Boardroom Vol. 1/2019: Board of the Future in Director Perspective

Page 1

Boardroom

Vo l . 6 2

Exclusively For Company Directors

Issue 01/2019 | ISSBN 1513-61755

Board of the Future in Director Perspective

Content

Boardroom

Vo l . 6 2

Exclusively For Company Directors

Issue 01/2019 | ISSBN 1513-61755

Board of the Future in Director Perspective

Vol. 62 Exclusively For Company Directors Issue 01/2019

ISSBN 1513-61755

ÂŁÂŽĂˆ ŸŸº ĂŠÂź

Board of Directors

´ŸĂˆÂąĂŠ² ĂŒijijĂŒºĚÉ IJĂŒĂ

Honorary Chairman

Äš ĂƒĂŒÂźĂ‰Š ŸIJĂ?̟Ă?

Prof. Hiran Radeesri

Äš IJŸ Ă– Ă€ĂŒ°Ä? Ă–´à ĂŠ²²°Ä?

Prof. Kovit Poshyanand

ÂŁĂ?ÂŽĂƒŠĂŒÂŚ §ªĂŠ ÀÉĴ²ĚĂŒÂźĂŒ¹ŸŸº

Khunying Jada Wattanasiritham

²ĂŠÂť Ă” ŸĂŒ  Ă˜ Ÿ ÄśĂ?ÂźĂˆĂ•¡°Ä?

Mr. Krik-Krai Jirapaet

´ŸĂˆÂąĂŠ² ŸŸº ĂŠÂź

Chairman

²ĂŠÂť ´ŸĂˆĂ‚Ă‰ÂŽĂƒÄ? Ă”§Ă?Ă?Ă…¡ĂŠ²ĂŒ§

Mr. Prasan Chuaphanich

ŸÅŒ´ŸĂˆÂąĂŠ² ŸŸº ĂŠÂź

Vice Chairman

²ĂŠÂť ´ŸĂ?IJĂ? IJĂŠĂ€ĸĂŠÂť

Mr. Predee Daochai

²ĂŠÂŚĂ‚ĂŠĂ€ ¡Ĝ²Ă?ÂťÄ? ¹²Ă€ÂźĂŠ²ĂŒ§

Ms. Potjanee Thanavaranit

 ŸŸº ĂŠŸ¾Ă‘ĊÅĝÊ²Ă€ ĂŠÂź

CEO

²ĂŠ Ă?žĂ”Ă€§ Ă”Ĝ²Ă€Ă‰Ĵ²Ă€ĂŒ°Ä?

Mr. Kulvech Janvatanavit

 ŸŸº ĂŠÂź

Director

Äš ¡ĂŒĂ”Ěà  ĂŒÄłĂŒ¡ŒĚÄ? Ă…Ă?Ÿ¡Ă?¡Ă‰Ĵ²¡ŒĚÄ?

Prof. Kitipong Urapeepatanapong

²ĂŠÂŚ Ă˜¥ĚŸĂ? Ă”²Ă?ĂœĂ…ÂŚĂ‚ĂŒ ¥ĂŠĂ”¡Ă?²

Mrs. Kaisri Nuengsigkapian

²ĂŠÂť ĜŸĂ‰º¡Ÿ Ă–§ijĂŒ Ă”Ă‚ÂŻĂ?Ÿ

Mr. Charamporn Jotikasthira

²ĂŠÂť §Ă‰ÂťĂ€Ă‰Ĵ²Ä? Ă…Ă?°Ă‰ÂťĂ€ŸŸŽÄ?

Mr. Chaiwat Utaiwan

²ĂŠÂŚ ²Ă€ž¡ŸŸŽ žĂœÄťĂŠ¨ĝĂŠ

Mrs. Nualphan Lamsam

²ĂŠÂť ³ŸŸĜŒ ÄśĂŒijijÄ?ÕĜĊŒ

Mr. Banchong Chittchang

²ĂŠÂť Ă˜¡³Ă‘žÄ?  ĂŒijijĂŒ̟Ă? Ă‰ÂŚĂ€ĂŠ²

Mr. Paiboon Kittisrikangwan

IJŸ šĂŠ Ÿ Â´Ä ÄłÂąĂ€Ă‰§§Ă‰Âť

Mr. Pakorn Peetathawatchai

²ĂŠÂŚ šĂ‰°ŸĂ?Ê Ă”³ŠĜ¡ž§Ă‰Âť

Mrs. Patareeya Benjapolchai

²ĂŠÂť Ÿ¡Ă? Ă‚Ă?ĜŸĂŒij Ă?ž

Mr. Rapee Sucharitakul

²ĂŠÂť Ă‚Ă?¡Ă‰Ĵ²¡Œà Ä? ¡Ă‰²¹Ä?ÂşĂ?Ă”§ĂŠĂ€Ä?

Mr. Supattanapong Panmeechaow

ÂŁÂŽĂˆÂľĂ‘ÄŠÄśĂ‰IJ°ĝĂŠ ÔĜĊʥŌ

Owner

Ă‚ÂşĂŠÂŁÂşĂ‚Ä‰ÂŚĂ”Ă‚ÂźĂŒÂşĂ‚ÂŻĂŠÂłĂ‰² ŸŸº ĂŠŸ³ŸĂŒà ° É Ă˜°

Thai Institute of Directors Association

 Ă…Œ³ŸŸŽĂŠÂąĂŒ ĂŠÂź

Editorial Team

²ĂŠÂŚĂ‚ĂŠĂ€ ÄšĂŒÂźĂŒĂ€ŸŸŽ  ºžĂ€ĂŒĂ”§Ă?Ÿ

Ms. Siriwan Kamonwichian

39

²ĂŠÂŚ Ă€ĂŒĂ˜žŸĂ‰ij²Ä? Ă”²ÄŠ²Ă•Ă‚Œ¹ŸŸº

Mrs. Wilairat Nensaengtham

39

²ĂŠÂŚ Ă€Ă?ŸÀŸŸŽ ºÉ²²ĂŠšĂŒ²Ă‰²°Ä?

Mrs. Wirawan Munnapinun

²ĂŠÂŚĂ‚ĂŠĂ€ Ă‚ĂŠÂźĂŒÂŽ Ă? ԟĂ?Ă…ÂŚÂŁÂŚĂ” Ă?ŸijĂŒ

Ms. Sarinee Ruangkongkiat

²ĂŠÂŚĂ‚ĂŠĂ€ Ă‚Ă?°¹ĂŒ²Ă? Ă” ĂŒIJ§Ä‰Ă€Âť

Ms. Suthinee Kerdchuay

ÂĝÊ²Ă‰ ŒĂŠ²ijĂŒIJijĉÅ

Contact

Ă…ĂŠÂŁĂŠÂź Ă€ij° Ă…ĂŠÂŁĂŠÂź §Ă‰Ă?²

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

54

ĂƒÂşĂ‘Ä‰ Ă–£ŸŒ ĂŠŸ²Ă…ÂźÄ?¹´ĂŠÂźÄ?ÂŁ

Northpark Project,

66

¯²²Ă€ĂŒšĂŠĂ€IJĂ?ÂźĂ‰ÂŚĂ‚ĂŒÄł Ă•ÂĄĂ€ΡĂ?Ä‰ÂŚĂ‚Ă…ÂŚĂƒÄŠĂ…ÂŚ

Vibhavadi-Rangsit Road,

Ă”ÂĄÄłĂƒžĂ‰ Ă‚Ă?Ăœ  ŸĂ?ÂŚĂ”°¡Ă‡

Thungsonghong, Laksi, Bangkok

ÀÉij¯Ă?´ŸĂˆĂ‚ÂŚÂŁÄ?

Ă–°ŸĚÉ¡°Ä?

10210

Ă–°ŸĂ‚ĂŠÂź

Tel: (66) 2-955-1155

ĔÜÄ?ĜąĔóŤùÙĊÝĔôúĕÜÝĹœĂšĹ?Ä…ĂšÄ‘Ă˝Ă™ÄŒĂ Ă™ÝÝÚÚąĂ&#x;Ä‚ĂšÄŠĂœĂšÄ‚ĹœĂ&#x;Ä”Ä‚ĂťÄŒĂšÄ‚ĂŽÄŠòĉùÙÝÝÚÙĊÝòÝÄŒÄ Ä‰ĂŻÄ˜ĂŻĂş

E-mail: sarinee@thai-iod.com

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

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

E-mail: sarinee@thai-iod.com

Board Welcome CEO Reflection Cover Story Governance and the Shifting Role of the Boardg Board of the Year, Board of the Future !N@QC !QHDŰMF Understand, Access and Share Corporate Development: A Lesson Learned from Banpu’s Boardroom Board Development Why should you care about International Arbitration? Independent Director Corner Outside Director Chartered Director Corner Dr. Thitipong Nandhabiwat Anti-Corruption Update Anti-Corruption in Practice No Gift Policy: A must-have trend Board Review Board Activities Member Corner Board Success Welcome New Member

ĔÜÄ?ĜąĔóŤùÙĊÝĔôúĕÜÝĹœÄ”Ă™Ä?ÄœúÿÙĉòÙĊÝÙĥĊÙĉòÏÄ‘Ä•Ă˝Ă™ÄŒĂ Ă™ÄŠÝïÄ?ÄœĂŹÄ?ėăĹ?ÙĉòĂÚĊâÄŒĂ™Ä‚ĂšÄŠĂœĂšÄ‡

ėăĹ?ÙĉòĂÚĊâÄŒĂ™Ä‚ĂšÄŠĂœĂšÄ‡

ĔÜÄ?ĜąĔóŤùÙĊÝĔôúĕÜÝĹœòïĂœĂżÄŠĂšÄ•Ă˝ÄˆĂ™ÄŒĂ Ă™ÝÝÚÚąĂ&#x;Ä‚ĂšÄŠĂœĂšÄ—ÄƒĹ?ĂÚĊâÄŒĂ™ĂťÄ‰òïÝÄŠò

Ä‚ĂťÄ?óóÝÄˆÄ”ĂŹÄ›ùÏĹ?ÄŠĂąĂ™ĂŚÄƒĂšÄŠĂş Ă™ĂŚĂťÄˆÄ”òÄ?úòÄ—ÄƒĂšĹœÄš ĂŻÄ?ÄœÄ”Ă™Ä?ÄœúÿĂšĹ?Ä…Ă&#x;ÙĉòÙĊÝïĥÄŠÄƒĂąĹ?ÄŠĂŻÄ?ÄœĂ™ÝÝÚÙĊÝ

06 08 11 11 16 22 22 24 26 26 28 28 31 31 36

42 44 48 50

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

NOW OPEN

5th Floor, Gaysorn Centreb

Opening Hours:b9.00 – 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

Board Welcome

BOARD WELCOMES

%OLISL6W= bMC ¯²³¯ '5R>[ <EVMTE`GR @;S$*T; Ă†ĂŒĂ %O%O<'Z5LCT-V$9Z$9 T;9WgbM 'ITCL;b+`GRE ICL;S<L;Z;$TEO<EC `GR $V+$EEC7 T*e 9Wg> T;CT%O* Ă†ĂŒĂ @E OC$S< %OOID@EbM >[ O T;9Z$9 T;=ERL<`7 'ITCLZ% LCMIS*7GO6= MC[9O*

OVLERb;CZCCO*7 T* e c6 OD T*OO$ELOO$-T7V The next article is a summary from the event: Board of the Year, Board of the Future 9W_6WDI

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which discusses the direction of corporate governance and duties of the board of directors, and how the Boardroom in the future should be changed from “form� to “substance�. And the article that you should not miss is a summary of Boardroom Transformation. We were honored to have Mr. Chanin Vongkusolkit share how the boardroom has to work with the management when a business has to face major changes in order to encourage changes according to the directions set by the board of directors. Additionally, you may follow the interviews of our 2 independent directors: Mr. Banchong Chittchang and Dr.Thitipong Nandhabiwat. They both have flavorfully shared different perspectives of being independent directors. We end this Boardroom with pictures from IOD activities including the certificate ceremony for those who have passed Director Diploma Examination and the DCP course passers, along with the IOD activity schedule for the entire year at the end of this book.

If you are interested in sharing your article which will be useful for our member, or if problem. The article explains how directors you have any recommendations on article can help solving this problem, and followed types, please kindly send them to suthinee@ by an article describing the roles of directors thai-iod.com which have to be changed according to the Editor business environment.

IOD Exclusive Program

Strategic Board Master Class

SBM

SBM 6/2019 English Program in Bangkok

11 - 13 June 2019 09.00 - 16.30 hrs.

FACILITATORS

Mr. Christopher Hafner Founder, Traversant Limited Lead Examiner, Strategy and Marketing, UK IoD University of Oxford, Saïd Business School’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

CEO Reflection

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Mr. Kulvech Janvatanavit CEO, ThaiIOD

PM2.5 - Emerging risk & ªÒÊ×ÌÎÓÌ ÔÕÕÔ×ÙÚÓÎÙÞ G" Boardroom

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ÂŽÂŤ ? TD<EVMTECW'ITC7ERM;S$`GR'ITC _% Tb+8X*>G$ER9<%O* Ă?ĂŠ¯² %;T6cM;Âź 9Sh* $S<O*' $Ea6D7E* $S<'[ ' T G[$' T @;S$*T; `GR>[ CWL I;c6 L I;_LWDOYg;e

As the new CEO of IOD, I would like to take this opportunity to informally greet all IOD members. I intend to continue using this small space of Boardroom Magazine as an open channel to communicate with you about the IOD’s activities and its views about interesting issues relevant to Directorship.

ÂŻÂŤ $TE6lT_;V;$TE6 T;7 T*e %O*O*' $E _= ; c=7TC% O <S ‰ ‰S 7V % O*$0MCTD6 T ;LVg * `I6G OC'E<8 I;LC<[E5 `G IMEYOcC Âź 8 TMT$ I TDS* $f7 O*EW<+S6$TE MEYO8 T9lT'E<8 I;`G I$f In this edition, I would like to share my view bM LTl EI+c=8X*'[' T 6 ID_@ETR= ‰MT_EYOg * Ă?ĂŠ¯² about matter that had become talk of the town _= ;LVg*9Wg7 O*E IC6 ID- ID$S;b;9Z$BT'L I; in the past months that is Bangkok climate ° MT$'ITC_LWDg *9W_g $WDg I% O*$S<_EYOg * Ă?ĂŠ¯² LTCTE8$ O>G$ER9<c6 L[*`GRCW aO$TL_$V 6 L[*6 ID ? TD<EVMTEc6 CW$TE+S69lTER<<$TE 'I<'Z C 9Wg _ MCTRLCLl T MES < 'I<'Z C 'ITC _LWgD*6S*$G TI`G IMEYODS* `GR'5R$EEC$TE 7EI+LO<+RLTCTE8CW<9<T9b;$TE7V67TC =ERLV 9 :V B T@%O*ER<<$TE'I<'Z C > T ;9W C 7EI+LO<BTDb;c6 OD T*cE< T*Âź OD T*cE$f7TC ;O$+T$BTERb;$TE_7EWDC ES<CYO$S<= ‰MT >CODT$-WhbM _Mf;I T 9Z$'ITC _LWgD*$fG I;`7 _= ;aO$TLb;7SICS;_O*6 ID_- ; $S; ;;Sg 'YO <OE 6LTCTE8b- =ER_6f;= ‰MT Ă? ĂŠ¯² _= ;7SI$ER7Z ;bM ? TD<EVMTECO*MTaO$TLb; $TELlTEI+:ZE$V+bMC e =ES<=EZ*=ERLV9:VBT@ $TEb- _-YhO_@GV*`GRcAA Tb;O*' $E >GS$6S; $TEG67 ;9Z;$TE%;L * >GS$6S;_EYgO*$TE<EVMTE OD T *DSg * DY ; BTDb;O*' $ E`GRM I *a. '[ ' T c6 ;O$+T$;Wh ¿ÏÞïåïÏÏê $f'IE+R_EVgCCO* MTâêâïäÌÍä ïÌðè 7SIOYg;e 9Wg;O$_M;YOc=+T$ _EYgO*CG@VK9WgO*' $EOT++RDS*CO*% TCc=`GR cC c6 =ER_CV;'ITC_LWgD*MEYO_7EWDCES<CYOOD T* _MCTRLC_@WD*@O 8 T+RLEZ=`<<aG$LIDM; OD e $f'YO Ă‚êâïäÌÍä ïÌðè Âş Ă‚êâïäÌÍä ÏííÏïùòÍÌùÜ 6S*;Sh; >CODT$bM $EEC$TE9Z$9 T;b- aO$TL;WhbM _$V6 =ERaD-; L[*LZ6$S<O*' $E%O*9 T;;R'ES< ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ

that triggered widespread environmental concerns. When we talk about Emerging Risk, many may think of technological issues such as data theft but the time has come for Boardroom to start looking for emerging risk in other areas like PM 2.5, which has adverse effect on everyone in Thailand. Questions that all organizations need to answers are: how to adequately and sustainably mitigate this risk? and if PM2.5 crisis become usual phenomenon in Bangkok that reoccur every year, how will the organization manage it in the long run? To contemplate over the matter, we will see that PM2.5 has widespread impact on all organizations, both directly and indirectly, in various dimensions for examples; - Tourism: Tourists may decide to avoid highly polluted area. This could generate even larger impact on hotels, shopping malls, restaurants, and entertainment businesses during tourism season. - Legislation: The government may introduce more stringent traffic regulations or emission controls on diesel-fuel vehicles, which could bolster logistic cost of most businesses. On the other hand, measures involving urban planning could also have direct impact on real estate sector.

Boardroom | 9

purchase lending from stricter traffic controls, slower income of clients in the tourism sector, and logistic system to ensure that vehicles in use are not those generating pollution.

high impact and high probability of occurring, have the management prepared relevant controls to mitigate such risks and how can audit committees track effectiveness of the controls?

I think every organization definitely should try to evaluate risks and readiness to cope with PM 2.5. Boardroom should start by - Human Resource: Work from home answering the following questions or pass could become a new social trend and the them on to management: organization should prepare to cope with 1. What is the level of recognition and this matter. understanding of PM 2.5 impacts on the The ongoing PM2.5 problem generates organization, suppliers, clients, employees, business impacts in different dimensions and other stakeholders? and timings. To accurately evaluate risks involving PM2.5 and use the result to make 2. Have all operations complied completely policy decision, the board may need to with relevant environmental regulations? If start questioning the management about not, it should immediately fix the issue. The company should also ensure compliance potential impacts and damages. of its suppliers because PM 2.5 is common Boardroom of financial institutions may problem that all parties need to take part in consider asking management to evaluate resolving. impact on the whole supply chain of each sector. For instance, the impact on hire 3. In case risks involving PM 2.5 can have

Nonetheless, I would like to point out that every risk also presents opportunity. In this case, the board can use PM2.5 as a catalyst to urge management to explore new businesses, enhance internal fuel and energy efficiencies, logistic cost saving, and drive sustainable growth for the company and the whole supply chains. Moreover, Boardroom should also look out for other emerging risks beyond pollution that the organization may have overlooked or have not adequately prepared to deal with.

- Reputation: The general public is concerning about sources of pollution and posting on social media their experiences with vehicles emitting high volume of black smoke. Should there be name associated with any organization on those vehicles, it could unexpectedly create reputation risk to the organization.

10 | B o a r d r o o m

To conclude this note with an optimistic touch, emerging risk equals emerging opportunity and I would like to encourage all directors to exploit this opportunity for the utmost benefit of your respective organizations. ---------------------------------------------------

Cover Story

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B o a r d r o o m | 11

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B o a r d r o o m | 13

7GO69Sh*= ¯²³¯ `GR= 7 Oec= Ă†ĂŒĂ +R %S<_'GYgO;`GR- IDL;S<L;Z;bM $EEC$TE<EVKS9 %O*c9DbM 'ITCLlT'S‰$S< Âą =ER_6f;% T*7 ; a6DCW'ITCCZ *MIS*I TO*' $E%O*c9D+RCW$TE _7V < a7OD T *DSg * DY ; > T ;$TECW >[ ;l T OD T *'5R $EEC$TE9WgCW'ITC`%f*`$E * CWIVLSD9SJ; `GR CW b +CZ * MIS * b;$TELE T *ER<<$TE$l T $S < 6[ ` G $V+$TE9Wg6WbM _$V6%Xh;b;O*' $E ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ Looking back 10 years, when I started joining the Institute of Directors. The oversight role and taking care of the shareholder’s benefits were perhaps the main responsibilities among the board of directors. They were encouraged to additionally work on transparency, accuracy and accountability apart from supervising related rules, regulations and executives for the corporate’s optimum benefits. These factors have formed the board during that time to carefully work on their roles and responsibilities. The board of directors component is fully equipped with graduates in finance and accountancy compulsory for audit. However, as time goes by, the roles and responsibilities of the directors have changed in accordance with business atmosphere. In the age of disruption with online media available all the time, either consumers or clients can access data easily. Shareholders also have increasing influence in corporate business operation. Directors therefore unavoidably have to perform well together with the executives in order to lead the corporate to sustainable growth. In summary, roles and responsibilities of the board at the present are not only to observe and follow work by the executives, but also have to work closely with them in several important issues mainly due to the following factors:

ĂšÂ˜ ¨Ă?Ă†Ă“ĂŒĂŽĂ“ĂŒ ²Ă†Ă—Ă?ĂŠĂ™Ă˜ Technology has undeniably become a crucial part in corporate business operation.

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or use services from providers across the continent in just one click. Some business that used to be a market leader is facing more competitors from all over the world. Business uncertainty rises. The board has more roles to not only designate corporate strategy together with the executive but These factors force corporate companies also follow up and monitor their operational once were leaders in their field to change process in a bid to ensure that the corporate for survival. Executive mindset that sticks strategy is successfully put into practice. with a traditional way of doing business is challenged by ideas and perspectives from Quite a few businesses have to cave in to the outside. The term “board diversityâ€? the competitors over the past 10 years has been increasingly emphasized and mainly due to the executive’s inability to prioritized in the business world for the past implement the corporate strategy. An obvious 2-3 years. example is Kodak, which is the first company coming up with a new digital strategy. Starbucks is a good case study. for companies However, the company executives hold on looking for directors having IT expertise to to a same success of film business, digital sit in the board. The aim is to achieve new product development cannot be introduced business ideas and perspectives rather than to the market in time compared to the continue being the so-called “third placeâ€? competitor like Fujifilm. As a result, Kodak for the targeted clients to stop by. Shery filed for bankruptcy in 2012. Sandberg, Facebook’s Chief Operating Officer during that time, was invited to sit in Blackberry is also a good case study. The the Starbucks’ board during 2009-2012 in company has a good strategy of expanding a bid to push for an idea to integrate social business from only focusing on “Prosumersâ€?, network into its physical third place. New which is a mix between professional and executive members with IT expertise were consumer from legal and business fields also brought in to support an implementation requiring high information security regarded of its new business ideas. as Blackberry’s strength to general consumers. Blackberry’s corporate strategy gained Nowadays, Starbucks is well known for the huge success at the beginning as it created “digital third placeâ€?. Its clients can chat and a new experience and an access to new share experience via MyStarbucksIdea.com groups of clients. or Starbucks Moments. IT system such as Starbucks Digital Network (SDN) developed While Apple introduced IPhone featuring between Starbucks and Yahoo is also full touchscreen which quickly drew attached at each outlet for creating free consumers’ attention, Blackberry still contents for customers via in-house wifi. believed keyboard was the handphone’s Starbucks App is clearly a new experience main component. As a result the sales for coffee-goers for a quick order and volume dropped. Organizational restructuring payment. Such development comes from had to be carried out from the top to the directors having an intention to drive the bottom. Holding on to the past success corporate to meet changing business reflects organizational culture that does situation. not transform in accordance with changing business atmosphere. In addition, success ĂşÂ˜ ÑÔÇÆÑÎĂ&#x;ÆÙÎÔÓ ÆÓÉ ¡ĂŽĂ˜ĂŽĂ“ĂŒ ¨Ă”ÒÕÊÙÎÙÎÔÓ among the Prosumers is not always a recipe The world has been developing so fast that for success in the current market demand. a consumer in one country can purchase Business operation format also changes. Success of the business does not have to be all about assets or sizes. Some leading companies can generate huge amount of income and asset value in spite of having no assets at all.

The two cases mentioned above clearly show that successful corporate strategy comes from not only good strategic plan but also good monitoring to ensure that the executives can appropriately implement the corporate strategy. However, the board of directors should also prioritize organizational culture as it is an important factor that makes several corporate companies unable to follow the strategy.

û ®ÓÈ×ÊÆØÎÓÌ ®ÓËÑÚÊÓÈÊ Ë×ÔÒ ¸ÍÆ×ÊÍÔÑÉÊ×Ø It is increasingly difficult and challenging to administrate the corporate nowadays as shareholders have an increasing role and influence in corporate operation via existing mechanism like annual assembly and a new mechanism like “class action” which enables small shareholders to file a lawsuit against those causing damages to the corporate. Volkswagen’s exhaust gas test scandal is a good case study. A group of shareholders gathered to file a lawsuit against the company to take responsibility for fabricating diesel emission tests and failure to comply with the US environmental law. Shareholders were affected because the stock value dropped. Institutional investors also called for their rights from the company’s scandal. It can be seen that board of directors as representatives of the shareholders must take more responsibility on regular shareholder

engagement through fair and accurate 1. The component of the directors and information, shareholders meeting and its suitability to the future corporate annual assembly. operation. 2. The directors’ roles in corporate strategy ü ­ÊÎÌÍÙÊÓÊÉ ¸È×ÚÙÎÓÞ Ë×ÔÒ ¸ÙÆÐÊÍÔÑÉÊ×Ø and monitoring to ensure the executives Nowadays, not only regulatory body but successfully put the strategy into practice also other stakeholders including clients, and give priority to organizational partners, communities or environmentalists, culture. work on corporate operation and call for 3. Whether or not the directors create an action if they are affected in some ways. sufficient stakeholder engagement. Therefore, benefits of all shareholders 4. To what extent the directors have roles should be taken into account by creating in stakeholder engagement apart from stakeholder engagement from the beginpushing the corporate to strategize ning of corporate strategy so the directors sustainable growth. and the executives can understand issues and integrating into a part of strategic IOD hopes to drive and support directors plan that will benefit all sides and lead the of Thai companies to give priorities to the corporate to sustainable growth. four points mentioned above with hope that Thai companies will sustainably grow, However, board of directors leading the thanks to the board of directors’ strength, corporate must give priority to stakeholders vision and intention to establish corporate and engaging them to directly listen to governance. issues. Some overseas companies also --------------------------------------------------appoint shareholders to sit in the board especially the group of companies such as petroleum, mining and construction having potential to cause an impact on the environment or communities. From all case studies given, it can be said that the role of directors is increasing challenging. Some of the questions that the corporate directors should be taken for consideration are:

3L<23 = 8==K/3L3R S? Mr. Tanakorn Pornratananukul Assistant Vice President Curriculum Development Thai IOD

B o a r d r o o m | 15

Cover Story

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The Thai Institute of Directors (IOD) started off the first activity of the year with IOD Special Event 1/2019 held on the topic ‘Board of the Year, Board of the Future’ and supported by PricewaterhouseCoopers ABAS Limited. Mr. Prasan Chuaphanich, IOD Chairman, gave an official opening speech at the event and a briefing about Board of the Year Awards. President of the Stock Exchange of Thailand Dr.Pakorn Peetathawatchai also gave a keynote speech on the topic: ‘Thai Capital Market: Present and Future’.

standard, 23 are Thai listed companies, reflecting Thailand as a regional lead the region in terms of CG standard and development. In addition, there are an increasing number of Thai listed companies from different industries in the Dow Jones Sustainability indices (DJSI). A panel discussion session on the topic “Board of the Year, Board of the Future� was joined by Associate Professor Dr. Kulpatra Sirodom of Thammasat University’s Center for International Affairs, Mrs. Oranuch Apisaksirikul, Chairperson of Tisco Executive Board, Suvabha Charoenying, Director and Executive Director of Thanachart Securities Plc as well as board members of the judging panel and the interview panel of the Board of the Year Awards 2018. The session was moderated by Mr.Kulvech Janvatanavit, CEO of Thai IOD.

Unlike that past that fundraising usually came from commercial banks, fundraising nowadays can be carried out through commercial banks, capital markets and bonds in an equal amount. During the past five years, Thailand ranked the country having the highest fundraising in Asean. The position was followed by Singapore, Malaysia. Vietnam is the up and coming §Ă”Æ×É ¨Ă”Ă’Ă•Ă”Ă˜ĂŽĂ™ĂŽĂ”Ă“ country for this year as its fundraising Dr. Kulpatra talked about the composition significantly increases. of the board in the future. Although guideline or best practice is available at Having the best liquidity and the capital present, the composition of the board value of US$ 510 million, the Thai capital members should be diverse in terms of market has the highest trading rate in the educational background, experience, secondary market followed by Singapore, age, sex, etc., depending on environment Malaysia and the Philippines. Not only of each company or industry. Gender is domestic investors, but also foreign trading much prioritized at the international level. have increased with over 40% from However, it does not mean Thai female Program Trading. It is necessary that our board members sit in the board because of market needs to keep up with Artificial gender. In fact it is their ways of thinking and Intelligence (AI) technology. diversity of views and perspectives. Foreign investors are confident in corporate governance (CG) quality and standard of Thai listed companies. Thailand is also scored the highest by the Asean Corporate Governance Scorecard. Of the top 50 Asean companies having CG quality and

Having board diversity does not help if members still feel intimidated to share their ideas during the board meeting. Atmosphere and culture are also important for helping accommodate working process and building relationship at different places.

Mr. Kulvech Janvatanavit, Dr. Kulpatra Sirodom, Mrs. Oranuch Apisaksirikul, Ms. Suvabha Charoenying

B o a r d r o o m | 19

Chairman of the board is the key person to society. The board should consider make the board fully diversified. corporate social responsibility (CSR) activities in order to add value to the ¸ÍÆ×ÊÍÔÑÉÊ× ªÓÌÆÌÊÒÊÓÙ business. CSR should be incorporated into Mrs. Oranuch said having only shareholders the process to create branding awareness. working towards high profits may not help company sustainable. Diversity of stake- ¨ÚÑÙÚ×Ê ®ÓÓÔÛÆÙÎÔÓ holders from clients, trade partners to staff Ms. Suvabha talked about innovation. She should be more prioritized. Board should mentioned the Thai society was very good listen more and consider balance before at forming innovation, but long-term proof of having any response. Ideas and visions substance is still needed. Product, process from outside should be added in apart from and people do not reflect financial balance, sharing the board’s inside-out ideas. Such but can be measured with numbers. If corporate governance method is related to we can administrate these three factors transformation focusing on 1. knowing the effectively, companies can attract and keep present, 2. knowing the direction and a way employees loyal to the corporate. forward 3. considering if there is anything that needs adjustment or gap reduction at Sustainability and corporate culture can the corporate. The focus should be on the also be measured by staff pride and satisfaction. The Ws+H questions of what, younger, not the older generation. when, where, why and how still works well Therefore, CEO or even chairman of the to find out to what extent staff are eager to board should be open-minded to new work with company or the board members ideas. Participating into roadshow activities are willing to attend each meeting, What can help as the board can meet up with is the major business operation? How is diverse groups of investors having different the business being challenged? These are knowledge fields and characteristics and questions leading to sustainability. can give the board a good perspective and a reflection from different corporates. Dr. Kulpatra said each corporate is different. Sometimes, the board may be questioned Board of chairman plays crucial role in over corporate strategy and new business giving opportunities for sharing opinions direction. These questions can drive to new especially among those whose voices have never much been heard. Board members ideas and perspectives. should respect other people’s views and Long-term investors are the company’s time management. Priority and important target as they will hold shares for at least agenda should come first. From time to 3-5 years. In order to convince long-term time, board members should also meet investment, that corporate should grow during off-working hours to build sustainably. Therefore, large-scale funds are relationship and understanding. The perfect usually interested in corporate governance. combination of the board is every board Strategy, risk management or burning hot member is functional. Board should enable issues are usually questioned. If the board everyone to share their opinions leading to is stuck with corporate thoughts or views, a constructive outcome. they cannot answer questions or meet expectations. On the other hand, if the board Mrs. Oranuch gave a definition of ‘corporate gives opportunities for investors to meet, culture’ meaning inspiring corporate they can learn about investor’s expectation character that will lead to corporate brand. and prepare for response accordingly. Therefore, if we want to strengthen our Investors will understand and be corporate brand, corporate culture should increasingly and continuously engaging. also be created towards the same direction. Questions from investors will help strengthen Individual culture, even board culture, should also be related to corporate culture. companies. Selection and nomination process should Social issues are also very important. also be prioritized. If board members have Companies cannot survive in a failing related characters with the corporate, they

20 | B o a r d r o o m

can effectively regulate the executives and strengthen corporate brand. Board of chairman plays a key role in creating the boardroom culture – from agenda setting to agenda selection, meeting time management and boardroom ethics. Board members must not reveal what discussed in the boardroom to any outsider and will not speak on behalf of the corporate without any endorsement. On the other hand, spokesperson will handle the task to reduce any confusion that may occur. Ms. Suvabha said the boardroom represented corporate images that people outside could think. Boardroom members and characteristics could also reflect corporate culture. Thai corporate having good CG usually held at least 6 boardroom meetings/ year. Of the total, four meetings would involve financial balance approval. The additional two meeting should be carried out to consider shared corporate goals. To ensure the board members could work well, corporate goal should be understood. Meanwhile, corporate strategy and culture could be discussed during the year end and reviewed every six months. Several companies did not want to come up with a long-term business plan because changes could happen quickly. However, if we had goal and adjust accordingly, board members, executives and corporate staff could be on the same page and establish forward-looking corporate culture, she said. Before the session ended, Ms. Varunee Pridanonda, Partner – Governance, Risk, Compliance and Internal Audit Services of PricewatershouseCoopers ABAS and working committee member of the Board of the Year Awards, talked about the interview process for proposed projects, so the shortlisted company could understand and prepare ahead. The announcement of the boards passing the interview round is posted at the epilogue. For more details, log on to http://www. thai-iod.com/en/projects-detail.asp?id=24 3L<8ĊC-R 8=E;#==<L Mr. Phisanu Phromchanya Public Relations Consultant Thai IOD

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B o a r d r o o m | 21

Board Briefing

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Mr. Chanin Vongkusolkit

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22 | B o a r d r o o m

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topic “Boardroom Transformation� for IOD members and Boardroom readers. Mr. Chanin talked about major changes the coalmining business was facing and how Banpu’s boardroom would have to work with the executive department in a bid to drive the corporate through change following the goal. Four lessons given by Mr. Chanin can be summarized as follow:

ÂąĂŠĂ˜Ă˜Ă”Ă“ ĂšÂ&#x; ¸Ă”ĂˆĂŽĂ†Ă‘ Ă˜ĂšĂ˜Ă™Ă†ĂŽĂ“Ă†Ă‡ĂŽĂ‘ĂŽĂ™Ăž ĂŽĂ˜ ĂˆĂ”Ă—Ă•Ă”Ă—Ă†Ă™ĂŠ Ă˜ĂšĂ˜Ă™Ă†ĂŽĂ“Ă†Ă‡ĂŽĂ‘ĂŽĂ™Ăž A drop of coal prices to the lowest five years ago forced “Banpuâ€? to start surveying its business model. Banpu faced not only a price drop but a negative business image. Coalmining is branded “villainâ€? of the energy sector, causing a negative impact on the environment. However, Banpu’s image has never been tainted by the overall coalmining business “because the corporate has sustainable development policy as protection shield for the corporate image amid fragile situation.

diverted cash flow to cover integrated energy business, including clean energy such as solar rooftop and smart grid. Unlike the past that most of the corporate staff were miners, increasing number of Banpu staff nowadays are young urbanites. Corporate image therefore needs to be adjusted. In the past, Banpu Spirit including Innovation, Integrity, Care and Synergy used to be the principle that glued our staff to work towards the corporate mission in every working process. Only those having qualifications relating to Banpu Spirit would be shortlisted for a new recruitment. As there was change in business model, the board of directors and the executives agreed to revisit Banpu identity, leading to an introduction of “Banpu Heart�, covering “Passionate, Innovative and Committed� regarded as the core of miners’ characteristics. “The evolution of Banpu is like our path journey. Different organizations have different paths. There is no fixed formula,� he said.

ÂąĂŠĂ˜Ă˜Ă”Ă“ ĂťÂ&#x; šĂ?ĂŠ ÒÔÑÉ ÔË ĂˆĂ”Ă—Ă•Ă”Ă—Ă†Ă™ĂŠ ĂˆĂšĂ‘Ă™ĂšĂ—ĂŠ ÂąĂŠĂ˜Ă˜Ă”Ă“ ĂşÂ&#x; §ĂšĂ˜ĂŽĂ“ĂŠĂ˜Ă˜ ĂˆĂ?Ă†Ă“ĂŒĂŠĂ˜Â– Ă˜Ă” ÉÔ Ă˜Ă™Ă†Ă—Ă™Ă˜ ÆÙ ÇÔÆ×É×ÔÔÒ On February 8, I had an opportunity to Mr. Chanin said “Banpu’s board of directors interview Mr. Chanin Vongkusolkit, Chairman ÕÊÔÕÑÊ ÆÓÉ Ă‡Ă—Ă†Ă“Ă‰Ă˜ are aware of the corporate culture and of Banpu Public Company Limited, on the Due to a drop of coal prices, “Banpuâ€?

24 | B o a r d r o o m

closely monitoring the implementation. As a result, Board retreat will be organized every year so that the board of directors and the executives will meet, discuss and share their views.” Such activity helps the board of directors understand more in-depth about any major change or investment. Banpu Heart will not be just a sugar coated word printed on an annual report, but a working style that will emphasize cooperation between board of directors and the executives. The more training sessions are continuously provided for staff, the deeper Banpu Heart will be rooted in corporate culture. This sets Banpu apart from other corporate companies. Product manufacturing can be copied, unlike corporate culture.

±ÊØØÔÓ ü §×ÆÎÓØÙÔ×ÒÎÓÌ ÜÔ×Ð ÙÔ ÔÛÊ×ÈÔÒÊ ÎÓÓÔÛÆÙÎÔÓ ÇÆ××ÎÊ× Since Banpu offices are based in several locations, it is necessary to have knowledge for effectively sharing within the corporate. Knowledge sharing can lead to infinite innovation. Banpu’s board of directors supports a change in working method from taking orders to borderless brainstorming ideas. Staff working at different locations in different fields are encouraged to solve problems together through technological platform. In fact, brainstorming can be compared with end result-oriented working culture among startups. Such working method solves the issue of position ranking and operational silo regarded as

a challenge for big corporate having fixed organizational structure. Interesting ideas from Mr. Chanin’s interview has emphasized that board engagement is crucial. If the board of directors understand their roles and responsibilities and reach out to the executive, staff and related factors leading to corporate success, cooperation between the board of directors and the management will leads to effective working and business sustainability, continuous management, innovative creating and strengthening brand. Good performance is also an outgrowth. This is the principle foundation of the Corporate Governance Code 2014 (CG Code) by the Securities and Exchange Commission. Mr. Chanin was the chairman of the CG Code drafting committee It is time for us to look at our corporates and think how to utilize these valuable four lessons learned from Banpu shared by Mr. Chanin. ---------------------------------------------------

3L< R?WA% W#3AK,3Aþ1< Mr.Kulvech Janvatanavit President & CEO Thai IOD

B o a r d r o o m | 25

Board Development

¼ÍÞ ØÍÔÚÑÉ ÞÔÚ ÈÆ×Ê ÆÇÔÚÙ ®ÓÙÊ×ÓÆÙÎÔÓÆÑ ¦×ÇÎÙ×ÆÙÎÔÓ¤ businessman,you youprobably probablyalready AsAsaabusinessman, already know that businesses and know that businesses and commercial commercial transactions are not transactions are not immune from disputesit is just part of the commercial reality, you likeyou it orlike not. as theas whether it orI understand not. I understand thedealmaker, dealmaker,you youhave have the the tendency tendency to to rush through the deal and not rush through the deal and not fully consider theclause disputein resolution clauseBut, in the contract. the contract. you But, you should think about as soon as you should think about it as itsoon as you are conceiving the idea of your transaction. transaction. Why? Simply because it Why? Simply because it will save you a substantial timelong and run. money in time and amount money of in the Your the long run. Your lawyers should carefully consider the forum of dispute resolution the contract is concluded to avoid before the contract is concluded to avoid difficulties in the future in the event one of thecontract. parties because the contract. daretotosay, say, aa good or perhaps I Idare good or perhaps more more accurately, a great businessman will accurately, a great businessman will antianticipate things might go wrong and cipate things might go wrong and find way tocontract. minimize the risks inin athehighly contract. Today, Today, globalized trade is not restricted within inworld, a highly globalized world, trade is not a small geographical area, in restricted within a small geographical area, intrade fact itinternationally. is common for Cross-border business to trade internationally. Cross-border transactions transactions can be complicated can be complicated at times, it not puzzling – more often than not, it involves different regulations, languages, cultures and laws, regulations, languages, cultures and customs. The risk of disputes increases tremendously by the mere fact that a party clause | Binothe a r contract d r o o mdue to distinct 26 cultures.

1. CONFIDENTIALITY has slight different interpretation from This ids because it has significant advantages resolution clause is extremely the counterparty towards a clause in the when compared to litigation in nation courts. Arbitral hearings are held in private important and it should be contract due to distinct cultures. Apart from being perceived as being quicker settings and are attended only by negotiated at the very early stage and lessdesignated expensive than litigation arbitration those by the parties and has theirthe counsel. This advantages contrasts with There areamany studiesdispute and empirical Therefore, well-dratted resolution also following when court proceedings evidence shows that International clause is extremely important and it should compared to litigation:that are open to be negotiated at the very early stage the public. Most arbitral institutions during thetransactions formation ofaround the contract. There ù ¨´³«®©ª³¹®¦±®¹¾ border the world. are many studies and empirical evidence Arbitral hearings are heldaccording in private settings awards. For instance, to Thailand Arbitration on and are attended only Center by thoseRules designated Arbitration 2015 (“The THAC Rules”), by the parties and their counsel. This contrasts Article 87 states that the arbitration with court proceedings thatunder are open proceedings conducted the to the public. Most arbitral institutions have proceeding disclosed to specific rules cannot regardingbethe confidentiality public except some very limited oftheproceedings and inawards. For instance, according to Thailand Arbitration Center the parties have provided written Rules on Arbitration 2015 (“The THAC Rules”), Article that the arbitration prolaw to 87 do states so. ceedings conducted under the THAC Riles 2. FLEXIBILITY are confidential. The proceeding cannot be disclosed to the public except in some very limited circumstances, for example where the parties have provided written consent arbitration the for disclosureincluding or required bygoverning law to do so. Why International Arbitration

is so attractive to cross-border transactions?

under which the arbitration will

ú «±ª½®§®±®¹¾ Arbitration proceeding is a flexible process proceedings, and shows that International Arbitration is the as the parties the are number free to choose many advantages when compared to most preferred method for dispute resolution aspects of the arbitration including the govin cross-border transactions around the erning law of the and arbitration, the rules under the arbitration other procedural Mr. Pa world. which the arbitration will be and less expensive than litigation matters that allows parties toconducted, save advantages when compared to litigation:

that will minimize costs,

6. UNIVERSAL RECOGNITION AND public policy grounds. It is clearly desirable ENFORCEMENT OF ARBITRAL AWARD

can only be challenged on procedural or

that commercial disputes should be finally and swiftly resolved. A lengthy appeal process significantly increases costs and may cause business paralysis. Foreign Arbitral Awards, also known º³®»ª·¸¦± ·ª¨´¬³®¹®´³ ¦³© as the New York Convention 1958 (“NYC”) to which over 160 nations are ª³«´·¨ª²ª³¹ ´« ¦·§®¹·¦± ¦¼¦·© signatories. Thefeature Convention enables Another critical of arbitration is the arbitration agreements and awards effectiveborders. operationThe of the Convention on the across clear advantage

existence and effective is the existence and

4. APPOINTMENT OF ARBITRATORS

the venue for the arbitration, the timing of the reside in Thailand. There and is also a proceedings, the number qualifications of the arbitrators, who will be the arbitrators, the language of the arbitration and other procedural matters that allows parties to save time and money. Parties can opt for help to preserve business relationships choosing a location for the hearing that will between the parties. minimize costs, for instance the proceeding can take place in Thailand if all the witness 3.reside PARTY in AUTONOMY Thailand. There is also a possibility for parties continuing a hearing after normal It is important to note that arbitration business hours if need be. In addition, the is based on consent. Parties can flexibility of arbitration a relatively by agreement designcultivates the process informal atmosphere.their In turn, it could help to accommodate respective needs and can continue to do so to preserve business relationships between the parties.

For instance, under the THAC

û µ¦·¹¾ ¦º¹´³´²¾ It is important to be notelivethattestimony arbitrationor is whether there will documents-only as based on consent.hearing, Parties canasbywell agreement the ability select to theaccommodate arbitrators totheir design thetoprocess hear the dispute. Although parties do respective needs and can continue to do have autonomy to agree procedural so as the proceeding moves forward. For instance, under that the THAC Rules, parties recommended any agreed matters, to have the arbitration have thee.g. option of a different rate of fees conducted under the THAC Rules, for arbitrators, whether there will be live be recorded in the arbitration testimony or documents-only hearing, as well asa the abilityhas to select arbitrators once dispute arisenthe parties are to hear the dispute. Although parties do less likely to agree upon any matter.have

autonomy to agree procedural matters for the arbitration it is highly recommended that isany that the parties their agreed matters,can e.g. toselect have the arbitration arbitrators and thereby choose conducted under the THAC Rules, be recorded in the arbitration agreement in the contract, as often once a dispute has arisen parties are less likely to agree upon any matter.

Recognition and Enforcement of Foreign Arbitral Awards, also known as the New national court is that arbitration York Convention 1958an(“NYC”) to which over 160 nations are signatories. The on an almost worldwide scale Convention enables the enforcement of international arbitration agreements and awards across borders. The clear advantage of an arbitration award when compared to the other party may have its assets, is a judgment by a national court is that an critical otherwise the award may be arbitration award is enforceable internationally worthless. on an almost worldwide scale where the other party may have its assets, is critical otherwise the award may be worthless. CONCLUSION

experience, location, availability and

ü ¦µµ´®³¹²ª³¹ ´« ¦·§®¹·¦¹´·¸ Another great benefit of arbitration is that the parties can select their arbitrators and thereby choose arbitrators with qualifications tailored to the needs of the dispute in arbitrators themselves cannot be question. These desired qualifications can overemphasized. Choosing the include attributes such as subject matter of dispute, expertise, reputation for can competence, important decisions a party make in the location, arbitration. In litigation experience, availability and ability to conduct a cost-efficient and effective who may be assigned to your case arbitration. This freedom to choose both randomly without regard to whether the number of arbitrators and the eventual arbitrators themselves suited to the dispute. cannot be overemphasized. Choosing the arbitrator(s) is the most 5.one NOofRIGHT OFimportant APPEAL decisions a party can make in the arbitration. In litigation you cannot chose your judge who may be arbitration is that there is a very assigned to your case randomly without limited or virtually almost no right regard to whether they possess qualifications particularly suited dispute. on awards can only to bethe challenged procedural or public policy grounds. Itý ³´ ·®¬­¹ ´« ¦µµª¦± is clearly desirable that commercial

¨´³¨±º¸®´³ The advantages of arbitration outweigh any litigation in national courts; this is why advantages of litigation in national courts; this is whytoarbitrations are of an international method resolve commercial nature. As often, especially cross-border disputes business disputes when the need special expertise that may be knowledge of a particular industry, need special expertise that may be familiarity with more than one legal tradition, experience, understanding and ability in harmonizing cross-border cultural tradition, experience, understanding and ability in harmonizing differences between parties crossand fluency in more than one language. Arbitration may not be suitable for all transactions but the language. Arbitration may not be option of incorporating an arbitration clause in your contract and the wording of the clause in your contract andbe the carefully arbitration clause should considered. Should you like to know more about arbitration, please freeabout to contact Should you like to knowfeel more Thailand Arbitration Center. contact Thailand Arbitration Center. ---------------------------------------------------

Another distinctive of process arbitration resolved. A lengthyfeature appeal

is that there is a very limited or virtually almost cause paralysis. no rightbusiness of appeal. Generally arbitral awards

Ms. Litsan Chong Email: litsan.c@thac.or.th Website: www.thac.or.th B (02) o a r018 dro om Tel: +66 1615

| 27

Independent Director Corner

Mr. Banchong Chittchang CEO and independent directors of TPBI Public Company Limited ID Club Member

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28 | B o a r d r o o m

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Several may think how to establish corporate governance in the “family businessâ€? as long as those who are directors are acquaintances. How will they be able to do their impartial jobs or pass on their business from generations to generations. The answer is here. ID Corner is honored to have Mr. Banchong Chittchang, CĂ“ĂŒĂ”Ă?Ă˜ĂŒĂ™ and ´ndependent ÂŻirectors of TPBI Public Company Limited; ´ndependent ÂŻirector and ÂŹudit ÂŻirector of Lamsoon (Thailand) Public Company Limited; and ´ndependent ÂŻirector of Thai Optical Group Public Company Limited, to talk and share his experience about the role of ´ndependent ÂŻirector in the family business. Taking this position at family-run companies, particularly those which are not listed companies, is challenging and requires much skills and expertise. Corporate governance (CG) is the first topic. As a trainer at Institute of Directors, Mr. Banchong finds several participants from family-run companies are sent for training without a full awareness of corporate governance. However, such mindset is changed after a completion of their training. They would like to improve working and administration system following the CG principle. Attending IOD training can help shape their ways of thinking and understanding towards the CG principle, resulting in sustainability of their businesses. Since most independent directors at familyrun businesses are chosen based on the level of familiarity and trust, unsurprisingly, they cannot perform that well in such impartial roles and responsibilities. Mr. Banchong prefers calling them as “Outside Directorâ€? to emphasize that this position will not be related or associated with the owner by blood. However, those honored with the position can do their work following their roles and responsibilities by balancing thoughts of the directors and steering the corporate to sustainable growth. As the

B o a r d r o o m | 29

business grows, conflicts and inequality may happen among directors who are family members from different generations. Keeping a balance and impartiality is very challenging and that outside director must be equipped with experience and impartiality, particularly when it comes to benefits and succession plan, similar to the independent director at corporate companies. Accounting and succession plan are the two key structural issues at both family business and corporate company. Therefore, having family council is crucial. Many successful businesses have experts in various fields invited to sit as board of directors to give the owners advices, help widen their perspectives and enhance impartiality. These factors benefit family business following the international standard of practice for good governance. In addition, Mr. Banchong also added that working as a director has a high risk, but earn less payment than a consultant. Directors are also much more involved in business sustainability than consultants. Hence, they should be given opportunities to access information which will lead to corporate 2. It takes time to persuade or share views sustainability. Apart from consultancy, each that are in conflict with the business corporate company should have experts to owner in a bid to identify pros and cons sit as directors and fulfill roles and responsithat may happen with everyone bilities it is lacking in a bid to work efficiently 3. A similar CG principle to the public and answer the corporate’s need in the long company needs to be implemented. run. A number of outside directors should account for one third of the board of ¹Í×ÊÊ ÐÊÞ ×ÚÑÊØ ËÔ× ÔÚÙØÎÉÊ ÉÎ×ÊÈÙÔ× directors or should be sufficient to persuade the business owners to make Mr. Banchong finds based on his experience a decision on crucial matters (or be a that there are three key roles that the outside reference for the business owners, or to director should be taken into account. check and balance on other directors’ 1. Understanding towards the owners’ view) thoughts: Directors can help the business owners lead the corporate into the right The outside director has the key roles to direction. check if major shareholders’ follow the

Public Company Audit Director

In terms of adjustment to different situations at the corporate, Khun Banchong says the outside director has a key role to help the corporate see through all dimensions of impacts that may happen. However, these are not the only roles and responsibilities of the directors. Creating corporate strategy in relation to the corporate culture is another challenge. More interview with Mr. Banchong on culture and strategy can be found in the next Boardroom issue. ---------------------------------------------------

Family Business Administrative and Financial Expert

Nomination and Remuneration Committee Succession 30 | B o a r d r o o m

contract or terms of agreement given to other shareholders. The thing is the outside director represents every shareholder, including small shareholders having less voice in managing the corporate.

3L"DLADL=þ-O W=āG" "W O<=/N Ms. Sarinee Ruangkongkiat Assistant Manager Marketing & Member Engagement Thai IOD

Chartered Director Corner

.= *N/N8"Bc 3K31L:NAK,3c Dr. Thitipong Nandhabiwat ÀåÞïñâïâá Áæïâàñìï Àìïëâï %O7 O;ES< $EEC$TEOT-W@b;9lT_;WD< ÆÌÁ GlT6S<9Wg ²² 6E« 2V7V@*J ;S;9TBVIS4; = ++Z<S;6lTE*7lT`M; * $EEC$TE <EVKS9 c=EK5WD c9D +lT$S6 `GROW$b; MGTDO*' $E9Sh*BT'ES2`GR_O$-; .Xg*>[ O T; MGTD9 T;'*E[ +S$`GR'Z; _'D 6E«2V7@V *J b;2T;R IV9DT$E=ER+lTMGS$L[7E ÆÑ ÄìóâïëÞëàâ Þëá Àößâï Ïâðæéæâëàâ ÍïìäïÞê ¥ÆÑĦ a6D9 T;CW 'ITC_-WDg I-T MGT$MGTD6 T; OT9V ÆëãìïêÞñæìë Þëá ÀìêêòëæàÞñæìë Ñâàåëìéìäö© Ïìßìñæàð© ÑâéâàìêêòëæàÞñæìëð© Àößâïðâàòïæñö© Éìäæðñæàð© ÐñïÞñâäæà ÍéÞëëæëä £ Âõâàòñæìë© Ïæðè ÊÞëÞäâêâëñ `GR ÊÞïèâñæëä LlTMES< 'OGSC; ;Wh_ETCWaO$TLc6 LSCBTK5 9 T;b;2T;R $EEC$TEOT-W@b;9lT_;WD< ÆÌÁ ';G TLZ6

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32 | B o a r d r o o m

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experiences over the period of 3-4 years. He began to feel certain that this is the path he wants to be in.

Additionally, he has had a chance to talk to one of the directors whom he respects, and he has learnt that independent directors are truly independent. They can manage and improve the quality of their lives unlike working as an executive who has to devote full time to work. This made him think that he too wants a better life-quality and more of work-life balance. At present, working as a director is like early retirement because they are independent. This matches with Chartered Director Corner would like to the life-style of the new generation which welcome our 55th IOD chartered director, does not enjoy deskbound jobs as freedom Dr. Thitipong Nandhabiwat, a director of is their preference. Thailand Post Distribution Co., Ltd. and many other public and private organizations. As we are moving toward the digital era, he Many of you may have known Dr. Thitipong brought in his IT knowledge to fully drive as a lecturer of the IT Governance and the organizations that he works for. He Cyber Resilience Program (ITG). He has a also took part in encouraging changes for wide range of expertise across different fields better directions. And with the opportunity such as Information and Communication to see different perspectives from working Technology, Robotics, Telecommunications, in both state enterprises and listed Cybersecurity, Logistics, Strategic Planning companies in the stock exchange, he & Execution, Risk Management and Marketing. believes that he could be a chartered We had an opportunity to interview him director. In other countries, chartered as our latest IOD chartered director in this directors are very common, and he wants column. to help pushing this career to be more well-known in the Thai society. Being a ¡ĂŠĂ†Ă˜Ă”Ă“Ă˜ ËÔ× ÂŻĂ”ĂŽĂ“ĂŽĂ“ĂŒ Ž´Š ¨Ă?Æ×ÙÊ×ÊÉ chartered director allows more time for skill ŠĂŽĂ—ĂŠĂˆĂ™Ă”Ă— improvement and chances to work as a Dr. Thitipong has been interested in being director in many different organizations. part of IOD chartered director as he had This complies with his intention to work the opportunity to be both a director and a and use his knowledge and abilities to help chief executive of a company at the same develop the country. time; therefore, he could see from both sides: the management and the board. He ¨Ă—ĂŠĂ†Ă™ĂŽĂ“ĂŒ ÆÑÚÊ ËÔ× Ă™Ă?ĂŠ §Ă”Æ×É ÆÓÉ Ă™Ă?ĂŠ sees the challenge of being a director and ´Ă—ĂŒĂ†Ă“ĂŽĂ&#x;ÆÙÎÔÓ Ă†Ă˜ ÆÓ ŽÓÉÊÕÊÓÉÊÓÙ ŠĂŽĂ—ĂŠĂˆĂ™Ă”Ă— he believes that he is be able to utilize his Dr. Thitipong shared his opinion that “The knowledge and skills to fully benefit the most obvious role as an independent organizations that he looks after. After being director is to have independent thoughts, appointed as a director of different business be ourselves and do not just keep agreeing groups: hotel, real estate, transportation with the majority. In board meetings, there and logistics, he has earned various are chances that the agendas may be not in

B o a r d r o o m | 33

the area of our expertise; however, we need to be able to share our opinions. If we do not agree with the others, we need to be able to point out different views. The roles of directors have changed from the past that their main jobs were only to listen and to approve the proposals from the management team. Today, independent directors can create changes. If we have different views we should share them with the team, if they agree, they might follow the directions that we advise. Sometimes, there might be some sensitive issues in board meetings, the majority may agree on one view while we see another; we have to ask this different view to be recorded, too in order to show our intention. If there is anything happens in the future, they can trace back and see that there is this one director who has shared

34 | B o a r d r o o m

this idea. I think this procedure can create organization complying with the good the balance between independent directors corporate governance principles or not. If there are any concerned issues, they and other directors.� can also be reported back to the board in “Some organizations do not hold independent the board meeting, so the management director meetings. I think the meetings team can hear opinions from independent should be held at least 1-2 times a year. directors. This will drive the organization Without proper meetings, independent towards proper directions and encourage directors will not be able to communicate effective organization governance.� He with each other well enough, and to meet emphasized that every organization should only once a year in the board meeting is also hold independent director meetings. After not sufficient. One third of the board are the meetings, the concerned issues shall independent directors, we shall have be brought to the board meetings, so that chances to discuss the business policy the management acknowledges the issues whether it has been carried out appropriately and opinions from independent directors. according to our goals or not. Moreover, This would allow a thorough communication most of the independent directors sit and ensure that everyone is looking at the with the audit committee; we can discuss same direction. whether we have been supervising the

ideas. There might be points that can be combined and applied to the business. The most important thing is to have the core business running at its best, but there might be some special strategies which can grow the business even more.

®ÒÕÔ×ÙÆÓÙ ¶ÚÆÑÎËÎÈÆÙÎÔÓØ ÔË ®ÓÉÊÕÊÓÉÊÓÙ ©Î×ÊÈÙÔ×Ø ÜÍÔ ÈÆÓ ¸ÚÕÕÔ×Ù ÙÍÊ §ÔÆ×É ÎÓ ÙÍÊ ª×Æ ÔË ©ÎØ×ÚÕÙÎÔÓ

Dr. Thitipong concluded this topic by sharing his experience as an independent director from a private sector who is sitting in the board of state enterprises. He pointed out that directors from the private sector and directors from the government sector may have different views. Directors from the government sector tend to have more governmental expertise and views while directors from the private sector usually see how to manage the organizations in order to keep up with the situations. Managing in governmental style may have several limitations which make businesses grow slowly or prevent the businesses from good opportunities. Most of independent directors from private sector come from different business industries and this diversity enhances different views and

Dr. Thitipong mentioned 3 qualifications of independent directors. This first qualification is skill matrix. To be an independent director in the era of disruption, you need to have multi-skills and expertise according to the needs of the organizations. In his opinion, the most important skills which independent directors shall have are basic understanding in Finance and IT. In board meetings, considering financial documents such as financial statements is unavoidable. In order to be able to share your view effectively, you need to have basic understanding in Finance and IT. These skills are mandatory for driving the organization forward. The directors shall understand that technology is no longer just a backstage job, but considered as an important part like the front of the house which is used to interact with the outside world. Most importantly, the organization strategy and the use of technology must be planned together. Therefore, it is necessary to accept and understand basic IT knowledge such as IOT, Blockchain, Artificial Intelligence (AI) and etc. Independent directors need to keep acquiring new knowledge in order to be able to supervise the team properly.

Thirdly, independent directors should keep on learning from both online and offline world. Today, the business world has changed dramatically, and IT has played a significant role in driving businesses forward. However, it is like a double-edged sword. If we look at the bright side, we can see that many directors can reach the news and exchange information through social media. On the other hand, the information we have received may be false. Therefore, directors need to have good judgement when receiving news.

Additionally, there is a mix of generations in today’s board composition; therefore, our view from the old knowledge and experiences alone might not be sufficient to response to the consumers’ needs as we have already reached Generation Alpha. Digitalization has changed consumers’ behaviors in news consumption and service usage. The waiting time for the new generation is counted in seconds. Businesses need to adjust and we have to be able to serve customers thoroughly. The faster we are, the more advantages we can earn. Independent directors also need to understand the generation gap. Dr. Thitipong would like to see diversity in the board composition. New generations should be given opportunities to work as independent directors so that they can bring in new perspectives. Many young generations are capable, but they are not given enough opportunity to drive organizations in the country. He concluded that “The proverb --slow and steady wins the race almost doesn’t work anymore in the era of Secondly, it is the duty of independent disruption.” directors to have the courage to present the --------------------------------------------------view that we see differently from the others in board meetings. If we do not speak out, the organization may be driven in different directions. However, this does not mean 3L"DLAB=ÿ=K/3 WG;;K. that our idea is always right, but at least we Ms. Srirat Emmad Assistant Manager give our opinion to share different perspecMarketing & Member tives and eventually together we can find Engagement Thai IOD right conclusions the meeting.

B o a r d r o o m | 35

Anti-Corruption Update

=L<"L3 AL; LAE3 L =JEA L"W.QG3 ; =L ;± R;:L8K32 ´·¸´ (Progress Report: January-Febuary 2019) W2@< @:4(M3J.M §ÓÐÐÉÇØÍÚÉ ¥ÇØÍÓÒ §ÓÅÐÍØÍÓÒ F!9K VF $2Z0;Y2 K<. F. K2 K<0Q"<ý. (Thai Private Sector Collective Action Coalition Against Corruption: CAC) _EVgC7 ;= ¯²³¯ 6 ID'ITC'Y<M; Ta'E*$TE <EVKS9%Xh;c= a6D'5R$EEC$TE`;IE IC=1V<S7VQ +RCO<ET*ISG;Wh= GRM;Xg*'ESh*BTDb;*T; À¾À À¾À 9Wg; TL;b+ 6S*;Wh ËÞñæìëÞé Àìëãâïâëàâ a6DET*ISG;Wh8YO_= ; LTE+T$9Wg=ER-ZC'5R$EEC$TE`;IE IC _$WDE7VL[*LZ6`$ <EVKS9LCT-V$a'E*$TE À¾À =1V<S7VQ ¥À¾À Àìòëàæé¦ 'ESh*9Wg ±¬¯²³® CWC7V 9Wg_$WgDI% O*$S<<EVKS99WgLlT'S ° _EYgO* c6 `$ ¥®¦ ¥°¦ C7V_EYgO*$TE_=GWgD;-YgOa'E*$TE a6D%O _EYgO*$TE$lTM;6% OL*I;LV9:V ¥ÁæðàéÞæêâï¦ `GR _EWD;bM <EVKS99ET<I T7Sh*`7 <S6;Wh7 Oc= +RcC CW $ER<I;$TE-W`h +*% TI ¥Æëàæáâëñ ÊÞëÞäâêâëñ -YOg a'E*$TE`;IE IC=1V<7S %V O*BT'_O$-;c9D íïìàâðð¦ bM 'EO<'GZC$E5W<EVKS9D OD%O* b;$TE7 O7 T;$TE9Z+EV7 OW$`G I _@ETR'5R <EVKS9`C .Xg*_= ;LCT-V$ À¾À MT$=ET$1% TI $EEC$TE`;IE IC=1V<S7VQ _Mf;LC'IE_=GWgD; _$WgDI% O*$S<$TE9Z+EV7'OE ES=-S; $TEbM LV;<; -Yg O a'E*$TEbM _ EW D $* T D`GRb- 'l T 9Wg 7 E*$S < MEYO$TE9Z+EV7E TD`E*9WgL *>G$ER9<7 O'ITC IS78Z=ERL*' CT$%Xh; a6D-YgObMC +R_EWD$I T _-YgOCSg;ER<<'I<'ZCBTDb;%O*<EVKS9 <EVKS9 a'E*$TE`;IE IC7 O7 T;'OE ES=-S;%O*BT' `C CWM; T9Wg7 O*-Wh`+*% TI7 O'5R$EEC$TE`;I _O$-;c9D -YgOBTKTOS*$FK ÍïæóÞñâ Ðâàñìï E IC=1V<S7VQ 7TC$ER<I;$TE-Wh`+ *% TI`GR Àìééâàñæóâ ¾àñæìë ¾äÞæëðñ Àìïïòíñæìë _ OT+8[$_@V$8O;L8T;RMEYOER*S<L8T;R%O* ¥À¾À¦ <EVKS9`C MT$cC LTCTE8-Wh`+*% OC[G7TC'5R $EEC$TE`;IE IC=1V<S7VQ LO<8TC 6 ID_M7Z;Wh 6 T;$TE+S6MGS$L[7E? $O<ECbM 'ITCE[ a'E*$TE À¾À %O`;R;lTbM <EVKS99Sh*9Wg_= ; 6 T;$TE= O*$S;'OE E=S -S;b;O*' $E;Sh; b;= ;Wh LCT-V$`GR<EVKS99WgOD[ ERMI T*$TEDYg;%OES<EO* a'E*$TE À¾À c6 @S4;TMGS$L[7EbMC -YgOI T _= ;LCT-V$ 9<9I;$TE=ER_CV;'ITC_LWgD* Àìïïòíñæìë Ïæðè £ Àìëñïìé· ÑâàåëæàÞé ÒíáÞñâ 'OE ES=-S;`GRER<<'I<'ZCBTDb;%O*<EVKS9 ¥ÀÏÀ¦ _@YgObM 'ITC_% Tb+9Wg8[$7 O*LlTMES<>[ D ODMEYO$V+$TE9WgCW$TE'I<'ZCE ICb; MEYO CW <EVMTE _G%T;Z$TE<EVKS9 MEYO'5R9lT*T;%O* OV9:V@GOD T*CW;SDLlT'S _M;YO>[ c6 ES<$TEG*9Z; <EVKS9 LTCTE8ER<Z'ITC_LWgD*'OE ES=-S;c6 7TC%O<_%7%O*CT7E2T;$TE<S -W _= ;% OC[G OD T*`C ;DlT `GROO$`<<ER<<'I<'ZCBTDb; LlT'S G*b;7TET*=ER_CV;'ITC_LWgD*9Wgb- DYg; 9Sh*b;_-V*= O*$S;LT_M7Z`GR7V67TC>GOD T*_= ; ER<< `GR9WgLlT'S LTCTE8+S69lT% OC[G;lT %OES<EO*6 ID _L;Oc6 7E*7TC`;I9T*$TE+S69lT`>;<EVMTE ¥¯¦ C7V_EYgO*$TE+S69lTET*ISG ÀåÞëäâ `GR'I<'Z C 'ITC_LWg D *'OE ES = -S ; 9Wg a 'E*$TE ¾äâëñ ¾ôÞïá _@YgO_= ;$TE=ER$TJ_$WDE7V'Z5 À¾À 'T6MIS*c6 OD T*-S6_+; LlTMES<>[ L;b+ `$ <EVKS99Wg> T;$TEES<EO*`G I`GRcC 7V6OD[ b; LCS'E_% TO<ECEZ ;`E$ ¥ÀÏÀ ®¬¯­®¶¦ .Xg*+R+S6 %Sh;7O;$ER<I;$TE-Wh`+*% TI MEYO8[$_I ;IEE' O<ECIS;9Wg ¯² CW;T'C ¯²³¯ b- _IGTO<EC_@WD* $TE_% TE IC ¥¿éÞàèìòñ¦ a6D@V+TE5T+T$$TE ® IS; ERMI T*_IGT ­µ«°­ ª ®´«­­ ;« 9Wg<EVKS9LTCTE8-S$-I;<EVKS9'[ ' T`GR$TE> T; $TEbM LV9:V=ERaD-; `$ <EVKS9'[ ' T_@YgO=ER$TJ ;O$+T$;Wh 9 T;9WgL;b+ODT$+RO<EC _+7;TE5 _% TE ICa'E*$TE À¾À CT$$I T ®­ 7Sh*`7 ER6S<@Yh;2T;$fLTCTE8LCS'E_% TO<EC 36 | B o a r d r o o m

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% OÂŚ +lT;I; Ž­ <EVKS9 .Xg*9Sh*MC6_= ;<EVKS9'[ ' T Let’s begin 2019 with interesting CAC committee agreed that the name should be simpler and more straightforward. The new %O*<EVKS9%;T6bM‰ 9Wg_= ;LCT-V$ Ă€žĂ€ .Xg* project progresses as follow: name is “Private Sector Collective Action 9 T;LTCTE86[ETD-YgO<EVKS9c6 b;9 TD'OGSC; ;Wh % OC[G_$WgDI$S<a'E*$TE Ă€žĂ€ = ++Z<S; CW<EVKS99Wg_'DG*;TC=ER$TJ_+7;TEC5 _% T E IC7 O7 T;'OE ES=-S;$S<a'E*$TE Ă€žĂ€ `G I +lT;I; œ°³ <EVKS9 _= ;<EVKS99Wg> T;ES<EO* °²³ <EVKS9 $TE=ES<=EZ*_If<c.7 a'E*$TE _@YgOEO*ES< $V + $EECERMI T *<EV KS 9 $S < ? T D_G%T;Z $ TE a'E*$TEbM CW'ITCLR6I$EI6_EfI`GRG6$TE b- $ER6TK a6D_If<c.7 bMC ;Wh+RCWER<<*T; EO*ES<$TEb- *T;7 T*e OT9V_- ; $TEG*;TC =ER$TJ_+7;TEC5 b;E[=`<<OO;cG; c6 $TE DYg;_O$LTE%OES<EO*`<<OO;cG; c6 $TE+S69lT % OC[G Ă…âÊí à âðè `GR ĂƒžĂŽ bM <EVKS9' ;MT c6 LR6I$CT$%Xh; $TE`L6*% OC[GL8T;R%O* <EV KS 9 b;`7 G R%Sh ; 7O;OD T *GR_OW D 6`GR9S ; _IGT EIC8X*$TE+S69lTLYgObM 'ITCE[ _$WgDI$S< a'E*$TE Ă€žĂ€ `GR$ER<I;$TEES<EO*b;E[= `<<9Wg_% Tb+* TDCT$%Xh; a6D+R_EVgC_= 6bM b- *T;IS;9Wg ÂŽÂą $ZCBT@S;: ¯²³¯ ;O$+T$;Wh a'E*$TE Ă€žĂ€ c6 aD$D TD - O*9T*$TELYgOLTE Ă€žĂ€ ÉÌÍâ äïÏòí c=_= ; Ă€žĂ€ ÉÌÍâ Ă?ÎòĂžïâ _@YgOEO*ES<+lT;I;LCT-V$ _% TE ICM O*L;9;Tc6 CT$%Xh; a6D ÉÌÍâ ðÎòĂžïâ +R`< *_= ;M O*L;9;T ÂŻ M O* =ER$O<6 ID M O*L;9;TLlTMES<$GZ C<EVKS9DYg;%OES<EO* ´Ž % O `GR$GZ C<EVKS9DYg;%OES<EO* Ă€žĂ€ Ă?ĂŠĂ‚ à âïùÌãÌà ĂžùÌÏÍ ¼Ž´ % OÂŚ

A message from CAC Council meeting No. 4/2018. There were 3 important resolutions relating to the company: (1) Disclaimer and incident management process covers subsidiary of the parent company which is a CAC member. If there is news relating to corruption, bribery or serious corruption affecting the confidence in internal control of the company, the parent company is obliged to clarify the news to the CAC Committee according to the process and the parent company may be revoked or suspended the status if it is unable to clarify the questions asked by the committee. Therefore, CAC would recommend the members and the companies that are in the process of applying for membership to review the corruption risk assessments and the internal control systems of their subsidiaries or businesses that they have joint control or have a significant influence over the person receiving the investment according to the scope of accounting standards, and record this as important information in the risk assessment table used to apply for the certification. (2) The resolution regarding the Change Agent Award. The award will be given to honour the companies which have been certified and are not in the process of clarifying news or blackout by considering the companies that can persuade their counterparties and pass the benefits to more than 10 counterparties in order to announce their intentions to join the CAC project. This award will be given once a year by the CAC committee in the CAC National Conference and is considered the highest honor for all CAC members.

9 T ;9Wg L ;b+LTCTE87V 6 7 O LCS ' EMEY O %OES<ETDGR_OWD6_@VgC_7VC @E OC9Sh*7V67TC $V+$EEC7 T*e %O*a'E*$TEc6 9Wg • ôôôùüÞ̪ÌÏåà Ïê MSI% O ÂŞa'E*$TE@V_JK • Ă‚ÂŞĂŞĂžÌÊ¡ Ă Ăžà ªâÍïÏÊʽùüÞ̪ÌÏåà Ïê • a9EJS@9 ­ ¯œ²² ŽŽ²² 'Z5BT'V; 7 O ¯Ž´ ÂŹ 'Z5:S‰‰@E 7 O ¹­³ (3) The resolution regarding the project’s • Ă€žĂ€ ĂƒĂžà âĂ&#x;ÏÏè Ă­Ăžäâ name changing. From now on, there will • Ă€žĂ€ ÉÌÍâ Ă?ÎòĂžïâ

Against Corruption (CAC)� For training courses to provide knowledge on anti-corruption, this year, the CAC project has developed a new course called Corruption Risk & Control: Technical Update (CRC) to provide accurate understanding for executives, company secretaries and the company officers, so that they can identify the risks of corruptions accurately and design the internal control system to prevent the causes and track the results systematically. And most importantly, this enables them to create presentations in accordance with the risk management and control plan which the CAC expected. Those who are interested may apply for the first batch (CRC 1/2019) which will be trained on March 25, 2019 (1 day) from 08.30 AM – 05.00 PM. In addition, those who are interested in training from the basic level can apply for Anti-Corruption: The Practical Guide (ACPG) course which is suitable for staff who is responsible for internal anti-corruption control system and Ethical Leadership Program (ELP) which is suitable for directors and senior executives. The course will help you to understand how to drive anticorruption policy to the management of corruption risks. The events and seminars to promote the project are as follows: o Road to Certify No. 1/2019 on January, 2019. The event was organized to explain the preparation process for the certificate application for the companies that are renewing their certificates and those who are editing suggested documents. There were 56 participants from 40 companies.

no longer be the name “Collective Action o Road to Join CAC 1/2019 and SME Coalition against Corruption� as the Executive Briefing 1/2019. These two B o a r d r o o m | 37

events were organized to provide knowledge about the CAC project and what the companies must do after joining the 71 items certification and the SME certification process for those who are interested in joining the project. There were 20 participants.

Currently, there are 936 companies that have signed the Declaration of Intent to anticorruption with the CAC program, and 356 of the companies have been certified. Project website update. The website is updated to support activities between the company and the project secretary in order to enhance convenience and speed, as well as to reduce paper usage. This new website will have a system to support various applications such as signing the declaration of intent online, applying for certifications online, more help desk and FAQ, showing timely and detailed status of the company in each step, and creating media which inform about the CAC project and the certification process in simpler version. The website will be available on 14 February 2019.

in order to accommodate more members in the chatroom. Line square is divided into 2 chatrooms: one for the companies applying for the 71 items and another for the companies applying for the CAC SME certification (17 items).

18 Sahamitr Pressure Container Public Company Limited 19 Seafresh Industry Public Company Limited 20 Siam Steel Service Center Public Company Limited _ 21 Thai Reinsurance Public Company Limited 22 Thaicredit Retail Bank Public Company Limited 23 Thaire Life Assurance Public Company Limited 24 The Lanna Resources Public Company Limited 25 Trinity Watthana Public Company Limited

17 Prudential Life Assurance (Thailand) Public Company Limited 18 Pylon Public Company Limited 19 QTC Energy Public Company Limited 20 Srivichaivejvivat Public Company Limited 21 THAI NIPPON RUBBER INDUSTRY PUBLIC COMPANY LIMITED 22 Thantawan Industry Public Company Limited 23 Unimit Engineering Public Company Limited 24 WIIK & Hoeglund Public Company Limited

List of Companies which have been Certified for the First Time

Listed of SMEs which were certified for the CAC SME Certification

1 2 3 4 5

1 IA Signature Company Limited 2 ITEM ENGINEERING Company Limited 3 J.J. Advanced Products (Thailand) Company Limited 4 K C MAHANAKORN Company Limited 5 MTE Ltd 6 MTR (Thailand) Company Limited 7 Nippon Kikai Engineering Company Limited 8 S.Siriseang Company Limited 9 Toyox Trading (Thailand) Company Limited 10 Trident Steel Company Limited -------------------------------------------------------------

o CAC Award 1/2019 on February, 2019. The awards were given to directors and senior executives from 63 companies which have been certified in the third and the fourth quarter of 2019. There were 29 companies which have renewed their certificates for the first and second round and 24 companies which have been certified for the first time. There also were 10 SMEs which were certified for the CAC SME Certification (17 items). All of the companies are the counterparties of large CAC members Additionally, the CAC project has moved which you able to see the list of these the CAC Line group to the CAC Line Square companies at the end of this column.

List of Companies which Renewed CAC Certificates for the First Round 1 AIA Company Limited 2 AIA Company Limited (Non-Life Insurance) Thailand Branch 3 Dynasty Ceramic Public Company Limited 4 The Siam Cement Public Company Limited List of Companies which Renewed CAC Certificates for the Second Round 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Advanced Info Service Public Company Limited Bayer Thai Company Limited BTS Group Holdings Public Company Limited Eastern Water Resources Development and Man agement Public Company Limited Electricity Generating Public Company Limited Finansia Syrus Securities Public Company Limited G Capital Public Company Limited GLOW Energy Public Company Limited Haad Thip Public Company Limited Hana Microelectronics Public Company Limited Meinhardt (Thailand) Company Limited Metro Systems Corporation Public Company Limited MFC Asset Management Public Company Limited Project Planning Service Public Company Limited Pruksa Real Estate Public Company Limited PTG Energy Public Company Limited Ratchaburi Electricity Generating Holding Public Company Limited

38 | B o a r d r o o m

6 7 8 9 10 11 12 13 14 15 16

AI Energy Public Company Limited Asia Precision Public Company Limited B.Grimm Power Public Company Limited Boehringer Ingelheim (Thai) Limited Capital Engineering Network Public Company Limited Chewathai Public Company Limited COM7 Public Company Limited Country Group Holdings Public Company Limited Deves Insurance Public Company Limited G J Steel Public Company Limited G Steel Public Company Limited Harn Engineering Solutions Public Company Limited Indara Insurance Public Company Limited Laguna Resorts & Hotels Public Company Limited Nava Nakorn Public Company Limited Plan B Media Public Company Limited

You may follow the project activities via: • CAC Facebook page • CAC Line Square

For more information, please contact : • www.thai-iod.com topic- special project • E-mail: cac-enroll@thai-iod.com • Call : 0 2955 1155 Mr. Phakin Ext. 217/ Ms.Thunyaporn Ext. 406

3L<8ĊC-R 8=E;#==<L Mr. Phisanu Phromchanya Public Relations Consultant Thai IOD

Anti-Corruption in Practice

³Ô ¬ÎËÙ µÔÑÎÈÞ ;O [A` [;_E?R.W1=3.c No Gift Policy: A must-have trend > T;@ ;c=`G I$S<- I*_9J$TGL *9 TD= _$ T 7 O;ES<= bMC .Xg*7TC:EEC_;WDCc9D9Wg=1V<S7V LY<9O6$S;CTDTI;T;_= ;- I*_IGT9WgCS$+RCW $TE;lT%O*%IS MEYO%O*$lT;SGc=CO<bM $S<>[ MGS$>[ bM _@YgOOID@Eb;ITER6V8W%Xh;= bMC 6S*;S;h +X*cC `=G$9WBg T@+lT%O*_ET_$WDg I$S< _9J$TG= bMC +RCWBT@%O*;S$:ZE$V+MVhI$ER_- T %O*%IS c=CO<bM $S<% TET-$TE7TC$ER9EI* 9<I* $EC 7 T*e `GRcC b- `' _,@TR% TET-$TE _9 T;Sh; `7 DS*EICc=8X*$TECO<%O*%IS bM $S< <Z''G$GZC OY;g e 9WLg TCTE8bM '5Z bM a9K$S<:ZE$V+ b;E[=`<<7 T*e c6 6 ID OD T*_- ; ;TD:;T'TE .X*g CWOTl ;T+M; T9Wbg ;$TE@V+TE5TLV;_-YOg >[< EVMTE O*' $E%O*'[ ' T .Xg*CWOlT;T+b;$TE@V+TE5TLSg* $TE.YhOª%TDLV;' T$S<<EVKS9 b;%5R9WgBT@%O* % TET-$TEER6S<7 T*e 9Wg;lT%O*%IS c=$lT;SG bM $S<>[ <S*'S<<S -T MEYO>[ <EVMTEO*' $EER6S< 9WgL[*$I T $f_= ;LVg*9Wg_ET@<_Mf;$S;+;-V;7T @F7V $ EEC9l T ;O*;Wh ` MGR9Wg M G O _GWh D * ER<<OZ = 8S C B b ;< T ;_CY O *_ETbM O D[ DSh * DY ; D*

OD T*CSg;'*c6 7GO6CT +;9lTbM MGTDe '; _9J$TG7 T*e @E OC9Sh*=ER$TJbM LT:TE5-; _% Tb+I T_= ;IS4;:EEC9WgOD[ '[ $S<_CYO*c9D+; E ICES<9ET<;aD<TD;Wh +R- IDG6aO$TL%O* $TEbM `GRES<LV;<; 9Sh*b;L I;9Wg_$WgDI% O*$S< `D$cC OO$ `GRcC CWIS;_GV$c6 _+ TM; T9Wg%O*<EVKS9 _+ TM; T9WgES2 `GR<EVKS9'[ ' T b;EO< ¯ª° = CT;Wh CW'ITC@DTDTC+T$ .Xg*`O<`?*c=$S<$TEbM %O*%IS 7TC=ER_@5W MGTDe BT'L I; 9Sh*`;IE IC=1V<S7V%O*BT' LO6'G O*$S<`;I=1V<S7V%O*O*' $Eb;ER6S< _O$-;c9Db;$TE7 O7 T;$TE9Z+EV7 ¥À¾À¦ O*' $E LT$G `GR$ER`LaG$= ++Z<;S 9W_g ; ;bM 'ITCLlT'S 7 O7 T;'OE ES=-S; ¥¾ÀѦ `GR'5R$EEC$TE $S<=ER_6f;'ITCa=E *bL `GR%+S6$TE%S6$S; = O*$S;`GR=ET<=ETC$TE$TE9Z+EV7`M *-T7V %O* >G=ERaD-; ¥Àìëãéæàñ ìã Æëñâïâðñ¦ EIC8X* ¥=«=«-«¦ _@YgOE5E*' bM M; ID*T;7 T*e E IC DS*- ID=ERMDS67 ;9Z;`?*bM $S<<EVKS9c6 OW$ =ER$TJb- ;aD<TD*6ES<`GR*6bM %O*%IS 6 ID ¥Ëì Äæãñ Íìéæàö¦ .Xg*b;= bMC 9Wg> T;CT;Wh7 O* 8YO_= ;=ET$1$TE5 LlT'S 9Wg_ETc6 _Mf;$TE7O< ;O$+T$;Wh DS*_= ;$TELE T*<EE9S62T;9Wg6W L;O*%O*O*' $E+lT;I;CT$ 9Sh*b;BT'ES2`GR bM $S<9Sh*O*' $Eb;BT':ZE$V+%O*c9D `GRM; ID _O$-;;S<_= ;+lT;I;MGTDE OD`M * 9Wg@T$S; ET-$TE 9lTbM CW$TE=1V<S7V7 O>[ CWL I;_$WgDI% O* 7<_9 T=ER$TJ;aD<TD Ëì Äæãñ Íìéæàö $S; `GR>[ CWL I;c6 _LWDOD T*_9 T_9WDC$S; `GRDS*- ID OD T*'X$'S$ .Xg*8YO_= ;LS T56W9WgO*' $E7 T*e _@VgC$TECWL I;E IC%O*<Z'GT$Eb;O*' $Eb;$TE _Mf;'ITCLlT'S %O*$TE;lT;aD<TD;WhCTb- = O*$S;$TE9Z+EV7'OE ES=-Sg; OW$6 ID 9WgLlT'S ;aD<TD;WhLTCTE89lTbM _$V6$TE_=GWgD;`=G* $TE9WgO*' $E+lT;I;CT$$lTM;6;aD<TD @F7V$EEC%O*<Z'GT$Eb;O*' $E EIC8X*DS*_= ; bM <Z'GT$Eb;O*' $E 7Sh*`7 ER6S<<;LZ6+;8X* $TELE T*`E*$66S; ¥Íââï Íïâððòï⦠bM O*' $E G T*LZ6=ER$TJ*6ES<`GR*6bM %O*%IS 7TC OYg;e MS;CT=ER$TJb- ;aD<TD;Wh6 ID B o a r d r o o m | 39

_CYgOCO*b;`* 7SI<9$0MCTD`G I 8X*`C $TEbM %O*%IS‰+RcC c6 _= ;'ITC>V67TC$0MCTD `7 $TEbM %O*%IS‰MEYO$TE_GWDh *ES<EO* _+ T@;S$*T; %O*ES2a6D;S$:ZE$V+MEYO=ER-T-; OT+_% T% TD _= ; LV;<; c6 MT$_= ;$TEbM _@YgO+[*b+bM _+ T @;S$*T;$ER9lT$TE cC $ER9lT$TE MEYO=ERIV* $TE$ER9lTOS;CV-O<6 IDM; T9Wg a6D<9<S‰‰S7V _EYgO*$TE7 O7 T; $TEbM LV;<;b;= ++Z<S; ;O$+T$b;=ERCIG$0MCTDOT‰T`G I DS*CWOD[ b;CT7ET Ž´³ `M * @ÂŤEÂŤ<ÂŤ=ER$O<ES2:EEC;[‰ I T6 ID$TE= O*$S;`GR=ET<=ETC$TE9Z+EV7 @ÂŤJÂŤ ¯²³Ž ÂĽMEYO_6VC'YOCT7ET Ž¯°² `M * @ÂŤEÂŤ<ÂŤ =ER$O<ES 2 :EEC;[ ‰ I T 6 I D$TE= O *$S ; `GR =ET<=ETC$TE9Z+EV7 ,<S<9Wg ° @ÂŤJÂŤ ¯²²¾Œ .Xg* LV;<; OT+_= ;c6 MGTDE[=`<< cC I T+R_= ; _*V;L6 <S7E$lT;SG < T; E8D;7 `@f$_$+9 O* _9WgDI $TE_GWhD*ES<EO* _= ;7 ; IV:9W 6gW 9W LgW 6Z $f'OY $TE$lTM;6;aD<TD-S6_+; 9Wg+R*6ES<`GR*6bM %O*%IS‰ DVg*CWO*' $E7 T*e E IC=ER$TJ`GR<S*'S<b- ;aD<TD Ă‹ĂŹ Ă„ĂŚĂŁĂą Ă?ĂŹĂŠĂŚĂ Ăś CT$%Xh; $f+RDVg*9lTbM BT@@F7V$EEC$TEbM %O* %IS‰7TC:EEC_;WDCb;- I*_9J$TG; ODG*c= _EYgODe +;b;9WgLZ6:EEC_;WDC`<<;Wh+R' ODe _GYO;MTDc=+T$LTE<< .Xg*OT++R_= ;%Sh;`E$e %O*$TE%Z6ET$8O;a';ER<<OZ=8SCB bM MC6 c=+T$LS*'Cc9D `7 9WgLlT'S‰ $f'YO 9Z$? TD9Wg _$Wg D I% O *7 O *DX 6 8Y O `GR=1V <S 7V 7 TC;aD<TD OD T*+EV*+S* cC b- O*' $E=ER$TJ;aD<TD*6ES< %O*%IS‰ `7 >[ <EVMTEO*' $E$GS<=G ODbM MGS* < T;7SI_O*c=ES<%O*%IS‰`9; a6DO T*I TcC E[ cC _Mf;6 IDORcE`<<;Wh

During festive seasons, Thais usually bring along gifts when visiting seniors and respected ones. Unsurprisingly, our memories about New Year included businessmen carrying gift baskets to visit not only government officials at different ministries and departments, but also bankers having authorities to consider loan approval as well as corporate executives and trade partners making purchasing decision. We get used to seeing civil servants bring gift baskets to visit their supervisors and high-level executives. However, such behavior reflects a deeply-rooted patronage system in our society that often misleads many people to believe as inseparable social culture.

From a legal perspective, giving presents is not a wrongdoing. However, gift baskets or reception payment for government officials can be considered as “bribery�, if those giving have a motive to encourage officials to act, avoid or delay any law implementation. “Giving� bribery was also included in Section 176 of the Anti-Graft Act 2018 (former Section 123/5 of the Anti-Graft Act 2015). Bribery can come in many forms including cash, gift voucher, housing estate, Several sectors such as the National car, tour package, banquet, reception etc. Counter Corruption Commission, Thailand’s Private Sector Collective Action Coalition The best way is to have a clear policy against Corruption (CAC) and Anti- on banning gifts. The more corporate Corruption Thailand (ACT) worked together organizations follow the No Gift Policy during the past few years to campaign and implementation, the fewer gift baskets will raise awareness of the “No Gift Policy�. Year be given during festive seasons. Eventually 2018 was an important milestone as several such action will disappear from the system organizations, corporates adopted “No Gift and will be regarded as the first step to unroot the patronage system from the Thai Policy� to practice. society. Most importantly, every party has to _ It is a good sign that many corporate seriously put in practice the No Gift Policy. organizations has made a public announce- It will be unacceptable that the executives ment that staff from the bottom to the top deny gifts, but their spouses take them for are not allowed to receive gift baskets granted. from trade partners, companies and other government officials in a bid to avoid Now is a good time for every organization to bribery and other tea money that may review to what extent the No Gift Policy has come together with gifts during festive already been implemented and follow the season. Such practice is up to international trend without any delay. standard, on transparency trend and helps eliminating conflicts of interest and hidden 3L<8ĊC-R 8=E;#==<L cost.

8X * _IGT`G I 9Wg 9Z $ O*' $ E+R7 O *MS ; CT 9<9I;I Tc6 C$W TE$lTM;6;aD<TD Ă‹ĂŹ Ă„ĂŚĂŁĂą Ă?ĂŹĂŠĂŚĂ Ăś `G IMEYODS* 8 TCW`G ICT7E2T;$TE<S*'S<b- `GR ER<<'I<'ZCCW'ITCES6$ZC_MCTRLC6W`G IMEYO cC O*' $EcM;DS*- TOD[ cC EW<%DS<7SIb;_EYgO*;Wh ERIS*MGZ6_9E;6 ;R'ES< The No Gift Policy also creates a good norm ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ at both private and governmental sectors, to treat every involving party equally, and

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enhance staff participation in anti-corruption activities. Peer pressure can also happen since policy implementation in an organization can influence others to follow the practice.

Mr. Phisanu Phromchanya Public Relations Consultant Thai IOD

CORPORATE ANNOUNCEMENT THAI INSTITUTE OF DIRECTORS ASSOCIATION (IOD) ³ÊÜ ¦ÕÕÔÎÓÙÒÊÓÙ ÔË ®´©õØ ªÝÊÈÚÙÎÛÊ »ÎÈÊ µ×ÊØÎÉÊÓÙ

After earning her master degree in organization management from Assumption University, Siriwan began her career with a prominent integrated marketing communication consulting firms. Within the first two years, she developed a specialty in public relation and marketing communication field and had shifted her experience to work in tourism and MICE business industry. A practice area for the past 12 years from international bureau in Singapore and Thailand has excelled her experience in marketing strategy and business development management, branding, digital marketing, public relation, and event management. IOD is a leading organization dedicated to improving director professionalism and corporate governance in Thailand, founded in 1999. IOD recognized that good governance practices in the Thai Companies could be better address into substances with dedicated professionals who have extensive knowledge and expertise in marketing communication and customer experience management. “We are pleased to have Siriwan on our team in the position of Executive Vice President for marketing and membership, as she is an experienced marketing and communication expert. She has worked with the most prestigious organization in ensuring the worthy clients in the industry receive quality experience and benefits they deserve”, Mr. Kulvech Janvatanavit, CEO of Thai IOD Siriwan Kamonwichian, Executive Vice President Marketing & Membership

Siriwan Kamonwichian

Tel: 66 (2) 955 1155 ext. 444 Fax: 66 (2) 955 1156-7 Email: siriwan@thai-iod.com

B o a r d r o o m | 41

Board Review

Ă†ĂŒĂ %O`;R;lTM;S*LYO ÂŻ _G C9Wg;lT_L;O CZ C CO*9Wg ; T L;b+_$Wg D I$S < '5R$EEC$TE <EVMTEb;'OGSC; ;Wh M;S*LYO_G C`E$CW-YgOI T Ă‘üâ ¯­¯­ ¿ÏĂžïå¡ Ă‘üâ Ăƒòùòïâ ĂŹĂŁ ÀÏêíÞÍÜ ¿ÏÞïåð _%WD;a6D Ă?âåïÏ Ă‹òâÍÏ `GRM;S*LYO _G C9WgLO*'YO Ă…âĂžÊùüÜ ¿ÏÞïåð Ă?òà à âððãòÊ Ă?Ă ĂĽĂŹĂŹĂŠĂ° a6D ÔÌÊÊÌÞê Ă?ÂŤ ĂŠÏùùŠ Ă?ĂĽÂŤĂ ÂŤ

¼âÍùïâíïâÍâòïŒ M;S*LYO_G C;Wh $G TI8X* $TE _=GWgD;`=G*9Wg_E *6 I;9WgLZ69Wg<EVKS97 T*e +R 7 O*$ TI> T;b;OW$ ² = % T*M; T M;S*LYO_G C ;Wh`L6*bM _Mf;8X*IV8W9Wg$EEC$TE'IE=1V<S7V`GR IV :W $ TE9Wg ' 5R$EEC$TE'IEES<CY O+S6 $TE$S < _EYgO*7 T*e M;S*LYO'5R$EEC$TEb;= ¯­¯­ O:V<TDcI I T $EEC$TE'YO$Z‰`+LlT'S‰%O* $TE;lT:ZE$V+`GR$TE6[`G9Z$OD T*bM 6lT_;V;c= šĂ?ĂŠ úšúš §Ă”Æ×ÉÂ&#x; šĂ?ĂŠ ÚÙÚ×Ê ÔË OD T*8[$7 O*7TCMGS$+EVD:EEC`GR$0MCTD ¨Ă”ÒÕÆÓÞ §Ă”Ă†Ă—Ă‰Ă˜ b;9Z$e 7GT69Wg<EVKS96lT_;V;*T;OD[ ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ b;:ZE$V+9Wg7GT6CW$TE_=GWgD;`=G*OD T* EI6_EfI`GR>S;>I; '5R$EEC$TE<EVKS9+R We would like to recommend 2 great 7 O*CW'ITCI O*cI 'G O*7SI`GR+lT_= ;7 O* books which share interesting views 7ERM;S $ 8X * ;IS 7 $EEC`GR'ITC$ T IM; T relating to the boards in this column. The 9T*_9'a;aGDW @I$_%T+R7 O*L *_LEVCbM first one is The 2020 Board: The Future of <EVKS9MCSg;LlTEI+`GRbM 'Z5' T`$ 'ITC'V6 Company Boards by Pedro Nueno and the LE T*LEE' b;9Z$e ER6S<*T; _@YgO9Wg+RG<G T* second book is Healthy Boards – Successful $0_$53 % O<S*'S<+T$IS4;:EEC<EVKS9`GR Schools by William R. Mott, Ph.D. $ER7Z ;bM _$V6+V7IV‰‰T5%O*>[ =ER$O<$TE

42 | B o a r d r o o m

šĂ?ĂŠ úšúš §Ă”Æ×ÉÂ&#x; šĂ?ĂŠ ÚÙÚ×Ê ÔË ¨Ă”ÒÕÆÓÞ §Ă”Ă†Ă—Ă‰Ă˜ by Pedro Nueno (Author) In fast-paced, turbulent business markets, company boards need greater agility and will find it necessary to be conscious of innovation and technological progress. They ought to encourage companies to explore and value creativity at all levels, to remove red tape from the company’s culture and stimulate the entrepreneurial spirit. This book addresses the mostpressing changes companies will undergo over the next five years. It illustrates the way directors should behave and how company boards should approach certain issues. The 2020 Board explains that the boards of directors are key to the leadership of a business and in making sure that everything is done ethically and legally in all markets where the company operates.

ÂŞ O:V<TD8X*'ITCES<>V6-O<%O*'5R ­ĂŠĂ†Ă‘Ă™Ă?Ăž §Ă”Ă†Ă—Ă‰Ă˜ Ă° ¸ĂšĂˆĂˆĂŠĂ˜Ă˜Ă‹ĂšĂ‘ $EEC$TE9WgCW$TE_=GWgD;`=G* 9Sh*_EYgO*$TE ¸ĂˆĂ?Ă”Ă”Ă‘Ă˜ a6D ÔÌÊÊÌÞê Ă?ÂŤ ĂŠÏùùŠ Ă?ĂĽÂŤĂ ÂŤ D$ER6S<_= TMCTD $TE'S6_GYO$ $TEES$KT by William R. Mott, Ph.D. 'ITCOVLER`GR_-YgOCSg;b;O*' $E `GR$TE $TEJX$KT `GR$TE=ER_CV;'5R$EEC$TE CWIVLSD9SJ; %O*>[ ;lT LO*LVg*;Wh_= ;= ++SDLlT'S‰ 9Wg;lT@TbM O*' $E<EEGZ_= TMCTD _<YhO*MGS* ÂŞ ;lT_L;O`;I'V6$TE_LEVCLE T*'ITC Independent and faith-based schools and thrive in the presence of 'ITCLlT_Ef+%O*O*' $E7 T*e CS$=ER$O<c= LSC@S;: %O*9Z$L I;9Wg7 O*CWE IC$S;9Sh*$EEC$TE succeed visionary leadership. In its absence, schools 6 ID 'ITC_% C`%f*%O*>[ ;lT9Wg_-YgOCaD*'ITC `GR=ER:T;$EEC$TE struggle and often fail to achieve their LSC@S;: ERMI T*>[ <EVMTE '5R$EEC$TE `GR mission. The success story for schools >[ CWL I;c6 L I;_LWDbM _= ;c=b;9VJ9T*_6WDI$S; ÂŞ LE T *CZ C CO*9Wg ` 7$7 T *_$Wg D I$S < is the strength of the leadership found 'ITCLSC@S;: `GR$TE_= ;L I;E IC;Wh'YOLVg*9Wg $TE$lT$S<6[`G$V+$TE`GR$TELE T*IS4;:EEC in the relationship between the head of $ ObM _$V6'ITCLlT_Ef+ M;S*LYO_G C;Wh_= ;`MG * O*' $E IT `C +R_= ;_EYOg *DT$`7 _= ;=ERL<$TE5 school, the board chair, and all trustees. It % O C[ G 9Wg CW = ERaD-; 9Wg + R<O$`;I9T*7 T *e 9Wg; TL;Z$`GRCW'Z5' T is through this relationship and partnership _- ; where health and success can be found. ÂŞ 7ERM;S$8X*'Z5' T%O*'ITC_= ;;ÉĂ?´ This book is the essential resource that will inform you in several ways: M;Xg*b+_6WDI ­ĂŠĂ†Ă‘Ă™Ă?Ăž §Ă”Ă†Ă—Ă‰Ă˜

• Demonstrate that a healthy board is the determining factor between thriving and merely surviving. • Describe the transformational responsibilities of the committee on trustees in such a way that elevates their mission to recruit, retain, education, and evaluate the board. • Introduce concepts that solidifies the all-important relationship that board members must have with one another and with the school’s leadership. • Think differently about governance and create a culture where serving on the board is a serious but joyful experience. • Acknowledge the value of unity, one board—one voice!

ÂŞ 'ITC`7$7 T*%O*'5R$EEC$TE9WgCW =ERLV9:VBT@ 9WgLTCTE8;lT@TO*' $E$ TIM; T LE T*'ITC_7V<a7c=L[ _= TMCTD MEYO_= ;_@WD* '5R$EEC$TE9Wg = ER'S < =ER'O*bM $V + $TE 6lT_;V;7 Oc=c6 `' ;Sh;

'ITCLSC@S;: _MG T;Wh_= ;@GS*9Wg%S<_'GYgO; +T$'ITC'V6LE T*LEE' ;IS7$EEC >LC>LT; 'ITCE[ 'ITC_% Tb++T$'ITCES<>V6-O<b;9Z$ BT'L I; `GR$TE=ER-ZC .Xg*`;I=1V<S7V9Wg6W _MG T;Wh+R- IDbM 'Z5_% Tb$G _= TMCTDCT$DVg* %Xh;

This relationship is empowered by creativity, innovation, combined with the knowledge and understanding of fundamental responsibilities and a convocation that best practices will enable you to embrace the bright future which is within your grasp. --------------------------------------------------

B o a r d r o o m | 43

Board Activities

Ž´Š ŒÓÓÚÆÑ šĂ?ÆÓĂ? žĂ”Ăš ÂŤĂ†ĂˆĂŽĂ‘ĂŽĂ™Ă†Ă™Ă”Ă—Ă˜ ŠĂŽĂ“Ă“ĂŠĂ— úšÚž

- I*'gTl IS;9Wg ¯° C$ET'C ¯²³¯ Ă†ĂŒĂ c6 +S6*T;_GWhD*%O<'Z5IV9DT$E 5 Ă€ïÜðùÞÊ ¿ÏþŠ Ă„ĂžÜðÏïÍ Ă“ĂŚĂŠĂŠĂžäâ .Xg*BTD*T;_= ;c=OD T*L;Z$L;T; CW9Sh* $TE_G ;_$CL CO<%O*ET*ISG `GR$TECO<aG bM `$ IV9DT$E9WgE IC*T;$S< Ă†ĂŒĂ CT$I T ² = a6D'Z5ITEZ5W =EW6T;;9 c6 ES<aG 9O* +T$_ET_;YgO*+T$ 9 T;c6 bM _$WDE7VCT_= ;IV9DT$E%O* Ă†ĂŒĂ ;T;8X* Ž² = 7TCCT6 ID 'Z5 :WER-SD _-C;RLVEV 'Z5OGS; `'C `GR'Z5`; *; OD _+EV‰9IW9ES@D 9Wgc6 ES<aG Ž­ = = 69 TD6 ID$TECO<aG ² = bM `$ 6EÂŤ_O$@G LZ%ZCT;;9 JÂŤ6EÂŤ@E-SD -Z;M+V;6T EJÂŤ6EÂŤLS;7V 8VE@S4; 'Z56I*C; +X*_L8WDE9ES@D ĂŠĂ°ÂŤ ÀÞêÌÊÊâ ĂŠĂž `GR'Z5$ZG_I- _+;IS4;IV9D .Xg*CW'5R$EEC$TE Ă†ĂŒĂ _= ;>[ CO<aG Ă†ĂŒĂ %O%O<'Z5IV9DT$E9Z$9 T;9Wg9Z C_9`E*$TD`E*b+b;$TECO<'ITCE[ `GR =ERL<$TE5 bM >[ _% TO<ECCTa6D7GO6 ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ In the evening of 23th January 2019, IOD held a thank you party for our speakers at Crystal Box Gaysorn Village. The atmosphere was entertaining as there were games, prize giving and plaque giving to speakers who have been working with IOD for over 5 years. Ms. Varunee Pridanonda received a golden plaque as she has been an IOD speaker for 15 years. Mr. Teerachai Chemnasiri, Mr. Alan Kam, and Ms. Nangnoi Charoenthaveesab receive 10-year plaques. Dr. Agapol Na Songkhla, Prof. Dr. Pornchai Chunhachinda, Assoc. Prof .Dr. Sunti Tirapat, Ms. Duangmon Chuengsatiansup, Ms.Camille Ma and Mr. Kulvech Janvatanavit were given 5-year plaques by the IOD directors. We would like to thank all of the speakers who have dedicated their efforts to share knowledge and experiences to the participants.

44 | B o a r d r o o m

ÂŤĂ†ĂˆĂŽĂ‘ĂŽĂ™Ă†Ă™Ă”Ă— ŠĂ†Ăž

- I*_- TIS;9Wg ÂŽÂą $ZCBT@S;: ¯²³¯ Ă†ĂŒĂ c6 +S6*T; ĂƒĂžĂ ĂŚĂŠĂŚĂąĂžùÏï à ÞÜ 9Wg Ă†ĂŒĂ ĂŠâêĂ&#x;âï Ă?Ă­Ăžà â _@YgO9Wg+RbM IV9DT$EMGS$L[7E7 T*ec6 E IC`G$_=GWgD;'ITC'V6_Mf;`GR =ERL<$TE5 b;_EYgO* Ă?Ìà èÌÍä Ă‘üâ Ă?Ìäüù Ă€Ă‚ĂŒ¡ Ă‘üâ ¿ÏÞïåª ĂŻĂŹĂŹĂŞ ÀüÞÊÊâÍäâ .Y*g EIC8X*_M7Z>GI T9lTcC Ă€Ă‚ĂŒ ðòà à âððÌÏÍ +X*CW'ITCLlT'S‰ M; T9W%g O* ðùÞèâüÏÊåâïð b; Ă€Ă‚ĂŒ ðòà à âððÌÏÍ $TEIT*`>;LY<9O67lT`M; * Ă€Ă‚ĂŒ `GR= ++SD9Wg+R7 O*'lT8X* 8X*b;$TE_GYO$ Ă€Ă‚ĂŒ a6DCW'Z5;V7V@S;: @S;:Z IVaE+; $EEC$TE >[ +S6$TE <EVKS9 6W6WcO _O_-WD`=.VA $ OV;_7OE _;-Sg;`;G +lT$S6 _= ;IV9DT$Eb;*T;IS;;Sh; ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ In the morning of February 14th, 2019, IOD held a Facilitator Day at IOD Member Space in order to allow speakers of various courses to share and exchange ideas and experiences on the topic: Picking The Right CEO: The Boardroom Challenge,. The talk included the reasons why CEO succession is important, stakeholders’ role in CEO succession, CEO succession planning and factors to consider when choosing the CEO. Mr. Nitiphan Phanwiroj, Managing Director of DDI Asia Pacific International Co., Ltd. was the speaker of the event.

¨ĂšĂ—Ă—ĂŠĂ“Ă™ §Ă—ÊÆĂ?Ă‹Ă†Ă˜Ă™ šĂ†Ă‘Ă?Â&#x; ¨Ă†Ă“ §Ă”Æ×É×ÔÔÒ Ă˜Ă†Ă›ĂŠ §Ă†Ă“ĂŒĂ?Ă”Ă?¤

_@YOg LE T*'ITC_% Tb+9W8g $[ 7 O*_$WDg I$S<9WCg T9Wcg =%O*= ‰MT ?;Z %;T6 _Gf$9WgE[ +S$$S;6Wb;-YgO Ă?ĂŠ ¯² `GR<9<T9%O*BT'_O$-;b;$TE9Wg+R_% TCT CWL I;E ICb;$TE`$ = ‰MT Ă†ĂŒĂ +X*+S6*T;_LI;T_EYgO* ÀÞÍ ¿ÏÞïåïÏÏê Ă°Ăžóâ ¿ÞÍäèÏèŸ %Xh;_= ;$TE_,@TR$V+_@YgObM LCT-V$%O* Ă†ĂŒĂ a6Dc6 _-V‰>[ LS69S6$E5Wb;=ER_6f;;WhLTC9 T; c6 `$ 6EÂŤLZ@S4; MIS*I*J IS4;T O6W7O:V<6W $EC'I<'ZCCG@VKŠ 'Z5-G:E 6lTE*JS$6Vk $EEC$TE<EVMTE L8T<S;LVg*`I6G OCc9DŠ `GR 'Z5IWERJS$6Vk a)LV7c@JTG $EEC$TEOVLER <EVKS9 9WaO_O _@ ;9 ÂĽ=ER_9Jc9DÂŚ +lT$S6 ÂĽCMT-;ÂŚ CT`G$_=GWgD;CZC CO* `GR=ERL<$TE5 $S;9Wg ĂŠâêĂ&#x;âï Ă?Ă­Ăžà â %O* Ă†ĂŒĂ -Sh; ² _$KE _.f;_7OE _CYgOIS;9Wg °­ C$ET'C ¯²³¯ a6DCW'Z5$ZG_I- _+;IS4;IV9D $EEC$TE>[ OlT;ID$TE Ă†ĂŒĂ 9lTM; T9Wg_= ;>[ 6lT_;V;$TEOBV=ETD ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ To create an accurate understanding of sources of fine dust known as PM 2.5 and the roles of private sector in solving the problem, IOD held a special seminar called “Can Boardroom save Bangkok?â€? for our IOD members. We invited 3 experts on this matter: Dr. Supat Wangwongwatana, former Director General of the Pollution Control Department, Mr. Chonlatorn Damrongsak, Executive Director of Thai Environment Institute, and Mr. Weerasak Kositpaisan, Independent Director of TOA Paint (Thailand) Public Company Limited to share their views and experiences at IOD Member Space, 5th floor, Gaysorn Centre on January 3th, 2019. Mr. Kulvech Janvatanavit, CEO of Thai IOD, was the moderator of the discussion. B o a r d r o o m | 45

¨ª´ ¨Ă‘ĂšĂ‡ĂľĂ˜ Ă‹ĂŽĂ—Ă˜Ă™ ÂŹĂŠĂ™ šĂ”ĂŒĂŠĂ™Ă?ĂŠĂ— úšÚž

ÑüÞÌ Ă†ĂŒĂ c6 +S6*T; Ă€Ă‚ĂŒ Ă€ÊòĂ&#x; Ă° Ă„âù Ă‘Ïäâùüâï bM $S< Ă€üÌâã Ă‚ÍùâïùĂžÌÍêâÍù ĂŒããÌà âï .X*g _= ;7SI`9; à ÀĂ? b;`7 GREZ; _@YgO9Wg+R9lT'ITCE[ +S$`GRLT;LSC@S;: ERMI T* à ÀĂ? EZ ;7 T*e _@YgO9Wg+RE IC+S6*T;%O* Ă†ĂŒĂ 7 Oc= _CYgOIS;9Wg °­ C$ET'C ¯²³¯ 5 E T; à òèâ _$KEIVG_G+ .Xg*b;*T;;Wh_= ;*T;_= 67SI 'Z5$ZG_I- _+;IS4;IV9D Ă€Ă‚ĂŒ `GR'Z5JVEVIEE5 $CGIV_-WDE EO*$EEC$TE>[ OlT;ID$TE ';bMC %O* Ă†ĂŒĂ @E OC9Sh*OlTGT 'Z5JVEV@E IZ4V$ZG EO*>[ - ID$EEC$TE>[ OlT;ID$TE 9Wg+ROO$c= LT;? ;%O*7SI_O*7 Oc= .Xg*BTDb;*T;_7fCc=6 ID_LWD*MSI_ETR EODDVhC `GR'ITCO<OZ ; ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ Thai IOD organized the CEO Club’s Get Together event for Chief Entertainment Officers who were representatives of DCP in each class in order to connect DCP from different classes together on January 30th, 2019 at Duke, Gaysorn Village. This is also an event to introduce Mr.Kulvech Janvatanavit and Ms. Siriwan Kamonwichian our new CEO and Executive Vice President as well as a farewell for Ms. Siriporn Wutthigul, Deputy Assistant Managing Director who has decided to pursue her dream. The event was filled with laughers, smiles, and warmth.

Œ¸ªŒ³ ¨ ¸ĂˆĂ”Ă—ĂŠĂˆĂ†Ă—Ă‰ ¨Ă”Ă†ĂˆĂ?ĂŽĂ“ĂŒ úšÚž

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Mr. Natthapol Vimolchalao

46 | B o a r d r o o m

In order to build knowledge and understanding about the assessment of ASEAN CG Scorecard and present the issues that listed companies should improve, the Securities and Exchange Commission, the Stock Exchange of Thailand and the Thai Institute of Directors, organized the “ASEAN CG Scorecard Coaching� at the beginning of February 2019 for the listed companies with high market value and are expected to be assessed in the next ASEAN CG Scorecard assessment. The next event regarding the ASEAN CG scorecard is expected to be held again in September 2019.

NATIONAL DIRECTOR CONFERENCE

E-Boardroom Magazine To save the world with paperless solution

Member Corner

MEMBER CORNER MEMBERCORNER 'OGS C ; ;hW % O`L6*'ITCDV ; 6W ` $ _ MG T LCT-V$`GRJVKD _$ T ÆÌÁ a6D%O_EVgC`L6* 'ITCDV;6WbM `$ 'Z5@EE5;GV; CMTI*J :V$ZG ¥ÁÀÍ ¯´¶¬¯­®¶¦ >[ - ID$EEC$TE>[ +S6$TEbM ES$KT$TE=ER:T;_+ TM; T9Wg<EVMTE$TE_*V; `GR 'Z5IVES7; _OYhO;FCV7 ¥ÁÀÍ µ¬¯­­®¦ =ER:T; _+ TM; T9Wg=1V<S7V$TE$GZ C:ZE$V+= a7E_GWDC%Sh;7 ; `GR$ T.:EEC-T7V <EVKS9 =79« +lT$S6 ¥CMT-;¦ 9Wcg 6 E<S ¯ ET*ISG'ITC_= ;_GVJ LT%T'ITC_= ; _GVJ6 T;$TE<EVMTE9T*$TE_*V; ¥ÃæëÞëàæÞé ÊÞëÞäâêâëñ Âõàâééâëà⦠`GRLT%T'ITC _= ;_GVJ6 T;$TE@S4;T$TE<EVMTE+S6$TE%O* O*' $E ¥ÀìïíìïÞñâ Æêíïìóâêâëñ Âõàâééâëà⦠b;*T; ÑåÞæéÞëá ÀìïíìïÞñâ Âõàâééâëàâ ¾ôÞïáð ¯­®µ • ;TD:;T _:WDEOS+,EVDR ¥ÁÀÍ ®µ®¬¯­®°¦ EO*>[ +S6$TEbM OTIZaL Àåæâã ÊÞïèâñæëä Ìããæàâï :;T'TEc9D@T5V-D _% TES<=ER$TJbM _= ;M;Xg*b;O*' $E9Wg_= ;_GVJb; ± LT%TET*ISG c6 `$ 'ITC_= ;_GVJ6 T;$TE<EVMTE9T*$TE_*V; 'ITC_= ;_GVJ6 T;LV;' T`GR$TE<EV$TE 'ITC _= ;_GVJ6 T;;IS7$EEC`GR$TELE T*LEE' LVg* bMC e `GR'ITC_= ;_GVJ6 T;$TE7GT6 • b; *T;_6WDI$S; ;T*LTIJVEV@E LV;T_+EV ¥ÀÄÆ ®¯¬¯­®³¦ $EEC$TE>[ +S6$TE <EVKS9 MGS$9ES@D +S6$TE$O*9Z; $EZ*JEW _% TES<ET*ISG <EVKS9 MGS$9ES@D +S6$TE$O*9Z;6W_6 ; ¥ÌòñðñÞëáæëä ¾ððâñ ÊÞëÞäâêâëñ ÀìêíÞëö ¾ôÞïáð¦ b; *T; ÐÂÑ ¾ôÞïáð ¯­®µ • 6Eª$V77V5S2 9W'RIEE5 ¥ÀÄ µ¬¯­®´¦ $EEC$TE>[ +S6$TEbM <EVKS9 9E[ 'OE =O_E-Sg; +lT$S6 ¥CMT-;¦ ES<ET*ISG`<E;6

²× °ÎÙÙÎÓÚÙ ¹ÎÐÆÜÆÓ

²Ø µÍÆÓÓÆÑÎÓ ²ÆÍÆÜÔÓÌÙÎÐÚÑ ²× ¼Î×ÆÙ ºÆÓÆ×ÚÒÎÙ

²Ø ¸Î×ÎÕÔ×Ó ¸ÎÓÆÈÍÆ×ÔÊÓ

²× ¹ÍÆÓÆ ¹ÍÎÊÓÆÈÍÆ×ÎÞÆ

Dr.Sutisophan Chuaywongyart

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

MEMBER CORNER IOD would like to congratulate our members and alumni who have been receiving many awards starting with • ²Ø µÍÆÓÓÆÑÎÓ ²ÆÍÆÜÔÓÌÙÎÐÚÑ (DCP 279/2019), Executive Vice President and Acting Chief Financial Officer, and ²× ¼Î×ÆÙ ºÆÓÆ×ÚÒÎÙ (DCP 8/2019), Chief Operating Officer, Upstream Petroleum and Gas Business Group, PTT Public Company Limited, received 2 awards for their Financial Management Excellence and Corporate Improvement Excellence in the Thailand Corporate Excellence Awards 2018. • ²× ¹ÍÆÓÆ ¹ÍÎÊÓÆÈÍÆ×ÎÞÆ (DCP 181/2013), Senior Vice President, Chief Marketing Officer, Siam Commercial Bank, attended the announcement which recognized SCB as one of the best in 4 award categories: Excellence in Management and Finance, Excellence in Product and Service, Excellence in Innovation and Excellence in Marketing in the SET Awards 2018. • In the same event, ²Ø ¸Î×ÎÕÔ×Ó ¸ÎÓÆÈÍÆ×ÔÊÓ (CGI 12/2016), Managing Director, Krungsri Asset Management, received the Outstanding Asset Management Company Awards. • ©× °ÎÙÎÓÚÙ ¹ÎÐÆÜÆÓ (CGE 8/2017) the President of True Corporation Public Company Limited received the World Branding Awards as the top brand of broadband internet service providers in Thailand at Kensington Palace, London, United Kingdom. • ©× ¸ÚÙÎØÔÕÍÆÓ ¨ÍÚÆÞÜÔÓÌÞÆ×Ù (FSD 33/2017), Chief Executive Officer of Slingshot Group Company Limited, won the Thailand Best Employer Brand Awards 2019 from the World HRD Congress, CHRO Asia. Additionally, we would like to congratulate our members and alumni who have been promoted. • ²Ø ·ÚÊÓÛÆÉÊÊ ¸ÚÜÆÓÒÔÓÌÐÔÑ (DCP 127/2010) was appointed as SecretaryGeneral of Thailand’s Securities and Exchange Commission. • ²Ø ¸Î×ÎÛÎÕÆ ¸ÚÕÆÓÙÆÓÊÙ (DCP

119/2009) was appointed as Deputy SecretaryGeneral of the Securities and Exchange Commission. • ²Ø µÆÐÆÜÎÕÆ ¨ÍÆ×ÔÊÓÙ×Æ (DAP 46/2005) was appointed as Chief Executive Officer of Krungthai-AXA Life Insurance Public Company Limited. • ²× ¸ÎÑÆÜÆÙ ¸ÆÓÙÎÛÎØÆÙ (CGI 4/2015) was appointed as Senior Vice President supervising Corporate Product Lines and Operators • ²× ¨ÍÔÓÌ×ÆÐ ·ÆÙÙÆÓÆÕÎÆÓ (DCP 190/2014) was appointed as Senior Vice President supervising Finance and Control of Kasikorn Bank Co., Ltd. • ²× ¦ÓÊÐ µÆÓÆ ¦ÕÎÈÍÔÓ (DCP 111/2008) was appointed as Chief Executive Officer of Intouch Holdings Public Company Limited. • ²Ø ¦ÕÎÕÍÆÓ ¨ÍÆ×ÔÊÓÆÓÚØÔ×Ó (DCP 131/ 2010) and ©× ¦×ÆÐ ¸ÚÙÎÛÔÓÌ (DCP 244/2017) were appointed as Presidents of Siam Commercial Bank Public Company Limited. • ²× ³ÎÞÔÙ ²ÆØÆÛÎØÚÙ (DCP 107/2008) was appointed as Chief Executive Officer of

Sukhumvit Asset Management Company Limited. We would like to end this column with pictures from the party of DCP batch 2. IOD is grateful that our alumni still keep in touch. Please, do not forget to join our next activities. As for the members and alumni whom we have not heard the news, please do not hesitate to inform us, so that we can congratulate you and inform other members in the Boardroom. You may contact us via the email: suthinee@thai-iod.com. ---------------------------------------------------

Ms. Sirivipa Supantanet

DCP 2

Mr. Silawat Santivisat & Mr. Chongrak Rattanapian

Mr. Vichaow Rakphongphairoj

Ms.Ruenvadee Suwanmongkol

Mr. Anek Pana-Apichon

Ms. Pakawipa Charoentra

Mr. Niyot Masavisut

Ms. Apiphan Charoenanusorn & Mr.Arak Sutivong

Mr. Aniwat Srirungthum

B o a r d r o o m | 49

Board Success

CONGRATULATIONS Award Presentation DAP 64-67/2018 & DCP 260-266/2018 On the evening of December 19th, IOD held a Certificate Night for members who passed Director Diploma Examination class 63/2018 and Director Certification Program Class 260-266/ 2018 at Anantara Siam Bangkok Hotel. The ceremony started off with welcome drinks. The participants enjoyed themselves and had fun taking pictures together. They also enjoyed the pictures took during their classes and brought some home as souvenirs. Mr.Prasan Chuaphanich, Chairman of IoD gave a welcome and congratulatory speech to start the night and introduced our newly appointed CEO, Mr.Kulvech Janvatanavit to members. The dinner was served with the VDO presentation of “Program Revisited�. The award was honored to have IoD Board Members to present the certificate. The award finished with the highest score of each DCP assessment tasks as following names; DCP 260 DCP 261 DCP 262 DCP 263 DCP 264 DCP 265 DCP 266

Mr.Fong Nee Wai Ms.Prapis Ruthairung Mr.Piyakorn Poramesanaporn Mr.Jakravee Visutipol Ms.Suwanna Chokdee-anand Mr.Tanatkorn Chan-orn Mr.Ralph Tye

A Class reflection speech by DCP 261 Class President, General Montree Sungkasap, Audit Committee of Star Flex Co.,Ltd. as a representative of the class presidents. The ceremony was ended by closing Speech from our CEO.

50 | B o a r d r o o m

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Director Diploma Examination 65/2018

Director Diploma Examination 66/2018

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Director Diploma Examination 67/2018 Êï« ÀåÞïéâð ÔïæäåñêÞë Êï« ÇìïêÞ ÊÞëëæëâë Êï« ÉæÞë Êæëä ÄÞïö ¾ëä ¾ððìà«Íïìã«Áï« ÍïÞàåæñ ÅÞôÞñ Êï« ÏÞéíå Ñöâ Êïð« ÐÞïìàåÞ ¿òïæ Êïð« ÐìíÞ ÈÞëçÞëÞïæëñï Êï« ÐñòÞïñ Èâééö Áï« ÔÞïÞëöÞ ¾ñàåÞïæöÞàåÞëóÞëæàå

General Montree Sungkasap

B o a r d r o o m | 51

Board Success

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Director Certification Program 263/2018 Êï« ¿çìïë ÏæàåÞïáðìë Êï« ÀåÞïéâð ÔïæäåñêÞë Êï« Äïâä ÑåìêÞð Êï« ÇÞêâð Ôæðâ Êï« ÇìïêÞ ÊÞëëæëâë Êï« ÈìáÞèÞïÞóââññæé ÊòïÞéæ Êâëìë Êï« ÉæÞë Êæëä ÄÞïö ¾ëä Êï« ÊÞññåâô ÍÞñïæàè ÏÞñàéæããâ Êïð« Ëìâé ¾ðåíìéâ Êï« Ìëä Ôòæ Öìëä Êïð« ÍåâëèåÞâ ÅÞððÞáââóæçæñï ¾ððìà«Íïìã«Áï« ÍïÞàåæñ ÅÞôÞñ

Êï« ÏÞéíå Ñöâ Êïð« ÐÞïìàåÞ ¿òïæ Êï« Ðââ Èæìëä Éìô Êï« Ðåæó ÈòêÞï ÐïæóÞðñÞóÞ Êïð« ÐìíÞ ÈÞëçÞëÞïæëñï Êï« ÐñòÞïñ Èâééö Êï« ÑÞæ ÔÞæ Èâòëä Êïð« Ñâïïö Èæâëäðæïæ Áï« ÔÞïÞëöÞ ¾ñàåÞïæöÞàåÞëóÞëæàå Êï« ÔÞñàåÞïÞ ÔÞâôáòê

B o a r d r o o m | 53

Welcome New Member

ŽÓÉÎÛÎÉÚÆÑ ²ĂŠĂ’ÇÊ× |

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

Name

Position

Company

Executive Director General Manager Executive Director ==; L=4=ĂžEL= ==; L= ==; L= ==; L=6S #K. L=ZE} ==; L=4=ĂžEL= ==; L=4=ĂžEL= 5=J2L3 ==; L= ==; L=GND=JX?J ==; L=/=A#DG4 ==; L=4=ĂžEL= ==; L= ==; L=6S #K. L= ==; L= ==; L=X?J ==; L=6S #K. L= ==; L=6S #K. L= 5=J2L3 ==; L= ==; L= ==; L= ==; L=6S #K. L= ==; L=4=ĂžCK1 ==; L= 5=J2L3 ==; L= ==; L=GND=JX?J ==; L=/=A#DG4 ==; L=4=ĂžEL= 5=J2L3 ==; L=4=ĂžEL= ==; L= ==; L= ==; L= ==; L=GND=J 5=J2L3 ==; L= ==; L= ==; L= ==; L= ==; L=6S #K. L= ==; L=4=ĂžEL= ==; L= 5=J2L3 ==; L= ==; L= ==; L=6S #K. L= ==; L=6S #K. L=ZE} W? L3R L=4=ĂžCK1 ==; L= ==; L= ==; L=4=ĂžCK1 ==; L=

Aibel (Thailand) Ltd. 137 Pillars Suites & Residences Bangkok Traversant Ltd. 4=ĂžCK1 W5=;-8ÄŠ%} #dL K. 4=ĂžCK1 WG^38Ä‹&O W&9/O` XG3. WG^3[A=G3W;31G? W&G= AĂžD #dL K. 4=ĂžCK1 .O G3Y5=.K D #dL K. ÂŹ;EL%3­ 4=ĂžCK1 1=S G= 5GW=%K_3 #dL K. ÂŹ;EL%3­ 4=ĂžCK1 =Ăż3D5G/ ÂŹ5=JW1B[1<­ #dL K. 4=ĂžCK1 D/L= WGAĂż3NA #dL K. PTTOR Singapore Pte Ltd 4=ĂžCK1 WGD YHW1? XG3. =ĂżDG= 1 #dL K. E L"ER 3D A3#dL K.8ÄŠ8K,3 N#W1=..NÄ?" 4=ĂžCK1 Y X;3%O_ GN3W/G= W3%K_3X3? #dL K. ÂŹ;EL%3­ 4=ĂžCK1 X =3. GD =R 5 #dL K. 4=ĂžCK1 5/1² ÂŹ9Ä‚?N55 3D ­ G= 5GW=%K_3 #dL K. 4=ĂžCK1 GN3W/G= ?NÄ?" W1W? G; #dL K. ÂŹ;EL%3­ 4=ĂžCK1 W4/W/G= WAĂž?. =Ăż3 #dL K. ÂŹ;EL%3­ 4=ĂžCK1 WG^3²8Ä‹²W;.N G? #dL K. 4=ĂžCK1 <S3NWAG= X&?.O[&3 W&^3W/G= ÂŹ[1<X?3. ­ #dL K. L=[99 LD A3:S;N:L 4=ĂžCK1 DL;L=0 <SÂą1=L3D #dL K. 4=ĂžCK1 5/1²4=Ăž L=2R= N# L5?O #dL K. 4=ĂžCK1 GGY/ XG3. X1= W/G= #dL K. 4=ĂžCK1 4R}ADL #dL K. 4=ĂžCK1 WGDY& ÂŹ5=JW1B[1<­ #dL K. ÂŹ;EL%3­ 4=ĂžCK1 =Ăż3D5G/ ÂŹ5=JW1B[1<­ #dL K. 4=ĂžCK1 ;L3J8K,3L L= #dL K. PTTOR Singapore Pte Ltd 4=ĂžCK1 1=S ;S9 WG% <S3NWAG= X&? G;;NA3NW %K_3 #dL K. 4=ĂžCK1 W=Ăż<? ;S9 #dL K. 4=ĂžCK1 4=ĂžEL=DN31=K8< =R"W188L-N%< #dL K. ÂŹ;EL%3­ 4=ĂžCK1 Y4??NW G= XG3. G;8L3O G3&K?/NÄ?" #dL K. Tiger Energy Trading Pte Ltd 4=ĂžCK1 ?LA. WG%WG^; #dL K. 4=ĂžCK1 W=Ăż<? ;S9 #dL K. 4=ĂžCK1 4G= W3O<A W1 3NW N? ÂŹ5=JW1B[1<­ #dL K. 4=ĂžCK1 E?R<& L G99ăĆ ÂŹ5=JW1B[1<­ #dL K. 4=ĂžCK1 [1<?S 4W4?^3.NÄ?" #dL K. 4=ĂžCK1 G;= W8=D1O# #dL K. 4=ĂžCK1 GN3W/G= ?NÄ?" W1W? G; #dL K. ÂŹ;EL%3­ 4=ĂžCK1 GG? 3NA AĂž%K_3 #dL K. 4=ĂžCK1 XGDWD1 WAĂž=. G= 5 #dL K. ÂŹ;EL%3­ 4=ĂžCK1 XGDWD1 WAĂž=. G= 5 #dL K. ÂŹ;EL%3­ 4=ĂžCK1 4R}3dL8L3N% #dL K. L=[99 LD A3:S;N:L 4=ĂžCK1 .O&O W&G= AĂžD W&^3W/G= #dL K. 4=ĂžCK1 W=Ăż<? ;S9 #dL K.

Ms. Mr. Mr. 3L" 3L< .=² .=² 3L" 3L< 3L< 3L< 3L"DLA 3L< 3L< 3L< 3L< 3L"DLA 38² 3L< =G"BLD/=L#L=< 3L< 3L"DLA .=² 3L< .=² 3L" 3L< 3L" 3L< 3L< 3L" 3L" 3L" 3L< 3L"DLA 3L< 3L< 3L< 3L"DLA 3L"DLA 3L" 3L" 3L"DLA 3L" BLD/=L#L=< 3L< 3L"DLA

Aina Bjorn Christopher ;?AK?< >C(L AĂž3 N//N-K* N/N<L R?1O5 Y DK?? #K = #L=R%L $K/=%K< %L331 *N/NY=#3 -K*3K< -K*8==.N/08"C [/==K/3 2O= 2O=J%K< 3N/<L 3N=K}%L 4R}%K< 5=J#N/ 5=J[8A==5DK33 8ÄŠ%L:=- 8ÄŠ%N/ 8ÄŠ=R;-O=K/3 ;K??N L ;L?N3O <"<R12 <R:L =K*L A"B 8K32R A"B D0N/< A==-:L A=ĂžCL A=R-8= AK??:L AL=Ăž31= AĂž[?A==AĂż= = AĂż=8K32 B=Ăž31= =L

54 | B o a r d r o o m

Eidsvik Richardson Hafner %R-E DN L= 5=JWD=Ăž*DRY A= L}#3L 1O JA==YD:-83N% B=ĂżD R?%AL?L ?N;GK C= 4R}ÂąE?" ?QG%K< #=8K32 Y/W?NB;" ? 3R%03G; > C DdL=L} G3K3/=K;8= WE?QG"AĂž=Ăž<J 4R}GdL8? #L=R1KB3 W#O<BN=Ăž8"C R? 8"B 83L"L; 2dL="=L%3N/N ?NÄŽAW$?N;A"B Y/ JDRA==-A-N% ELAK/= ?N;1=" DAKD.Nc4R=Ăż A"B B=Ăż 2K3Y<.; [8=Ăż8 L<>12Nc B=ĂżWDLA%L/N :S;NAL= DRA==-AĂžDL=1 8=;W%Q`G ?OA"B W#=Ăž} GR=RYD:WE? L2==;1KB3 DRA==-DR12N /K`"4==<" G3K3/=K;8= A3L[8=D-+ [/=YD=KD W ?O<A[8BL? W/%J[84S?< G G"D R? GK"DR;L?O A"B BR:?K C-

ŽÓÉÎÛÎÉÚÆÑ ²ĂŠĂ’ÇÊ× | Name 3L"DLA 3L< 3L"DLA 3L" =B².=² 3L< 3L< 3L" 3L"DLA

BN=Ăž=K/3 D;BK .Nc DL<3 dL6ÄŁ`" DR3O< DR8#3 DR=8? YD;8K,3 G:N%}L GK =:N1< /L

1G";L W2O<=B=Ăż<R / 4L" Ä–3W1O<3 8ÄŠ1<L3R R? W/%A=DN3D R? DN12N3K313 [/=YD=KD W.%[ =AK?< ;O%K<A"

ÂŻĂšĂ—ĂŽĂ˜Ă™ĂŽĂˆ ²ĂŠĂ’ÇÊ× |

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

Company

==; L=1O_W5 36S 4=ĂžEL= ==; L= ==; L=6S #K. L= ==; L= ==; L= ==; L=6S #K. L= 5=J2L3W# LE3 L1O_4=ĂžEL= ==; L= ==; L=6S #K. L=

4=ĂžCK1 XG= W=.NWGW/G= D ÂŹ5=JW1B[1<­ #dL K. 4=ĂžCK1 ?O8K,3L6?N/:K-+ #dL K. ÂŹ;EL%3­ 4=ĂžCK1 &K3[%3 GN3W/G= W3%K_3X3? #dL K. 4=ĂžCK1 D<L;WH?1 =R 5 #dL K. D0L4K3AĂž#K<AĂž1<LBLD/= X?JW1 Y3Y?<OXE "5=JW1B[1< Cementhai SCT Australia PTY LTD 4=ĂžCK1 XGDWD1 WAĂž=. G= 5 #dL K. ÂŹ;EL%3­ 4=ĂžCK1 5=J%L=K*=K DL;K O=J<G" ÂŹAĂžDLE N#W8Ä?_GDK" ;­ #dL K. 4=ĂžCK1 WG^3#NW3O<=Ăž_" =ĂżAG= . ÂŹ5=JW1B[1<­ #dL K.

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

Company

Name

Eastern Water Resources Development And Management Public Company Limited N R Instant Produce Co.,Ltd

Mr.

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4=ÞCK1 5/1² #dL K. ;EL%3­

4=ĂžCK1 5 Y ÂŹ[1<X?3. ­ #dL K. ÂŹ;EL%3­ 4=ĂžCK1 8Ä‹1O1O Y ?4G? W ;N G? #dL K. ÂŹ;EL%3­ 4=ĂžCK1 <K; W=DW/G=G" GN3W/G= W3%K_3X3? 5=JW1B[1< #dL K. 4=ĂžCK1 =L%2L3O ?ND&NÄŽ" #dL K. ÂŹ;EL%3­ 4=ĂžCK1 WG^;8Ä‹#O G= 5GW=%K_3 #dL K. ÂŹ;EL%3­

Virgilio Jr.Cervantes Mr. Kok Tong 3L< 3NAK/N 8?/=Ăż 5=K%}L 3L< ;3/=Ăż .=² #dL?G" 3L"DLA GK#$=Ăž31= 8K3WG W5=;#N=KD< 3L" 3 dL73 3L< .3K< 3L< #N=AK,3 3L< GY3%L 3L< AR,N%K< 3L" =K%3O 3L< #Ä–;8? 3L< 3=ĂžB 3L"DLA #N.L:L 3L< D;BK .Nc 3L"DLA B=K}}L 3L< .3R%L BLD/=L#L=< N//N8"C 8ÄŠWBC .=² 3L< [ =>12Nc 3L< %K<#N// 3L" G=A.O 3L< .NC1K/ 3L" G3R//=L 3L< WB %K< 3L< 3 =Ăž31= 3L< 5 <A==8 1L

Position Rivera

Member of the Investment Committee Director

Yeo ?;R38K32 W$?N;AK,3 4R}8L-N%< G/N R? 8K,38K32 %K< 23[1<:K .O =KC(L3R S? AK,3#=Ăž<L ?NÄ?A5=JWD=Ăž* A"B =R "Y=#3 %L/NGNB=L3RAK,3 8K,3W?NB8K32 ? A<[; "L; GL=K C D R?A"B =R "AK,3:K .Nc B=Ăż4KA=G. E?L DR 0; 8N%<3K31c N/<L=K C

Independent Director ==; L= ==; L= ==; L= ==; L=GND=J ==; L= ==; L=GND=J W? L3R L=4=ĂžCK1 ==; L=GND=J ==; L=GND=J ==; L=4=ĂžCK1 ==; L=GND=J ==; L=GND=J ==; L=GND=J W? L3R L=4=ĂžCK1 ==; L=4=ĂžCK1 ==; L=GND=J ==; L=GND=J ==; L=GND=JX?J ==; L=4=ĂžEL= AL;WDO_<"G" = ==; L=GND=JX?J5=J2L3 ==; L=/=A#DG4

GR%R L331 %K< W1EJDRA==-=K/3 Y82NDLY= 5 3<L=%R3 AĂž%<:N}Y} %SE;Q_3[A< G3K3/%N3J /=ĂżWG3 A3NB

5=J2L3 ==; L=X?J ==; L=GND=J ==; L= ==; L= ==; L= ==; L= ==; L= ==; L= ==; L=4=ĂžEL=

B o a r d r o o m | 55

ÂŚĂ˜Ă˜Ă”ĂˆĂŽĂ†Ă™ĂŠ ²ĂŠĂ’ÇÊ× | Name Mr. 3L< 3L< 3L< 3L"DLA

Kari CN.NB N//N #N=BK .Nc $K313R%

Vonhaartman-harteva W#=Ăž}8K32 GK#$=Ăž<4R}<" G" [84S?< Y%/N 83N%

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W/O<"/=J S?1G" ;ELGK;8=8> C GR.;1=K8< A"B 3 DN3 A=$K/=2L= BN=Ăž=K/3G3K3/ DL;L=0 GN31AĂžAK,3 DN=ĂžDAKD.Nc 5 }}L=K/3 R? =R "W=Ä G"AK,3J%K< DR/K" S=

56 | B o a r d r o o m

D;L%N D;14

Position

Company

Commercail Director 6S % A<6S #K. L=1K_A[5 ¹ 7 L<8K,3L=J44 =G" ==; L=6S #K. L=DL< L=/?L. 6S % A< ==; L=6S GdL3A< L= ER 3D A3 Executive Vice President - Corporate Risk Management 6S % A< ==; L=6S #K. L= 1O_5=Ā CL Executive Vice President - Operations ==; L=6S #K. L=7 L<4=ÞEL= EKAE3 L -J6S 4=ÞEL=DL<"L3 L=W"Þ3X?J4K}%O Head of Enterprise Risk Management (ERM) & Risk Policy ==; L=4=ÞEL= 6S #K. L=X63 Financial Controller ==; L=6S #K. L=7 L<4=ÞEL= Chief Legal and Compliance Officer 6S GdL3A< L="L3/=A#DG4:L<Z3 6S % A<W? L3R L=6S A L=L% L= =R"W18;EL3 = 6S GdL3A< L=GLARYD Executive Consultant Chief Financial Officer - Management 6S GdL3A< L=GLARYD 6S % A<W? L3R L=4=ÞCK1X?J6S #K. L=7 L< “�™

Beko Thai Company Limited 4=ĂžCK1 D;4S=- XG .AL3& W1 Y3Y?<O #dL K. ÂŹ;EL%3­ 4=ĂžC1K NA1O& O WG3W3G= < _O #dL K. ÂŹ;EL%3­ 4=ĂžCK1 WGW&O< 8?KD =R 5 YH?.NÄ?"D #dL K. ÂŹ;EL%3­ 4=ĂžCK1 [8= &AGW/G= WHLD SW5G= D WG9WGWGD #dL K. 4=ĂžCK1E?K 1=K8< WGW&O< 8?KD #dL K. 4=ĂžCK1 4OGO&O WAĂž?. #dL K. ÂŹ;EL%3­ 4=ĂžCK1 [.W;1 ÂŹD<L;­ #dL K. ÂŹ;EL%3­ 4=ĂžCK1E?K 1=K8< WGW&O< 8?KD #dL K. 4=ĂžCK1 3L;<" WA 2R=L XG3. X;W3#W; 31 #dL K. 4=ĂžC1K 4OG&O O WAĂž?. #dL K. ÂŹ;EL%3­ 4=ĂžCK1E?K 1=K8< WGW&O< 8?KD #dL K. 4=ĂžCK1 G;W;^1D GN3W/G= W1=. #dL K. 4=ĂžCK1 4OGO&O WAĂž?. #dL K. ÂŹ;EL%3­ 4=ĂžCK1 D<L;WH?1 =R 5 #dL K. 4=ĂžCK1 3L;<" Y?#ND/N D #dL K. 4=ĂžCK1 AĂż #O [G Y ?4G? ;OW.O< #dL K. ÂŹ;EL%3­ 4=ĂžCK1 =Ăż3D5G/ ÂŹ5=JW1B[1<­ #dL K. =R"W18;EL3 = 23L L=<SYG4O #dL K. ÂŹ;EL%3­ 4=ĂžCK1 W#W3G=K? GNW? 1=G3N G;W;G= & W&G= AĂžDW&D #dL K. 4=ĂžCK1 1OW W G= 5GW=%K_3 #dL K. 23L L=<SYG4O #dL K. ÂŹ;EL%3­ 4=ĂžCK1 [1< GGY/ 1S?D XG3. .L< #dL K.

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Dr. Tanai Charinsarn

Grand Hyatt Erawan Hotel

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Mr. Prasan Chuaphanich Dr. Pakorn Peetathawatchai Mr. Kulvech Janvatanavit Dr. Kulapatra Sirodom Mrs. Oranuch Apisahsirikul Ms. Suvabha Charoenying

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Sydney, Australia

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Dr. Supat Wangwongwatana Mr. Chalathorn Dumrongsak Mr. Veerasak Kositpaisal

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Dr. Paul Sin

IOD Members Space

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