7V +X * _= ; <9<T99Wg Ll T 'S Â&#x2030; %O* '5R$EEC$TE .Xg*ER6S<%O*$TE'V6`GRIT*`>; _-V*$GDZ9: OT+`7$7 T*$S;7TC`7 GRO*' $E L8T;$TE5 b;%5R;Sh;`GR%;T6%O*O*' $E 9Sh*;Wh <EVKS9%;T6bMÂ&#x2030; 9Wg? TD<EVMTECW9S$KR 'ITCLTCTE8L[* LTCTE8$lTM;6$GDZ9: `GR _L;ObM '5R$EEC$TE@V+TE5T`GRO;ZCS7Vc6 a6D'5R$EEC$TEOT+_G ;<9<T9b;$TE7Sh* 'lT8TC b;=ER_6f;9Wg9 T9TD `GR9lTbM _$V6'ITC -S6_+; b;%5R9W<g EVK9S %;T6_Gf$ '5R$EEC$TE OT+7 O*_G ;<9<T9b;$TEL;S<L;Z;? TD+S6$TE b;$TE@S4;T$GDZ9: $ O;+RO;ZCS7V EIC8X*$E5W _$V 6 _M7Z $ TE5 IV $ F7CW ' ITC+l T _= ; 9Wg ' 5R $EEC$TE+R7 O *_% TCT_$WgD I% O *CT$$I Tb; BTIR=$7V ÂŻÂŞ $TE$l T M;6<9<T9M; T 9Wg % O* $EEC$TEb;$TE7V 6 7TC6[ ` GbM CW $ TE;l T $GDZ9: %O*<EVKS9c==1V<S7V $TE%S<_'GYgO; <EVKS9bM LTCTE86lT_;V;$TE7TC`>;9Wg$lTM;6 cI ;Sh;7 O*_EVgC+T$ER6S<'5R$EEC$TE MT$ '5R$EEC$TEbM 'ITCL;b+7 O`>;$GDZ9: $f+ R9l T bM $ TE=1V<S7V7TC`>;$GDZ9 : _= ;c= OD T*7 O_;YgO* `GRLTCTE8L;S<L;Z;9ES@DT$E 9Wg+lT_= ;_@YgO+RbM LlT_Ef+7TC`>;$GDZ9: 9WgIT* cI 6S*;Sh;$TE$lT$S<bM <EVKS9CW`>;$GDZ9: `GR 6[`G7V67TCbM _= ;c=7TC`>;$GDZ9: 9WgIT*cI +X*_= ;OW$<9<T9M;Xg*9Wg'5R$EEC$TE<EVKS9

56 | B o a r d r o o m

Data from Corporate Governance Report of Thai Listed Companies: CGR year 2014-2017

'IEbM 'ITCLlT'SÂ&#x2030; .Xg*b;ERDR ÂŻ = 9Wg> T;CT $EEC$TE%O*<EVKS9+69R_<WD; c6 bM 'ITC LlT'SÂ&#x2030;b;=ER_6f;;WhCT$%Xh; 6S*+R_Mf;c6 +T$>G $TELlTEI+ Ă&#x20AC;Ă&#x201E;Ă? = ¯²²œª¯²³­ +T$>GLlTEI+@<I T '5R$EEC$TE<EVKS9 +69R_<WD; c6 7V67TC6[`GbM CW$TE;lT$GDZ9: %O*<EVKS9c==1V<S7V _@VgC%Xh;+T$= ¯²²œ 9WgCW E ODGR ¯² %O*<EVK9S +69R<WD; 9W9g Tl $TE=ER_CV; _@VgC%Xh;_= ;E ODGR °Ž² b;= ¯²³­ 9Sh*;Wh b;9T* =1V<S7V <9<T9%O*'5R$EEC$TE<EVKS9CW ÂŻ CV7V 'YO $TEbM 9JV 9T*$TE<EVMTEO*' $E`GR$TE7V67TC $TE=1V<7S *V T; a6D+R7 O*9lTbM `; b+I T CW$TE;lT c==1V<S7V 9S*h b;`* %O*>G$TE=1V<S7V*T;a6D EIC ÂĽĂ&#x152;óâïĂ&#x17E;ĂŠĂŠ Ă&#x152;ïäĂ&#x17E;ĂŤĂŚĂ°Ă&#x17E;ùÌÏÍĂ&#x17E;ĂŠ Ă?âïãÏïêĂ&#x17E;Íà ⌠`GRb;`* % O*$TE=1V <S 7V 7 TC$0MCTDMEY O ER_<WD<9Wg_$WgDI% O* ÂĽĂ&#x152;óâïĂ&#x17E;ĂŠĂŠ Ă&#x20AC;ĂŹĂŞĂ­ĂŠĂŚĂ&#x17E;Íà ⏠Ă&#x20AC;ĂŹĂŤĂŁĂŹĂŻĂŞĂ&#x17E;Íà ⌠bM CW'ITC_MCTRLCLO6'G O* `GR_= ;c=OD T*CW=ERLV9:VBT@ +T$% OC[GL8V7V9Wg9lT$TELlTEI+ b;_EYgO* $TELEEMT$EEC$TE9Wg L O6'G O *$S < $GDZ 9 : %O*<EVKS9 <9<T9M; T9Wg%O*'5R$EEC$TE b;$TE@V + TE5T9<9I;`GRO;Z CS 7V IV LS D 9S J ; BTE$V+ MEYO$GDZ9: %O*<EVKS9 `GR<9<T9

b;$TE7V 6 7TC6[ ` GbM CW $ TE;l T $GDZ 9 : % O* <EVKS9c==1V<S7V 9Sh* ° =ER_6f;;Sh;CW`;Ia; C 9Wg6W%Xh; `7 a6DEIC+lT;I;<EVKS99Wg=1V<S7V7TC `;I=1V <S 7V 9Wg 6W DS * CW +l T ;I;; O D_CYg O _9W D <$S < <EVKS9+69R_<WD;9Wg9lT$TELlTEI+9Sh*MC6 +X* _= ;'ITC9 T9TD%O*<EVKS9+69R_<WD; 9Wg+R;lT `;I=1V<S7V9Wg6W9Sh* ° =ER_6f;c==ES<b- _@YgO LE T *'ITC_-Yg O CSg ; 7 O ;S $ G*9Z ; `GR_@Vg C %W 6 'ITCLTCTE8b;$TE`% *%S; OS;+R_= ;$TED$ ER6S<bM <EVKS9+69R_<WD;c9DCW'ITC$ TIM; T 9S6_9WDC$S<<EVKS9b;ER6S<LT$G7 Oc= -----------------------------------------Strategic planning is an essential map for driving an organization forward. It is like direction setting for an organization by defining future conditions to achieve and the ways to achieve them based on wellrounded information systematically. There are 4 main questions to answer: 1) Where do we want to be in the future? 2) Where are we at right now? 3) How can we achieve that point? 4) What do we have to do or change in order to get there? Strategic thinking requires analysis. We need to analyze the nature and the core competency of the

organization together with other external factors to set an appropriate strategic plan.

Newly established organizations need different strategic plans from long established ones.

Natures of the industry and competition conditions are other factors to consider.

situation of the company. The board must have a clear form in developing suitable strategic plan for the organization. If the situation is very complicated, complexed or uncertain, the board should be more involved in setting or changing the strategy.

There are 3 levels of the board of directors’ According to the assessment criteria of involvement in strategic planning: Corporate Governance Report of Thai Listed Companies (CGR), three interesting topics 1) Supervision: supervise the organization’s related to strategy have been identified: management and direction in the big picture to make sure that everything follows 1. Recruiting directors by considering the strategic plan, so that the company’s qualifications that matched with the performance can achieve the goals and organization’s strategy. Listed companies objectives. currently focus on this issue. Starting from recruiting directors whose knowledge, 2) Supportive: support the organization in experiences and expertizes align with the achieving the plan by supporting resources, company’s strategy, so that the company’s for example. board of directors consists of people who can supervise and provide useful comments on 3) Co-creation: in the past, the roles of the strategy implementation. The number of the board of directors in driving strategic listed companies that has set qualifications plans were to review the annual strategy, or recruiting the board of directors based supervise basic issues without predicting on the company’s strategy has increased future events and approve strategic plans as can be seen from the statistics in 2014proposed by the team without considering 2018. about any further changes or discussing for alternatives. But, in today’s world where The survey found that the number of listed the economic environment is fluctuating, companies that recruit directors in accorbusiness sectors are rapidly developed, dance with the company’s strategy has and new competitors are emerging, the old been increasing continuously. The number strategic roles of the board of directors may increased from 8% in 2014 to 13% in 2015, not be adequate anymore. Strategic thinking then increased to 16%, 21% in 2016 and is vital to the survival of the organization. The 2017. However, to recruit directors, we board must play a greater role in corporate should consider the proportion of skills, strategy by regularly scheduling meetings knowledge, and experiences and make for strategic planning agenda, providing sure that they are harmonically combined as insight information for setting appropriate each director may have different skills and strategic plan for the organization, working experiences. Therefore, the objectives of and discussing with the CEO and senior recruiting directors should be looked at in a executives in developing the roadmap ,and team image; however, each director needs being involved in the continual strategic to have appropriate skills, experiences and improvement and transformation. The other qualifications related to the organization’s extent to which the board participates strategy, needs, and objectives both in the in a strategic planning depends on the present and in the future.

2. Determining roles and duties of the board of directors in reviewing and approving the company’s vision, mission or strategy. It is one of the shareholders’ expectations that the board of directors set the company’s strategic plan, and review and approve its vision, mission or strategy annually, so that their strategy would fit with the current situation and business environment. In this regard, regulators, such as the Securities and Exchange Commission (SEC), require directors to act with the management team in defining and reviewing the strategy on an annual basis. It is one of the principles in the Code of Good Corporate Governance Principles for Listed Companies of the Year 2017 (CG Code). This guideline has been applied more widely, as can be seen from the results of the CGR survey in 2014-2017.

The survey found that the number of listed companies that the board have reviewed and approved vision, mission and strategy of their companies in the past years has grown constantly. The number increased from 13% of the listed companies that participated in the survey in 2014 to 32.5% in 2017. Developing and setting a clear strategy as well as implementing it are vital for the company’s success. Without having a clear strategy, it is difficult for the company to achieve the goals.

Hence, developing and implementing the strategy are important roles of the board of directors. The level of strategic thinking and planning may vary depending on the situation and the size of the organization.

Bigger organizations where management teams are highly competent can set strategies by themselves then propose them for the board’s considerations and approval.

The board may play a role in questioning challenging issues and making things clear.

For smaller companies, the board may play a role in supporting the management team

B o a r d r o o m | 57

in strategic planning before approving the has grown from 25% of the listed companies plan. Additionally, if there is a crisis, the that participated in the survey in 2016 to board needs to be more involved.

31.5% in 2017. In practice, there are 2 dimensions of the board of directors’ roles 3. Determining the roles and duties of the which are to direct the direction of the directors in supervising the implementation organization corporate governance and to of the company’s strategy. Driving the track the performance. They need to make company to continually complete the plan sure that the strategies are appropriately, must start from the board level. If the board consistently and effectively implemented pays attention to the strategic plan, it could in both aspects of overall organizational be run constantly. The board could also performance and overall compliance/ support resources needed in achieving conformance. the strategic plan. Thus, supervising the company’s implementation of strategic plan According to the surveyed data on recruiting is another role that the board of directors directors based on the company’s strategy, should prioritize. In the past 2 years, the there is a better tendency of the roles of the boards of listed companies have paid more board of directors in reviewing and approving attention to this issue as can be seen from the company’s vision, mission and strategy, the survey in 2016-2017. and in supervising the strategy implementations under the 3 topics discussed above.

The survey found that the number of the However, the number of the companies boards of directors that supervise the that comply with good practice is still small companies’ strategic plan implementation compared to the total surveyed companies.

58 | B o a r d r o o m

It is a challenge for listed companies to implement these 3 points in order to build the investors’ confidence and increase their competitiveness. This will elevate the Thai listed companies’ level to the international standard.

3L"Aÿ=þ31= BN=þ8K32 ÚÛ² ÍÍÚÑÖ ÑÚÑØÐÉÖ Sr. CG Analyst Research & Policy Thai IOD

Introducing

Governance Cloud

TM

Voting & Resolutions

Minutes

Entity Management

Evaluations

Messenger

Insights

ConďŹ&#x201A;ict of Interest

Begin your journey with Diligent Boards.

Grow with Governance Cloud.

Introducing Governance Cloud from Diligent, the only integrated enterprise governance management solution that enables organisations to achieve best-in-class governance. As organisations grow more complex, and regulations more stringent, the scope of governance responsibilities has evolved. Diligentâ&#x20AC;&#x2122;s Governance Cloud is a comprehensive suite of tools designed to meet demands in the boardroom and beyond. Governance Cloud is backed by industry-leading security and award-winning support and partnership that more than 400,000 board members have trusted for over a decade.

For more information or to request a demo, contact us today:

Governance Cloud from Diligent.

Creators of Diligent Boards. www.diligent.com/au/governance-cloud/

f Singapore 800 130 1595 f India 000-800-100-4374 finfo@diligent.com

f Malaysia +60 (3) 9212 1714 f Hong Kong +852 3008 5657 f diligent.com/au

Board Development

®¹ ·ÎØÐ K4 L=W5N.W6< `G;S?4=NCK1#.1JW4O<3 1O_W5?O_<3[5 IT Risk and the Changing Landscape of Company Disclosure b;= + +Z <S ; 9Wg a G$%S < _'GYg O ;c=c6 6 I D _9'a;aGDW Áæðïòíñæìë `GR Àößâïðâàòïæñö c6 $GTDCT_= ; 'l T LO*'l T 9Wg _ = ; 9Wg $ G T I8X * OD T * CT$b;`I6I*:ZE$V+ 9Sh*b;2T;RaO$TLb;$TE _7V<a7%O*:ZE$V+ `GRb;2T;R'ITC_LWgD*9Wg:ZE$V+ 7 O*<EVMTE+S6$TE <EVKS9+T$9Z$OZ7LTM$EEC 9SgIaG$9Wgb- ÆÑ b;$TE6lT_;V;:ZE$V+c6 MS;CT @V+TE5TI T+R=ES<7SIbM LTCTE8$ TI9S;'ITC _=GWgD;`=G*9Wg_= ;>GCT+T$ Áæðïòíñæìë `GR ES<CYO$S< Àößâï ¾ññÞàè 9Wg;S<IS;+RCWCT$%Xh; `GREZ;`E*DVg*%Xh; EIC8X*_M7ZLZ6IVLSD9T*ER<< ÆÑ _@YgObM :ZE$V+OD[ EO6 c6 ES<'ITC_-YgOCSg;+T$>[ CW L I;c6 _LWD `GR=ERL<'ITCLlT_Ef+b;$TE`% *%S; 7 Oc=OD T*cE

$0MCTD$0_$53 ` GRMGS $ $TE$l T $S < 6[ ` G $V + $TE+X * CW $ TE_=GWg D ;`=G*_@Yg O LE T *'ITC 7Yg;7SIbM <EVKS9+69R_<WD;7ERM;S$8X*'ITC _LWgD* ÆÑ _@VgC%Xh; a6D_,@TROD T*DVg*b;6 T;$TE LYgOLTEbM ;S$G*9Z;`GR>[ CWL I;c6 _LWD9ET<> T; $TE_= 6_>D% OC[G%O*<EVKS9 I T<EVKS9CW$TE $lT$S<6[`G`GR$TE<EVMTE+S6$TE'ITC_LWgD* ÆÑ OD T*cE _@YgO9Wg+Rc6 LE T*'ITC_-YgOCSg;bM `$ >[ CW L I;c6 _LWD `GR- IDbM ;S$G*9Z;7S6LV;b+G*9Z; $S<<EVKS9c6 OD T*CSg;b+

7GT69Z;M;Xg*9Wg<EVKS9+69R_<WD;7Yg;7SI _EYgO*'ITC_LWgD* ÆÑ OD T*CT$ `GRCW@S4;T$TE b;$TE_= 6_>D% OC[G_$WgDI$S<'ITC_LWgD* ÆÑ bM `$ ;S $ G*9Z ; `GR>[ CW L I ;c6 _ LW D 'Y O LMET _CYgO Áæðïòíñæìë `GR Àößâïðâàòïæñö OT5T+S$E b;= ¯­®± M; ID*T;$lT$S<6[`G%O* $GTDCT_= ;'ITC_LWgD* ÆÑ 9WgLlT'S b;= ++Z<S; LMET-OT5T+S$E ÃæëÞëàæÞé Ïâíìïñæëä Àìòëàæé 60 | B o a r d r o o m

MEYO ÃÏÀ c6 $lTM;6bM <EVKS9_= 6_>D% OC[G _$WgDI$S<'ITC_LWgD*LlT'S 9Wg+RL *>G$ER9<7 O $TE6lT_;V;:ZE$V+b;= ++Z<S;c=+;8X*O;T'7b; ETD*T;=ER+lT= BTDb7 MSI% O ÍïæëàæíÞé Ïæðèð Þëá ÒëàâïñÞæëñæâð a6D'IELYgOLTEbM ;S$G*9Z; _% Tb+8X*GS$K5R%O*'ITC_LWgD*LlT'S aO$TL 9Wg+R_$V6 >G$ER9< EIC8X*$TE<EVMTE+S6$TE 'ITC_LWgD*6S*$G TI%O*<EVKS9 b;= ¯­®³ MGS* _M7Z Àößâï ¾ññÞàè _EVgC_$V6CT$%Xh;9SgIaG$ `GR ;S<+R9IW'ITCEZ;`E*+;L *>G$ER9<7 O:ZE$V+ `GR>[ CWL I;c6 _LWDCT$%Xh;9Z$= ÃÏÀ +X*$ER7Z ; bM < EV KS 9 +69R_<W D ;MS ; CT'l T ;X * 8X * =ER_6f ; bMC e b;LBT@`I6G OC$TE6lT_;V;:ZE$V+ _- ; Àößâïðâàòïæñö _CYgOER<Z'ITC_LWgD*LlT'S `GR _= 6_>D% OC[G'ITC_LWgD*bM ;S$G*9Z;9ET<

+T$$TEJX $ KT$TE_= 6 _>D% O C[ G b; ETD*T;=ER+lT= %O*<EVKS9+69R_<WD;b;6S-;W ÃÑР®­­ a6D Áâéìæññâ b;= ¯­®´ @<I T <EVKS9+69R_<WD;b;9Z$OZ7LTM$EEC7 T*ER<Z 'ITC_LWgD* ÆÑ 6 T; Àößâïðâàòïæñö _= ;'ITC _LWgD*LlT'S CW<EVKS9OD[ _@WD* ² `M *_9 T;Sh;9WgcC c6 ER<Z 'V6_= ; ± <EVKS9+T$OZ7LT$EEC_MCYO* `GR ® <EVKS9+T$OZ7LTM$EEC$ OLE T* a6D <EVKS99WgER<ZCW µ±¢ 9WgER<Z Àößâïðâàòïæñö _= ; ÌíâïÞñæìëÞé Ïæðè .Xg*_CYgO@V+TE5Tb;ETD GR_OWD6`G I 'ITC_LWgD*6 T; Àößâïðâàòïæñö 9Wg<EVKS9ER<ZcI L I;bM 'EO<'GZCc=8X*BSD7 O ER<<`GR% OC[GLlT'S +T$ Àößâï ¾ññÞàè `GR_M7ZLZ6IVLSD9T*ER<< ÆÑ 9WgcC _$WgDI% O*$S< Àößâï ¾ññÞàè ;O$+T$;W h +T$$TEJX$KT$TE_= 6_>D% OC[G b;ETD*T;=ER+lT= ¯­®³ %O*<EVKS9+69R_<WD; b;6S-;W ÃÑР°²­ a6D ÂÖ DS*@<I T <EVKS9 +69R_<W D ;9Wg b M ' ITCLl T 'S $S < $TE<EV M TE +S6$TE'ITC_LWgD* ÆÑ 6 T; Àößâïðâàòïæñö CW _@VgCCT$%Xh; _Mf;c6 +T$+lT;I;<EVKS99WgER<Z Àößâïðâàòïæñö_= ; 'ITC_LWg D *Ll T 'S _@Vg C +T$ ®´¢ b;= ¯­®± CT_= ; ±°¢ b;= ¯­®³ $TE_= 6 _>D% O C[ G _$Wg D I$S < 'ITC_LWg D *6 T ; Àößâïðâàòïæñö DS*`L6*bM _Mf;I T<EVK9S L I;bM CW'ITC@E OC_@YgOES<CYO$S<'ITC_LWgD* `GR'5R $EEC$TECW<9<T9LlT'S a6D µ¯¢ ER<Z8X*$TE _7EW D C'ITC@E O C6 T ;9ES @ DT$E%O*<EV KS 9 _- ; $TE=ES<=EZ*ER<<_9'a;aGDW `GR$TEbM 'ITCE[ `$ <Z'GT$E `GRCW<EVKS9 ±²¢ 9Wg_= 6_>D I T '5R$EEC$TECW < 9<T9b;$TE$lT$S< 6[`G `GR7V67TC$TE<EVMTE+S6$TE'ITC_LWgD* _- ; O;Z CS 7V ; aD<TD`GR9<9I;'ITC_LWg D *6 T ; Àößâïðâàòïæñö `C +RDS*CW<EVKS9+lT;I;; OD _@WD* ®²¢ 9Wg_= 6_>DETDGR_OWD6 _- ; >G$TE 9<9I;'ITC_LWgD*%O*'5R$EEC$TE `7 $f;S< I T_= ;LS T59Wg6WI Tb;O;T'7+RCW<EVKS99WgbM 'ITCLlT'S $S<'ITC_LWgD*;Wh_@VgCCT$%Xh; ;O$+T$ Àößâïðâàòïæñö `G I 'ITC _LWgD* ÆÑ 6 T; Áæðïòíñæìë $f_= ;=ER_6f;9Wg<EVKS9 +69R_<WD;b;LMET-OT5T+S$EbM 'ITCLlT'S _- ;$S; OD T*cE$f7TC +T$$TEJX$KT%O* ÂÖ @<I T<EVKS9b;6S-;W ÃÑР°²­ DS*bM 'ITC

LlT'S $S<'ITC_LWgD*6 T; Áæðïòíñæìë ; OD$I T Àößâïðâàòïæñö CW<EVKS9_@WD* °®¢ _9 T;Sh;9Wg $G T I8X * 'ITC_LWg D *9Wg $ TE6l T _;V ; :Z E $V + %O* <EVKS9+Rc6 ES<>G$ER9<+T$ Áæðïòíñæìë cI b;ETD*T;=ER+lT= a6DL I;CT$CS$ER<ZcI b; L I;%O*`;Ia; C7GT6`GRLBTIR$TE`% *%S; `7 $f CW < EV KS 9 9Wg E R<Z _ = ; 'ITC_LWg D *Ll T 'S _- ; $S; 9Sh*;WhOT+CWLT_M7ZCT+T$$TE9Wg=ET$0$TE5 Áæðïòíñæìë b;<T*OZ7LTM$EECDS*cC _6 ;-S6;S$ LlTMES<<EVKS99WgER<Z Áæðïòíñæìë _= ;'ITC_LWgD* LlT'S CW$TE_= 6_>D% OC[G_$WgDI$S<`;I9T* $TEb- aO$TL9Wg_$V6%Xh;+T$ ÁæäæñÞé Áæðïòíñæìë b;OZ7LTM$EECCTLE T*'ITCLTCTE8b;$TE `% *%S;bMC e MEYO`>;$TE_=GWgD;`=G*IV:W$TE 6lT_;V;:ZE$V+MEYO$TELE T*;IS7$EEC_@YgO$ TIbM 9S;'ITC_=GWgD;`=G*9Wg_$V6%Xh; _CYgOMS;CT@V+TE5T9T*? *OT_.WD;%O* _ET 'ITC_LWgD* ÆÑ 9Wg'EO<'GZCc=8X* Áæðïòíñæìë `GR Àößâïðâàòïæñö $fc6 $GTDCT_= ;'ITC_LWDg * LlT'S 9Wg<EVKS9+69R_<WD;_EVgCMS;CT@V+TE5T OD T*+EV*+S*_- ;$S; 6S*+R_Mf;c6 +T$$TE_= 6_>D % O C[ G > T ;ETD*T;=ER+l T = % O*<EV KS 9 b; =ER_9J7 T*e ;O$+T$LBT@`I6G OC9T*:ZE$V+ 9Wg_=GWgD;c=_@ETR'ITC$ TIM; T%O*_9'a;aGDW `G I = ++SD9Wg9lTbM <EVKS9+69R_<WD;MS;CT7Yg;7SI _EYgO*'ITC_LWgD*6 T; ÆÑ CT$%Xh; DS*_;YgO*CT+T$ $TE>GS$6S;a6DM; ID*T;$lT$S<6[`G9Wg7 O*$TE bM <EVKS9+69R_<WD;'lT;X*8X*'ITC_LWgD*6 T; ÆÑ `GR_= 6_>D% OC[G$TE=1V<S7V_@YgObM ;S$G*9Z; `GR>[ CWL I;c6 _LWDc6 9ET< _- ; LV*'a=E 9WgMGS$ $TE$lT$S<6[`G$V+$TE Àìáâ ìã ÀìïíìïÞñâ ÄìóâïëÞëàâ ¯­®¯ ER<ZcI I T '5R$EEC$TE CWM; T9Wg$lT$S<6[`GbM <EVKS9CW$TE<EVMTE+S6$TE 'ITC_LWgD*`GRER<<$TE'I<'ZCBTDb;9Wg_@WD* @O9Sh*6 T;$TE_*V; $TE=1V<S7V$TE $TE=1V<S7V 7TC$0ER_<WD<`GR% O<S*'S< `GR ÆÑ EICc=8X* =ER_9Jc9D9Wg M GS $ $TE$l T $S < 6[ ` G$V + $TE 9Wg6W%O*<EVKS9+69R_<WD; = ¯²³­ ER<ZcI I T '5R$EEC$TECWM; T9Wg$lT$S<6[`GbM <EVKS9;lT _9'a;aGDW ÆÑ CTb- b;$TE_@VgCaO$TL$TE6lT_;V; :ZE$V+'I<'[ c=$S<$TE<EVMTE'ITC_LWgD*6 T; ÆÑ 9Wg_MCTRLC _CYgOCW$TE=1V<S7V $TE_= 6_>D% OC[G $TE=1V<S7V_@YgObM ;S$G*9Z;`GR>[ CWL I;c6 _LWD 9ET<+X*'IE7TCCT

$TE_= 6 _>D% O C[ G DS * c6 ES < $TE>GS $ 6S ; a6D'ITC@DTDTC%O*$GZ C=ER_9JOT_.WD; b;$TED$ER6S<CT7E2T;$TE$lT$S<6[`G%O* <EVKS9+69R_<WD;b;B[CVBT' 6S*+R_Mf;c6 +T$ a'E*$TE ¾ÐÂ¾Ë ÀÄ ÐàìïâàÞïá .Xg*_= ;$TE =ER_CV;CT7E2T;$TE$lT$S<6[`G$V+$TE%O* <EVKS9+69R_<WD;b;$GZ C=ER_9JOT_.WD;a6D @V+TE5T+T$$TE_= 6_>D% OC[G%O*<EVKS97 O >[ CWL I;c6 _LWD b;= ¯­®³ ÀÄ Âõíâïñð %O* ³ =ER_9JLCT-V$OT_.WD;9Wg_% TE ICa'E*$TE c6 G*C7V b M _ @Vg C _$53 $ TE=ER_CV ; b;=ER_6f ; 'ITCES < >V 6 -O<%O*'5R$EEC$TEb;$TE <EVMTE+S6$TE'ITC_LWgD*%O*O*' $E _@YgOLR9 O; MGS $ $TE$l T $S < 6[ ` G$V + $TELT$G`GRLBT@ `I6G OC$TE6lT_;V;:ZE$V+9Wg_=GWgD;c= _$53 9Wg _@VgCCTbMC `GR_EVgCb- b;$TE=ER_CV;= ¯­®´ +R bM ' R`;;`$ < EV KS 9 9Wg IV _ 'ETRM ` GR_= 6 _>D 'ITC_LWgD*9WgOT+L * >G$ER9<7 O$TE6lT_;V; :ZE$V+`GR'ITCLTCTE8%O*<EVKS9b;$TELE T* 'Z 5 ' T bM ` $ >[ CW L I ;c6 _ LW D OD T *CW ;S D Ll T 'S EIC8X*`;I9T*b;$TE<EVMTE+S6$TE'ITC_LWgD* ;Sh;OD T*_= ;E[=:EEC a6D'ITC_LWgD*6 T; ÆÑ _= ; M;Xg*b;'ITC_LWgD*9Wg ¾ÐÂ¾Ë ÀÄ ÐàìïâàÞïá 7 O*$TEbM <EVK9S +69R_<WD;@V+TE5T MT$<EVK9S CW;aD<TD$TE$lT$S<6[`G ÆÑ 9Wg'EO<'GZC'ITC _LWgD*6 T; Áæðïòíñæìë `GR Àößâïðâàòïæñö .Xg* EIC8X*_M7ZL6Z IVLDS 9T*ER<< ÆÑ a6DCW'5R$EEC$TE _= ;>[ ES<>V6-O< 'OD$lT$S<6[`G`GR7V67TC$TE 6lT_;V;*T;7TC;aD<TD <EVKS9+Rc6 ES<'R`;; @V_JK_@VgC%Xh;OW$ _CYgO@V+TE5T$GZ C7SIOD T*ETD*T;=ER+lT = %O*<EVKS9+T$=ER_9J9Wg_% TE IC$TE=ER_CV; = ¯­®´ +R_Mf;c6 I T'ITC7Yg;7SI7 O$TE<EVMTE +S6$TE'ITC_LWgD*6 T; ÆÑ DS*'*OD[ b;%Sh;_EVgC7 ; _CYgO_9WD<$S<9T*? *LMET-OT5T+S$E $G TI'YO L I;bM _= ;<EVKS9%;T6bM 9Wgb- _9'a;aGDW ÆÑ b;$TE6lT_;V;:ZE$V+' O;% T*CT$ 9WgER<Z'ITC _LWgD*6 T; Àößâïðâàòïæñö _= ;M;Xg*b;'ITC_LWgD* LlT'S `GR_= 6_>DETDGR_OWD6_$WDg I$S<$TE$lT$S< 6[`G`GR$TE<EVMTE+S6$TEcI b;ETD*T;=ER+lT = LlTMES<'ITC_LWgD*6 T; Áæðïòíñæìë +R_Mf; c6 -S6_,@TRb;<EVKS9+T$OZ7LTM$EEC9WgCW$TE Áæðïòíñæìë _$V6%Xh;`G I _- ; OZ7LTM$EEC:ZE$V+ $TE_*V; 9WgCS$CW$TE-Wh`+*I T<EVKS9CW`;I9T* B o a r d r o o m | 61

$TE=ES<=EZ*$TE6lT_;V;:ZE$V+ `GR$TEG*9Z; b;_9'a;aGDWbMC e OD T*cE _@YgObM LTCTE8 OO$>GV7BS53 MEYO<EV$TEbMC `GR`% *%S;b; OZ7LTM$EECc6 LlTMES<=ER_9Jc9D +T$$TE=ER_CV;= ¯­Ž´ $f_Mf;c6 I T_EVgCCW<EVKS99WgER<Z'ITC_LWgD* Ă&#x2020;Ă&#x2018; `GR_= 6_>D% OC[Gb;ETD*T;=ER+lT= b;GS$K5R _6WDI$S;$S<=ER_9JOYg;b;B[CVBT'OT_.WD;`G I `L6*bM _Mf;I T'5R$EEC$TE%O*<EVKS9c9D _EVgCbM 'ITCLlT'SÂ&#x2030;$S<$TE$lT$S<6[`G Ă&#x2020;Ă&#x2018; CT$%Xh; _CYgO>G$TE=ER_CV; žĂ?Ă&#x201A;žĂ&#x2039; Ă&#x20AC;Ă&#x201E; Ă?à Ïïâà Ă&#x17E;ĂŻĂĄ 9Wg CW_$53 bMC ;Wh_= 6_>D7O;=GTD= ¯­Ž¾ +X*_= ; 9Wg; T7V67TCI T+RCW>G7 O_$53 $TE=ER_CV; Ă&#x20AC;Ă&#x201E; Ă?à Ïïâà Ă&#x17E;ĂŻĂĄ %O*c9D7 Oc=b;O;T'7MEYO cC EICc=8X*+RCW>G7 O`;I=1V<S7V_$WgDI$S< 'ITC_LWgD* Ă&#x2020;Ă&#x2018; `GR$TE_= 6_>D% OC[G9Wg_$WgDI% O* %O*<EVKS9+69R_<WD;b;=ER_9JOD T*cE -----------------------------------------In todayâ&#x20AC;&#x2122;s world where everything is driven by technology, â&#x20AC;&#x2DC;disruptionâ&#x20AC;&#x2122; and â&#x20AC;&#x2DC;cybersecurityâ&#x20AC;&#x2122; became the two frequently mentioned words in business world for both dimensions of chances for business growth and business risk that need to be managed. Organizations in every industry around the world which implement IT in their business operations have started considering how they would adjust in order to be able to keep pace with all the changes resulting from disruption

62 | B o a r d r o o m

and how they would deal with cyber-attack and other inevitable IT problems which keep increasing and becoming more severe, in order to maintain their businesses, gain confidence from stakeholders and to continue being successful in their competitions.

As disruption and cybersecurity became the main IT risks in the present, laws, regulations and corporate governance need to be changed in order to raise awareness among companies of the growing IT risks.

Particularly, the companies need to work on the change in communicating with investors and stakeholders through disclosing information about how the company monitors and manages its IT risks so as to build the stakeholdersâ&#x20AC;&#x2122; confidence and help the investors make their decisions to invest in the company confidently.

One capital market where publicly listed companies are highly aware of IT risks and have made progress on disclosing information related to IT risks to the investors and stakeholders is the United Kingdom. In 2014, a regulatory authority called Financial Reporting Council or FRC required all the companies to disclose information related to significant risks which may affect current and future business operations in their annual reports under the topic of â&#x20AC;&#x153;Principal Risks and

Uncertaintiesâ&#x20AC;?. The companies shall inform the investors of the nature of all significant risks, chances they may occur, their effects and how the company would deal with them. In 2016, after the Cyber Attack has started and began to effect businesses and all stakeholders more severely, FRC then encouraged the listed companies to think about these new issues in this new business environment such as cybersecurity, in order to identify important risks and reveal them to the investors.

Based on a study of information disclosure in the annual reports of the listed companies in FTSE 100 by Deloitte in 2017, it was found that most of the companies identified cybersecurity as their major risk. There were only 5 companies that did not do so: 4 of them were from mining industry and the other one was from construction industry. Eighty-four percent of the companies identified cybersecurity as operational risk.

When looking into details, it could be seen that cybersecurity risk that most companies had identified also cover cyber-attack and other IT threats which are not related to cyber-attack.

Moreover, according to a study of information disclosure in the annual reports of the listed companies in FTSE 350 by EY, it was found that the number of companies that

has put more emphasis on cybersecurity risk management has been increased as indicated by an increasing number of companies that identified cybersecurity as their risk which raised from 17% in 2014 to 43% in 2016. The disclosure of cybersecurity risk also points out that most companies are well-prepared to cope with such risk and the board of management also plays a critical role. Eighty-two percent of the companies specified the ways they have prepared their resources for the issue such as improving their technology and educating their people. Forty-five percent revealed that the board of directors plays a crucial role in monitoring and following up with risk management by approving the policy and reviewing cybersecurity risk, and so on. Although, only 15% of the companies disclosed deeper details like the results from the board’s risk review, it is still a good sign that there will be more companies that pay attention to this type of risk in the future.

companies have seriously considered as can be seen from the disclosure of information in the companies’ annual reports in many countries. Beside changes in business environment from technology advancement, another factor that makes the companies more aware of IT risk is a push from the regulatory authorities as they want the companies to think about IT risk and disclose their operational information to investors and stakeholders. For example, in Singapore, Code of Corporate Governance 2012 states that the board of directors is responsible for overseeing the company’s risk management and adequate internal control systems in the fields of finance, operation, rules and regulations, and IT. Thailand is also in the same line. The Principle of Good Corporate Governance for Listed Companies 2017 states that the board of directors is responsible for overseeing the use of IT technology to increase business opportunities along with appropriate IT risk management. Where there are practices in Beside cybersecurity, disruption is another businesses, disclosure of those practices IT risk that listed companies in the UK focus for investors and stakeholders should be on. However, a study from EY found that followed. companies in FTSE 350 pay less attention to disruption comparing to cybersecurity. Information disclosure is also driven by the Only 31% of the companies mentioned effort of the ASEAN countries to raise the operational risk affected by disruption in standard of publicly listed companies in the their annual reports. Most of them identified region. This can be seen from the ASEAN CG it in terms of market trends and competitive Scorecard project which is an assessment conditions. However, there were some of corporate governance standards of listed companies that did identify disruption as companies in ASEAN countries based on their their significant risk. This may be due to disclosure of information to stakeholders. the fact that disruption phenomenon in In 2016, CG experts from the six participating some industries is not so obvious yet. The ASEAN countries voted to increase assesscompanies that categorized disruption as ment criteria under the topic of the board’s their major risk also disclose information responsibilities in risk management in on how they would take advantages of orderto reflect the international corporate digital disruption in order to create new governance and changing business competitiveness, and plans on how they environment. According to the new criteria would change their business operations or which have been active since 2017, points invent new innovations to keep pace with all are given to the companies that analyze and disclose risks which may significantly affect the changes. the business and its ability to create value Looking into the ASEAN side, IT risks which to the stakeholders, together with concrete include disruption and cybersecurity have approaches to manage those risks. IT risk become another risk that publicly listed is one of the risks that ASEAN CG Score-

card wants all publicly listed companies to consider. If they have policy which covers disruption and cybersecurity including other inevitable IT problems under the board’s responsibility and supervision, the companies will be given extra points.

Considering the sample of the companies’ annual reports from the participating countries that attended the assessment in 2017, it can be seen that their alertness towards IT risks is still at the beginning stage comparing to the UK side. The companies that identified cybersecurity as major risk, and disclosed details about their corporate governance and risk management in their annual reports were mostly big companies that rely on IT in their businesses. The risk of disruption is evident only in companies in the industries that disruptions have already occurred, such as the financial industry which firms normally provide explanations on how they have improved and invested in new technology in order to launch new products or services and to be able to compete in the industry.

For Thailand, based on the assessment in 2017, it is evident that there were companies that identified IT risk and disclosed information in their annual reports in the same manner as other countries in the ASEAN region. It shows that the board of directors of Thai companies has begun to pay more attention to IT governance.

When the results of the new ASEAN CG Scorecard assessment are revealed at the end of 2018, it is interesting to see if this will affect the Thai CG Scorecard assessment in the future or not, and how will it affect IT risk management practices together with information disclosure of publicly listed companies in Thailand.

3L"DLA#L= =Aÿ #O=J;J = Û² ÐÉÚÉßÑ ÐÑÚÉÕÉÓÉÚÉ Senior CG Analyst Curriculum Development Thai IOD

B o a r d r o o m | 63

Board Development

Z3<R 5K##R4K3 ©ÎØ×ÚÕÙÎÔÓ QG;N/=X1` G" ¨ª´ Why Disruption is the CEO’s Best Friend (PART 1) b;= ++Z<S; CWLVg*M;Xg*.Xg*_= ;'ITC$S*IG E IC$S;%O*>[ <EVMTE:ZE$V+9Z$=ER_B9 ;Sg;'YO LBTIR9Wg:ZE$V+CW'ITC.S<. O;CT$%Xh; 9Sh*b;`* 'ITC>S;`=E%O*B[CVJTL7E $TE_CYO* 'ITC _=GWgD;`=G*OD T*EI6_EfIb;_9'a;aGDW 'ITC >S;>I;%O*7GT6 `GR$TE`% *%S; 9WgCW`7 +RDVg* 9IW'ITCEZ;`E*CT$%Xh;_EYgOD e

`C I T_ET+R9ET<$S;6WI T$TE_=GWgD;`=G* _= ;LVg*9WgMGW$_GWgD*cC c6 `7 9I T:EEC-T7V%O* C;ZKD ;Sh;DX67V6OD[ $S<LBTIR9WgCSg;'* LC6ZG .Xg* _= ;`;Ia; C9WgCS$+R_$V6%Xh;_CYgOLVg*CW-WIV7OD[ E IC $S;_= ;$GZ C `GR7 O*$TE+RES$KTLBTIR7 T* e bM '*_6VC `C I T<EV<9BTD;O$+R_=GWgD;c= `; ;O;I TaG$:ZE$V+b;= ++Z<S;$lTGS*6lT_;V;c= b;9VJ9T*9WgLI;$S<'ITC_-YgO;Sh; >[ <EVMTE9Z$'; 7 T*E[ I T$TECZ *M; Tc=L[ $TE_=GWgD;`=G*;Sh;_= ; 9T*EO6_6WDI%O*:ZE$V+b;LBTIR9Wg 'ITCcC `; ;O;'YO'ITC`; ;O; `GR$TE 'V6bMC 9lT bMC _= ;LVg*9Wg+lT_= ;OD[ _LCO

'ITCLlT_Ef+b;= ++Z<S; 'YOO*' $E9Wg=ER$O<c= 6 ID>[ ;lT 9Wg ' I<EIC_OT$TE_=GWgD;`=G*`GR 'ITC9 T 9TD_% T CT_= ; O*' = ER$O<M;Xg * 9Wg LlT'S %O*O*' $Ec6 LlT_Ef+ >[ ;lT_MG T;Wh'YO>[ ;lT 9Wg=ES<IV:W'V6 IV:W$TE`$ = MT =ES<+Z6aA$SL `GR =ES<9SJ;'7V%O*>[ E IC*T;EIC8X*%O*7SI_O*OD[ 7GO6_IGT @I$ _%TLSC>SLc6 8X*$TE_=GWgD;`=G* _CYgOCS;CT8X* cC I T+R_= ;_9E;6 9Wg_=GWgD;c= = ++SD7 T* e b;$TE`% *%S; EIC8X*'ITC7 O*$TE %O*G[$' T ;lTc=L[ $TE=ES<7SI_% T$S<<EV<9;Sh; e OD T*EI6_EfI9S;9 I*9W

$TE_=GWgD;`=G*9Wg_$V6%Xh;OD T*EI6_EfI `GREZ;`E*_MG T;Wh c6 ES<$TEDOCES<I T_= ; LBTIR=$7V`<<bMC ¥Ñåâ Ëâô ËìïêÞé¦ 9Wg _= ; = + +S D <S * 'S < bM 9Z $ O*' $ E7 O *GZ $ %Xh ; CT =ES<7SI %5R9Wg>[ <EVMTE9SgIaG$9Wg_>-V $S<LBTIR ';9Wg O D[ E O6cC b - ' ;9Wg ` %f * `$E * 6S*$G TI7 T*7 O*@¥ÈÍ´<O$7SI_O*`GR>[ E IC*T; `C I T+R_= ;_EYgO*DT$ `7 b; ÄéìßÞé MEYO,GT69WgLZ6 `7 _= ;';9WgES<CYO$S<$TE_=GWgD; I TbM 9lTb+bM -V;$S<CS;.R ÉâÞáâïðåæí ÃìïâàÞðñ ¯­®µ .Xg*_= ;>G$TE `=G*c6 6W9WgLZ6 ª ÀåÞïéâð ÁÞôæë JX$KTG TLZ6+T$ ÁÁÆ @<I TO*' $E9Wg=ERL<

64 | B o a r d r o o m

_= ;'ITC+EV*9Wg>[ <EVMTEER6S<L[*9Z$'; 7 O*_>-VÂ&#x2030; 'YO$TE@GV$_OT'ITCcC `; ;O;%O* $TE_=GWgD;`=G* CT_= ;+Z67 T*9Wg;lTc=L[ -SD-;R 9T*:ZE$V+bM c6 6 ID$TE9lTbM O*' $ECW'ITC MGT$MGTD`GRDY 6 MDZ ; 7 O $TE_=GWg D ;`=G* CT$$I TO*' $E%O*'[ `% * Ă?ïÏãâððÏï Ă&#x20AC;ĂŠĂ&#x17E;ÜùÏÍ Ă&#x20AC;üïÌðùâÍðâÍ `M * Ă&#x2026;Ă&#x17E;ĂŻĂłĂ&#x17E;ĂŻĂĄ ¿òðÌÍâðð Ă?Ă ĂĽĂŹĂŹĂŠ c6 bM 'ITCMCTD%O* à ÌðïòíùÌÏÍ MEYO$TEMDZ6 -R*S$9Wg;lTc=L[ $TE_=GWgD;`=G*9T*:ZE$V+ _OTcI I T_= ;= ++SDLlT'SÂ&#x2030;b;$TEb- =ERaD-; +T$$TE _=GWgD;`=G*b;7GT6 b;OZ7LTM$EEC `GRb; _9'a;aGDW_@YgObM _$V6$TELE T*LEE' LVg*bMC 9WgCW =ERLV9:VBT@CT$$I T_6VC `GROT+8X*%Sh;G CG T* LV*g _6VC9W_g 'DCWCT ÂĽ_- ;<EV$TE%O* Ă&#x2018;ïòÊÌÏÏ Ă ĂŻĂŹĂ­Ă&#x;ĂŹĂľ MEYO Ă?ÌÍùâïâðùŒ OW$M;Xg*$TEJX$KTa6D Ă&#x2C6;Ă?Ă&#x160;Ă&#x201E; b;= ¯­Ž´ 9Wg-YgOI T à Ìðïòíù Ă&#x17E;ĂŤĂĄ Ă&#x201E;ïÏô¡ ¯­Ž´ Ă&#x201E;ĂŠĂŹĂ&#x;Ă&#x17E;ĂŠ Ă&#x20AC;Ă&#x201A;Ă&#x152; Ă&#x152;òùÊÏÏè DS*_L;OI T Ă&#x20AC;Ă&#x201A;Ă&#x152; 9Sh* MGTDCWCZCCO*7 O à ÌðïòíùÌÏÍ a6D_,@TRb; _-V*_9'a;aGDW`GRa'E*LE T*:ZE$V+ b;`* aO$TL CT$$I T'ITC_LWgD* $TE=ES<7SI_% T$S< à ÌðïòíùÌÏÍ ;Sh;cC b- _EYgO** TD a6D_,@TRMT$%T6IV:W$TE9WgEO<'O< `GRc6 >G+EV* b;$TE- IDbM >[ ;lTLE T*9SJ;'7V `GR`;I9T*=1V<S7V9Wg_$V6%Xh;c6 +EV*b;O*' $E 9Wg ;lTc=L[ LBTIR>[ ;lT9WgDY6MDZ ; `GR@E OCLlTMES< 9Z$$TE_=GWgD;`=G* ;Wg'YOLVg*9Wg Ă Ă Ă&#x2020; @<I T Ă&#x20AC;Ă&#x201A;Ă&#x152; `GR>[ <EVMTEER6S<L[*b- _@YgO+Z6=ER$TD'ITC 'V6 `GR>GS$6S;`;I9T*=1V<S7V9Wg9lTbM $TE%S< _'GYgO;O*' $E> T;$TE_=GWgD;`=G*9Wg.S<. O; ;Sh;=ERL<'ITCLlT_Ef+ ÂŞÂŞ $TE_=GWgD;`;I'V6 bM OD[ _M;YO à ÌðïòíùÌÏÍ ĂšÂ&#x2DC; [; ;OWD 3%K<E=Ä GW..[?3 Z3 ŠĂ&#x17D;Ă&#x2DC;Ă&#x2014;Ă&#x161;Ă&#x2022;Ă&#x2122;Ă&#x17D;Ă&#x201D;Ă&#x201C;

>GS$6S;`;I'V69WgI T à ÌðïòíùÌÏÍ `GR 'ITC+lT_= ;b;$TE=ES<7SIOD T*LÂŁĂ&#x2C6;Ă?´_LCO;Sh; _= ;LBTIR=$7V%O*O*' $E `GR_= ;LVg*9Wg+R _$V6%Xh;OD T*7 O_;YgO* =ES<CZCCO*bM _= 6$I T* `GR7O<ES<7 O$TE_=GWgD;`=G* b;2T;RO*' =ER$O<LlT'SÂ&#x2030;9Wg+RLE T*'ITC`7$7 T*9WgCW>G 7 O$TE`% *%S;b;:ZE$V+

ĂşÂ&#x2DC; ;G" AL;GP.GK.Z#Z3. L34A

`C I T'ITC_=GWgD;`=G*+RCT@E OC$S< 'ITCE[L $X GlT<T$b+ >[; Tl +R7 O*- IDbM >E [ I C*T; E[ LX$I T'ITCOX6OS6;Sh;cC b- _EYgO*E TD`E*MEYO ,Z$_,V; @DTDTC- IDbM _Mf;% O6W%O*LBTIR 7X*_'EWD69Wg- IDbM _$V6'ITC7Yg;7SI7 OLVg*bMC CW CZCCO*9Wg$I T*%Xh; _= 6ES<% OC[G9WgMGT$MGTD%Xh; `GROT+9lTbM CO*_Mf;9T*`$ = Â&#x2030;MTbMC e $S< = Â&#x2030;MT_$ T e c6

There is a looming collective anxiety among business leaders. Increased complexity, geopolitical fluctuation, and uncertainty have become constants exacerbated by relentless shifts across markets, technology, and competition. These exponential and accelerating changes are labeled as the â&#x20AC;&#x153;new normal,â&#x20AC;? becoming a mandate for organizational transformation. Todayâ&#x20AC;&#x2122;s leaders frequently tell others, as well as themselves, to â&#x20AC;&#x153;get used to itâ&#x20AC;?!

ĂťÂ&#x2DC; W LZ#A L3AK/ ==;#JD= L" AL;DdLW=^#[. ^/ GW;Q_GW=L84;K3W5 3 3X= W1 L3K`3 While most of us recognize that change is inevitable, human nature is wired for homeostasis, which is the tendency of living organisms and groups to keep the conditions inside them the same despite any changes in the conditions around themâ&#x20AC;&#x201D;a quest to maintain a state of ĂźÂ&#x2DC; W LZ#A L L=W5?O_<3X5?"1O_<NÄ&#x17D;"ZE} W N.#L internal balance. Of course, the business paradox is that while todayâ&#x20AC;&#x2122;s leaders AL;W5?O_<3X5?"1O?JW?^ 3 G<1O_D;_dLWD;G O*' $E9WgCW'ITCDY6MDZ ; @E OCES<$TE recognize that running towards change is _=GWgD;`=G* 7 O*OTJSD>[ ;lT9WgCW'ITCLTCTE8 their only option, it continually destabilizes b;$TE_@VgC'ITCCSg;b+bM >[ E IC*T; bM CW'ITC their equilibrium.

$ER7Z ;bM >[ E IC*T;E[ LX$8X*'ITC+lT_= ; `GR'ITC_E * 6 I ;9Wg O *' $ E+R7 O *_9 T 9S ; 7 O _9E;6 bMC e b;:ZE$V+ ER<ZbM _EYgO*;Wh_= ;LVg* +lT_= ;7 O>[ ;lT9Wg+R9lTM; T9Wg%S<_'GYgO;O*' $EL[ O;T'7

@E OC CW'ITCLTCTE8b;$TEES<E[ `GR7O<L;O* 7 O$TE_=GWgD;`=G*9Wg_% TCT +X*+RLTCTE8 $ TI> T;LBTIR9WgCW $TE_=GWgD;`=G*_= ;_EYgO* =$7V c=c6 ------------------------------------------

W5^3 AL;#=N"1O_6S`4=NEL==J.K4DS" 1R 3/`G"W6%N} QG

L=8?N WGL AL;[;_X3_3G3 G" L=W5?O_<3X5?";LW5^3 #R./_L"1O_3dL[5DS_%K<%3J1L" 2R= N#ZE`[.` .`A< L=1dLZE`G" c =;O AL;E?L E?L<X?J<Q.E<R_3 /_G L=W5?O_<3X5?" ;L A_LG" c = G" S_X _"

Despite the discomfort it requires, our recently released Global Leadership Forecast study demonstrates that successful organizations are comprised of leaders who embrace challenges to their equilibrium.

They continually rethink, redesign, refocus, and readjust stakeholder mindsets, as well as their own. They sense when it is time to act on changes in response to shifting trends, competitive forces, and customer needs. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s not the strongest or the most intelligent who survive but those who can best manage change.â&#x20AC;? - Charles Darwin This creates a peerless platform for CEOs to rebrand the angst of disruption into a winning call for differentiationâ&#x20AC;&#x201D;as a more

B o a r d r o o m | 65

agile organization than their competitors.

In fact, Harvard Business School professor Clayton Christensen describes disruption as the key force for exploiting changes in market, industry, or technology to produce something new, more efficient, and even game-changing (e.g. Trulioo, Dropbox, Pinterest). A 2017 study by KPMG titled “Disrupt and Grow: 2017 Global CEO Outlook,” shows that CEOs are increasingly seeing disruption, particularly technology and business model disruption, as more of an opportunity than a threat.

Leveraging disruption is not easily accomplished without a pragmatic and deliberate approach to helping leaders create both the mindset and even more importantly, the organizational practices, that drive leadership agility. Here’s what DDI has learned about how CEOs and senior executives ignite these new mindsets and inspire acts of leadership that drive organizational success and innovation through complexity and change.

Shifting Mindsets to Capitalize on Disruption:

ù ·ÊÎÓËÔ×ÈÊ ÙÍÊ ÓÔÙÎÔÓ ÙÍÆÙ ÉÎØ×ÚÕÙÎÔÓ ÆÓÉ ÙÍÊ ÆØØÔÈÎÆÙÊÉ ÖÚÊØÙ ËÔ× Ô×ÌÆÓÎßÆÙÎÔÓÆÑ Ù×ÆÓØËÔ×ÒÆÙÎÔÓ ÌÔÊØ ÇÊÞÔÓÉ Æ ÉÎØÈ×ÊÙÊ ÕÔÎÓÙ ÎÓ ÙÎÒÊ Reframe

û ·ÊÈÔÌÓÎßÊ ÙÍÆÙ ÜÎÓÓÎÓÌ ÎÓÓÔÛÆÙÎÔÓ ÔÓÑÞ ÔÈÈÚ×Ø ÜÍÊÓ ÞÔÚ× Ô×ÌÆÓÎßÆÙÎÔÓ ÌÊÙØ ÙÍÊ×Ê ËÎ×ØÙ Create a sense of urgency

for being at the forefront of new business it as a welcomed and desired state of being trends. Describe this as a prerequisite for and an essential ingredient for differentia- those who will lead your organization into tion. the future.

ÝÌÚÍá ÕÑÜа в ² Senior Vice President DDI

ú ¹×ÊÆÙ ÉÎØÈÔÒËÔ×Ù ÆØ Æ ÕÔØÎÙÎÛÊ ÙÊÓØÎÔÓ ü °ÓÔÜ ÙÍÆÙ ÇÎÌ Ù×ÆÓØËÔ×ÒÆÙÎÔÓØ While change may be uncomfortable, ÍÆÕÕÊÓ ÔÓÊ ØÒÆÑÑ Ù×ÆÓØËÔ×ÒÆÙÎÔÓ ÆÙ Æ help associates understand that being un- ÙÎÒÊ Organizational agility requires leaders ÜÍØÐÉÖÑÍ ÍÉÔ

comfortable is not a state of emergency.

Describe discomfort as the healthy tension that ensures curiosity and alertness, giving way to an array of varied perspectives, data, and new solutions to old problems.

66 | B o a r d r o o m

who are equipped to fuel their associates with confidence and the ability to sense and respond to change.

---------------------------------------------------

Senior Research Consultant DDI

B o a r d r o o m | 67

8č`31O_5=J%LDK;8K32

Anti-Corruption Update

=L<"L3 AL; LAE3 L =JEA L"W.QG3 = (L ;ÂąDN"EL ; ´¡¸Ý (Progress Report: July-August 2018) W2@< @:4(M3J.M Â&#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!9K VF $2Z0;Y2 K<.

F. K2 K<0Q"<Ă˝.

(Thai Private Sector Collective Action Coalition Against Corruption: CAC) 'ITC'Y<M; Ta'E*$TE Ă&#x20AC;žĂ&#x20AC; b;- I*_6YO; Ll T MES < % O C[ G _$Wg D I$S < a'E*$TE Ă&#x20AC;žĂ&#x20AC; = ++Z<S;CW<EVKS99Wg_'DG*;TC=ER$TJ $E$0T'CÂŞLV*MT'C CWETDGR_OWD6 6S*;Wh _+7;TEC5 _ % T E I C7 O 7 T ;'OE ES = -S ; $S < 6 T;$TEbM 'ITCE[ `$ <EVKS9_EYgO*$TE+S6 a'E*$TE Ă&#x20AC;žĂ&#x20AC; `G I+lT;I; œŽ¹ <EVKS9`GR 9lTER<<= O*$S;'OE ES=-S;`GR$TEbM LV;<;;Sh; <EVKS99Wg> T;ES<EO* °¯² <EVKS9 a'E*$TE Ă&#x20AC;žĂ&#x20AC; c6 +S6LSCC;T Ă?Ă&#x160;Ă&#x201A; Ă&#x20AC;ĂŠĂŚĂŤĂŚĂ 'ESh*9Wg ÂŻ b;IS;9Wg ¯² $E$0T'C _@YgO`;R;lTIV:W$TE+S6 9 T;LTCTE87V67TC$V+$EEC7 T*e 9lTETDGR_OWD6_$WgDI$S<$TEDYg;%OES<EO* Ž´ % O %O*a'E*$TE OT9V_- ; $TE_% TE ICLSCC;T MEYO LlTMES<>[ ES<>V6-O<*T;b;<EVKS9=ER_B9 Ă?Ă&#x160;Ă&#x201A; _% TO<ECMGS$L[7E žÍù̪Ă&#x20AC;ÏïïòíùÌÏÍ¡ Ă&#x2018;üâ Ă?ĂŻĂ&#x17E;à ùÌà Ă&#x17E;ĂŠ `GR+S6O<EC Ă&#x201D;ÏïèÌÍä Ă­Ă&#x17E;íâï ERMI T*IS;9Wg Ă&#x201E;òÌåâ ¼žĂ&#x20AC;Ă?Ă&#x201E;ÂŚ .Xg*_MCTRLlTMES<_+ TM; T9Wg >[ ES < >V 6 -O<$TE+S 6 9l T ER<<'I<'Z C BTDb; Ž³ªŽ´ $E$0T'C _@YgO= O*$S;'OE ES=-S;b;<EVKS9 `GR Ă&#x201A;ùüÌà Ă&#x17E;ĂŠ Ă&#x2030;âĂ&#x17E;åâïðüÌí Ă?ïÏäïĂ&#x17E;ĂŞ ÂĽĂ&#x201A;Ă&#x2030;Ă?ÂŚ .Xg*_MCTRLlTMES< ;O$+T$;Wh IS;9Wg Âą $E$0T'C a'E*$TE Ă&#x20AC;žĂ&#x20AC; _% TMTEYO$S<'5R$EEC$TE=0VE[=6 T;$TE $EEC$TE`GR>[ < EV M TEER6S < c6 _ % T b+IV :W $ TE 7 O7 T;$TE9Z+EV7 _@YgObM % OC[G=ER$O<$TE+S6 >GS $ 6S ; ;aD<TD7 O 7 T ;'OE ES = -S ; c=L[ $ TE 9lT`>;7TCDZ9:JTL7E $TEL;S<L;Z;a'E*$TE <EVMTE+S6$TE'ITC_LWgD*'OE ES=-S; % OC[G 9Sh*MC6LTCTE8_% Tc=6[c6 9Wg ôôôùüĂ&#x17E;ĂŚÂŞĂ Ă&#x17E;Ă ÂŤ 7TC`>;6 T;= O*$S;$TEbM LV;<; Ă ĂŹĂŞ MEYOLO<8TC$TELCS'E_% TO<EC$S<'Z5 _ IS;9Wg ¯ª° LV*MT'C 5 aE*`EC a'E*$TE BS9ETBE5 ­¯ªœ²²ªŽŽ²² 7 O ÂŻÂŽÂł Ă&#x20AC;žĂ&#x20AC; E IC$S<ÂŤLlT;S$*T;'5R$EEC$TE= O*$S; --------------------------------------------------`GR=ET<=ETC$TE9Z+EV7`M *-T7V ÂĽ=ÂŤ=ÂŤ-ÂŤÂŚ Ll T ;S $ *T;= O *$S ; DT_L@7V 6 `GR=ET<=ETC The progress of the CAC project from July OT-Â&#x2030;T$EEC`M *LM=ER-T-T7V ÂĽĂ&#x2019;Ă&#x2039;Ă&#x152;Ă Ă&#x20AC;ÂŚ `GR to August is as follows, M; ID*T; žêâïÌà Ă&#x17E;ĂŤ ÂżĂ&#x17E;ĂŻ žððÏà ÌĂ&#x17E;ùÌÏÍ ¼ž¿žŒ _= ;_+ TBT@+S6*T;LSCC;TER6S<B[CVBT' b; â&#x20AC;˘ Regarding the education for the companies MSI% O CT7E$TE9WgCW=ERLV9:VBT@LlTMES<BT' about setting up anti-corruptionnd and bribery the 2 SME Clinic :ZE$V+_O$-;b;$TE7 O7 T;$TEbM LV;<; a6D system, CAC organized th Seminar on 25 July to provide details on _;YhOMTMGS$%O*$TELSCC;TCZ *_; ;$TEbM 'ITC how to submit 17 topics for the responsible E[ 'ITC_% Tb+`$ <EVKS9_O$-; ES<E[ ETDGR_OWD6 people in SME companies and organized 7TC@E<ÂŤbMC =ÂŤ=ÂŤ-ÂŤ9Wg$TE+ TDLV;<;8YO_= ; th Working Paper training on 16 -17th July.

'ITC>V69Sh*>[ bM `GR>[ ES< .Xg*+R_= ;CT7E$TE = O*$S;LV;<;% TC-T7V `GRLV;<;+T$BT' In addition, on 4th July, the CAC had a :ZE$V+9WgCW=ERLV9:VBT@ a6D Ă&#x20AC;žĂ&#x20AC; ES<M; T9WgbM discussion the Anti-Corruption Reform 'ITCE[ 6 T;$TE=ER_CV;'ITC_LWgD*`GR$TE+S6 Committee towith provide for strategic 9lTER<<'I<'ZCBTDb;9Wg_MCTRLCbM `$ >[ _% T planning, support for information anti-bribery schemes E IC*T;LSCC;TQ .Xg*=ER$O<6 ID>[ <EVMTE`GR >[ =1V<S7V*T;+T$BT'ES2`GR_O$-; OT9V_- ; â&#x20AC;˘ On 2nd-3rd August, at Hotel , CAC and the LlT;S$*T;@T5V-D +*S MIS6 LlT;S$*T;'5R$EEC$TE Office of the National Counter Corruption L *_LEVC$TEG*9Z; ÂĽÂżĂ&#x152;Ă&#x2020;ÂŚ LlT;S$*T;'5R$EEC$TE Commission, the United Nations Office on ;aD<TD_%7@S4;T@V_JKBT'7RIS;OO$ ÂĽĂ&#x201A;Ă&#x201A;Ă&#x20AC;ÂŚ Drugs and Crime (UNODC) and the American <EVK9S b;B[CBV T'7RIS;OO$ MO$TE' T+S*MIS6 LBT Bar Association jointly hosted a regional LCT'C9Wg_$WgDI% O* `GR>[ `9;+T$=ER_9J seminar on â&#x20AC;&#x153;Effective Measures for AntiOT_.WD; EIC Ž²­ '; Bribery in the Private Sectorâ&#x20AC;?. The key content 68 | B o a r d r o o m

of the seminar focused on enhancing knowledge and understanding of the companies to recognize the new Act. For the new Act, the bribe payment was considered guilty for both giver and receiver which was a measure to effectively prevent transnational bribery and bribery from the private sector. CAC was responsible for providing knowledge on risk assessment and appropriate internal controls to the participants of the seminar which consisted of 150 executives and practitioners from the public and private sectors, such as the Provincial Commercial Office, Office of the Board of Investment (BOI) Eastern Region Special Administrative Region (EEC), companies in eastern region, Provincial Chamber of Commerce, related association councils and representatives from ASEAN countries. â&#x20AC;˘ For the information on the CAC project, there are currently 914 companies that have signed a declaration on anti-corruption and 325 companies that are already certified. â&#x20AC;˘ You can follow activities of CAC, such as attending seminars or training courses â&#x20AC;&#x153;The Anti-Corruption: The Practical Guide (ACPG)â&#x20AC;? which is suitable for those in charge of setting up internal controls to prevent corporate corruption, and the Ethical Leadership Program (ELP) which is suitable for directors and executives to understand how to push anti-corruption policy. All information can be viewed at www.thai-cac.com or ask for application with Khun Patraporn 02-955-1155 ext. 216.

3L< N//NW.% $K31K" S? Â&#x2014;Ă&#x161;² Â&#x2022;Ă&#x2018;Ă&#x153;Ă&#x153;Ă&#x2018;Ă&#x152;Ă?Ă&#x2019; Â?Ă?Ă&#x2030;Ă&#x2013;Ă&#x153;Ă&#x2030;Ă&#x2013;Ă?Ă&#x201C;Ă?Ă&#x201D; Project Manager Private Sector Collective Action Coalition Against Corruption (CAC)

Anti-Corruption in Practice

1dL[; ¨ÔÑÑÊÈÙÎÛÊ ¦ÈÙÎÔÓ G"[1<0P"W5^31O_D3Z# G"3L3L5=JW1B What makes other countries interested in Thailand’s Collective Action against Corruption (CAC) _

b;7O;9Wg`G I c6 _G T8X*>G+T$$TEJX$KT LVg * 9Wg _ $V 6 %Xh ; b;7 T *=ER_9J_@Yg O 7O<'l T 8TC Ll T 'S I T 9l T cC'ITC@DTDTC`$ c %= MT 'OE ES=-S;%O*BT'_O$-;b;E[=`<< àìééâàñæóâ Þàñæìë b;MGTDe =ER_9J8X*cC =ERL<'ITC LlT_Ef+ .Xg*@O+RLEZ=LT_M7ZLlT'S OO$CTc6 LTC =ER$TE6 ID$S; c6 `$ ®¦ %T6$TECWL I;E IC%O*>[ _G ;ETDbM b;`7 GR$GZ COZ7LTM$EEC ¯¦ cC LTCTE8>GS$6S;bM _$V6$TE_=GWgD; `=G*ER<< °¦ %T6$TE$lT$S<6[`G$TE6lT_;V;*T;bM <EEGZ_= TMCTD

70 | B o a r d r o o m

b;<OE 6E[C,<S<;W h +R_G T8X*$TE6lT_;V;$TE %O*a'E*$TE`;IE IC=1V<S7V% O*BT'_O$-; c9Db;$TE7 O7 T;$TE9ZEV7 MEYO ÑåÞæ ÍïæóÞñâ Ðâàñìï Àìééâàñæóâ ¾àñæìë ÀìÞéæñæìë ÞäÞæëðñ Àìïïòíñæìë ¥À¾À¦ .Xg*c6 CW$TE@S4;TE[=`<< $TE6lT_;V;a'E*$TE_@YgObM 7O<L;O*7 OLT_M7Z 9Wg9lTbM àìééâàñæóâ Þàñæìë b;=ER_9JOYg; G C_MGI 9Sh*LTC=ER$TE6S*$G TI% T*7 ; a6Db;=ER_6f;_EYgO*$TECW L I;E IC%O* >[ _G ;ETDbM b;`7 G R$GZ COZ7LTM$EEC;Sh; À¾À _Gf*_Mf;8X*'ITCLlT'S %O*$TE6X*>[ _G ; ETDbM b M _ % T CT_= ; `;IE I C=1V <S 7V 7Sh * `7 `E$ _@ETR9ET<6WI TMT$>[ _G ;ETDbM cC _OT 6 ID`G I $fcC CW9T*9WgETD_Gf$+R_% TCTE IC MEYO _% TCT$fcC LTCTE8LE T*aC_C;7ShCbM _$V6$TE

_=GWgD;`=G*c6 6S*;Sh; À¾À +X*b- IV:W$TE -S$-I;$GZ C:ZE$V+7 T*e _% TE ICa'E*$TE`<< _= ;$GZ C ¥ÐâàñìïÞé ¾ííïìÞàå¦ a6Db;- I*`E$ c6 _EVgC+T$$TE_% T-S$-I; $GZ C:ZE$V+b;BT'$TE_*V; .Xg*_= ;BT':ZE$V+9WgCW 'ITCLlT'S OD T*CT$7 OER<<_JEK2$V+%O* c9D CW_'EYO% TD$I T*%IT* `GRCW'ITCLSC@S;: $S<:ZE$V+OY;g e 9Z$=ER_B9 `GR9Z$%;T6 ;O$+T$;Wh MGS*+T$9Wg=ER_9Jc9D> T;@ ;IV$F7V_JEK2$V+ _CYgO= ¯²±­ CT`G I $fc6 CW$TE@S4;TER<<$TE $lT$S<6[`G$V+$TE9Wg6Wb;BT'$TE_*V;%O*c9DbM `%f*`$E *%Xh;OD T*CT$ b;%5R9Wg$TE7EI+LO< %O*M; ID*T;$lT$S<6[`Gb;? *9T*$TE$f_% C% ; 9lTbM 'ITC_LWgD*6 T;$TE9Z+EV7'OE ES=-S;%O* :ZE$V+b;BT'$TE_*V;OD[ b;ER6S<9WgcC L[* `GR

LTCTE86lT_;V;$TE7TC`;I9T*$TEIT*$Gc$ O*' $EOY;g e b;BT'=ER-TLS*'C OD T*_- ;O*' $TE = O*$S;$TE9Z+EV79Wg Ă&#x20AC;žĂ&#x20AC; $lTM;6cI c6 cC DT$ 7 O7 T;'OE ES=-S; ÂĽ=ER_9Jc9DÂŚ MEYO žĂ&#x20AC;Ă&#x2018; >GS$6S;bM CW$TEOO$ @ERET-<SÂ&#x2030;Â&#x2030;S7V$TEOlT;ID M;Xg*b;_M7Z>G9Wg- IDbM Ă&#x20AC;žĂ&#x20AC; LTCTE8 'ITCLR6I$b;$TE@V+TE5TO;ZÂ&#x2030;T7%O*9T* _-V Â&#x2030; -I;BT'$TE_*V ; bM _ % T CT_= ; LCT-V $ ET-$TE $TEOO$@ERET-<SÂ&#x2030;Â&#x2030;S7V $TE+S6.YhO+S6 `;IE IC=1V<S7Vc6 LlT_Ef+$f'YO$TE>GS$6S;%O* + T*`GR$TE<EVMTE@SL6ZBT'ES2 `GR $TE`$ c% LCT'C:;T'TEc9Db;2T;R9Wg_= ;M;Xg*b;`=6 $0MCTD9Wg$lTM;6'ITCES<>V69T*OTÂ&#x2030;T%O*>[ O*' $EE IC$ O7Sh* Ă&#x20AC;žĂ&#x20AC; ÂĽO*' $E$ O7Sh*OYg;e `9;;V7V<Z''G =ER$O<6 ID MO$TE' Tc9D MO$TE' TE IC7 T* =ER_9Jb;=ER_9Jc9D LBTOZ7LTM$EEC`M * ;O$+T$;Wh Ă&#x20AC;žĂ&#x20AC; $fDS*9lT*T;E IC$S<<EVKS9 =ER_9Jc9D LBT:ZE$V+7GT69Z;c9D LCT'C b;BT':ZE$V+9WgCW'ITC_LWgD*7 O= Â&#x2030;MTLV;<;L[* <EVKS9+69R_<WD;c9D LCT'CL *_LEVCL8T<S; OD T*_- ;OLS*MTEVC9ES@D _@YgOER<Z8X*+Z6O O;b; $EEC$TE<EVKS9c9D LBTOZ7LTM$EEC9 O*_9WgDI $ER<I;*T; `GR=ERLT;*T;$S<M; ID*T; `M *=ER_9Jc9DÂŚ L *>GbM :;T'TE@T5V-D 9Z$ BT'ES 2 _@Yg O ;l T _L;O`;I9T*b;$TE=ES < =EZ * `M *_% TCTE IC_= ;LCT-V$ `GRb;_IGT7 OCT `$ c% `GR>GS$6S;bM CW$TE6lT_;V;$TE_@YgO= 6 :ZE$V+OYg;e b;BT'$TE_*V;9WgL I;bMÂ&#x2030; CW<EVKS9 'ITC_LWgD*6S*$G TI6 ID b;_'EYO%O*:;T'TE@T5V-D _= ;>[ _G ;ETDbMÂ&#x2030; $f 7 TC_% T CTE I C_= ; LCT-V $ `<<D$LCT'C Ll T MES < _EYg O *%O*$TE$l T $S < 6[ ` G$TE 6 ID OD T*_- ; <EVK9S MGS$9ES@D <EVK9S MGS$9ES@D 6lT_;V;*T;bM <EEGZ_= TMCTD a'E*$TE Ă&#x20AC;žĂ&#x20AC; +S6$TE$O*9Z; <EVKS9=ER$S;BSD `GR <EVKS9 CW $ TE$l T $S < 6[ ` Ga6D'5R$EEC$TE+l T ;I; =ER$S;-WIV7 ÂŽÂŽ 9 T; .Xg*G I;`7 _= ;>[ 9E*'Z5IZ4V `GRCW =ERL<$TE5 OD T*a-$a-;+T$9Sh*BT'ET-$TE `GR_@YgObM CSg;b+I T<EVKS97 T*e 9Wg_% TCT :ZE$V+_O$-; `GR =ER-TLS*'C a6DCW$TE E IC=ER$TJ_+7;TEC5 7 O7 T;$TE9Z+EV7+RCW $lTM;6$GDZ9: `GRER<<$TE9lT*T;OD T*_= ; $TE6lT_;V;$TEb;_EYgO*;WhOD T*+EV*+S* a'E*$TE CYOOT-W@ CW$TE$lTM;6_= TMCTD `GR*<=ERCT5 Ă&#x20AC;žĂ&#x20AC; +X*c6 OO$`<<ER<<$TEES<EO*I T<EVKS9 OD T*-S6_+; a6D+RCW$TEETD*T;>G$TE6lT_;V; c6 CW$TE$lTM;6;aD<TD `GRIT*`;I=1V<S7V_@YgO *T; `GR`;I9T*$TE6lT_;V;$TEbM 7SI`9;`=6 = O*$S;$TE9Z+EV7'E<7TC_$53 9 gW Ă&#x20AC;žĂ&#x20AC; $lTM;6 O*' $EE IC$ O7Sh*ES<9ET<_= ;ERDR ;O$+T$;Wh BTDb;ERDR_IGT ÂŽÂľ _6YO; .Xg*$ER<I;$TEES<EO* 9Sh**<=ERCT5 `GR>GLlT_Ef+%O*a'E*$TE ;Wh8YO_= ;_O$GS$K5 %O* Ă&#x20AC;žĂ&#x20AC; `GR+;8X*= ++Z<S; DS * 8[ $ 7V 6 7TC7EI+LO<OD T *b$G -V 6 +T$ $fDS*cC =ET$1I TCWa'E*$TE à ÏÊÊâà ùÌóâ Ă&#x17E;à ùÌÏÍ O*' $EMGS$9WgbM $TEL;S<L;Z;9T*$TE_*V;OD T* b;=ER_9JcM;9WgLTCTE8@S4;T$ER<I;$TE Ă&#x20AC;âÍùâï ĂŁĂŹĂŻ Ă&#x2020;ÍùâïÍĂ&#x17E;ùÌÏÍĂ&#x17E;ĂŠ Ă?ĂŻĂŚĂłĂ&#x17E;ùâ Ă&#x201A;ÍùâïíïÌðâ ES < EO*b;GS $ K5R_6W D I$S ; ;Wh %Xh ; CTc6 Ll T _Ef + ÂĽĂ&#x20AC;Ă&#x2020;Ă?Ă&#x201A;ÂŚ 6 ID _MCYO;$S<=ER_9Jc9D $TE6lT_;V;$TEb;6 T;7 T*e 9Wg$G TICT L I;_EYOg * $TE>GS$6S;bM _$V6$TE_=GWDg ;`=G* % T*7 ;'YO= ++SDLlT'SÂ&#x2030;9Wg9lTbM a'E*$TE Ă&#x20AC;žĂ&#x20AC; CW ER<< ;S;h Ă&#x20AC;žĂ&#x20AC; c6 6Tl _;V;$TEb;2T;R9W_g = ;7SI`9; 'ITC$ TIM; TOD T*CT$9Sh*b;_-V*=EVCT5 `GR %O*BT'_O$-;9WgCW'ITCCZ *MCTD-S6_+;9W+g R9lT _-V*'Z5BT@ +;9lTbM MGTDe =ER_9JCO*>G :ZE$V+OD T*a=E *bL =GO6LV;<; E IC$S<BT'ES2 LlT_Ef+9Wg_$V6%Xh;6 ID'ITC-Yg;-C `GRL;b+7V67 O >GS$6S;bM C$W TEOO$ MEYO`$ c%=ES<=EZ*$0MCTD _% TCT_@YgO%ObM Ă&#x20AC;žĂ&#x20AC; - IDbM 'lT=EX$KTMEYO 9Wg_$WgDI% O*$S<$TE=ES<=EZ*=ERLV9:VBT@<EV$TE L;S<L;Z;9T*_9';V'b;$TE$ O7Sh* MEYO=ES<=EZ* BT'ES2 .Xg*_= ;M;Xg*b;_*YgO;c%LlT'SÂ&#x2030;9Wg_OYhObM _$V6 _'EYO% TD7 O7 T;$TE9ZEV7b;BT'_O$-;b;E[= = Â&#x2030;MT$TE_EWD$ES< `GR$TE+ TDLV;<; .Xg*+;8X* `<< Ă&#x20AC;ÏÊÊâà ùÌóâ žà ùÌÏÍ %O*7SI_O*< T* %5R;Wh Ă&#x20AC;žĂ&#x20AC; =ERL<'ITCLlT_Ef+b;$TEE IC$S< ---------------------------------------------------

Previously, we touched on the following key factors leading to failure of CAC in many countries: 1) Lacking participation among key power players in each industrial group 2) Inability to bring systematic change 3) Lacking supervision, regulation and implementation to meet the target For this issue of Boardroom Magazine, we will focus on Thai CACâ&#x20AC;&#x2122;s operational process which has been developed and adapted to solve the three factors mentioned above.

Thai CAC is well aware that it is impossible to encourage small-scaled players to join in the anti-corruption movement without having large-scale players participating in the process at the very beginning. Hence sectoral approach has been implemented to invite different groups of businesses to join force with Thai CAC. The first group of business joining in the anti-corruption movement is financial sector. Thanks to its large network and good relationship with all kinds of businesses that drives Thai economy, corporate governance is strictly implemented especially after the financial crisis in 1997.

Hence, risk of corruption was relatively low and that anti-corruption prevention measure designed by Thai CAC can be effectively put into practice in the financial sector.

Encouragement by the Thai Banks Association, as one of eight co-founders of Thai CAC, has caused a major impact on anti-corruption movement (Other cofounding organizations include Thai Chambers of Commerce, Joint Foreign Chambers of Commerce, Industrial Association of Thailand, Federation of Thai Capital Market Organizations, Thai Listed Companies Association, Thai Institute of Directors, Tourism Council of Thailand). Every B o a r d r o o m | 71

guidelines as well as budget allocation are clearly set. Progress and performance reports are informed to the eight founding organizations on a regular basis. Budgeting and success of Thai CAC are closely monitored by the Center for International A certification system has also been Private Enterprise (CIPE) as major financial designed to ensure that companies will supporter. effectively put into practice anti-corruption policy and implementation within a period These are among key factors that lead to of 18 months. The system that has not yet progress of the CAC project in Thailand. been introduced CAC in other countries Several countries also commend Thai CAC model and ask for technical support and makes Thai CAC unique. input for CAC implementation in their As a representative of private sector driving countries. systematic change to business operation with transparency and bribery-free, CAC works with government sector and pushes for legislation and law amendment aimed at strengthening effectiveness of public administration regarded as a crucial factor which could either reduce or increase a problem of bribery. Until now, CAC is successful in working with other organizations and public sector to drive anti-corruption movement for example an establishment of Anti Corruption Thailand (ACT), a push for an enactment of Licensing Facilitation and Government Procurement and Supplies Management Act B.E. 2560 and the Criminal Liability of Juristic Person’s Representatives Amendment Act. commercial banking company joined force with Thai CAC. Listed and asset management companies as well as insurance and life insurance companies later joined in the movement.

In addition, Thai CAC also works with the real estate sector having high risk of bribery and tea money in a bid to identify shortcomings of the process and coordinate with the governmental sector to come up with a solution and prevention to corruption.

To meet the target of regulatory and implementation, CAC regulatory body comprises of 11 board of directors who are professionals and experts in various fields from governmental, private and public sectors. Strategies and implementation

72 | B o a r d r o o m

3L<8ĊC-R 8=E;#==<L Ú² ÐÑÛÉÖÝ ÐÚ×ÕËÐÉÖáÉ Public Relations Consultant Thai IOD

Board Review

b;'OGSC; ; hW Ă&#x2020;Ă&#x152;Ă ODT$+R;lT_L;O M;S*LYO ÂŻ _G C9W'g IE' T`$ $TEJX$KTLlTMES< '5R$EEC$TE<EVKS9

This column IOD would like to recommend two books that directors should read.

.N#N1K?Z3E G"5=J%R; -J ==; L=

a6D _+;;V_AOE I[G A ÂĽ>[ _%WD;ÂŚ

ŠĂ&#x17D;Ă&#x152;Ă&#x17D;Ă&#x2122;Ă&#x2020;Ă&#x2018; Ă&#x17D;Ă&#x201C; Ă&#x2122;Ă?Ă&#x160; §Ă&#x201D;Ă&#x2020;Ă&#x2014;Ă&#x2030;Ă&#x2014;Ă&#x201D;Ă&#x201D;Ă&#x2019;

by Jennifer C. Wolfe (Author)

'[ CY O 9Wg _ % T 8X * c6 Ll T MES < >[ < EV M TE ER6S<L[*`GR'5R$EEC$TE<EVMTE_G C;Wh +Z6=ER$TDbM _Mf;LVg*9Wg'5Z +lT_= ;+R7 O* E[_ $WDg I$S<B[C9V JS ; 6+V 9V GS Š IV:$W TE'T6$TE5 `;Ia; C b;O;T'7`GRLVg * 9Wg ' 5R $EEC$TE'IE@V + TE5Tb;$TE+S 6 $TE $GDZ9: 6V+V9SG`<<O*' EICLlTMES<9SgI9Sh* O*' $E

This accessible guide for senior executives and board members shines a light on what you need to know about the digital landscape, how to predict future trends, and what boards should consider in managing a holistic digital strategy across the organization.

_+;;V_AOE I[GA >[_ %WD; - ID>[< EVMTE 9WgOD[ b;ER6S< Ă&#x20AC;ªðòÌùâ 9lTGTDIS4;:EEC $TE`< *`D$L8T;R`GR@S*c.aG9Wg'OD _= ;7SI8 I*<EVKS9 _@YgO9Wg+R- IDbM <EVKS9 ;Sh ; 7O<L;O*7 O 'ITC7 O *$TE9T* LBT@`I6G O C6 T ;6V +V 9S G 9Wg .S < . O ;`GRCW $ TE_=GWg D ;`=G*OD T * EI6_EfIc6 6W%Xh;6 ID'ITCE ICCYOE ICb+`GRER<<$TE9lT*T;9Wg_= 6 $I T*CT$%Xh;

Author Jennifer Wolfe, helps those in C-suite positions break down status-quo culture and shatter the silos that are holding their companies back in order to better meet the demands of a complex and rapidly changing digital environment with more collaborative and open processes.

In Digital in the Boardroom, Wolfe, a true leader on the future of the Internet, draws upon her unique background as a trusted advisor to c-suite executives, tech start-up entrepreneur, intellectual property lawyer, and expert in public relations, process improvement, and global Internet policy to provide you with valuable insights, including:

b;M;S*LYO 6V+V9SGb;M O*=ER-ZC'5R$EEC$TE I[G A >[ .Xg*_= ; >[ ;lTa6D`9 +EV*b;_EYgO*O;T'7%O*aG$OV;_7OE _;f7 6X*=ERL<$TE5 7 T*e+T$B[CVMGS*OS;CW_O$GS$K5 _,@TR%O*_:Ob;2T;R9Wg=EX$KT9Wg _-YgO8YOc6 %O*>[ <EVMTEER6S< Ă&#x20AC;Š >[ =ER$O<$TE_EVgC7 ;6 T;_9'a;aGDWŠ ;S $ $0MCTD6 T ;9ES @ D LV ; 9T*= Â&#x2030; Â&#x2030;T`GR>[ _ -Wg D I-TÂ&#x2030;6 T ;$TE =ER-TLSC@S;: Š $TE=ES<=EZ*$ER<I;$TE`GR;aD<TDOV;_7OE _;f79SgI â&#x20AC;˘ Signals of change aG$ CT`< *= ; _@YgObM % OC[G_-V*GX$OS;CW'Z5' T`$ 'Z5 OS;=ER$O<c= â&#x20AC;˘ The next generation of the Internet and new top-level domains â&#x20AC;˘ Cybersecurity 6 ID LSÂ&#x2030;Â&#x2030;T5$TE_=GWgD;`=G* DZ'7 Oc=%O*OV;_7OE _;f7`GRa6_C;ER6S<<;EZ ;bMC 'ITC=GO6BSD<;aG$OV;_7OE _;f7 _'EYO% TDLS*'COO;cG; _;YhOMT $TE_@VgC=ERLV9:VBT@% OC[G IV:W$TE+S6$TEER<<6V+V9SGb;ER6S<'5R$EEC$TE b;DZ'%O*$TE=1VE[=ER<<6V+V9SG;Wh 9Z$OD T*%Xh;OD[ $S<>[ <EVMTE ER6S<L[*>[ .Xg*+R_= ;>[ LE T*$GDZ9: b;$TEES<CYO$S<LVg*9Wg+R_$V6%Xh;% T* M; T `GRM;S*LYO_G C;Wh+R- ID`L6*bM 'Z56[I T7 O*9lTOD T*cE 74 | B o a r d r o o m

â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘

Social networking Content Data optimization How to manage digital at the board level

In this era of the digital transformation, itâ&#x20AC;&#x2122;s up to top-level executives to create a strategy to take on whatâ&#x20AC;&#x2122;s to comeâ&#x20AC;&#x201D;this book shows you how.

?<R12 G" R-/ G" L= ?<R12 Â&#x; AĂž2O L=W?QG X?JZ% AĂž2O L=1O_ WE;LJD;

a6D CTE 7V; EWA ÂĽ>[ _%WD;ÂŚ Š ';Z9 POE _;LÂĽ>[ _%WD;ŒŠ _+;+TDT LV*M ÂĽ>[ _%WD;ÂŚ `GR _+AAEWD -CV6: ÂĽ>[ O T;ÂŚ 'Z5'V6I T'Z5CW$GDZ9: 9Wg+R=ERL<'ITCLlT_Ef+c6 `; `7 ;Sg; CS;+EV*MEYO_=G TÂź >[ <EVMTECS$8[$EZCG OCc=6 ID'ITC'V6DO6PV7 `GR`;I9T*=1V<S7V9Wg6W9WgLZ6_@YgObM c6 CT.Xg*% Oc6 _=EWD<9T*$TE `% *%S; `7 MGTDe'ITC'V6`GR`;I9T*=1V<S7V_MG T;Wh$fCS$+R%S6 `D *$S;_O* _- ; 'Z5'IE7Sh*_= TMCTD_@YgO9Wg+R_= ;bMÂ&#x2030; MEYOc=c6 _EfIG RÂź MEYO'Z5'IE+RLE T*<G[ aO_-WgD;%Xh;CT =ES<7SIbM _$ *`G I _G ;_@YgO_OT-;R MEYO+RGYC_EYgO*% Oc6 _=EWD<9T*$TE`% *%S; OD T*DSg*DY;c=bM MC6_GD_LWD6W$I TÂź b;LBT@`I6G O C9T*:Z E $V + 9Wg _ =GWg D ;`=G*OD T *EI6_Ef I @E OC9Sh*9IW'ITCcC `; ;O;`GR.S<. O;%Xh;9Z$IS; $TE_GYO$ `;I9T*LlTMES<$GDZ9: 9Wg_MCTRLCcC _'D_= ;LVg*9WgLlT'SÂ&#x2030;`GRDT$ _Df;%;T6;WhCT$ O; b;M;S*LYO_G C;Wh CTE 7V; EWA Š ';Z9 POE _;L `GR _+;+TDT LV*M +T$ Ă&#x2018;üâ ¿ÏðùÏÍ Ă&#x20AC;ÏÍðòÊùÌÍä Ă&#x201E;ïÏòí ;lT_L;O IV:W$TE9Wgc6 ES<$TE@VL[+; `G Ib;$TE$lTM;6`;I9T*$GDZ9: 9Wg6W9WgLZ6 LlTMES<<EVKS9%O*'Z5 @I$_%T_EVgC7 ;6 ID$TE- ID'Z5=ER_CV; LBT@`I6G OC9T*:ZE$V+ b;`* 9WgI TLBT@`I6G OC9T*:ZE$V+%O* 'Z5;Sh;'T6_6Tc6 CT$; OD`' cM;Š 'Z5CW$lTGS*b;$TE_=GWgD;`=G* CS;CT$_9 TcME `GRCS;aM6LTMSL_@WD*b6 .Xg*$TE=ER_CV;;Wh;S<_= ; O*' =ER$O<LlT'SÂ&#x2030;b;$TE_GYO$$GDZ9: 9Wg8[$7 O* @I$_%T`+$`+* bM _Mf;I T`;I9T*$GDZ9: 9WgCWOD[ 9Z$IS;;Wh8[$`< *OO$_= ; ² =ER_B9 'YO ¿â ¿Ìä ÂĽ_= ;bMÂ&#x2030; ŒŠ ¿â Ă&#x192;Ă&#x17E;Ă°Ăą ÂĽc=_EfIŒŠ ¿â Ă&#x192;Ìïðù¼_= ;_+ T`E$ŒŠ _= ; Ă&#x152;ïà üâðùïĂ&#x17E;ùÏï ÂĽ>[ =ER@S;: ÂŚ MEYO_= ;`' Ă&#x201C;ĂŚĂ&#x17E;Ă&#x;Êâ ÂĽ OD[ c=_EYgODeÂŚ %Xh; OD[ $S<%O<_%7%O*$TE'T6$TE5 c6 Š 'ITCaO;O O;`GR'ITC6Z6S; b;'lTO:V<TD_-V*GX$%O*`7 GR`;I9T*;Wh+R;lT_L;O% OC[G_-V*GX$9Wg LlT'SÂ&#x2030;b;$TE+S<'[ $GDZ9: 9Wg_MCTRLC$S<LBT@`I6G OC%O*'Z5Š ER<Z_IGT`GRIV:W9Wg+R;lT`7 GRIV:W$TECTb- 9Sh*DS*- IDMGW$_GWgD*$TE +S<'[ 9WgcC _MCTRLC.Xg*OT+;lTCT.Xg*>G_LWDE TD`E* b;%5R9Wg'Z5+S6 $TE'ITC9 T9TD9T*$GDZ9: ; hW 'Z5+RLTCTE87O<'lT8TC_MG T;Wch 6 LVg*b6+RCT96`9;$TEIT*`>;_CYgOI*+EO<= %O*CS;G TLCSD ORcE`GR_CYOg cE9W_g ET+RLTCTE8=ES<E[=`<<_$C$TE`% *%S;bM _% T 9T*%O*_ET _ET+Rb- `;I9T*_-V*$GDZ9: 9Wg`7$7 T*$S;c=b;_IGT_6WDI$S; LlTMES<M; ID:ZE$V+9Wg`7$7 T*$S;OD T*cE _ET+R+S6$TE'ITC%S6`D *9WgLY<9O6$S;CTb;$TE$lTM;6`GR 6lT_;V;$GDZ9: 9`gW 7$7 T*$S;b;MGTDBT':ZE$V+`GRBT'B[CJV TL7E c6 OD T*cE ;S<+;%5R;Wh DS*cC _'DCWM;S*LYO_G CcM;9WgEI<EIC`GR;lT _L;O_'EYgO*CYO9WgLTCTE8;lTc==1V<S7Vc6 +EV*b;$TE9lT'ITC_% Tb+ IV:W$TE_GYO$b- `;I9T*_-V*$GDZ9: 6S*;Sh;_ETCT_EVgC$S;IS;;Wh_GD6W $I T 76 | B o a r d r o o m

žĂ&#x201D;Ă&#x161;Ă&#x2014; ¸Ă&#x2122;Ă&#x2014;Ă&#x2020;Ă&#x2122;Ă&#x160;Ă&#x152;Ă&#x17E; ÂłĂ&#x160;Ă&#x160;Ă&#x2030;Ă&#x2DC; Ă&#x2020; ¸Ă&#x2122;Ă&#x2014;Ă&#x2020;Ă&#x2122;Ă&#x160;Ă&#x152;Ă&#x17E;Â&#x; ­Ă&#x201D;Ă&#x153; Ă&#x2122;Ă&#x201D; ¨Ă?Ă&#x201D;Ă&#x201D;Ă&#x2DC;Ă&#x160; Ă&#x2020;Ă&#x201C;Ă&#x2030; ÂŞĂ?Ă&#x160;Ă&#x2C6;Ă&#x161;Ă&#x2122;Ă&#x160; Ă&#x2122;Ă?Ă&#x160; ¡Ă&#x17D;Ă&#x152;Ă?Ă&#x2122; ÂŚĂ&#x2022;Ă&#x2022;Ă&#x2014;Ă&#x201D;Ă&#x2020;Ă&#x2C6;Ă?

by Martin Reeves (Author), Knut Haanaes (Author), Janmejaya Sinha (Author), Jeffery Schmidt (Reader) You think you have a winning strategy. But do you? Executives are bombarded with bestselling ideas and best practices for achieving competitive advantage, but many of these ideas and practices contradict each other. Should you aim to be big or fast? Should you create a blue ocean, be adaptive, play to winâ&#x20AC;&#x201D;or forget about a sustainable competitive advantage altogether?

In a business environment that is changing faster and becoming more uncertain and complex almost by the day, itâ&#x20AC;&#x2122;s never been more importantâ&#x20AC;&#x201D;or more difficultâ&#x20AC;&#x201D;to choose the right approach to strategy. In this book, The Boston Consulting Groupâ&#x20AC;&#x2122;s Martin ½Ă?Ă?ĂĄĂ?Ă&#x17E;Â&#x2014; ÂśĂ&#x2122;Ă Ă&#x; ÂłĂ&#x152;Ă&#x152;Ă&#x2122; Ă&#x17E;Â&#x2014; Ă&#x152;Ă&#x2122;Ă? ÂľĂ&#x152;Ă&#x2122;Ă&#x2DC;Ă?Ă&#x2022;Ă&#x152;äĂ&#x152; žĂ&#x201D;Ă&#x2122;Ă&#x201C;Ă&#x152; Ă&#x161;Ă&#x2018;Ă&#x2018;Ă?Ă? Ă&#x152; Ă&#x203A;Ă?Ă&#x161;ĂĄĂ?Ă&#x2122; Ă&#x2DC;Ă?Ă&#x;Ă&#x201C;Ă&#x161;Ă? to determine the strategy approach that is best for your company.

They start by helping you assess your business environment: how unpredictable it is, how much power you have to change it, and how harsh it isâ&#x20AC;&#x201D;a critical component of getting strategy right. They show how existing strategy approaches sort into five categoriesâ&#x20AC;&#x201D; Be Big, Be Fast, Be First, Be the Orchestrator, or simply Be Viable â&#x20AC;&#x201D;depending on the extent of predictability, malleability, and harshness. In-depth explanations of each of these approaches will provide critical insight to help you match your approach to strategy to your environment, determine when and how to execute each one, and avoid a potentially fatal mismatch. Addressing your most pressing strategic challenges, youâ&#x20AC;&#x2122;ll be able to answer questions such as: â&#x20AC;˘ What replaces planning when the annual cycle is obsolete? â&#x20AC;˘ When can weâ&#x20AC;&#x201D;and when should weâ&#x20AC;&#x201D;shape the game to our advantage? â&#x20AC;˘ How do we simultaneously implement different strategic approaches for different business units? â&#x20AC;˘ How do we manage the inherent contradictions in formulating and executing different strategies across multiple businesses and geographies?

Until now, no book has brought it all together and offered a practical tool for understanding which strategic approach to apply. Get started today.

IOD Exclusive Program

Strategic Board Master Class

SBM

SBM 5/2018 English Program in Bangkok

5 - 7 November 2018 09.00 - 16.30 hrs.

FACILITATORS Mr. Christopher Hafner Founder, Traversant Limited Lead Examiner, Strategy and Marketing, UK IoD University of Oxford, SaĂŻd Business Schoolâ&#x20AC;&#x2122;s Diploma & Accredited Programmes Committee for Strategy & Innovation

Dr. Tanai Charinsarn Professional trainer and management consultant for 15 years of experiences Former management consultant with The Boston Consulting Group and IBM Global Services

+ 66 (0) 2955 1155

Ms. Tanyaporn Ext. 406

ext-enroll@thai-iod.com

Board Activities

Ž´Š °Ă&#x160;Ă&#x201C;Ă&#x17E;Ă&#x2020;

ERMI T*IS;9Wg ¯°ª¯² $E$0T'C 9Wg> T;CT LCT-V$ Ă&#x2020;Ă&#x152;Ă =ER_9J _';D T ² 9 T;c6 _% TO<ECMGS$L[7E Ă?ùïĂ&#x17E;ùâäÌà ¿ÏĂ&#x17E;ĂŻĂĄ Ă&#x160;Ă&#x17E;ðùâï Ă&#x20AC;ĂŠĂ&#x17E;Ă°Ă° ÂĽĂ?ÂżĂ&#x160;ÂŚ `GRDS*CW>[ <EVMTE Ă&#x2020;Ă&#x152;Ă Ă&#x2C6;âÍèĂ&#x17E; CTE ICLS*_$7$TE5 b;MGS$L[7E ¿ÏĂ&#x17E;ĂŻĂĄĂ° ùüĂ&#x17E;Ăą Ă&#x160;Ă&#x17E;èâ Ă&#x17E; à ÌããâïâÍà â ÂĽÂżĂ&#x160;Ă ÂŚ @E OC9Sh*_DWgDC-CLlT;S$*T; Ă&#x2018;ĂĽĂ&#x17E;ĂŚ Ă&#x2020;Ă&#x152;Ă `GR Ă&#x2020;Ă&#x152;Ă Ă&#x160;âêĂ&#x;âïð Ă?Ă­Ă&#x17E;à â OW$6 ID -----------------------------------------------------------------On July 23rd -25th, 2018 five IOD members from Kenya attended the Strategic Board Master Class (SBM). There were also IOD executives from Kenya who came to observe the Boards that Make a Difference (BMD) course, and visit Thai IOD office and IOD Members Space.

Ž´Š ²Ă&#x160;Ă&#x2019;Ă&#x2021;Ă&#x160;Ă&#x2014;Ă&#x2DC; ¸Ă&#x2022;Ă&#x2020;Ă&#x2C6;Ă&#x160; ´Ă&#x2022;Ă&#x160;Ă&#x201C; ­Ă&#x201D;Ă&#x161;Ă&#x2DC;Ă&#x160;

+T$$TE_6V;9T*c=_DWgDC-C Ă&#x2020;Ă&#x152;Ă b;7 T*=ER_9J9Wg> T;CT @<I T Ă&#x2020;Ă&#x152;Ă b;MGTD =ER_9JCW@Yh;9WgLlTMES<LCT-V$bM CT@<=RLS*LEE' ;S6=ER-ZC MEYO;Sg*@S$EO_IGT 9Wg+Rc==ER-ZC9WgOYg;7 O Ă&#x2018;ĂĽĂ&#x17E;ĂŚ Ă&#x2020;Ă&#x152;Ă +X*;lT`;I'V6;WhCT_= 6 Ă&#x2020;Ă&#x152;Ă Ă&#x160;âêĂ&#x;âïð Ă?Ă­Ă&#x17E;à â _@YgObM LCT-V$c6 CTb- <EV$TE< T* a6D_EVgCbM <EV$TE'ESh*`E$$S<$TE=ER-ZC Ă&#x2020;Ă&#x152;Ă ;T;T-T7V_CYgO=GTD_6YO;CV8Z;TD;9Wg> T;CT `GR_EVgC_= 6< T;bM LCT-V$CTb- <EV$TE 7Sh*`7 _6YO;$E$0T'C Ă&#x2020;Ă&#x152;Ă Ă&#x160;âêĂ&#x;âïð Ă?Ă­Ă&#x17E;à â `M *;Wh ;O$+T$+R_= ;9WgcI @<=RLS*LEE' `G I DS* LTCTE8+S6*T;LSCC;T%;T6_Gf$=ERCT5 ¹­ '; `GRCWM O*=ER-ZC%;T6 ÂŽÂą 9Wg ;Sg*bM <EV$TE @E OC-T $T`A %;C%<_'WhDI `GRLVg*OlT;ID'ITCLR6I$OYg;e 9 T; LCT-V$9WgL;b+LTCTE87V67 OLlTEO*M O*c6 9Wg? TDLCT-V$LSC@S;: a6D= ;WhDS*cC 'V6' T<EV$TE Ă&#x2020;Ă&#x152;Ă %O_EWD;_-VÂ&#x2030;9Z$9 T;CTb- <EV$TE$S; _@YgO9Wg+Rb- @Yh;9Wg;WhbM _= ; =ERaD-; `$ LCT-V$OD T*`9 +EV* ------------------------------------------------------------------------------After visiting IOD offices abroad, we have learnt that IOD in my countries provide spaces for members to meet, arrange proper meetings, and relax while waiting for other meetings. Therefore, Thai IOD took this idea and opened the IOD Members Space for our members. The space opened for the first time for the international IOD meeting at the end of June, and has been opened for all the members since July.

Besides serving as a meeting place, small seminars for approximately 40 people can also be held at IOD Members Space. There are also meeting rooms for 14 people together with tea, coffee, snacks and other facilities for the members. The members who are interested may make a reservation at the member relations, and it is free of charge for this year. We would like to invite all of you to use the service, so that this space can truly benefit our members.

78 | B o a r d r o o m

NOW OPEN

5th Floor, Gaysorn Centreb

Opening Hours:b9.00 â&#x20AC;&#x201C; 18.00 hrs. (Monday -Friday) For more information, visit www.thai-iod.com Call 02-955-1155 ext. 403, 404 or 999 E-mail memberservice@thai-iod.com

¸Ă&#x161;Ă&#x2DC;Ă&#x2122;Ă&#x2020;Ă&#x17D;Ă&#x201C;Ă&#x2020;Ă&#x2021;Ă&#x2018;Ă&#x160; §Ă&#x2020;Ă&#x201C;Ă?Ă&#x17D;Ă&#x201C;Ă&#x152; ÂŤĂ&#x201D;Ă&#x2014;Ă&#x161;Ă&#x2019;

6EÂŤ <S 5 3V 7 ;V+ 8TIE $EEC$TE>[hO lT;ID$TEL8T<S; $EEC$TE<EV K S9 c9D EgI C_LI;TMSI %hO Ă?ïÏêÏùÌÍä äÏÏå äÏóâïÍĂ&#x17E;Íà ⊠âùüÌà ðŠ Ă&#x17E;ĂŤĂĄ Ă&#x17E;Íù̪à ÏïïòíùÌÏÍ ĂŚĂŤ Ă&#x;Ă&#x17E;ÍèÌÍä Ă&#x;òðÌÍâðð b;*T; Ă?òðùĂ&#x17E;ĂŚĂŤĂ&#x17E;Ă&#x;Êâ ÂżĂ&#x17E;ÍèÌÍä Ă&#x192;Ïïòê 9W g :;T'TE `Mg * =ER_9Jc9D _CYg O IS ;9W g ¯° $E$0T'C9Wg >gT;CT a6DCW 'Z 5 $Z G _I- _+;IS 4;IV9 Dk 9W g = EX $KTa'E*$TE`;IEgI C=1V<S7 V %O*BT'_O$-;c9Db;$TE7gO 7h T;$TE9Z + EV7 ÂĽĂ&#x20AC;žĂ&#x20AC;ÂŚ _=f; >[ h 6l T _;V ; ETD$TE -----------------------------------------------------Dr. Bandid Nijathaworn, President and CEO of Thai Institute of Directors (IOD), joined a talk on â&#x20AC;&#x153;Promoting good governance, ethics, and anti-corruption in banking businessâ&#x20AC;? in the Sustainable Banking Forum at the Bank of Thailand on the 23rd of July. Mr. Kulvech Janvatanavit, Principle Project Adviser, Thailand Private Sector, Collective Action Coalition Against Corruption: CAC, was the moderator of the event.

ÂŹĂ&#x201D;Ă&#x2018;Ă&#x2039; ²Ă&#x160;Ă&#x160;Ă&#x2122;Ă&#x17D;Ă&#x201C;Ă&#x152;

'Z5$FK5R JVIR$FK5 $ZG =ER:T; @E OC6 ID'5RO;Z$EEC$TE c6 `$ @GÂŤOÂŤOÂŤIWEIV9 '*JS$6Vk 'Z5@*J a@DC ITJB[7V 'Z5-TÂ&#x2030; JEWIV$EC 'Z5_@WDE-SD 8TIEES7; 'Z5_EI6W 7ÂŤLZIEE5 'Z5+VE2T IE=ET*$ZG 'Z5 LZ%ZCT -DT;;9 `GR'Z5JVEV@E IZ4V$ZG +S6=ER-ZC_@YgO_7EWDC$TE+S6$TE `% *%S;$OG A Ă&#x2020;Ă&#x152;Ă Ă&#x201E;ĂŹĂŠĂŁ Ă&#x20AC;ĂĽĂ&#x17E;ÊÊâÍäâ Ă&#x20AC;òí =ER+lT= ¯­Ž¾ a6D$lTM;6 IS;`% *%S;_= ;IS;9Wg ¯­ @FJ+V$TD;;Wh 9WgL;TC$OG A;I:T;W LCT-V$ ;S$$OG AM TC@GT6_@ETR= ;WhCW9W_6f6EOOD[

80 | B o a r d r o o m

Mr. Krishna Sivakriskul, the president together with the subcommittees including Air Chief Marshal Veeravit Kongsak, Mr. Pongpayome Vasaputi, Mr. Chan Srivikorn, Mr. Pianchai Thawornrat, Ms. Rae-Vadee T.Suwan, Mr. Jiratha Woraprangkul, Mr.Sukuma Jayananda and Ms. Siriporn Wutthigul held a meeting to prepare for the IOD Golf Challenge Cup 2018. The tournament will be held on November 20th at Navathanee Golf Course. Golfers should not miss this!

IOD GOLF CHALLENGE AND MEMBER NETWORKING On 20 November 2018 at Navatanee Golf Course Gather your alumni friends to join this friendly competition and networking IOD mates.

Limited to 32 teams only

For more detail contact suthinee@thai-iod.com or 02-955-1155 ext. 404

¸²ª ¨Œ¨

_CYgOIS;9Wg ¯² $E$0T'C ¯²³Ž Ă&#x20AC;žĂ&#x20AC; +S6$TE <EEDTDbM 'ITCE[ $S<'5R9lT*T; 7SI`9;<EVKS9 $GZ C Ă?Ă&#x160;Ă&#x201A; b;*T; Ă?Ă&#x160;Ă&#x201A; Ă&#x20AC;Ă&#x2030;Ă&#x2020;Ă&#x2039;Ă&#x2020;Ă&#x20AC; _@YgO_7EWDC'ITC @E OCb;$TE%OES<EO* Ă?Ă&#x160;Ă&#x201A; Ă&#x20AC;âïùÌãÌà Ă&#x17E;ùÌÏÍ 9Wg Ă&#x2020;Ă&#x152;Ă Ă&#x160;âêĂ&#x;âïð Ă?Ă­Ă&#x17E;à â <EEDTDa6D'Z5@;T ES7;<EE5T*$[E 9Wg=EX$KTa'E*$TE Ă?Ă&#x160;Ă&#x201A; Ă&#x20AC;žĂ&#x20AC; `GR'Z5$ZG_I- _+;IS4;IV9D 9Wg=EX$KTa'E*$TE Ă&#x20AC;žĂ&#x20AC; -------------------------------------------On July 25th, 2018, CAC held a lecture to share knowledge with SME representatives in the SME CLINIC event in order to help them prepare for SME Certification applications at IOD Members Space. The lecture was given by Mr. Pana Ratanabanangkoon, SME CAC Project Adviser, and Mr. Kulvech Janvatanavit, CAC Project Adviser.

ŽŠ ¨Ă&#x2018;Ă&#x161;Ă&#x2021;

b;*T; Ă&#x152;íâÍ üÏòðâ _CYgOIS;9Wg ÂŻÂŻ LV*MT'C9Wg> T;CT c6 CW $TE_= 6-CEC$EEC$TEOVLER Ă&#x2020;ÍåâíâÍåâÍù à Ìïâà ùÏï Ă&#x20AC;ÊòĂ&#x; ÂĽĂ&#x2020;Ă Ă&#x20AC;ÊòĂ&#x;ÂŚ OD T*_= ;9T*$TE a6DCW 6EÂŤ<S53V7 ;V+8TIE $EEC$TE >[ OlT;ID$TE Ă&#x2020;Ă&#x152;Ă _= ;>[ $G TI7 O;ES< `GR'Z5DZ9: IE,S7E:TE =ER:T;-CECQ $G TI8X*IS78Z=ERL*' $TE+S67Sh*-CEC `GR'Z5 <EE+* +V77 `+ * $EEC$TE-CECQ $G TI8X*$V+$EEC%O*-CEC9Wg+R CW%Xh; EIC8X*_= 6ES<A *'ITC'T6MIS*%O*LCT-V$-CEC $V+$EEC9Wg LCT-V$LTCTE8L;S<L;Z;-CEC `GRc6 bM $EEC$TEOVLER9Z$9 T; 9WgCTb;*T;$G TI`;R;lT7SI_O*bM LCT-V$b;-CECc6 E[ +S$$S;CT$ %Xh; $EEC$TEOVLER9 T;b69WgDS*cC c6 _% TE IC-CEC LTCTE8LCS'E c6 9Wg ôôôùüĂ&#x17E;ĂŚÂŞĂŚĂŹĂĄÂŤĂ ĂŹĂŞ ----------------------------------------------------------In the open house on August 22nd, the Independent Director Club (ID Club) was officially opened. Dr. Bandid Nijathaworn, President and CEO of Thai Institute of Directors (IOD), gave a welcoming speech. Mr. Yuth Vorachattarn, President of the club, explained the objectives of the club and Mr. Banjong Chittchang, club director, informed the members about the upcoming activities of the club and also listened to the members on their expectations and activities which they can support the club. After, all of the independent directors were asked to introduce themselves.

If you have not joined the club yet, you may apply at www. thai-iod.com.

82 | B o a r d r o o m

¨Ă&#x201D;Ă&#x2014;Ă&#x2022;Ă&#x201D;Ă&#x2014;Ă&#x2020;Ă&#x2122;Ă&#x160; ÂŹĂ&#x201D;Ă&#x203A;Ă&#x160;Ă&#x2014;Ă&#x201C;Ă&#x2020;Ă&#x201C;Ă&#x2C6;Ă&#x160; ÂľĂ&#x2014;Ă&#x160;Ă&#x2DC;Ă&#x160;Ă&#x201C;Ă&#x2122;Ă&#x2020;Ă&#x2122;Ă&#x17D;Ă&#x201D;Ă&#x201C; Ă&#x17D;Ă&#x201C; ÂľĂ?Ă&#x2020;Ă&#x201C;Ă&#x201D;Ă&#x2019; ÂľĂ&#x160;Ă&#x201C;Ă?

6EÂŤ <S53V7 ;V+8TIE $EEC$TE>[ OlT;ID $TEL8T<S ; $EEC$TE<EV KS 9 c9Dc6 ES < $TE _EWD;_-VÂ&#x2030;c=$G TI<EEDTD_EYOg * $TE$lT$S<6[`G $V+$TE _'EYOg *CYOLlTMES<$TE_=GWDg ;`=G* 9T*:ZE$V+ 5 MO=ER-ZC LlT;S$*T;'5R $EEC$TE$lT$S<MGS$9ES@D `GR7GT6MGS$9ES@D $SC@[-TŠ@;C_=Â&#x2030;Š =ER_9J$SC@[-T _CYgOIS;9Wg Âľ LV*MT'C ¯²³Ž ---------------------------------------Dr. Bandid Nijathaworn, President and CEO of Thai Institute of Directors (IOD), received an invitation to give a presentation on â&#x20AC;&#x153;Corporate Governance - a tool for business transformationâ&#x20AC;? at the Conference Hall, Securities and Exchange Commission of Cambodia, Phanom Penh, Cambodia on 8th August, 2018.

Dr. Bandid Nijathaworn

¨ª´ ¨Ă&#x2018;Ă&#x161;Ă&#x2021;

9T*6 T; Ă&#x20AC;Ă&#x201A;Ă&#x152; ÂĽĂ&#x20AC;üÌâã Ă&#x201A;ÍäĂ&#x17E;äâêâÍù Ă&#x152;ããÌà âïŒ Ă&#x20AC;ÊòĂ&#x; CW'ITC_'GYgO;cMIcC `@ $S; MGS*+T$9Wg Ă Ă&#x20AC;Ă? `7 GREZ ;c6 _GYO$7SI`9;_@YgO_= ; Ă&#x20AC;üÌâã Ă&#x201A;ÍäĂ&#x17E;äâêâÍù Ă&#x152;ããÌà âï =ER+lT EZ ;;Sh; *T; Ă&#x152;íâÍ Ă&#x2026;Ïòðâ 9Wg> T;CT;O$+T$+R_= ;$TE @<=RLS*LEE' $S;ERMI T*EZ ;`G I DS*E IC$S;IT*`>;*T; +S6$V+$EEC7 T*e a6D`< *_= ;LO*$GZ C9lT*T; c6 `$ $GZ C ¿òðÌÍâðð Ă&#x2039;âùôÏïèÌÍä `GR$GZ C Ă&#x2030;Ìãâ ÂŁ Ă?ùÜÊâ ETDGR_OWD6 7 T*e +R=ER-TLSC@S;: bM 9ET<> T;- O*9T*LYgOLTE7 T*e %O* Ă&#x2020;Ă&#x152;Ă 7V67TC$S;c6 _EfIe ;Wh ---------------------------------------------------The CEO (Chief Engagement Officer) Club side also had quite a big move. After the DCP in each batch had chosen their representatives for the Chief Engagement Officer positions in the last open house, they also planned for other activities which can be divided into 2 working groups: Business Networking and Life & Style. More details will be launched through IOD communicating channels soon.

B o a r d r o o m | 83

¡Ă&#x160;Ă&#x152;Ă&#x17D;Ă&#x201D;Ă&#x201C;Ă&#x2020;Ă&#x2018; ¸Ă&#x160;Ă&#x2019;Ă&#x17D;Ă&#x201C;Ă&#x2020;Ă&#x2014;

6EÂŤ <S53V7 ;V+8TIE $EEC$TE>[ OlT;ID$TE L8T<S;$EEC$TE<EVKS9c9D CWaO$TLc6 @[6'ZDb; 9Wg=ER-ZCER6S<L[*_EYgO*$TEL *_LEVC'ITCa=E *bL `GR$TE$l T $S < 6[ ` G$V + $TE9Wg 6W ` $ B T'_O$-; b;*T;LSCC;TER6S<B[CVBT'_EYgO*CT7E$TE9WgCW =ERLV9:VBT@LlTMES<BT'_O$-;_@YgO= O*$S;$TE 7V6LV;<; .Xg*+S6a6D Ă&#x2039;žĂ&#x20AC;Ă&#x20AC;Š Ă&#x2019;Ă&#x2039;Ă&#x152;Ă Ă&#x20AC; `GR Ă&#x20AC;žĂ&#x20AC; 5 aE*`EC_CO_I;@V' LDTC aP_9G _CYO*@S9DT _CYgO IS;9Wg ÂŻ LV*MT'C ¯²³Ž -------------------------------------------Dr. Bandid Nijathaworn, President and CEO of Thai Institute of Directors (IOD) had an opportunity to speak at the high-level discussion on â&#x20AC;&#x153;Promoting Transparency and Good Corporate Governance to Private Sectorâ&#x20AC;? at the Regional Seminar on â&#x20AC;&#x153;Effective Measures for the Private Sector to Prevent Briberyâ&#x20AC;? organized by NACC, UNODC and CAC at Movenpick Siam Hotel, Pattaya on August 2, 2018.

ÂľĂ&#x2014;Ă&#x160;Ă&#x2DC;Ă&#x160;Ă&#x201C;Ă&#x2122;Ă&#x160;Ă&#x2030; ¨Œ¨ ÂľĂ&#x2014;Ă&#x201D;Ă&#x152;Ă&#x2014;Ă&#x2020;Ă&#x2019; Ă&#x2122;Ă&#x201D; ŠĂ&#x2020;Ă&#x201C;Ă&#x17D;Ă&#x2DC;Ă? §Ă&#x161;Ă&#x2DC;Ă&#x17D;Ă&#x201C;Ă&#x160;Ă&#x2DC;Ă&#x2DC; ÂąĂ&#x160;Ă&#x2020;Ă&#x2030;Ă&#x160;Ă&#x2014;Ă&#x2DC;

6EÂŤ <5S 3V7 ;+V 8TIE $EEC$TE>[O Tl ;ID$TE L8T<S;$EEC$TE<EVKS9c9D CWaO$TL@[6'ZD_EYgO* $TE7 O7 T;$TE'OES=-Sg;b;=ER_9Jc9D`GR;lT _L;Oa'E*$TE Ă&#x20AC;žĂ&#x20AC; `$ >[ ;lT:ZE$V+_6;CTE $b; $EZ*_9@CMT;'E _CYgOIS;9Wg ¯´ LV*MT'C ¯²³Ž 5 Ă?Ă&#x17E;Ă ĂŚĂŁĂŚĂ Ă&#x20AC;ÌùÜ Ă&#x20AC;ÊòĂ&#x; ------------------------------------------Dr. Bandid Nijathaworn, President & CEO of Thai Institute of Directors had a chance to speak on â&#x20AC;&#x153;Corporate Anti-Corruption in Thailandâ&#x20AC;? and gave a presentation on â&#x20AC;&#x153;CAC programâ&#x20AC;? to Danish business leaders in Bangkok on August 27, 2018 at Pacific City Club.

84 | B o a r d r o o m

B o a r d r o o m | 85

Member Corner

MEMBER CORNERR MEMBERCORNER 'OGSC; ;Wh ÆÌÁ %Ob- @Yh;9Wg;Wh`L6*'ITC DV;6W`$ _MG TJVKD _$ T`GRJVKD = ++Z<S; ÆÌÁ 9Wg =ERL<'ITCLlT_Ef+b;6 T;7 T*e 9Wg7<_9 T%Xh;ES< ET*ISG$S;b;MGT$MGTD_I9W b;MGTD`%;* _EVgC 6 ID ;TDa;EVOT$V a$a7R ÁÀÍ ¯­´ $EEC$TE >[ +S 6 $TEbM ` GR=ER:T;_+ T M; T 9Wg < EV M TE :;T'TE$EZ*JEWODZ:DT +lT$S6 ¥CMT-;¦ 9Wg%Xh;ES< ET*ISG ¾ðæÞ ð ¿âðñ ÀÂÌ ¥Æëóâðñìï ÏâéÞñæìëð¦ 7V67 O$S;_= ;= 9Wg ± +T$_I9W µñå ¾ðæÞë Âõàâééâëàâ ¾ôÞïá ¯­®µ .Xg*+S6a6D;V7DLTE ÀìïíìïÞñâ ÄìóâïëÞëàâ ¾ðæÞ `GR;T*LTI 6I*6TI I*' @;V7$F7 ÁÀÍ ®³¶ =ER:T; '5R_+ TM; T9Wg6 T;$TE_*V; :;T'TE$EZ*JEW ODZ:DT +lT$S6 ¥CMT-;¦ c6 ES<ET*ISG ¾ðæÞ ð ¿âðñ ÀÃÌ ¥Æëóâðñìï ÏâéÞñæìëð¦ ;TDLZE-SD a)KV7_LEWI*'k ÁÀÍ ®²¯ EO*$EEC$TE>[ +S6$TE bM $GZ C*T;<S -W`GR$TE_*V; <EVKS9 <T*+T$ 'OE =O_E-Sg; +lT$S6 ¥CMT-;¦ _= ;>[ `9;<EVKS9 ES< ° ET*ISGb;*T;_6WDI$S; =ER$O<6 ID ET*ISG ¾ðæÞ ð ¿âðñ ÀÂÌ ¥Æëóâðñìï ÏâéÞñæìëð¦ 9WgCO< bM `$ ;TD-SDIS4; a'ITIVLTES- ÁÀÍ ®³µ =ER:T;_+ TM; T9Wg<EVMTE`GR$EEC$TE>[ +S6$TE bM <EVKS9 <T*+T$ 'OE =O_E-Sg; +lT$S6¥ CMT-;¦ ET*ISG ¿âðñ ÂëóæïìëêâëñÞé Ïâðíìëðæßæéæñö `GRET*ISG ¿âðñ Æëóâðñìï ÏâéÞñæìëð ÀìêíÞëö ¥ÑåÞæéÞëᦠ.Xg*+S6%Xh;9WgP O*$* ;T*OZK5WD `L*LV*`$ I ÁÀÍ ®¶° ES$KT$TE$EEC$TE >[ OlT;ID$TEbM <EVKS9 $TE<V;c9D +lT$S6 ¥CMT-;¦ ES<CO<ET*ISGLTD$TE<V;DO6_DWgDC %O*aG$+T$L$TD`9E$. =ER+lT= ¯­®µ a6D $TE<V;c9Dc6 ES< ° ET*ISG c6 `$ ET*ISGOS;6S< ® LTD$TE<V;9WgbM <EV$TE-Sh;=ERMDS6DO6_DWgDC %O*aG$ ¥Ôìïéá ð ¿âðñ Âàìëìêö ÀéÞðð¦ ET*ISGOS;6S< ® LTD$TE<V;9Wbg M <EV$TEL=T_GT+; DO6_DWgDC%O*aG$ ¥Ôìïéá ð ¿âðñ ¾æïéæëâ Éìòëäâ ÐíÞ¦ `GRET*ISGOS;6S< ® LTD$TE<V; 9WgbM <EV$TEOTMTELlTMES<-Sh;=ERMDS6DO6_DWgDC ¥¿âðñ Âàìëìêö ÀéÞðð ÌëßìÞïá ÀÞñâïæëä¦ 5 $EZ*GO;6O; LMET-OT5T+S$E ;TDOT9V7D ;S;9IV9DT Á¾Í µ® $EEC$TE>[ +S6$TEbM `GR =ER:T;_+ TM; T9Wg<EVMTE :;T'TEc9D@T5V-D ES<ET*ISG;S$$TE_*V;`M *= ¯²³­ ¥ÃæëÞëàæâï ìã ñåâ ÖâÞï ¯­®´¦ ;TD-T7VJVEV aLB5@;V- ÁÀÍ ° $EEC$TE>[+ 6S $TEbM :;T'TE$EZ*_9@ ES<ET*ISG

Mr. Noriaki Goto (Right) & Duangdao Wongpanitkrit (Middle)

Mrs. Usanee Sangsingkeo

:;T'TE`M *= ¯²³® ¥¿Þëè ìã ñåâ ÖâÞï ¯­®µ¦ ;TD-T7V-TD @DZM;TIW-DS ÁÀÍ ®®³ >[O Tl ;ID$TE :;T'TEOOCLV; ES<ET*ISG:;T'TE_@YgOG[$' T ETDD OD`M *= ¯²³® ¥¿âðñ ÏâñÞæé ¿Þëè ìã ñåâ ÖâÞï ¯­®µ¦ `GR ;TD@*K -DS OC7T;;9 Á¾Í °­ =ER:T;$EEC$TE<EVMTE <EVKS9 AOE 9 LCTE 9 _.OE IVL +lT$S6 ¥CMT-;¦ ES<ES<ET*ISG<EVKS9DO6 _DWgDC`M *= ¯²³® 7GT6MGS$9ES@D _OfC _O cO ¥¿âðñ Íòßéæà ÀìêíÞëö ìã ñåâ ÖâÞï ¯­®µ êÞæ¦ +T$*T;CO<ET*ISG_$WDE7VDJ Êìëâö £ ¿Þëèæëä ¾ôÞïáð ¯­®µ ;T*c7E9V@D JVIR $FK5 $ZG ÁÀÍ ®²µ EO*$EEC$TE>[ +S6$TEbM LTD*T;$TE_*V;$GZ C <EVKS9 @F$KT aPG6Vh* +lT$S6 ¥CMT-;¦ _= ;>[ `9;b;$TE_% TES<CO< ET*ISG Áïæóâ ¾ôÞïáð ¯­®µ LT%T ÃæëÞëàâ ;TD =EW-T _O$'Z5T$[G ÁÀÍ ³¯ $EEC$TE>[ +S6$TE

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

Mr. Surachai Kositsareewong

Mr. Trithip Sivakriskul

bM ;TD=ERLV9:Vk <Z 6I*=ER_LEV2 ÁÀÍ ¯­¯ =ER:T;>[ <EVMTE? TD=1V<S7V$TE :ZE$V+$TE' T ERMI T*=ER_9J <EVKS9 _+EV aB'BS53 OTMTE +lT$S6 ¥CMT-;¦ _= ;>[ `9;ES<CO<ET*ISG Áïæóâ ¾ôÞïá ¯­®µ LT%T ÊÞïèâñæëä `GR=ER:T; _+ TM; T9Wg<EVMTE <EVKS9 _.f;9ESG@S4;T +lT$S6 ¥CMT-;¦ ES<ET*ISG Áïæóâ ¾ôÞïá ¯­®µ LT%T ÃæëÞëàâ Âõàâééâëàâ `GR;TDLC-SD _GVJLZ9:V I*' ÁÀÍ ®®± =ER:T;_+ TM; T9Wg<EVMTE <EVKS9 `O6IT;. OV;aAE _.OE IVL +lT$S6 ¥CMT-;¦ c6 ES<ET*ISG Áïæóâ ¾ôÞïá ¯­®µ LT%TÂõàâééâëñ ÊÞïèâñæëä +T$LCT'C;VLV7_$ T_OfC<W_O '5R @T5V-DJTL7E `GR$TE<S -W +ZNTG*$E5 CMTIV9DTGSD ;TDLZIS4; _MGYO*IVEVDR Á¾Í °³ =ER:T;_+ TM; T9Wg<EVMTE`GR$EEC$TE >[ +S6$TE <EVKS9 _<7_7OE _IVG6 $EW; +lT$S6

MEMBER CORNER ÂĽCMT-;ÂŚ _% TES<ET*ISG Ă&#x201A;Ă?Ă&#x201E;Ž­­ Ă&#x20AC;âïùÌãÌà Ă&#x17E;ùâ ¯­Ž¾ 7 O_;YgO*_= ;= 9Wg Âą +T$L8T<S;c9D@S4; â&#x20AC;˘ ;TD=ES-Â&#x2030;T $ZGI5V-@VLV2 Ă Ă&#x20AC;Ă? Žœ­ =ER:T; _+ TM; T9Wg<EVMTE ÂĽĂ&#x20AC;Ă&#x201A;Ă&#x152;ÂŚ <EVKS9 A GGV==ER$S; -WIV7 +lT$S6 ÂĽCMT-;ÂŚ ES<ET*ISG7SI`9;'Z5BT@ 6W_6 ;`M *-T7V ÂĽĂ&#x2018;ĂĽĂ&#x17E;ĂŚĂŠĂ&#x17E;ĂŤĂĄ Ă&#x2039;Ă&#x17E;ùÌÏÍĂ&#x17E;ĂŠ Ă&#x17D;òĂ&#x17E;ÊÌùÜ žôĂ&#x17E;ĂŻĂĄĂ° ¡ Ă&#x2018;Ă&#x2039;Ă&#x17D;žŒ +T$LCT'C=ER$S;-WIV7 c9D Â&#x160; ;TD= DR =ERD*'k Ă Ă&#x20AC;Ă? ²œ =ER:T; _+ TM; T9W<g EVMTE $GZC :ZE$V+@F$KT _EWDG_OL_79 ÂŞ `IG[ <EVK9S @F$KT _EWDG_OL_79 +lT$S6 ÂĽCMT-;ÂŚ _= ;>[ `9;%O*<EVKS9Q _% TES<CO<ET*ISG ÂżĂ&#x20AC;Ă&#x2020; žðÌĂ&#x17E; Ă&#x2018;ĂŹĂ­ Ž­ à âóâÊÏíâïð žôĂ&#x17E;ĂŻĂĄĂ° ¯­Ž¾ 7 O_;YOg * _= ;= 9Wg Âľ 7V67 O$S; Â&#x160; ;TD:;V;9 _+WDEI;;9 à žĂ? Ă&#x20AC;Ă?¯­­² =ER:T;$EEC$TE <EVKS9 _+EVÂ&#x2030; aB'BS53 OTMTE +lT$S6 ÂĽCMT-;ÂŚ c6 ES<ET*ISG .WOWaODO6_DWgDC`M *_O_-WD MEYO žðÌĂ&#x17E; Ă° ¿âðù Ă&#x20AC;Ă&#x201A;Ă&#x152; ÂĽĂ&#x2020;ÍóâðùÏï Ă?âÊĂ&#x17E;ùÌÏÍðŒ `GR;TDc@JTG +VER$V+_+EVÂ&#x2030; Ă Ă&#x20AC;Ă? œ¾ =ER:T;>[ <EVMTE? TD $TE_*V; +T$<EVKS9_6WDI$S; %Xh;ES<ET*ISG .W_OAaO DO6_DWgDC`M *_O_-WD MEYO žðÌĂ&#x17E; Ă° ¿âðù Ă&#x20AC;Ă&#x192;Ă&#x152; b;*T;CO<ET*ISG žðÌĂ&#x17E;ĂŤ Ă&#x201A;þà âÊÊâÍà â žôĂ&#x17E;ĂŻĂĄ ¯­Ž¾ 'ESh*9Wg Âľ 9WgP O*$*

7hO*%O`L6*'ITCDV;6W 6EÂŞ_O$;V7V IOD would like to congratulate our ;V7V9S53 =ERBTJ Ă Ă&#x20AC;Ă? ϡ 9Wgc6 `7 *7Sh*bM successful IOD alumni and members who 6lTE*7lT`M; *=ER:T;$EEC$TE<EVKS9 <EVKS9 have received awards in various fields. $TE<V;c9D +lT$S6 ÂĽCMT-;ÂŚ `GR 'Z5LZ:EEC â&#x20AC;˘ Starting with ²Ă&#x2014;Â&#x2DC; ÂłĂ&#x201D;Ă&#x2014;Ă&#x17D;Ă&#x2020;Ă?Ă&#x17D; ÂŹĂ&#x201D;Ă&#x2122;Ă&#x201D;, DCP 201, and Chief Executive of Bank of L *JVEV Ă Ă&#x20AC;Ă? œ¹ .Xg*_= ;M;Xg*b;IV9DT$E Ă&#x2020;Ă&#x152;Ă President Public Company Limited, won 9Wg_= 67SIM;S*LYO9Wg9 T;_%WD;_EYgO* DZ9:JVG= ¡ Ayudhya Asiaâ&#x20AC;&#x2122;s Best CEO (Investor Relations) award `;I9T*<EEGZDZ9:JTL7E OD T*_$V;'ITC'T6 for the fourth consecutive year from the MIS* .Xg*9 T;LTCTE8O T;c6 9Wg Ă&#x2020;Ă&#x152;Ă Ă&#x160;âêĂ&#x;âïð 8th Asian Excellence Award 2018 held by Ă?Ă­Ă&#x17E;à â 9Wg-Sh; ² _$KE @GT. T Corporate Governance Asia magazine.

Besides, we would like to congratulate ²Ă&#x17D;Ă&#x2DC;Ă&#x2DC;

= 69 TD'OGSC; ;Wh 6 IDBT@<EEDT$TJ ŠĂ&#x161;Ă&#x2020;Ă&#x201C;Ă&#x152;Ă&#x2030;Ă&#x2020;Ă&#x201D; ÂźĂ&#x201D;Ă&#x201C;Ă&#x152;Ă&#x2022;Ă&#x2020;Ă&#x201C;Ă&#x17D;Ă&#x2122;Ă?Ă&#x2014;Ă&#x17D;Ă&#x2122;Â&#x2013; DCP 160, CFO $TE_GWhD*,GO* Ă Ă&#x20AC;Ă? EZ ;7 T*e OT9V EZ ; ŽœœŠ of Bank of Ayudhya Public Company Limited ÂŻÂŻÂł `GR ¯²¾ .Xg*; T+RCWEZ ;OYg;e OW$9Wg_ETDS* for winning the Asiaâ&#x20AC;&#x2122;s Best CFO (Investor cC 9ET<% TI OD T*cE$f7TC8 T9 T;cM;EZ ;cM; Relations) award. â&#x20AC;˘ ²Ă&#x2014;Â&#x2DC; ¸Ă&#x161;Ă&#x2014;Ă&#x2020;Ă&#x2C6;Ă?Ă&#x2020;Ă&#x17D; °Ă&#x201D;Ă&#x2DC;Ă&#x17D;Ă&#x2122;Â&#x2014; ;S6_GWhD*,GO* MEYOc6 ES<7lT`M; *bMC e MEYO Ă&#x2DC;Ă&#x2020;Ă&#x2014;Ă&#x160;Ă&#x160;Ă&#x153;Ă&#x201D;Ă&#x201C;Ă&#x152;Â&#x2013; DCP 152, Senior Executive Vice %Xh;ES<ET*ISG7 T* e $fOD TGYCL *% TICTbM 9T* President of Bangchak Corporation Public Ă&#x2020;Ă&#x152;Ă _@YgO9Wg_ET+Rc6 _%WD;`L6*'ITCDV;6WG*b; Company Limited, as a representative, ¿ÏĂ&#x17E;ĂŻĂĄĂŻĂŹĂŹĂŞ _@YOg bM _@YOg ;LCT-V$9ET<a6D9SIg $S; received 3 awards from an award ceremony Kong which including Asiaâ&#x20AC;&#x2122;s Best .Xg * 9 T ;LTCTE8L * % O C[ G CT9T*OW _ CG inCEOHong (Investor Relations) award which was ðòùüÌÍââ½ùüĂ&#x17E;ĂŚÂŞĂŚĂŹĂĄÂŤĂ ĂŹĂŞ given to Mr. Chaiwat Kovavisarach, DCP ------------------------------------------ 168, President and Chief Executive Officer

Mr. Arthid Nanthawithaya Mr. Chartsiri Sophonpanich Mr.Chatchai Payuhanaveechai Mr.Pongchai Amatanon

Mr. Somchai Lertsutiwong

of Bangchak Corporation Public Company Limited; Best Environmental Responsibility award and Best Investor Relations Company (Thailand) award. â&#x20AC;˘ ²Ă&#x2014;Ă&#x2DC;Â&#x2DC; ÂşĂ&#x2DC;Ă&#x2020;Ă&#x201C;Ă&#x160;Ă&#x160; ¸Ă&#x2020;Ă&#x201C;Ă&#x152;Ă&#x2DC;Ă&#x17D;Ă&#x201C;Ă&#x152;Ă?Ă&#x160;Ă&#x201D;Â&#x2013; DCP 193, THAIâ&#x20AC;&#x2122;s President (Acting DD) of Thai Airways International Public Company Limited (DD), received the Worldâ&#x20AC;&#x2122;s Best Airline awards from Skytrax 2018. Thai Airways won top 3 awards which including the Worldâ&#x20AC;&#x2122;s Best Economy Class, the Worldâ&#x20AC;&#x2122;s Best Airline Lounge Spa, and the Best Economy Class Onboard Catering.

The award ceremony was held in London, United Kingdom. â&#x20AC;˘ ²Ă&#x2014;Â&#x2DC; ÂŚĂ&#x2014;Ă&#x2122;Ă?Ă&#x17D;Ă&#x2030; ÂłĂ&#x2020;Ă&#x201C;Ă&#x2122;Ă?Ă&#x2020;Ă&#x153;Ă&#x17D;Ă&#x2122;Ă?Ă&#x2020;Ă&#x17E;Ă&#x2020;Â&#x2013; DAP 81, President and Chief Executive of Siam Commercial Bank won the Financier of the Year 2017 award. ²Ă&#x2014;Â&#x2DC; ¨Ă?Ă&#x2020;Ă&#x2014;Ă&#x2122;Ă&#x2DC;Ă&#x17D;Ă&#x2014;Ă&#x17D; ¸Ă&#x201D;Ă&#x2022;Ă?Ă&#x201D;Ă&#x201C;Ă&#x2022;Ă&#x2020;Ă&#x201C;Ă&#x17D;Ă&#x2C6;Ă?, DCP 3, President of Bangkok Bank, received the Bank of the Year 2018 award. ²Ă&#x2014;Â&#x2DC; ¨Ă?Ă&#x2020;Ă&#x2122;Ă&#x2C6;Ă?Ă&#x2020;Ă&#x17D; ÂľĂ&#x2020;Ă&#x17E;Ă&#x161;Ă?Ă&#x2020;Ă&#x201C;Ă&#x2020;Ă&#x203A;Ă&#x160;Ă&#x160;Ă&#x2C6;Ă?Ă&#x2020;Ă&#x17D;, DCP 116, President of Government Savings Bank won the Best

Mr. Suwat Luengviriya

B o a r d r o o m | 87

MEMBER CORNER Retail Bank of the Year 2018 award, and ²× µÔÓÌÈÍÆÎ ¦ÒÆÙÆÓÔÓ, Chief Executive Officer of Forth Smart Service Public Company Limited received the Best Public Company of the Year 2018 (mai) from the Money & Banking Awards 2018. • ²Ø ¹×ÎÙÍÎÕ ¸ÎÛÆÐ×ÎØÐÚÑ DCP 158, Executive Vice President of Corporate Finance of Pruksa Holding Public Company Limited, as a representative, received the Drive Awards 2018 in Finance. ²× µ×ÊÊÈÍÆ ªÐÐÚÓÆÌÚÑ DCP 62, the President and ²× µ×ÆØÎÙ §ÔÔÓÉÔÚÓÌÕ×ÆØÊ×Ù, DCP 202, Chief Operating Officer- International Trade and Business Development of Charoen Pokphand Foods PCL., as representatives, received the Drive Award 2018 in Marketing. The Chief Executive Officer of Central Pattana Plc., received the Drive Award 2018 in Finance Excellence. Lastly, ²× ¸ÔÒÈÍÆÎ ±Ê×ÙØÚÙÎÜÔÓÌ, DCP 114, Chief Executive Officer of Advanced Info Service Public Company Limited earned the Drive Award 2018 for Excellent Marketing from the Association of Former MBAs, Faculty of Commerce and Accountancy Chulalongkorn University. • ²× ¸ÚÜÆÙ ±ÚÊÓÌÛÎ×ÎÞÆ DAP 36, President and CEO of Better World Green Public Company Limited received the ESG100 Certificate 2018 for the fourth consecutive year from Thai Patana Institute.

• ²× µ×ÆÈÍÆÞÆ °ÚÑÛÆÓÎÈÍÕÎØÎÙ, DCP 190, We would like to end this column with Chief Executive Officer (CEO) of Phillip Life Assurance Public Company Limited received the Thailand National Quality Awards (TNQA) from the Thai Life Assurance ¬ÞÞÚÎÔÌßÔÚÙ ¸Ý »ÔäÌ »ÝÌäÚÙÒ ¯®» ¤ ßÓÐ CEO of Pruksa Real Estate - Value Business Group, Pruksa Real Estate Public Company Limited, as a representative, received the BCI Asia Top 10 Developers Awards 2018 for the eight consecutive year. • ²× ©ÍÆÓÎÓ ¨ÍÊÆ×ÆÛÆÓÔÓÙ, DAP CP/2005, Senior Chairman of Charoen Pokphand Group, won the Asia’s Best CEO (Investor Relations) award, and ²× µÆÎØÆÓ ¨ÍÎ×ÆÐÎÙÈÍÆ×Ê×Ó, DCP 98, CFO of the same company, received the Asia’s Best CFO award from the 8th Asian Excellence Award 2018 in Hong Kong.

Moreover, we would like to congratulate ©× ªÐÓÎÙÎ ³ÎÙÎÙÍÆÓÕ×ÆÕÆØ, DCP 93, who was appointed as a Chairman of Thai Airways International Public Company Limited, and ²× ¸ÚÙÍÆÒ ¸ÔÓÌØÎ×Î, DCP 94, one of IOD experts, who has just launched his new book- The Art of Battle: Ways to Achieve Strategies beyond Expectations. You can read his copies at IOD Members Space at the 5th floor, Gaysorn Plaza.

pictures from reunion parties of different DCP batches such as 199, 226 and 258.

We believe there are more gatherings that we have missed the news. However, if you do have a reunion, get promoted, or receive awards, please don’t hesitate to let us know, so that we can publish our congratulatory messages for you in Boardroom and spread the news to all the members. You may contact us at suthinee@ thai-iod.com.

---------------------------------------------------

Mr. Dhanin Chearavanont & Mr. Paisan Chirakitcharern

Mr. Preecha Ekkunagul

Mr. Prachaya Kulvanichpisit

DCP 199

88 | B o a r d r o o m

Mr.Piya Prayong

Mr. Sutham Songsiri

Dr. Ekniti Nitithanprapas

DCP 226

DCP 258

Board Success

CONGRATULATIONS Award Presentation DCP 253 - 259/2018 On August 3rd, IOD held a diploma ceremony for those who had passed the director diploma examination 63/2018 and a certificate ceremony for those who had completed DCP 253-259/2018 program at the Grand Hyatt Erawan Hotel.

The ceremony started off with welcome drinks. The participants enjoyed themselves and had fun taking pictures together. The guests also enjoyed looking through the pictures taken during their class time and brought some home as souvenirs. Before the ceremony was officially started, Mr. Prasan Chuaphanich, Chairman of the IOD, gave a congratulatory speech and had dinner with the certificate recipients. After that a VDO presentation of candid photographs taken during the training was presented and this could call a lot of laughter from the guests. The event was honored to have Mr. Mr. Prasan Chuaphanich, Chairman of the IOD; Dr. Bandid Nijathaworn,IOD President; Mr. Chusak Direkwattanachai, IOD director; and Mr. Banchong Chittchang, IOD director, joined to give certificates to the recipients and give awards to those who had top scores from each class as follows: DCP 253 DCP 254 DCP 255 DCP 256 DCP 257

Mr. Pariwat Vattanasup Ms. Khajarin Maintaka Ms. Wansiri Nimpitakpong Mr. Siu Bong Tso Mr. Nathasorn Boonthanorm, Mr. Panupong Kritchanarat, Mr. Tee Seeumpornroj DCP 258 Mr. Prasit Amporn DCP 259 Ms. Amornrat Pearmpoonvatanasuk In the end, Prof. Dr. Anannit Visudtibhan, Executive Director of Faculty of Medicine Ramathibodi Hospital, Mahidol University, as a representative of the presidents from class 253-259, and Dr. Bandid Nijathaworn, IOD Director, officially gave closing speeches. However, the guests still continued enjoying the party. You can view the name list of those who completed the course and the pictures of the atmosphere in this column.

90 | B o a r d r o o m

- I*_Df;IS;JZ$E 9Wg ° LV*MT'C9Wg> T;CT Ă&#x2020;Ă&#x152;Ă c6 +S6*T;CO< IZ4V<S7E `$ >[ > T;$TELO< à Ìïâà ùÏï Ă ĂŚĂ­ĂŠĂŹĂŞĂ&#x17E; Ă&#x201A;ĂľĂ&#x17E;ĂŞĂŚĂŤĂ&#x17E;ùÌÏÍ 'ESh*9Wg ³°¯­Ž¾ `GR*T;CO<=ER$TJ;WD<S7E`$ >[ > T;$TEO<EC MGS$L[7E Ă Ă&#x20AC;Ă? ¯²°ª¯²œ¯­Ž¾ 5 aE*`EC`$E;6 cP`O9 _OETIS5 _EVgC7 ;*T;6 ID Ă&#x201D;âÊà Ïêâ åïÌÍè 9Wg_MG T>[ > T;MGS$L[7Ec6 LS*LEE' @E OC8 TDE[=$S;OD T*L;Z$L;T; `GR_GYO$-CBT@<EEDT$TJ%O* `7 GR9 T;7O;_EWD;bM _$f<$GS<< T;c=_= ;9WEg RGX$ $ O;9W+g R_EVCg *T; OD T*_= ;9T*$TE 'Z5=ERLS5M _-YhO@T;V- =ER:T;$EEC$TE Ă&#x2020;Ă&#x152;Ă bM _$WDE7V$G TI_= 6*T;@E OC`L6*'ITCDV;6W`$ >E [ <S =ER$TJ;WD<S7E @E OCE ICES<=ER9T;OTMTEÂ&#x2020;Ă&#x2C6;´Ă? 7TC6 ID$TE_= 6IW6aW O=ERCIGBT@ _$f<7$ ERMI T*$TEO<EC 9Wg_EWD$_LWD*MSI_ETR$S;9Sh**T; b;- I* CO<=ER$TJ;WD<S7E`$ à Ìïâà ùÏï Ă ĂŚĂ­ĂŠĂŹĂŞĂ&#x17E; Ă&#x201A;ĂľĂ&#x17E;ĂŞĂŚĂŤĂ&#x17E;ùÌÏÍ `GR >[ > T;$TEO<ECMGS$L[7E Ă Ă&#x20AC;Ă? 'Z5=ERLS5M _-YhO@T;V- =ER:T; $EEC$TE Ă&#x2020;Ă&#x152;Ă 6EÂŤ <S53V7 ;V+8TIE $EEC$TE>[ OlT;ID$TE Ă&#x2020;Ă&#x152;Ă 'Z5-[JS$6Vk 6V_E$IS4;-SD`GR'Z5<EE+* +V77 `+ * $EEC$TE Ă&#x2020;Ă&#x152;Ă bM _$WDE7V_= ;>[ CO<=ER$TJ;WD<S7E 7TC6 IDET*ISG>[ c6 'R`;; L[*LZ6b;`7 GREZ ;a6DCWETD-YgO6S*7 Oc=;Wh Ă Ă&#x20AC;Ă? ¯²° ;TD=EVIEE7 IS4;JS@9 Ă Ă&#x20AC;Ă? ¯²¹ ;ÂŤLÂŤ%+TEV; _C53$T Ă Ă&#x20AC;Ă? ¯²² ;ÂŤLÂŤIEE5JVEV ;VgC@V9S$K @*J Ă Ă&#x20AC;Ă? ¯²³ Ă&#x160;ĂŻÂŤ Ă?Ìò ¿ÏÍä Ă&#x2018;Ă°ĂŹ Ă Ă&#x20AC;Ă? ¯²´ ;TD5S2LE <ZÂ&#x2030;8;OCŠ ;TDBT5Z@*J $EV-+;ES-Š ;TD:WE LWOSC@EaE+; Ă Ă&#x20AC;Ă? ¯²¾ ;TD=ERLV9:Vk OlTBE5 Ă Ă&#x20AC;Ă? ¯²œ ;ÂŤLÂŤ OCEES7; _@VgC@[;IS4;TLZ% b;- I*9 TD*T; JÂŤ;@ÂŤO;S;7 ;7V D ILV 9Z :V@;S : $EEC$TE<EVMTE `@9DJTL7E aE*@DT<TGETCT:V<6W CMTIV9DTGSDCMV6G ÂĽ=ER:T; EZ ; ¯²´Œ %Xh;$G TIb;2T;R7SI`9;=ER:T; EZ ; ¯²°ª¯²œ `GR 6EÂŤ <S53V7 ;V+8TIE $EEC$TE>[ OlT;ID$TE Ă&#x2020;Ă&#x152;Ă %Xh;$G TI= 6*T; OD T*_= ;9T*$TE `7 MGTDEZ; $DS*'*LS*LEE' 7O $S;OD T*L;Z$L;T; .Xg*9 T;LTCTE8 6[ETD-YgO>[ > T;MGS$L[7E `GR-CBT@<EEDT$TJ c6 b;'OGSC; ;Wh

Director Diploma Examination 63/2018

Director Certification Program 253/2018 ;TD$0-DZ7C <EV<[E5 +7Z@E ;TD+VEBS9E :EECTIET;Z'Z=7 ;TD+ESLF9:Vk OEE8_I9DIEIZ4V ;TD;V7V aOL8T;Z_'ETRM 6E«;VLV7 OV;9CTa; ;@«=ER+S$K <ZÂ&#x2030;+V77 @VCG ;TD=EVIEE7 IS4;JS@9 ;TD@V-_D;9E M*K BS$6W

;TD@S-E LCRGTBT ;TD@VK5Z @EMC+EEDT 6E«CT;R ;VCV7EC*'G ;«L«ES17VDT = 7Z_6-R ;«L«JVETBE5 +[N_JEK2 BS$6W ;«L«JEEV;9E 7S;7V_I-DT;;9 ;T*JGVKT @V<[GD LISL6Vk ;«L«LZ6TES7; OSJESL$E

;TDLT;7 O CZ9:L$ZG ;T*LZCTGW _GVJ:;R@E ;TDLZES7; GWGT9IWIS4; ;TD_O$-SD _7-RIVEVDR$ZG ;«L«OSC@E $TÂ&#x2030;+;$lT_;V6 ;TDOEVD :EECIS4;R ;T*OEI6W a@:VLTaE

;TDLZE@V-Â&#x2030; B[ IEIEE5 ;TD-S'@S4; ;SL$TE

Director Certification Program 254/2018 6E«_$5V$T _A O*A[ ;TD$E5 5E*' _6;«L«%+TEV; _C53$T ;TD-SDDZ9: 'lT'Z5 @G«O«9«-SDD 5E*' a@:Vk; OD ;TD-G@EE5 I*K LV*M ;TD-VK5Z OSC@R_JI7 >J«6E«5S2@G ;VCCT;@S-EV;9E ;TD9IWJVG= -V;R@S4;I*J ;TD:;TIS4; LS*% 9O*

;TD:S;D$E OS-Â&#x2030;TIS4; ;TD:EECJS$6Vk OS-Â&#x2030;TIS4; ;TD;S76T <ZE5JVEV ;«L«;BTCTJ @GTD*TC ;TD;EV;9E 7EWLZa$JG EJ«6E«;IG; OD 7EWES7; ;«L«= DRGS$K5 JZ$GES7; ;TDc@ES-G @E@S4;;T*$[E 6E«CTL 7S;MD*CTJ ;«L«ES7;T @EE5;VBT

;TDIEJS$6Vk CT;V7D ;TDJS$6Vk<IE @Z$$R5RLZ7 ;TDLZ:W LZ%_EYO; ;TDLCJS$6Vk LZIEE5LZ+EV7 ;TDLVEV5S12 -Â&#x2030;T; ;S;9 ;«L«LVELT LZBTIJV; ;TD_O$IV9D `$ IIV_-WDE ;TDOlT@; O ;_OWgDC

B o a r d r o o m | 91

Director Certification Program 255/2017 ;«L«$CG$T;7 ;VG7RLZIEE5 ;«L«$E$CG $Oc@JTG ;«L«+V;6T CcMLIEVDR ;«L«+V;7;TBT aLB5 ;TD-;IS4; _OYhOIS4;RL$ZG ;T*5S1 aG M LZIEE5 ;TD:;ES2 :;TIZ4VIS4;T ;«L«<S*OE LZ9:V@S4;$V+ ;TD= 77 LC-SD$ZG9ES@D 6E«= DRIEE5 = DR@*K

@G«9«@*K LISL6Vk @EE5+V77 ;TD@V+V77 IVEVDR_C77T$ZG >J«6E«@E_9@ +S;9E;VB ;TDCG3G CT;V7D ;«L«ECV6T 8VE=TGIS4; 6E«_I-$E 8VE=TGIS4; ;TDIZ4V-SD _MGYO*OCE_GVJ ;@«IV;SD LISL6VIE ;«L«IETBE5 +TIa$;S;9 ;TDIWE@S;: IV@S;: @*K

;«L«IEE5JVEV ;VgC@V9S$K @*J ;T*IEE5VBT E ICES*KW ;TDIVJS$6Vk IS4;JS@9 EJ«6E«JJVIVCG CWOlT@G ;TDLZ-TGW LZCTCTGD @G«9«LZ-T7V > O*@Z4V ;TDLZ:WE ,ZD,TD ;TDO;ZES$K ;VDC_I-

Director Certification Program 256/2018 Êð« ¾æëÞ Âæáðóæè Êïð« ¾êìéïÞñ ÍïÞàåÞïèñÞê Áï« ÁÞìóìëä Íåìëâèâì Êð« ÁÞïÞïÞñ Íòâàåêìëäèìé Êïð« ÂêêÞ Àìééæëð Êï« Åæáâì ÊÞñðòêìñì Êï« ÇÞë ÁÞê Íâáâïðâë ¾æï ÊÞïðåÞé Áï« ÈÞïòë ÈâëäðÞèòé Êï« ÈÞôÞéáââí Ðæëäå ÈåÞëæçìò Êï« Èâë Ðñïâòñèâï Êï« Èâë Ñòë Êï« Èìïíìëä ÏììèèÞíÞë Êï« ÉÞéæñ ÈòêÞï Êï« ÊÞïñæçë ÊÞïñæëòð Ôæéåâéêòð

Director Certification Program 257/2018 ;«L«$;$;BSL LV9:VIETBE5 ;TD$ZJG JEW_=TEDR ;TD5S2LE <Z 8;OC ;TD:WE LWOSC@EaE+; ;«L«;T0F6W OT+MT I*J ;TD;V7V@S;: @S;:Z IVaE+; ;«L«_;7E;TET OZ ;b+ ;T*;GV;:E5 OSJI= TI*J ;TD<ZEW LW;T ;TD=ER-T =ER'Z5JX$KT@S;: ;TD@*K -SD ;VECV7JEW-SD ;TD@VEZ5 $EVgCI*K ES7; ;TD@VJTG ES-$V+=ER$TE

92 | B o a r d r o o m

;TDBT5Z@*J $EV-+;ES;TDI*J IEVJ JZB=2IW@*J ;TDIZ4V_$WDE7V _7-RC*'GTBVIS4; ;TDIET:E I*J LI T*JVEV ;TDIWERDZ9: LS+@S;aE+; ;TDIVaE+; IVBT:;TJVEV ;«L«IVcGGS$K5 LZcLIEV;T;;9 ;TDLC'IE +TEZLC<S7V ;@«O:VIS4; ; OD=ERLV9:Vk ;TDO;ZLE5 9O*LlTET J«6E«O;S;7 ;V7D IVLZ9:V@S;: ;«L«OVLET LZcLIEV;T;;9

Êï« Íâñâï Ì ÐåâÞ Êï« Ïìßâïñòð ¾òäòðñæëòð ÅòïâëèÞêí Êï« Ðæò ¿ìëä Ñðì Êïð« ÐòàåÞáÞ ÀåòâëðòèðÞôÞáæ Êï« ÐòïÞíæàå ÍåòóìïÞóÞë Êï« Ðöñåìëä ËìòÞëðâëäðö Êï« ÑåìêÞð Êâæâï Êï« Ñæêìñåö Íìññâï Êï« ÒÞöàåÞæ ÈåòåÞèÞïë Êï« ÕÞöñåìëä ÍåìêíåæñåÞàè Êð« ÖÞ Ââê ÀåâÞ

Director Certification Program 258/2017 ;TD$FK0T MZ7R_JE5W ;TD$FK5R =EW6T;;9 ;TD%+V7B[CV LZ6J$ ;TD+S$E$FK _$T9S53 ;«L«+EVDT `L*c-DÂ&#x2030;T ;T*Â&#x2030;T5W `L*JEW+S;9E ;TD9IW :WERLZ;9EI*J ;«L«:WEV;9E O[ 9ES@D 6E«;V7V;SD JVEVLCEE8$TE ;TD= Â&#x2030;Â&#x2030;T ;S;9$V+7ER$[E

;TD=E_CJIE ;VLT$E_L; ;T*=ERBTJEW _@VgC9ES@D ;TD=ERLV9:Vk OlTBE5 ;TD@V_-K2 IVEVDR@TMR ;TD@VBS9E =1V_I9BVÂ&#x2030;aÂ&#x2030; ;TDc@aE+; LSÂ&#x2030;Â&#x2030;R_6-T$ZG ;T*B[EVIEE5 9IWLV9:Vk ;TDIV-SD cMC9O* ;«L«ITEV;9E M; I*_M;WgDI ;T*IVcGGS$K5 +7ZE=ER_LEV2

;TDJVEV-SD _9;OZ9SD ;TDLT:IW +S;I;T ;TD_L;WD +V77_$KC ;TDLE$F7 GS9:V:EEC ;TDO6ZGIV9D _EYO*9IWLV9:V$ZG ;TDO:VJT;7 ITDZBT@ ;T*BS9ETBE5 _OYhO9IW$ZG ;T*BS9ET JVGTES$K Dr. Anansit Visudtibhan

Director Certification Program 259/2018 ;TD_$WDE7V@*K _7VC'Z;T;;9 ;TDc$EEIW JVEV$ZG ;TD'CLS; = DRIS4;IVaE+; ;TD+VE5Z $ZG-;RES7; ;«L«+VE6T `6*=ER_LEV2 ;TD_+K0T OS-Â&#x2030;TIS4; ;«L«52VDT +*IS4;T ;T*6I*@E OZ9SD@S4; ;TD:;VJE 'G O*5E*' ;TD:WER@G MCYg;BS$6W @«Â&#x2030;«<*$- c@<[GD OZ6C$TE5 ;TD<ZÂ&#x2030;_GVJ LV;LC<S7V 6E«<S53V7 EZ *_+EVÂ&#x2030;@E ;TD=ER+S$KZ OZ6M;Z; ;TD=IV5 IE@F$K

@G«7«@+; _A O*A[ ;@«@GIEE:; IV9[E$G-V7 ;TDc@JTG JS*%I5V;TDDZ9:;T _+EVÂ&#x2030;I*J ;TDIV-SD _OWgDC`L*+S;9E ;TDIV-Â&#x2030;TDZ9: <ZÂ&#x2030;-V7 ;T*IVcG `I6I*:EEC 6E«IJR a)KR9S7 ;«L«LZ6T9V@ _$WDE7VJEW-T7V ;TDLZ:W OSLIIVCG ;TDLC<[E5 $V7VÂ&#x2030;T59ES@D ;TDLZ_C: GS$KV7T;;9 ;TDLZES7; =ERGO*JVG= ;«L«OCEES7; _@VgC@[;IS4;TLZ% ;«L«OEIV;9E O[ 9ES@D B o a r d r o o m | 93

Welcome New Member

®ÓÉÎÛÎÉÚÆÑ ²ÊÒÇÊ× | ÉÕÍ Ú² Ú² ÚÛ² Ú² .=² 3L< 3L< 3L"DLA 3L< 3L< 3L< 3L< 3L" 3L< 3L" 3L< 3L< 3L< 3L< 3L< 3L< 3L< 3L"DLA .=²38² 3L< 3L< 3L" 3L"DLA 3L"DLA 3L< 3L"DLA 3L< 3L< 3L< 3L< 3L" 3L" 3L" 3L" 3L< 3L"DLA 3L< 3L< 3L< 3L"DLA 3L< 3L< 3L<

D;L%N DL;K}4R ?

×ÛÑÜÑ×Ö ×ÕØÉÖá

ÐÉÚÔÍÛ ÑÉÖ ÑÖÏ ÉÚá ×ÍÔ ÉÔØÐ ;?1N8< >/:K >C- K?<L-O W O<=/NBK .Nc Y B? "8K32R #K =Aÿ %3K}%N.L %K%A?N/ %L/<L -K(*AK,3 -K* #= .NW= >12Nc W.%8= 1N/N8"C 4==<" 4R}WE?QG W4}#A==5*; 5=J#K = 5=J:LD 5=L-O 5=þ<L3R% 8=8ĊA==8?DN12Nc 8K%=þ31= 8Ċ1<L = 8Ċ:8 8ċ=<B <R123L <R8L W=A.O A==-O AJ=þ.L Aþ%K< Aþ4S?< ?K C- Aÿ= Aÿ=J%K< Aÿ=J<R12 BN=þD=L BNA8?

D R?=K/3 D;W O<=/N

94 | B o a r d r o o m

¡ÚÑÏÐÜÕÉÖ ÖÏ ÛÐØ×ÔÍ áÍ Y ;?<R12X81< DRA==-6 G" LB<53K313 N//NBLD/=L =K WD3LA3N% DR=þ<L8= 5=LY;% - G<R2<L AþDR12N6?

Aþ4S? -L=K C 2==;DY=% DR8==-8"B AR,N }L-:N=K/ W#3 =G"2==; . L38Ċ1K C R? #Ė?8=BN=þ.O AþWBC;" ?%K< W9ąĆG"%R ; % L"8Č_" DA== 5 }}LW?NB GN"[84S?< 8K32R G= L; :S X8= X& Y A 3N=;?W$N.$L< GLER3K< 5 1;5=J:L331 W3L0LA= Y% AK,3L =R#NW1B W#=þ}A"B AþWBC8L3N% #K31;-OY%/N GL:L LB X& GP`" D;4S=- Y% 8ĊBL? = A;=K C A=BK .NcY<2N3 W?NBGKBA=K/3 DK#8K3Y=#3 G" /N?L331 YGD0DN12Nc BN=þ8K32 Y33 DR12NAL3N%

ÉÖÉÏÑÖÏ ÑÚÍËÜ×Ú àÍËÝÜÑÞÍ ÑÚÍËÜ×Ú àÍËÝÜÑÞÍ ÑÚÍËÜ×Ú W? L3R L= ==; L=4=þCK1 ==; L=6S #K. L= ==; L= ==; L=4=þEL= ==; L=X?J ==; L=/=A#DG4 ==; L=4=þEL= ==; L=4=þEL= ==; L= ==; L= 5=J2L3W# LE3 L1O_4=þEL= 5=J2L3 ==; L= ==; L=4=þEL= ==; L= ==; L=4=þEL= ×ÉÚÌ ×Î ÑÚÍËÜ×ÚÛ ==; L=/=A#DG4 ==; L=4=þEL= ==; L= ==; L= ==; L=4=þEL= ==; L= ==; L=4=þCK1 ÚÍÛÑÌÍÖÜ ÉÖÌ ÑÚÍËÜ×Ú ==; L= ==; L=1O_W5 36S 4=þEL= ==; L=4=þEL= ==; L=GND=JX?J5=J2L3 ==; L=/=A#DG4 ==; L= ==; L=6S #K. L= ==; L=6S #K. L= ==; L=4=þEL= W? L3R L=4=þCK1 ==; L=GND=JX?J ==; L=/=A#DG4 ==; L= ==; L=6S #K. L= 5?K. =J1=A"8L-N%< ==; L=6S #K. L= ==; L= ==; L=GND=JX?J ==; L=/=A#DG4 ==; L=4=þEL= ==; L= ==; L= ==; L=4=þEL=

¡ÚÑÏÐÜÕÉÖ ×ÚØ×ÚÉÜÑ×Ö ×ÕØÉÖá ÑÕÑÜÍÌ ÖÏÚÉÕ ÑËÚ× ¬ ÐÉÑÔÉÖÌ­ Ü̲ ÚÉÖÜ Ð×ÚÖÜ×Ö ÑÕÑÜÍÌ £ ×ÚØ×ÚÉÜÍ ÌÞÑÛ×Úá ÍÚÞÑËÍÛ ÑÕÑÜÍÌ 4=þCK1 [1<GODW1N= 3 =R 5 YH?.Nď"D #dL K. 4=þCK1 =K CL AL;5?G.:K< D<L;W=ÿ<?/O`XG3. W&G= AþD #dL K. 4=þCK1< G<Z38; L G"4=þCK1 8ċ1O1O Y8?OW;G= ;L= W ^//Nď" #dL K. 4=þCK1 W1=.D<L; #dL K. 4=þCK1 W G= =ÿ_ GN3 =ÿW.O<31 ¬[1<X?3. ­ #dL K. 4=þCK1 WG8ċ¬[1<X?3. ­ #dL K. ¬;EL%3­ 4=þCK1 [4 Y&3 #dL K. 4=þCK1 [1<WB=C* N#5=J K3:K< #dL K. ¬;EL%3­ 4=þCK1 8ċ1O1O WG^;&O&O [4YGW ; #dL K. 4=þCK1 #O&O WGDW/1 #dL K. 4=þCK1 9Ě`.X8%%K_3 #dL K. 4=þCK1 WG3W3G= #O XG3. WG3[A=G3W;31 G3&K?/Nď" =R 5 #dL K. 4=þCK1 ;SW4O< D;4S=- GGY/Y;1O9 #dL K. 4=þCK1 WG .O 8?KD .O[&3 #dL K. 4=þCK1 XG.AL3& .L/ LW3^1WAG= G;;NA3NW %K_3D #dL K. ÍÖË×ÚÍà ×ÔÌÑÖÏ 4=þCK1 W?W1^ & &NDW1;D #dL K. 4=þCK1 1OYG1O WGL1 &G= D&NĎ" W&G= AþD #dL K. 4=þCK1 ;N/=[;/=ÿ L=X81< #dL K. G" L=8Ċ8Ċ2:K-+ Aþ1<LBLD/= XE "%L/N 4=þCK1 4L" G X 3 X;33SX9 W#G=þ_" #dL K. 4=þCK1 3 dLW"ÿ`<4 û W8LWAG= #dL K. ¬ û ­ 4=þCK1 5=J%L=K*=K DL;K O=J<G" ¬AþDLE N#W8č_GDK" ;­ #dL K. áÚÑÉÖÜ ÉÓÍ Ú×ÞÑÌÍÖËÍ Ö˲ 4=þCK1 XG^88?L< .O4O #dL K. ¬;EL%3­ 4=þCK1 DG"8? #dL K. 4=þCK1 =K CL AL;5?G.:K< 8ċ&OWGD X?J 9L&N?N/O` W&G= AþDW&D #dL K. 4=þCK1 9Ă??N55=J K3%OAþ/ #dL K. ¬;EL%3­ 4=þCK1 DE8K,3LGN3W/G= YH?.Nď" #dL K. ¬;EL%3­ 4=þCK1 [GW#3 WG3#NW3O<=þ_" #dL K. 4=þCK1 4OXG?&O8ċ W8LWAG= #dL K. 4=þCK1 #NAWA?=ÿ_ W=ÿ<?/O` #dL K. 4=þCK1 [1<GG8/N G? =R 5 #dL K. ¬;EL%3­ 4=þCK1 DR2L K}#3 #dL K. ¬;EL%3­ 4=þCK1 W185=JDN12Nc [31 4L&L= #dL K. 4=þCK1 .K44?NA WGD XG3. 8L= 1W3G= D #dL K. =J1=A"8L-N%< 4=þCK1 WG^3GO8ċ GDK"EL=þ;1=K8< X?JGR/DLE ==; #dL K. ¬;EL%3­ 4=þCK1 BS3< ZE 4=þ L= "DN12NW? E;L<Y1=BK81 #dL K. 4=þCK1 WGDAÿ[G #dL K. ¬;EL%3­ 4=þCK1 A"C GN3WA3%K_3 #dL K. 4=þCK1 = G<WG^. =ÿ3 #dL K. 4=þCK1 W WGDXG? =ÿ3 GN3Y3WA%K_3 #dL K. ¬;EL%3­ 4=þCK1 ?G"E?A" <S1N?N/O` #dL K.

®ÓÉÎÛÎÉÚÆÑ ²ÊÒÇÊ× | ÉÕÍ 3L< 3L"DLA 3L< 3L< 3L"DLA 3L"DLA 3L< 3L< 3L< 3L" 3L< 3L< 3L< 3L< 3L< 3L<

D;L%N DL;K}4R ?

×ÛÑÜÑ×Ö ×ÕØÉÖá D==WD=þ} DA L"#N/= DR#N/= DR#N3/ DR3NDL DR=Aÿ< DR=AR,N DR=þ<J XD38?

YD:N/ G3R=R/ G:N%L/N G:N%L/N G:N1L3 GdL3A< WG %K<

DR#N/#= W?LE1K< 5 3A"B [84S?< 8"C BK .Nc #K =[8BL? %K<2dL=" S? DR W#=þ}DN3 W?NBAK,3J8"C %K< .G3GR4?

BR:A==-L:=- GR1K<=K/3 5=JD8=K/3 #O=J8K32R ?O 8=;G3K3/ GL%L8Ċ8K,3

==; L=4=þEL= ==; L= 5=J2L3 ==; L= ==; L= W? L3R L=4=þCK1 ==; L=GND=JX?J ==; L=/=A#DG4 ==; L=4=þEL= 5=J2L3 -J ==; L=D==ELX?J8Ċ#L=-L L/G4X13 ==; L=4=þEL= ==; L= ==; L=4=þEL= 5=J2L3 ==; L= ==; L=GND=JX?J5=J2L3 ==; L=/=A#DG4 ==; L=GND=J ==; L= ==; L=

¯Ú×ÎØÙÎÈ ²ÊÒÇÊ× | ×ÕØÉÖá

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

ÉÕÍ

23L L=GL L=D"W =LJE 4=þCK1 =K". 5=ÿ& GN3W/G= W3%K_3X3? #dL K. ¬;EL%3­ 4=þCK1 =ÿ3 =ÿ&G= DW&D #dL K. ¬;EL%3­

4=þCK1 W ²&O²8=^G8W8G= /O` #dL K. ¬;EL%3­

4=þCK1 #KD;N3 GN3W/G= W3%K_3X3? #dL K. ¬;EL%3­

4=þCK1 W#²WGD²8ċ² 8=^G8W8G= /O` #dL K. ¬;EL%3­

4=þCK1 W#=þ}DN3 XGDWD1 #dL K. 4=þCK1 &K W&D;G= 4OGNď" #dL K. 4=þCK1 &N;Y93O_ G;;S3NW %K_3 #dL K. ¬;EL%3­ 4=þCK1 W&WA 3 <S1N?N/O`D XG3. 8LAWAG= #dL K. ¬;EL%3­ 4=þCK1 .SW=ÿ<3 G= 55GW=%K3 #dL K.

4=þCK1 1O&OWG^; G= 5GW=%K_3 #dL K. ¬;EL%3­

4=þCK1 #O&O BS3< 4=þEL=W"þ3 #dL K. 4=þCK1 D<L;9?LA LX5 " #dL K. 4=þCK1 ?K"DN3 LW ;O #dL K. 4=þCK1 9Ă??N55=J K3%OAþ/ #dL K. ¬;EL%3­ 4=þCK1 WGW%O< 23DN3 #dL K. 4=þCK1 GG<? GL= GLD #dL K. 4=þCK1 XG?²8ċ²WG^3² .OWA??G5W;31 #dL K. ¬;EL%3­ 4=þCK1 8=ÿ[&& G= 5GW=%K_3 #dL K. ¬;EL%3­ 4=þCK1 G31NW331G? 5 Y/=W ;O G? ¬5=JW1B[1<­ #dL K. 4=þCK1 1O NAWG^; W&^3W/G= #dL K. 4=þCK1 BS3< ZE 4=þ L= "DN12NW? E;L<Y1=BK81 #dL K. 4=þCK1 4OD[88 9Ă//Nď"GN3.KD/=ÿ #dL K. 4=þCK1 3 dL;K38č%[1< #dL K. ¬;EL%3­ 4=þCK1 .SW=ÿ<3 G= 55GW=%K3 #dL K. ×ÔáÕÍÚ ÉÚÓÍÜÑÖÏ ÑÍÜÖÉÕ ×ÕØÉÖá ÑÕÑÜÍÌ 4=þCK1 .O&O W&^31=K?[?& ¬5=JW1B[1<­ #dL K.

3L< 3L< 3L< 3L< 3L" 3L< 3L< 3L"DLA ;²=²A² 3L< 3L< 3L< 3L< 3L< 3L< 3L< 3L"DLA 3L"DLA 3L< 3L< 3L< 3L"DLA 3L< E; G;E?A" 3L< 3L"

D;8= 2O=J8K,3 8Ċ8K12 5=J1O5 :AK}}L DK3/N L3/ R?ND=L BBN8>31 G.R?< %L< DN12L Y% %K< ?N þ/ 8"B BK .Nc AK%=þ31= DR:K1=L ;?1N8< GK ==K/3 WG 1N8< 5 =- B=K}}L YGFL= AK??OA==D=AþB .A"Z#

×ÛÑÜÑ×Ö

#N/W5 32; W=āG3AþW%O<= Aþ=þ<JW;//L R? G3K3/Y%/N >/%L/N 5 <J1K/ 8Ě?W C= 2K}}Aþ K< #K31=1K/ W?LE8?

AK,3DRA==DRAþ=K%Aþ1< N# GN12NAþ4S?< ?QGD R? N#[8BL? DAL1<L331 .A".L=L 3N?DRA==W O<=/N%A3K3/ - =J3G" 1N8< :AK" 4R}>12Nc2"[%< WD3DR:L Aÿ=J331 A=A==[ => C E? GW?NBAþ1<

==; L=GND=JX?J5=J2L3 ==; L=4=þEL= AL;WDO_<" W? L3R L=4=þCK1 5=J2L3W# LE3 L1O_4=þEL= ==; L= =G"5=J2L3 ==; L= ==; L=6S #K. L= ==; L=GND=J W? L3R L=4=þCK1 ==; L= ==; L=GND=JX?J ==; L=/=A#DG4 ==; L=GND=JX?J5=J2L3 ==; L=/=A#DG4 ==; L= ==; L=GND=J ==; L=4=þEL= ==; L=4=þEL= ==; L=GND=JX?J5=J2L3 -J ==; L=/=A#DG4 W? L3R L=4=þCK1 ==; L= 5=J2L3/=A#DG4 ==; L= ==; L=4=þEL= ==; L=4=þEL= ==; L=4=þEL= 5=J2L3W# LE3 L1O_4=þEL= 5=J2L3 ==; L=/=A#DG4X?J ==; L=GND=J ==; L=/=A#DG4X?J ==; L=GND=J

B o a r d r o o m | 95

¯Ú×ÎØÙÎÈ ²ÊÒÇÊ× | ×ÕØÉÖá

ÉÕÍ

4=þCK1 [1<AL #dL K. ¬;EL%3­

4=þCK1 W3%K_3 4=G.X D/Nď" G= 5GW=%K_3 #dL K. ¬;EL%3­

4=þCK1 4L" G WGAþWG%K_3W&^3W/G= #dL K.

4=þCK1 4L"#L G= 5GW=%K_3 #dL K. ¬;EL%3­ 4=þCK1 4O&O8ċ#O #dL K. ¬;EL%3­ 4=þCK1 4OGO&O WAþ?. #dL K. ¬;EL%3­ 4=þCK1 5/1² #dL K. ¬;EL%3­ 4=þCK1 6?N/[99 L=L%4R=ÿYH?.Nď" #dL K. ¬;EL%3­

4=þCK1 8"C =JAÿ #dL K. 4=þCK1 8K,3 ? #dL K. ¬;EL%3­

4=þCK1 8ċ1O1O Y ?4G? W ;N G? #dL K. ¬;EL%3­

4=þCK1 X8?3W3^/ G;;NA3NW %K_3 WGW%O< #dL K. ¬;EL%3­

4=þCK1 ;LDW/G= =R 5 G= 5GW=%K_3 ¬WGW%O<­ #dL K.

4=þCK1 ;N/=[;/=ÿ L=X81< #dL K. 4=þCK1 Y="8<L4L?=L%2L3O #dL K. ¬;EL%3­ 4=þCK1 Y=4N3DK3 #dL K. ¬;EL%3­ 4=þCK1 D/L= W9?^ & #dL K.

4=þCK1 DY/3WH 3# GN3W/G= #dL K.

4=þCK1 GN12N>12Nc GNW? /=þ #dL K. DdL3K "L3 -J ==; L= dL K4E?K 1=K8< X?J /?L.E?K 1=K8<

96 | B o a r d r o o m

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

3L< 3L"DLA 3L< 3L< 3L< 3LALGL LBY1 3LALGL LBY1 3LALGL LB WG .=² 3L< 3L"DLA 3L" 3L" B².=² 3L< 3L< 3L< 3L" 3L"DLA 3L< 3L< .=² BLD/=L#L=< 3L< 3L< 3L< 3L< 3L< 3L"DLA 3L"DLA 3L"DLA 3L< X81< E}N" 3L< 3L< 3L< 3L< 3L< 3L< 3L"DLA 3L< 3L< 3L< 3L< 3L" 3L" 3L"

×ÛÑÜÑ×Ö

5=J1O5 G;==K/3 D;%L< $K/=%K< 8=%K< 5 <J 8K,3 DR=K/3

W?NBAK,3L N# R? ? dL8?4 ;OWD3 :S Y EAL< W=āG"E1K<331 /=ÿ L?331 Aþ3;S3 DR W#=þ}[ =B=ÿ

==; L=6S #K. L= ==; L= =G"5=J2L3 ==; L= ==; L=6S #K. L= ==; L=GND=JX?J ==; L=/=A#DG4 ==; L= ==; L= ==; L=

5=W;2O -=" =K/3L =K%3O %?K<8= DR=8?

4R}}3N/< DR%L?O A=8"C =JAÿA==DR.L8= [8Y=#3 5 =- 5 <DAKD.Nc D; N. Aþ1AKD =K//N = Aþ%K< 2N4.O DK-EAR,N W#N.3:L" BR ? L3/ Aÿ=<L N//NBK .Nc 8=1N8< AR,NW O<=/N D;Y:%3 D;W O<=/N [8=K% N//NBK .Nc 2W3B %A?== #Ė;8?

D=L<R12 [/=DN12Nc 23WD)* ;-OA==- DN=þAþ:L #L=R8==-

Aþ;?BN=þ 4R-<D"A3 ;L?O331 3N8K12 RB? GN12N0LA= 3N/N[ =8#3 A"B =K ;N/= DR;L;L?< /K`"GL=;- DR /K`"GL=;- DR Z#;S? DK}}JW.%L R? 3N?5=J8K32 GK;=J3K313 W?NB[8+S=< DAKD.Nc±%SY/ A=L S?BN=þ8K32R W?LE ;LBA3N% ;K" J?O 2==;%A3Aþ=þ<J 2==;%A3Aþ=þ<J 2==;%A3Aþ=þ<J 8ę_;W ^; %3 ;L/R AR,N R?5=J8K32 W/%J;" ?L:NAK,3 AK?<JWDAÿ BN?AK,3LA"B W? L5=JWD=þ* DR:L AK,3 Aÿ=JBN=þ BNA<L2= DdLW:L8?

3L1J8K32 GK =4R}}L8K,3 GK =4R}}L8K,3 GK =4R}}L8K,3 DR8==-2W3B GN31==R "

==; L= ==; L=GND=J ==; L= ==; L= W? L3R L=4=þCK1 ==; L=GND=J ==; L= ==; L= 5=J2L3W# LE3 L1O_4=þEL= ==; L=4=þEL= W? L3R L= ==; L=GND=J ==; L=/=A#DG4 5=J2L3 ==; L= 5=J2L3 ==; L= dL K4.SX? N# L= ==; L= 5=J2L3 ==; L=4=þCK1 ==; L=4=þCK1X?J5=J2L3 ==; L=/=A#DG4 ==; L=4=þCK1X?J ==; L=/=A#DG4 ==; L=4=þEL= ==; L=4=þEL= ==; L=4=þEL= ==; L=4=þEL= ==; L=4=þEL= -J ==; L=4=þCK1 ==; L= ==; L= ==; L=6S #K. L= 5=J2L3 ==; L=4=þEL= ==; L=4=þEL= ==; L=GND=JX?J ==; L=/=A#DG4 ==; L=GND=JX?J ==; L=/=A#DG4 5=J2L3 ==; L= ==; L=GND=JX?J5=J2L3 ==; L=/=A#DG4 5=J2L3 ==; L= ==; L=6S #K. L= ==; L= 6S % A<W? L2N L= 6S % A<W? L2N L=

'8 6' '4A%8 B)4D/ĕ 6N ': -6 ĕ6 6' N6 5 =B) 8 6'

6' N6 5 =B) 8 6' 9 I 9E%ĔD ĔA"9& B Ĕ/ ĕ6 9 I 1 4 ''% 6' '8- 5 B Ĕ'+% : < D 1 Ę ' 6' '8 6' '4A%8 B)4D/ĕ 6N ': -6 ĕ6 6' N6 5 =B) 8 6' 4 N6D/ĕ1 Ę ' '6 : < B H B)4 '4A H 91I Ę '.6%6' 4"5 6E ĕ 9%6 &8I :J

'8 6' '4 1 ĕ+&

A/ < ) 9IA);1 A'6

'4A%8 6' 8 5 8 6 ĕ6 6' N6 5 =B) 8 6' 1 1 Ę ' C &A '9& A 9& 5 B + 8 5 8 9I 9'4 5 '4A ,B)4'4 5 .6 ) +8A '64/Ę < B H B)4 '4A H 9I1 Ę ' .6%6' 9I 4"5 6D/ĕ E ĕ 9&8I :J

A'6%9 +6%A ĕ6D A 9I&+ 5 B + 8 5 8 9I 9 ĕ6 6' N6 5 =B) 8 6'

N6A. 1 )B)4D/ĕ ĕ1A. 1B 4 8 6% )+Ĕ61 Ę 'E ĕ N6 ĕ1B 4 N6 E 8 5 8D/ĕA 8 :J D 1 Ę '/';1E%Ĕ

N6B 4 N6 ' '4A H B)4 '1 )<% 9I ': -6B)4 4 N6 6 %9 '4. 6' ĘB)4%9 +6%A ě %;116 9"

8 Ĕ1A'6

C ',5" Ę ä çç ããçç Ĕ1 æææ B)4 æ ã

¸Á¸¿¾Á½ ÷°¸ ¸¾³ ²¾¼ ÂÁ¸Á°Ã ÷°¸ ¸¾³ ²¾¼

6' N6 5 =B) 8 6' <gB .=Ĕ 6'"5 61&Ĕ6 &5I &; ¾Á¿¾Á°Ã´ ¾Å´Á½°½²´ ´¼´½Ã °½³ ³Å¸Â¾ÁÈ ¢´ÁŸ²´

¦ØØÔÈÎÆÙÊ ²ÊÒÇÊ× | ÉÕÍ Û² Û² 3L"

ßÍÖ ÉØÉÛ AK}1N8<

3L"

"L;#N/

3L< 3L" 3L"DLA 3L< 3L"DLA 3L"DLA 3L< 8?WG 3L< 3L< 8?²/²G² X81< E}N" 3L"DLA 3L"DLA 3L"DLA 3L< 3L< .=² 3L"DLA 3L"DLA 3L" 3L< 3L"DLA 3L"DLA 3L< 3L"DLA 3L< 3L<

#K = >% #K31= 1N8< %R/N;L -=K* -K)* L3/ .A"3:L 1G"DR 23L 3N#8K,3 4K-+N/ 5 }}L 5R-+=þ L 8K%=L 8Ċ;?A==8Ě?DR [8Y=#3 ;L3N/ A=K}}L A=K3<L AþA==<L DR#O:L DR2O DR;3L DR;L?O G3R8"B G:N>.O G==0AR,N WG %K<

×ÛÑÜÑ×Ö

98 | B o a r d r o o m

×ÊÑÖÛ×Ö ÑÚÑÞÉÚÉÖÏÓÝÔ DR DK"

D;L%N D;14 ×ÕØÉÖá

ÐÑÍÎ ÍÌÑÜ×Ú ÚÉËÜÑËÍ ÍÉÌÍÚ ÝÛÑÖÍÛÛ ÍÞÍÔ×ØÕÍÖÜ ÉÖÉÏÍÚ 6S GdL3A< L=7 L< dL K4 L=5(N4K/N/L; (W -+ X?J W O<=/N23LAþ1< D "WD=þ;2==;L:N4L? 23.N/0 5=J2L3W# LE3 L1O_4=þEL=7 L<4=þEL= 1G" K3<L =G" ==; L=6S GdL3A< L=ZE} GA3B=ÿ ×ÚØ×ÚÉÜÍ ×ÞÍÚÉÖËÍ ÉÖÌ ×ÚØ×ÚÉÜÍ ÍËÚÍÜÉÚá =R#N=K/3 =G"6S GdL3A< L=D0L4K3 D==85=JWD=þ* 6S % A<W? L3R L=4=þCK1 W.%1Aÿ ± ÉÛÝÉÔÜá Ú×ÎÑÜ ÍÖÜÍÚ ÉÖÉÏÍÚ %;:S3R% =G" ==; L=6S GdL3A< L=ZE} Aþ1<AþY=#3 W? L3R L==K*;3/=ÿA L L= 5 <J8K32 =G" ==; L=6S GdL3A< L=ZE} =K/3BN=þ1=K8< ÐÑÍÎ ÝÛÑÖÍÛÛ ÍÞÍÔ×ØÕÍÖÜ ÎÎÑËÍÚ ;LW; 3 ==; L=1O_[; W5 36S 4=þEL= 8K32R Y B? ==; L=1O_[; W5 36S 4=þEL= W#36LDR ± Ú×ØÍÚÜá Ú×ÎÑÜ ÍÖÜÍÚ ÉÖÉÏÍÚ "L;DR=þ<J8"B 6S % A<6S GdL3A< L=7 L<4K}%OX?J L=W"þ3 2O=AL-N%< 6? =G" ==; L=6S GdL3A< L=ZE} $K31BN?5 =G" ==; L=6S GdL3A< L=ZE} Aþ1<LW/^; ==; L=1O_[; W5 36S 4=þEL= GK#$=þ<J%L}A-N% ÍÖÑ×Ú ÑËÍ ÚÍÛÑÌÍÖÜ :S3A R? W# LE3 L1O_8K,3L ?<R12 G" = BN=þ;" ?W C; ÑËÍ ÚÍÛÑÌÍÖÜ ×Î ÝÚËÐÉÛÑÖÏ ÍØÉÚÜÕÍÖÜ B=ÿAþE 6S GdL3A< L=7 L<"L3W? L3R L=4=þCK1I WE?QG"=K/3W#=þ} ÐÑÍÎ ÑÖÉÖËÍ ÎÎÑËÍÚ %L}%K<DK;>12Nc EKAE3 L ?R ;"L3AþW =LJE X?J8K,3L=J44"L3 Z% W1O<31G" =G" ==; L=6S GdL3A< L=ZE} ;R1=LGNB ÐÑÍÎ ØÍÚÉÜÑÖÏ ÎÎÑËÍÚ G:NAK,38= 7 L< L=W"þ3X?J4K}%O dL5=J.NC* 6S GdL3A< L=GLARYD W? LW=āG"/=J S? 6S GdL3A< L=7 L<1=K8<L =4R ?

ÑÓÓÍÑ ÛÑÉÖ ÍÞÑÍß 4=þCK1 WGGG3 HNAAþ1 ¬5=JW1B[1<­ #dL K. 4=þC1K GN3W1 =þ/ `O ¬5=JW1B[1<­ #dL K. 4=þCK1 L=4N3[1< #dL K. ¬;EL%3­ 4=þCK1 8ċ8ċ&O WGW%O<3 GN3&SW?W/G= #dL K. 4=þCK1 L=4N3 =R"W18 #dL K. ¬;EL%3­ 4=þCK1 8ċ1O1O Y ?4G? W ;N G? #dL K. ¬;EL%3­ GR/DLE ==;8K,3L;S?3N2N D0L4K3[99 LX?JGNW?^ 1=G3N D 4=þCK1 8=þ`3&NW8Ċ? X 5 /G? #dL K. ¬;EL%3­ 4=þCK1 3NAXH;8 W%G= GN3%KA=K3D 4=þC1K L=4N3 =R"W18 #dL K. ¬;EL%3­ =J1=A" L=8K,3LDK" ;X?J AL;;K_3 " G";3RC< 4=þCK1 L=4N3 =R"W18 #dL K. ¬;EL%3­ 4=þCK1 WG3W3G= #O XG3. WG3[A=G3W;31 G3&K?/Nď" =R 5 #dL K. 4=þCK1 A"B 4K-+N/ #dL K. 4=þCK1 A"B 4K-+N/ #dL K. 4=þCK1 3NAXH;8 W%G= GN3%KA=K3D 4=þCK1 .O²1O²&O² WG^3W/G= [8=D #dL K. 4=þCK1 L=4N3 =R"W18 #dL K. ¬;EL%3­ 4=þCK1 L=4N3 =R"W18 #dL K. ¬;EL%3­ 4=þCK1 A"B 4K-+N/ #dL K. 4=þCK1 ;N/&R< DR;NY/Y; GN3%KA=K3& #dL K. 4=þCK1 .O1O#OYG G= 5GW=%K_3 #dL K. 4=þCK1 #OWG98ċ1O #dL K. ¬;EL%3­ 4=þCK1 L=4N3[1< #dL K. ¬;EL%3­ 4=þCK1 WG3W3G= #O XG3. WG3[A=G3W;31 G3&K?/Nď" =R 5 #dL K. D;L ;5=J K3Aþ3LB:K<[1< 4=þCK1 L=4N3 =R"W18 #dL K. ¬;EL%3­ 4=þCK1 WG3W3G= #O XG3. WG3[A=G3W;31 G3&K?/Nď" =R 5 #dL K. 4=þCK1 4L" G WGAþWG%K_3W&^3W/G= #dL K. 4=þCK1 GN3W1G= W3^/5=JW1B[1< #dL K. ¬;EL%3­ 4=þCK1 W#=þ}DN32L3O #dL K.

Ü'6 +5)'5 +è.6/ 8 &1 A&9I&% å Č ĕ1 Ý PF @K:9K 9R:MY"FJ2;M!č YD| V7ČF^ 2Z0;0Q 2 'è- 5 7 5 |%/6 } [. =4K =L"AK?=K*AþDLE N#.OW. 3 5=JW:1 Ü'6 +5)'5 +è.6/ 8 &1 A&9&I % '4 7 Č äç ãÝ #L =J1=A" L= ?K"1O;_ G4ZE X =*K AþDLE N#1O;_ 6O ? L=.MW3N3"L3.OW. 3Z3. L3/ L"] 0QGW5 3GO E3P_" AL;:L :S;NZ# #L L=<G;=K4 G":L =K*X?JW5 3 L=D= L"4==1K.*L31O_.O W8č_G 8K,3L L=.MW3N3"L3 G"=K*AþDLE N#[1< /?G. ü 5 1O_6 L3;L 5/1 <K" ";R ";K_3 1R ;W1 4=þEL=#K. L= AL;<K_"<Q3G< L"D;.R? 1K`" L=8K,3L 1=K8<L =;3RC< %R;%3 X?JDK" ; µÊÔÕÑÊ 8= G;G3R= K C 1=K8<L =2==;%L/NX?JDN"Ď XA.? G; µÑÆÓÊÙ A4 S [5 K4 L=.MW3N32R= N#G< L"<K_"<Q3 L=1O_ 5/1 [. =K4=L"AK?=K*AþDLE N#<G.W<O_<; û 5 & G3 W5 3WD;QG3W =āG_ "<Q3<K30P" AL;;R" ;K3_ Z3 L=.MW3N3"L3 G"W=L 1O1_ R < L" LA[. M3P"0P" 3[1<1R 3 ZE AL;DM K} K4%R;%3=G4 L" 8= G;DL38?K"1R :L D A3 = A; K4W ?Q_G35=JW1B[5. A< K3 G< L"<K_"<Q3