Boardroom Vol. 55 Issue 6/2017 (Nov.-Dec)

Page 1

Content

ÂŁÂŽĂˆ ŸŸº ĂŠÂź

Board of Directors

Äš ĂƒĂŒÂźĂ‰Š ŸIJĂ?̟Ă?

Prof. Hiran Radeesri

´ŸĂˆÂąĂŠ² ĂŒijijĂŒºĚÉ IJĂŒĂ Äš IJŸ Ă– Ă€ĂŒ°Ä? Ă–´à ĂŠ²²°Ä?

ÂŁĂ?ÂŽĂƒŠĂŒÂŚ §ªĂŠ ÀÉĴ²ĚĂŒÂźĂŒ¹ŸŸº ²ĂŠÂť Ă” ŸĂŒ  Ă˜ Ÿ ÄśĂ?ÂźĂˆĂ•¡°Ä?

Vol. 55 Exclusively For Company Directors

Board Welcome

CEO Reflection Cover Story Bright Spot: Light the way to the corruptionfree society !N@QC !QHDĹ°MF Challenges facing chairman to prioritize and lead the organization towards sustainable growth Planning for succession Strategic Portfolio Agility Board Development Updated COSO Enterprise Risk Management: Integrating with Strategy and Performance Cybersecurity: an IT problem?

Getting Smarter About Digital Learning Gender diversity in the Thai board of directors Anti-Corruption Update Anti-Corruption in Practice Board Review

Board Activities

Member Corner Welcome New Members

ÀÉij¯Ă?´ŸĂˆĂ‚ÂŚÂŁÄ?

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

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

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

08 10 10 18

Mr. Krik-Krai Jirapaet

ŸÅŒ´ŸĂˆÂąĂŠ² ŸŸº ĂŠÂź

Vice Chairman

²ĂŠÂŚĂ‚ĂŠĂ€ ¡Ĝ²Ă?ÂťÄ? ¹²Ă€ÂźĂŠ²ĂŒ§

Ms. Potjanee Thanavaranit

Mr. Prasan Chuaphanich

Mr. Predee Daochai

 ŸŸº ĂŠŸ¾Ă‘ĊÅĝÊ²Ă€ ĂŠÂź

President & CEO

 ŸŸº ĂŠÂź

Director

²ĂŠÂŚ Ă” ĚŸĂŠ ºÉŠ§Ă?̟Ă?

Mrs. Kesara Manchusree

IJŸ ³ÉŽ­ĂŒÄł ²ĂŒĜ¯ĂŠĂ€Âź

06

Khunying Jada Wattanasiritham

Chairman

²ĂŠÂť ´ŸĂ?IJĂ? IJĂŠĂ€ĸĂŠÂť

ISSBN 1513-61755

Prof. Kovit Poshyanand

´ŸĂˆÂąĂŠ² ŸŸº ĂŠÂź

²ĂŠÂť ´ŸĂˆĂ‚Ă‰ÂŽĂƒÄ? Ă”§Ă?Ă?Ă…¡ĂŠ²ĂŒ§

Issue 06/2017

Honorary Chairman

Äš ¡ĂŒĂ”Ěà  ĂŒÄłĂŒ¡ŒĚÄ? Ă…Ă?Ÿ¡Ă?¡Ă‰Ĵ²¡ŒĚÄ? ²ĂŠÂť ĜŸĂ‰º¡Ÿ Ă–§ijĂŒ Ă”Ă‚ÂŻĂ?Ÿ

²ĂŠÂť §Ă‰ÂťĂ€Ă‰Ĵ²Ä? Ă…Ă?°Ă‰ÂťĂ€ŸŸŽÄ? ²ĂŠÂŚ ²Ă€ž¡ŸŸŽ žĂœÄťĂŠ¨ĝĂŠ

²ĂŠÂť ³ŸŸĜŒ ÄśĂŒijijÄ?ÕĜĊŒ

²ĂŠÂť Ă˜¡³Ă‘žÄ?  ĂŒijijĂŒ̟Ă? Ă‰ÂŚĂ€ĂŠ² ²ĂŠÂŚ šĂ‰°ŸĂ?Ê Ă”³ŠĜ¡ž§Ă‰Âť ²ĂŠÂť Ÿ¡Ă? Ă‚Ă?ĜŸĂŒij Ă?ž

Dr. Bandid Nijathaworn

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

Mrs. Nualphan Lamsam

Mr. Banchong Chittchang

Mr. Paiboon Kittisrikangwan

Mrs. Patareeya Benjapolchai Mr. Rapee Sucharitakul

18 ÂŁÂŽĂˆ ŸŸº ĂŠÂź ,DLADQ

Member Engagement Committee

(Boardroom)

Dr. Chatchavalit Saravari

Engagement Committee

22 25 29 29 2304 34 40 43 46 48 52 54 58 60

IJŸ §Ă‰§Ă€žĂŒÄł ŸÀʟĂ?

²ĂŠÂť ÂŽ ¡Œà Ä? Ă‚Ă?ÂĄĂ‚ÂŚĂ€²

²ĂŠÂť ÂąĂ?ÂźĂˆÂťĂ?°¹ ijɲijŸĂŠ¡ž

²ĂŠÂŚĂ‚ĂŠĂ€ šĂ‰£§Ă‰ŠŠĂŠ §Ă?ÄłĂŒÂşĂŠĂ€ÂŚÄšÄ? ²ĂŠÂť ÀÉĴ²ĂŠ ĂƒžĂŠÂťĂ”¡ĂŒĂœº¡Ă‘²

Âź Äł ° ÄšĂŒĂ€ĂˆÂźĂ‰ à Ä? ¡ĂŒ²ĂŒÄśĂŠŸºŽÄ? ¾Ě Ă…²Ă?§ĂŠ ÄśĂŒ²ij ĂŠ²²°Ä?

(Boardroom)

Mr. Norpong Suksanguan Mr. Teerayuth Tantraphon Ms. Pacchanya Chutimawong Mr. Wattana Laipermpoon Pol.Lt. Sivaraks Phinicharomna Asst.Prof. Anucha Chintakanond

²ĂŠÂť Ă…šĂŒĂ€Ă?Ä´ĂŒ ¡ĂŒºžĂ•Ă‚ÂŚĂ‚Ă?ÂźĂŒÂťĂŠ

Mr. Apiwut Pimolsaengsuriya

ÂŁÂŽĂˆÂľĂ‘ÄŠÄśĂ‰IJ°ĝĂŠ ÔĜĊʥŌ

Owner

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

Thai Institute of Directors Association

 Ă…Œ³ŸŸŽĂŠÂąĂŒ ĂŠÂź

Editorial Team

²ĂŠÂŚĂ‚ĂŠĂ€ ÄšĂŒÂźĂŒ¡Ÿ Ă€Ă?Ä´ĂŒ Ă?ž

Ms. Siriporn Wutthigul

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

Ms. Sarinee Ruangkongkiat

²ĂŠÂŚ Ă€ĂŒĂ˜žŸĂ‰ij²Ä? Ă”²ÄŠ²Ă•Ă‚Œ¹ŸŸº

Mrs. Wilairat Nensaengtham

²ĂŠÂŚ Ă€Ă?ŸÀŸŸŽ ºÉ²²ĂŠšĂŒ²Ă‰²°Ä?

Mrs. Wirawan Munnapinun

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

Ms. Suthinee Kerdchuay

ÂĝÊ²Ă‰ ŒĂŠ²ijĂŒIJijĉÅ

Contact

ĂƒÂşĂ‘Ä‰ Ă–£ŸŒ ĂŠŸ²Ă…ÂźÄ?¹´ĂŠÂźÄ?ÂŁ

Northpark Project,

Ă”ÂĄÄłĂƒžĂ‰ Ă‚Ă?Ăœ  ŸĂ?ÂŚĂ”°¡Ă‡

Thungsonghong, Laksi, Bangkok

Ă–°ŸĂ‚ĂŠÂź

Tel: (66) 2-955-1155

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

E-mail: sarinee@thai-iod.com

Ă…ĂŠÂŁĂŠÂź Ă€ij° Ă…ĂŠÂŁĂŠÂź §Ă‰Ă?²

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

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

Vibhavadi-Rangsit Road,

Ă–°ŸĚÉ¡°Ä?

10210

E-mail: sarinee@thai-iod.com

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

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

Board Welcome

BOARD

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WELCOME

6 | Boardroom

waste time. We are actually part of corruption that happened. If we begin to change, starting with ourselves by refusing to pay bribe in any case. Everyone has an equal right to reduce social gap in Thai society. IOD as secretary general of Thailand’s Private Sector Collective Action Coalition Against Corruption: CAC aims to emphasize the importance of cooperation in private sector to set rules and regulation, and create good governance as an organizational culture. No tea money should be offered for public sector in a bid to wipe out corruption. Thailand’s 8th National Conference on Collective Action against Corruption organized last November highlighted a topic: Bright Spot: Lighting the way to a corruption free society. Over 10 experts from diverse field joined the session interestingly held in a Ted Talk style. The conference ended with announcement of CAC-certified companies in the third quarter of the year. Details can be found in Cover Story. Citizen Feedback is the CAC’s latest launch before moving forward to 2018. People can easily evaluate their feedbacks on business contact with any government authority within two minutes through online evaluation app easily scanned by using QR Code. The project received good feedback beyond expectation and that could lead to improvement in service standard in the government sector nationwide. Read Anti-Corruption in Practice for more details. Finally, whichever your level is, if we work together to create corruption-free culture, we can move our country away from the crisis. New year is a new beginning to do a right thing, starting with us individuals, then expand to cover other areas in the business sector, the society and the country in a long term. Editorial Team

CEO Reflection

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

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8 | Boardroom

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The core content of this edition of Boardroom is the promotion of corruption-free society. On November 21, 2017, Thailand’s Private Sector Collective Action Coalition against Corruption (CAC) held an annual national conference, entitled “Bright Spot”, with over 300 participants. The event was considered a big success as it demonstrated clearly a close collaboration between the business sector and civil society in sharing ideas and tools to tackle the country’s corruption problem. The conference showcased bright spots in various fields ranging from local and international academics, business leaders, and media. All speakers recognized the urgency of the issue and saw the CAC as a platform for collaboration among concerned parties in addressing the challenge and stand ready to support. The CAC membership has grown continuously with 860 companies signing up, pledging to conduct clean and bribe-free business, while over 280 companies have been certified for having put in place policies and high compliance standard in accordance with criteria laid out by the CAC Council. Some 30-50 companies applied for CAC certification each quarter. The power and growth momentum of CAC members continue to rise. Key leaders in the business sector have joined the coalition as they see tangible benefits in joining, which include reducing fraud and bribery risks as well as creating confidence and trust among stakeholders. This made other companies want to join the collective action, amid calls from all quarters of society to do something about corruption. All these factors have turned the CAC into a national movement.

Our next question is how to leverage and enhance the power of CAC to actually bring down corruption in Thailand. I can think of three things that need to be done: First, we need to build tools for citizens and the business sector to participate: projects that can become bright spots i.e. Citizen Feedback, Watch Dog, Growing Good etc. Second, we need to increase the number of corporate participants, both sizable companies and SMEs, while government officials and the civil society as well as citizens should be encouraged to do what Toon Bodyslam is doing: to create a powerful force of change in the behavior in the society. Third, we need to use such force to drive reform in legislation, regulation, and public service procedures to ensure transparency and accountability. If we achieve these three things, there will be a better chance of a successful battle against corruption. Moreover, the private sector and civil society also need to support the work of crime fighting agencies, i.e. the NACC, PACC, OAG etc. to strengthen and uphold the rule of law. We need to understand that corruption is a problem that can be fixed, but all relevant parties including citizens, corporates, government officials, and politicians need to join hands. This can be by done by creating and supporting the existing little “bright spots” to make them brighter and spread all over the country. Metaphorically, corruption only thrives in the dark. If we all help turn on the lights, it will die. Therefore, everyone must do their bit to root out the disease.

Boardroom | 9

Cover Story

#Ė.5=J L<W8č_G3dL1L"[5DS DK" ;1O_5=LB#L G= =K5%K3

Light the way to the corruption-free society

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Prof. Nikos Passas

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10 | B o a r d r o o m

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Mr. Frank Brown

¿ïìôë <O$I TCWMGTDe =ER_9J9Wg$lTGS* JX $ KT`;I9T*$TE6l T _;V ; $TE%O*a'E*$TE À¾À _@YgOc==ES<b- b;=ER_9J%O*7SI_O* OD T* _- ;b;OV;a6;W_.WD$fCW$TE7Sh*'5R9lT*T;%Xh;CT _@YgOJX$KT_EYgO*;WhOD T*+EV*+S* _%T<O$I T=ER_6f;LlT'S 9Wg+R- IDES$KT aC_C;7ShC%O*$TE7 O7 T;'OE ES=-S; 'YO 7 O* CW$TE@S4;TcO_6WDbMC e %Xh;CT a6D7 O*c6 ES< $TEL;S<L;Z;+T$BT'ES2 `7 9Sh*;WhO*' $E7 O7 T; 'OE ES=-S;BT'_O$-;+lT_= ;7 O*ES$KT'ITC _= ;OVLER_OTcI bM c6 ;O$+T$;Wh $f7 O*CW$TE;lT = ++SD_LWgD*7 T*e _% TCTE IC@V+TE5T6 ID `GR 9WgLlT'S 'YO7 O*MT<Z'GT$E9WgCW'ITCLTCTE8 `GRCWOZ6C'7VCTE IC%S<_'GYgO;a'E*$TE b;- I*9WgLO*%O**T;LSCC;T.Xg*b- -YgOI T Åìíâ æë Þàñæìë CW;S$:ZE$V+ER6S<`;IM; T%O* =ER_9JMGTD9 T ;%Xh ; CT_G T bM _ ETA * 8X * =ERL<$TE5 b;$TEE IC_= ;L I;M;Xg*%O*'ITC @DTDTCb;$TE7 O7 T;$TE9Z+EV7'OE ES=-S; 'Z5IVEVDR +*c@JTG $EEC$TE>[ +S6$TE <EVKS9 `$Gf$a.LCV9c'G ; ¥=ER_9Jc9D¦ ¥ÄÐȦ @[68X*OZ7LTM$EECDTb;=ER_9Jc9DI T $TE7GT6 %O*OZ 7 LTM$EECDTCW % O +l T $S 6 _;Yg O *+T$cC LTCTE8LYOg LTE$S<>[< EVaB'a6D7E* $TE%TD7 O* > T;`@9D _= ;MGS$ 6S*;Sh; 7SI`9;+lTM; TD+X* 7 O*CW$TE7V67 O LE T*'ITCLSC@S;: $S<`@9D

Mr. Viriya Chongphaisal

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Mr. Pliu Mangkornkanok

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Mr. Rajiv Bawa

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Mr. Vichien Phongsathorn

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Ms. Voravan Tarapoom

Mr. Prasong Lertratanawisute

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goal of eradicating corruption from the society.

Assoc.Prof. Thanee Chaiwat

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Prof. Passas emphasized that agencies responsible for anti-corruption should be aware of the context relating to policymaking on anti-corruption measure. Collective action against corruption in the private sector needs a shared value whether it is economic value or value of society to cope with the challenge. Shared goal needs to be identified. Evaluation system needs to be established. Social On 21 November 2017, Thailand’s Private activities and public relations should also be Sector Collective Action against Corruption continuously organized. organized an annual seminar on the topic “Bright Spot: Lighting the way to corruption Frank Brown, anti-corruption team leader free society� at the Dusit Thani Bangkok Hotel. from the US-based Center of International Over 300 participants attended the event Private Enterprise, was the next speaker. aimed at strengthening network among The agency is the main supporter of the CAC business and civil sectors, brainstorming project since the 2010 establishment. He and lighting the way to the corruption-free talked about his impression on CAC power society. and capacity as a sample for private sector, its role against corruption and a case study This year’s event was adjusted and updated for many other countries. Flexibility and being in a Ted Talk format so that participants could bold to try new ideas are unique factors learn experience from each speaker’s real enabling Thai CAC to stand out in a global point of view. context. The morning session began with Prof. Nikos Passas, one the world’s famous anti-corruption guru, giving a speech on challenges facing anti-corruption and future trend. He talked about difficulties in solving corruption and driving away the Culture of Corruption to the Culture of Integrity. He said different rules and regulations in different countries created more burdens to different agencies required to follow. Although some rules and regulation could reduce corruption risk, the outcome remained “disappointing�. In reality, many countries still faced challenges of rules and regulated being exploited to take advantage from political rivals. Moreover, rules and regulations could be enforced only among small cases instead of major corruption at policymaking level. Output is more focused than outcome. As a result, problem solving is not holistic and fail to hit the outcome-based

(1) CAC takes comprehensive approach to reduce incentive and opportunities that may lead to corruption. (2) CAC is a platform that enables voluntary gathering to counter corruption in private sector. (3) CAC takes parts in improving public governance. (4) CAC is a source of new anti-corruption ideas in private sector. Brown said several other countries were studying the Thai CAC model in order to adapt and implement in their own countries for example Indonesia. To maintain the anticorruption momentum, he said new ideas would have to continuously be developed and supported by the government sector. The organization must also remain independent. Other risk factors need to be taken into

account. It is crucial to find human resources equipped with capability and idealism to join force in driving forward the anti-corruption movement. The second session of the seminar called “Hope in action” was packed with leading speakers and businessmen from several countries coming to share their experiences as part of the anti-corruption force. Mr. Viriya Chongphaisal, Managing Director, GlaxoSmithKline (Thailand) Ltd. said pharmaceutical industry in Thailand has limitations to communicate with consumers. All communications must be through medical doctors and that pharmaceutical representatives will have to connect and establish a relation with medical doctors, provide sponsorship in many ways in order to meet sales target. Publicraises question if it is appropriate to do business with such approach. Realising about the controversial issue, business approach had been adjusted to follow anti-corruption standard. New policies have been set. First, no sales target. Pharmaceutical representatives would not

be pressured. Second, no direct sponsorship provided to medical doctors. Sponsorship will only be provided to the hospitals/ organizations. However, these organizations may select those appropriate, who are not medical doctors prescribing GSK products, to get supported.

memorandum to join in the CAC project is seen as a good sign that the private sector joined force with CAC to bring change to the industry.

TISCO chief executive officer Pliu Mangkornkanok talked about investment trend and sustainability as part of the Many representatives resigned due to such following Environment, Social and a swift change in policy at the beginning. Governance: ESG investment factor. However, series of communication with sales representatives were undertaken in 1. E-Environment: Equipped with a policy on environmental management and order to encourage them to continue being effective resource use “change agent” for the industry. Interestingly, sales target increases. Medical doctors 2. S-Social: Constant staff development, enable related communities and understand the change and would like to companies to grow sustainably see it too. 3. G-Governance: transparent implementation and risk management model Only a pharmaceutical company may not be able to solve all problems and bring change to the industry. However, it is a good start Rajiv Bawa, Chief of Corporate Affairs Officer for other key pharmaceutical players to of DTAC, said corruption was also related look into the matter. The world’s top three to innovation. If company staff were not pharmaceutical giants and Pharmaceutical associated themselves with corruption Research & Manufacturers Association and reported any graft-related case to the (PReMA) members including Astellas directors, they would be much confident in Pharma (Thailand), Boehringer ingelheim their work and paid attention to innovation. (Thai) and Novartis (Thailand) signing Such impressive experience will also be shared to customers.

B o a r d r o o m | 15

1) Get four-star CGR score from Thai IOD 2) Certified by CAC Such initiative by Thai investors is considered a game changer in investment market that has never happened anywhere else. Investors giving importance to this issue is considered another factor that makes other listed companies give importance to the matter, leading to the better corporate governance among businesses in Thailand. ISRA Institute Director Prasong Lertratanawisute talked about investigative media and its role in exposing corruption by seeking facts and Vichien Phongsathorn, President and Group in-depth evidence and reviewing credibility CEO of Premier Group of Companies, of information received from government shared his experience that it was a must and private sectors. for executives to lead a corruption-free culture in the organization and put in practice However, news consumption behavior as a sample. Business goal is not only nowadays much affected mainstream profit-oriented, but do more for the media, he said. People read concise news from mobile phones, at almost real time. New organization, he said. media prioritized speed competitiveness Despite increasing public demand on but compromised high quality of content, participatory approach against corruption, fact and precision. a platform that enables public participation to solve the issue is still lacking. CAC and He believes if investigative media is other agencies i.e. Anti-Corruption Thailand supported, they will be able to work (ACT), Thai Honesty.org, Growing Good, effectively in a bid to expose graft and should work together and encourage the conflicts of interest in government sector, leading to reduction of business cost and public to be a part of anti-graft solution. bribery. The third session called “Game Changer” talked about “light” that is already lit up in Associate Professor Thanee Chaiwat, Thailand. Voravan Tarapoom, chairman academic at Chualongkorn University’s of the Federation of Thai Capital Market faculty of economics and director of Organizations (FETCO) and the Association Chulalongkorn Economics Research Center, of Investment Management Companies talked about a study on economic behavior talked about coordination between 11 based on a game test among four sampling investment companies introducing CG provinces in four regions nationwide. Here Fund as an option for investors based on are major Thai characteristics: a principle belief that companies having 1) Thais are willing to reward those doing good things, but do not want to associate corporate governance would gain good themselves with any punishment to profits in a long run. those wrongdoers. 2) Thais give importance more to being A total of 150 stocks listed in the CG Fund somebody than being fair and justice. category based on these two factors:

Following such behavioral test, Dr. Thanee proposed methods for appropriate social justice in Thai context. 1) Donation for organizations campaigning on anti-corruption and social public awareness should be systemized. Corporate governance businesses should be rewarded for being a part of anti-corruption. 2) Seeking social influencers to help campaign against corruption and ignite the movement from a small group to the public.

Dr. Bandid Nijathaworn

16 | B o a r d r o o m

Corruption is a deep-rooted menace to the Thai society. It is almost impossible to eradicate corruption within a short amount of time. It is crucial for everyone to join hands to improve the system and mechanism both in the government and the private sectors and reduce any factor that may lead to corruption for example, replacing business contact with government offices with e-document submission to avoid the so-called “authority discretion” regarded as one of the major factors leading to corruption and conflict of interest in the government sector. We’ve seen lights shining in several areas. The next step needs our effort to light up the lights and make the Thai society become corruption free by ourselves. --------------------------------------------------Event Supported by

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B o a r d r o o m | 17

Board Briefing

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On 15 November 2017, Thai Institute of Directors (IOD) held Chairman Dinner 2017. The event was supported by Bangchak Corporation Public Company Limited and Kasikornbank Public Company Limited. Stock Exchange of Thailand’s Board of Chairman Dr. Chaiyawat Wibulsawasdi presided at the event and gave a keynote speech on the topic relating to challenges chairman should prioritise in order to lead the organization towards sustainable growth. Here are four key points from the session.

1. Effectiveness of directors work The key role of chairman is to lead directors and progress the organization. The first important factor is that company should be equipped with a good structure of directors having diverse skills and expertise that will enable board of directors to work effectively. Selecting high-profiled directors depends on readiness of each company. Some may come up with Matrix strategy that identifies qualifications of each director.

governing and push forward an organization. Dr. Chaiyawat foresaw that at least each company needed a probe panel and risk management directors. Chairman has a role to push these two panels to strengthen their works. At present, risk management is crucial as risk dimensions are increasing. Not only financial but also operational, strategic, reputation and sustainability risks should be prioritized. Moreover, a company needs risk appetite and risk tolerance analysis. Corporate Governance or CG committee or sustainability committee, if available, will enhance company’s strength. However, factors such as size and readiness may need to be taken into consideration since some company may lack directors to appoint several committees, or may even lack independence.

2. Working method between chairman and executives

A key role of chairman is to set a company’s direction, strategy, policy, workplan approval and to supervise work, advise, follow, evaluate and enhance a company’s long-term strength, In addition, appointment of each sub- internal system and human resources. committee is considered crucial for

20 | B o a r d r o o m

Chairman should avoid intervention or interference with management in normal circumstance (or should not cross the line). Dr. Chaiyawat said he gave a principle of creating mutual understanding from the very beginning with executives which method should be carried out and explained that chairman would not be the second CEO. CEO would be informed in advance in case work with any executive is needed.

3. Set a future direction Dr. Chaiyawat said many essential things for companies started with a leader. For this case it’s a chairman, CEO or directors. The important issue is to bring sustainable development to not only the company but also the society. The key concept is that a company should think not only about its business and economy but also social and environmental dimensions. The thing is these factors will lead company to sustainability. The four principles that each company should pay special attention are 1) Corporate Governance from directors to staff level 2) Risk Management, especially risk that has already happened and become

a crisis 3) Supply Chain Management: effective management from the beginning to the end and 4) Innovation that gives business opportunities for new ideas and customers.

4. Establish good organizational culture Establishing a good value at the organization is what each company should prioritize. Staff should be enabled to understand company value and put into practice on a daily basis until it’s become organizational culture. Applying corporate governance into staff work and encourage staff to integrate innovation into their present work to make it better. After a special keynote speech by Dr. Chaiyawat, IOD conducted a survey among chairmen and directors. A summary of key points is available as follow: - Majority 77.6% of respondents believe Thai economic trend in 2018 will be better compared to 2017 - Top three issues that directors will take more time for consideration in 2018 are: 1. Strategic operation for business (77.6%) 2. Sustainable development (61.2%) 3. Risk management (55.1%) - A total of 81.6% takes “Sustainability” into consideration to identify targets and company strategy --------------------------------------------------Event Supported by

3²D²G= L3/ #P"2O=8L3N% Û² ÝÚÉÓÉÚÖ ÝÖÏÜÐÑÚÉØÉÖÑËÐ Senior CG Analyst Research & Policy Thai IOD

B o a r d r o o m | 21

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Mr. Michael Paese, Ph.D., Vice President, Succession & C-Suite Services of, DDI gave a talk entitled “The sleeping giants of succession� at the IOD-organized Director briefing 4/2017, held in Bangkok on 6 November 2017

how staff at the high executive level observe situations in a unique way, such as when people are surprised with new challenges and how they tend to behave in a way that can be predicted and anticipated. So, in the future, those who serve on the board of directors are confronted with the question, Dr. Bandid Nijathaworn, President and CEO “who will lead and how should they be of IOD, began the event with warm welcoming prepared for their future success?� address. Mr. Paese, then delivered his address, with a brief introduction of DDI, He explained that in this fast-changing an organization that he has been working world, digital disruption has a greater at for 23 years as a consultant for many effect on the way an organization functions board of directors and chief executive when compared with the past. It is often too officers around the world. The discussion to hire someone outside an organization to was centred on the challenge board of solve this problem when it is changing. So, directors face in creating people who DDI has created the program called “The 9 are capable, particularly the leaders. A Box� to recruit people with high potential to collaborative effort is required to achieve invest in. this, involving the board of directors, the chief executive officer and human resources. According to Mr. Paese. DDI also conducted The most effective way to determine the research on more than 2,500 companies potential of a leader is by observing them in over the period 2011-2017 and found that the work environment. “while investment in leadership development has been steady, leadership readiness in Mr. Paese then talked about a study facing new challenges have been decreasing�. conducted by DDI entitled “High-resolution Also he noted that “HiPo Programs� to Leadership�. The study dealt with observing accelerate the growth of leadership in how people behave. Specifically, it evaluated organization indicated that:

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- 65% of the organization studied have a program to boost growth; - 68% of the those programs are now functioning well; - 5 out of 6 of human resource leaders are not satisfied with this program. Mr. Paese said the program is ineffective if the focus is only high level management; it needs to concentrate on the entire level of leadership. Most leaders of an organization are involved in this program but few are actually participating in it. When they become more active, the number of potential leaders in an organization will increase. Below are six aspects of success: 1. Commit: make growth as a priority; 2. Aim: define leadership in the context of the organization; 3. Identify: make the decision who can advance in an organization most quickly; 4. Assess: evaluate gaps carefully with good tools and technology 5. Grow: make the right development for the right people at the right time 6. Sustain: manufacture the energy for growth

24 | B o a r d r o o m

He said all of those aspect do not have to be carried out to be successful. Choose one or more to be great at to accelerate the imperative in the six things so the organization can be energized. Overall, to accelerate growth of leadership in the changing world, taking stock in people must be done sooner ratherthanlater.Thisisthepathtogrowth.Ifitfeelssafe,growthitisnot going to happen but if it seems risky, there a good chance of achieving growth. Finally, one of the most important jobs of the board of directors is to evaluate the balance of risk with people. -------------------------------------------------------------------------Event Supported by

3²D²-K%%L Aþ#J=J-J Û² ÉÜËÐÉ ÑËÐÉÚÉÖÉ Member Relation Officer Thai IOD

Board Briefing

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26 | B o a r d r o o m

Developing a strategy to navigate complexity in this uncertain world was the topic of a special presentation given by Mr. Christopher Hafner, founder of Tansversant Ltd. and fellow at the Institute of Directors of the United Kingdom on 31 October 2017 at a networking event organized by IOD.

the Sat Nav system, that uses satellites to provide autonomous geo-spatial positioning. Similar to the system, the strategy is the destination set on the system, the route is the strategic plan which the organization plans to follow to reach the destination and the progress made in proceeding on the defined route is the execution of the plan Dr. Bandid Nijathaworn, president & CEO with respect to the parameters of the of IOD, welcomed Mr. Hafner, noting how strategic plan. relevant the topic is during this time of uncertainty and his invaluable contribution In the next part of the presentation, Mr. Hafner, as a guest lecturer for the IOD master class focused on scenario planning. As is often (SBM) on optimizing management risk. the case, a strategic plan does no go as expected due to various roadblocks. This, Mr. Hafner began the presentation by in turn, calls for the need to apply scenario giving a definition of strategy: provides a planning. An organization must be agile to bridge between policy and action, between adjust to the impediments, just as with a Sat ends (goals / aims / objectives) and means Nav system, when a route is blocked or the (resources / capabilities / advantages). He user makes a wrong turn. In which case the further elaborated that strategy informs the system, using various sensors to come up route map between where we are now and with an alternative route plan, to reach the prescribed destination. The equivalent to where we want to be in the future. compiling information based on the sensors To lineate strategy and how strategic and coming up with alternative routes is the portfolio agility works, he used as an example process of scenarios planning

Mr. Hafner, in the discussion on scenario planning, presented numerous factors that need to be taken into account, including, among them, technology, competitors, regulations and geo-political trends. Once they are set, the next step is take an approach which entails: orientation, the key focal issue; exploration; the driving forces; scenarios, what scenarios build the framework; options, the robust strategies; and integration, the early warning signs. Then, the process involves framing the challenge, by gathering information, identifying driving forces, determining level of certainty, generating scenarios, creating storylines, validating the scenarios, assessing them, identifying weak signals and monitoring and adapting as events unfold.

The presentation concluded with specific real-world examples. One involved a comparison of two banks in the United Kingdom, one bank was seen as progressive and innovation and the other as stodgy. However, the latter bank was more visionary fin following the trends and came up with a more competitive long-term strategy. The other example, showed how a company founded in 1880 has successfully adapted its product line over the years from producing wood buckets to providing aerospace payload.

He continued that taking in the results from the process, the next step is to develop four plausible scenarios for an organization to consider as it pursues its ultimate objectives. Having in place those scenarios makes a firm more agile and ready to take on possible challenges.

B o a r d r o o m | 27

DCP English Residential Program @ Anantara Riverside Bangkok Resort

Director DCP 256/2018 Certification 11 - 16 February 2018 Program

DCP 28 | B o a r d r o o m

www.thai-iod.com

+66 (0) 2955 1155 ext. 406 Ms. Tanyaporn tanyaporn@thai-iod.com

Board Development

Updated COSO Enterprise Risk Management:

Integrating with Strategy and Performance

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Ms. Varunee Pridanonda

30 | B o a r d r o o m

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“Good ERM starts at the top of the company, then quickly becomes part of how everyone thinks and treats the risks they face in their day-to-day work.â€? ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ Enterprise Risk Management-Integrated Framework which has been made by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) since 2004 is a tool that many companies use as a risk management framework to ensure the stakeholders that the companies could achieve their goal. However, the business environment has changed drastically. As a consequence, the risks are more severe, especially the risk at strategic level. Thus, COSO has adjusted risk management framework again on September 6, 2017 and publicized the new framework under the name “Enterprise Risk Management – Aligning Risk with Strategy and Performanceâ€? IOD considers a new COSO ERM Framework as a useful tool for the duty of the board of directors in corporate governance which they are expected more from the stakeholders for this duty. On November 8, 2017, IOD organized a meeting Independent Director Forum on the topic “Updated COSO Enterprise Risk Management: Integrating with Strategy and Performanceâ€? The talk at the beginning was given by Mr. Edward Clayton, strategy& managing partner, PwC SE Asia. He explained the importance of the strategy because the business environment had changed with a higher acceleration. The organizations have to understand it and be able to connect the strategy with the risk. It was a challenge for the organizations that they had to deal with the situation with a smarter strategy. Besides, there were the instability of politics in Asia and Europe such as, Brexit, pressure from regulations, digital change and expectation from the customers. B o a r d r o o m | 31

Ms. Pinpradab Chotiprasidhi

During the talk, there was an opinion Strategic planning begins with vision, survey of the attendants which could be mission and value. From these, the summarized as follows, organization develops strategy and objective. Then, the strategy is implemented, 1. Fifty seven percent had an opinion that evaluated and monitored if it could be done digital risk was the most important risk according to the strategic planning and for Thai companies. Other 21 percent the strategy could increase value for the focused on the unexpected risk. Nevertheless, organization. However, in the past, the Mr. Edward Clayton raised an example of connection between strategy and risk in Blockbuster that had closed because of most organizations was not so effective. the technological change but the leaders Thus, COSO presented a concept to did not have a strategy to deal with it and consider strategy and risk simultaneously. When the process of the strategy goes denied to change themselves. forward, the risk management process must 2. Fifty two percent indicated the frequency also be stepped up. that the board of directors received a risk report from the management every 6 COSO has divided the risk management months and 33.3 percent received a report process into 5 components according to the strategy development which consists of annually. 20 principles as follows, 3. Only 28.6 percent was satisfied with the quality of the risk management report from 1. Vision and mission statement, the the management and other 65 percent had organization must set a framework for risk management and corporate culture to an opinion that it should be improved. address the risk management. Then, Ms. Varuni Preedanon, corporate governance, risk management, internal 2. During the development and setting of control and internal audit advisor-partner, strategy, the organization has to create PricewaterhouseCoopers ABAS Company an environment for business operation to Limited presented the topic “What’s new determine the risk appetite which helps in COSO ERM 2017�. The key issue that to make a framework for assessing the COSO had been adjusted was connecting strategies of the organization through risk strategic planning and risk as following dia- assessment of each choice. This allows the gram. organization to consider which strategy is the

32 | B o a r d r o o m

best for the organization to manage the risk. 3. During the implementation to achieve the objective at business level, the risk might have an effect on the success in strategy implantation at any time. Thus, the risk has to be indicated, assessed and responded at the same time. We also have to look at the risk management with the bird-eye view. This will make the risk management throughout the organization and strategy management more effective. 4. During the strategy implementation, revision and improvement of the strategy management is possible. The organization has to assess the changing risk in order to develop and improve the appropriate risk management process. 5. Finally, risk management is a process that needs continuity. Data storage and internal and external information communication is an important issue which will have an effect on the effectiveness of the strategy management and effect on value creation of the organization in the end. Certainly, the strategic plan has to be adjusted every 6 months or every quarter. If the strategic plan does not meet the goal or it becomes riskier because of the changing situation, it needs to be revised. Sometimes, the strategy itself has to be

revised. The risk management process of management to different subcommittees the organization has to be considered as based on their expertise well. - The board has to consider if they take care From the case study of Kobe Steel, the of the risk in regulation compliance. board has to include people from outside to ask questions that people inside may The challenge of the board in risk overlook. The society expects the role of management is how to know if the risk independent directors that they will ask management system really creates value questions related to the company’s risk, for the organization because the goal of such as in the case of GM, as a lesson of risk management is to make the strategy failing to manage the risk because there is successful. The board has to notice if the a call back of cars. If the organization has organization has the following characteristics, a good risk management, there will be no damage, fine or effect on the reputation and - The talk about strategy has only opportunity but not risk. financial status etc. Therefore, the role of independent directors is very important in risk management. In the manual of independent directors of the Stock Exchange of Thailand (SET), the duty of the independent director is indicated that he/she has to ensure that the company has an appropriate internal control and risk management system. Besides, the CG Code prepared by the Securities and Exchange Commission also presents the role of directors in risk management.

- There is a risk but there is no analysis and the link to show how the risk affects the organization - Focus on the risk that could be seen easily, indicate the same risk every year. Thus, the board has to ask for new risks.

- The executives do not focus on ERM. The executive should be asked how the risk management is. Compare the current practice with the international practice The key issues that the board has to focus recommended by COSO, analyze if there is a different issue. If there is no risk at on are as follows, organization level or strategic level, the - How can the board ensure the investor executives have to improve it first. confidence that there is an effective risk management? The recommendation is that A good organization with a good the directors have to consider the information management is the organization that has disclosure how to explain the risk to the the risk management linking with strategic shareholders and investors to understand planning. Both are planned simultaneously. the risk completely and how the board The risk management should be a priority from the upper level first, and then it could manages the risk. create a culture of risk awareness through- Consider the composition of the board out the organization. if the board is composed of directors with --------------------------------------------------- expertises from different fields and the composition is appropriate. Event Supported by - The risk that the director might not see, the board has to assign or allocate the risk

3L"DLABN=þ8= A"B W ÿ<A Ms. Siriporn Wongkeaw Senior CG Analyst - Research & Policy Department Thai IOD

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

B o a r d r o o m | 33

Board Development

Cybersecurity: an IT problem?

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On November 22, I had the opportunity to attend the Cyber Resilience Leadership seminar organized by the Bank of Thailand (BoT). In the event, BoT invited experts in cyber security from leading international organizations to give a talk for more than 200 directors and senior executives from financial sector to realize the importance of preparing their organizations to protect themselves and deal with cyber risks effectively. Nowadays, many businesses used IT to run the business and create more growth. Thus, every business had a risk of being victimized by people who wanted to make the most of their advance in IT in the wrong way. It could be said that no company had ever been hacked anymore because there were only the companies that were aware of being hacked and those that were not aware that they were hacked. It was important how the company afforded cyber security to protect themselves from the hackers and when they hacked into the system and cause damage. How did the company afford Cyber Resilience to cope with the hackers and resume normal business operations as soon as possible? In addition to the ideas about the role of directors and senior executives in creating cyber security and cyber resilience for their businesses, there was also an interesting issue and questions that the guest speaker encouraged us to consider throughout the event, namely the cyber security was concerning the IT system to work smoothly and be able to protect the company data, thus the risk of cyber security that the IT system was hacked or attacked in various forms, were they merely the problem of IT?

Recent 2 cases from 2 companies might discounted the products at all branches for 10% as a compensation. However, the sale answer the question. in the fourth quarter fell more than 50% and Many of us might remember the case of 4% when compared with the same period hacking the system to steal data at the end last year. Furthermore, the company also of 2013 of Target Company. On December had to pay a compensation for 61 million 19, 2013, a giant company in retail of the US dollars for the customers. It was also United States revealed that its system accused and had to pay for the sufferers was hacked to steal the data of more than and the state for 200 million US dollar 40 million credit cards of the customers followed by the improvement of cyber that shopped during the festival at 1,797 security and resigning of CIO in March and branches of Target. Although it was known resigning of CEO in May 2014. to the world on December 19, in fact, the hackers had hacked the system of Target Although, there was no a clear reason why to release a malware since November 27. Steihafel who had worked at Target for It was detected by a program that worthed 35 years resigned, some analysts had an 1.6 million US dollars of Target (the same opinion that it was not surprising if the program as CIA and Ministry of Defence). CEO would have a feeling to show his The program sent warnings to the IT responsibility to the incident that had a Security Department of the company for 2 great impact on finance and credit of the times but it was ignored and there was no company because the response of Target action taken. It was until December 12, that to the incident was not immediate and it did the Ministry of Justice sent a notice to the not consider sufferers sufficiently. company that there were many unusual transactions at many branches of Target. Another case was also a headline a year Then, the company started to investigate after the incident of Target and many of us the system. After that, on December 15, might have known very well. It was a case Target confirmed that the system was of Sony Pictures, a company under Sony hacked and started to eliminate malwares Cooperation. On November 24, 2014, a from the system, although it had been half group of hackers name Guardians of Peace month already. One month later, on January attacked the IT system of the company 10, 2014, Target just revealed that in causing the system to stop working. The addition to credit card data, some personal hackers also released the important internal data such as address, e-mail and telephone data of the company, including strategic number of more than 70 million customers plan, marketing plan, salary structure of the was also hacked at the same time. senior executive, personal data and social security numbers of present and former As a consequence of hacked system, Gregg 47,426 employees, law contracts, e-mails Steinhafel, company CEO had to apologize of the executives with shaming message employees and customers of Target and concerning the stars, unreleased movies, B o a r d r o o m | 37

including The Interview which was a parody had entered the system 3 months ago and it movie about assassination of North Korea could be compared with using a key to open leader. a door that could go to every room because Sony Pictures had a careless IT security. This incident was a headline at that time. To enter the system was not two-factor It was not because the Guardian of Peace authentication that the user had to fill in required Sony to cancel the release of The password for authentication for 2 times. All Interview that could bring terrorism and lead Important data and documents, including to the conflict between United States and contracts and business minutes were North Korea but the quantity of important stored at a central server, while e-mail data that should be confidential (including server still kept old e-mails dating back for shaming data) that was revealed. The 7 years without encryption Furthermore, society questioned how a world class the workers also worked carelessly such as company like Sony was so careless. keeping the password for authenticating the However, this was not the first time that system in a file name “Computer Password� the company was attacked by the hackers. in their computers. In 2011, Sony Computer Entertainment Europe was attacked by the hackers and The IT system of Sony Pictures was halted they stole personal data of 77 million for a week by this incident and the company customers worldwide on PlayStation had to spent more than 35 million US Network. This case, the company had dollar to restore the system and another 8 to pay for reparation of the system and million US dollar as a compensation of the compensation for 170 million US dollars. employees that accused of the company Besides, it was fined 250,000 pounds and much more to improve internal IT by Information Commissioners’ Office of system to be more complex. Moreover, the England because it was found that the company was well known when people system was hacked easily because the talked about hacking data, although the company did not update anti-hacking incident in 2011 of hacking PlayStation software. Only 3 years later, the similar Network was a lesson for the company incident happened again. Even worse, the already. The important cause might be investigation of FBI found that the hackers because in 2007, Jason Spaltro, an executive Department of Information Security of Sony

38 | B o a r d r o o m

Pictures had interviewed that he would not invest 10 million US dollars to prevent the risk of the company that cost only 1 million US dollar. If the company had a complex IT security system but the employees would write down their passwords on post-it and put it on the computer anyway. From these examples, you will see that Target and Sony Pictures were affected greatly for their finance and image. It also had a direct impact on the business operation. In case of Target, the customers did not trust the system security and did not go shopping at Target. As a consequence, the company had to greatly improve its security system. For Sony Pictures, the IT system was halted and the important data and intellectual properties that had an effect on advantages of the company were revealed. Although IT was a key component for cyber security risks, the business should consider this kind of risk as business risk with strategic importance in order to manage properly because if the company considered it as it was only IT problem, the risk management and problem solving would be only the affair of IT department not the business sector. In addition, these 2 cases have shown us that cyber security was actually not a

technical problem but people and a leader had an important role in creating a culture that the workers realized the importance of cyber security to the business. Target had a high quality program against hacking with the same standard as CIA and Ministry of Defence but the cause that expensive program could not protect important data of the company from the hackers was the carelessness of the workers themselves that ignored the warning and did not take immediate action to check and solve the problem. It indicated that the workers did not realize how much the risk had an impact on the business. It was interesting how much a leader had a role in creating awareness for the workers. Surprisingly, Sony Pictures had a very careless security for its data that we could say it was an organization culture. The person that allowed this this culture to exist in the organization was the senior executives. Thus, it was not interesting to change the attitude of the workers because the leaders did not pay much attention to cyber security, although there had been a lesson from the affiliates already.

and some jobs, such as transportation service booking was done manually in order to prevent the business to completely stop operating. The next day after the incident, Maersk came out and explained that despite the operations were delayed, there was no leakage of customers’ important data from this attack. Two days after the incident, Maersk also reported that the company was able to limit the malware on the attacked system and return to normal booking service. It removed the malware and restored the system to return to normal within 5 days. On August recently, Maersk summarized the damage from this attack that might have an impact on the third quarter of 300 million dollar. Søren Skou, CEO of Maersk, had 34 years of experience with the company, but had been the CEO for 12 months before the incident., admitted that he had no experience in managing this kind of crisis. Skou took action immediately by attending a meeting with IT department to cope with the crisis to understand what was going on and decided which system was the most important and should be resumed first. Besides, he also ensured that there was both internal and external communication about the truth and progress to solve the problem regularly, especially updating the status of ports and transportation service booking system. Lastly, Skou has empowered decision-makers in 130 countries that the company was operating to allow them to provide services to the customers without waiting for order from the central office or worrying about the cost. Skou also said that there was no way to prevent this kind of attack. We had to consider what to do if this happened again, what Maersk would do to restore the system faster and how to protect against the risk of being attacked more effectively.

Let’s take another look at what happened recently on June 27, when Maersk, the Danish-based Conglomerate company, the largest shipping company in the world was attacked by a ransom malware developed from the same code as WannaCry, called Petya that locked up the attacked computer network for a 300 bitcoins ransom. There were many companies in many industries in Europe and America that were targeted of Petya, mostly in Ukraine. For Maersk that managed 15% of the world’s shipping, the impact was so severe that the company had to shut down its IT system in order to keep malware from spreading. All shipments were stopped because the GPS did not work. The operation of 76 ports of the companies worldwide that were interconnected via the Internet were halted. Company personnel had to contact each other via their mobile phone via WhatsApp, The case of Maersk has shown us a because they could not use the email system different image from Target and Sony

Pictures, such as the speed of the company to deal with the problem, having a backup plan for the business when the incident caused the system to fail and emphasis on the importance of customers’ data. These have shown that Maersk considered cyber security as important issue for doing a business and the major risk of the company. Thus, it had measures to minimize the damage and the business could keep operating. Moreover, CEO and Maersk also showed leadership qualities that realized the importance of cyber security on business operation of the company and they were the example for other employees as could be seen from the understanding and participation in solving the problem, readiness to strengthen handling and risk management in cyber security and workers were involved in acknowledging important information and decision power to keep the company working. Target, Sony Pictures and Maersk were all the victims to the misuse of IT. Although it has shown a dreadful picture of the risk in running business at the present, all three cases show that businesses are able to cope with cyber security problem in any forms if there is a strong IT system and mindset of leaders and workers who realize the importance of cyber security on the business not only the problem for IT department and cyber security risk is a business risk that can be managed. Directors and executives as leaders of the company should consider how your business has a mindset toward cyber security and if it is only IT problem. Certainly, creating or changing mindset of the workers to create a corporate culture, the most important factor is the mindset of the leader itself.

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

B o a r d r o o m | 39

Board Development

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40 | B o a r d r o o m

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B o a r d r o o m | 41

Organizations often see technology as a critical enabler for human capital to the same degree that it is for other enterprise functions. Accordingly, many are investing heavily in implementing systems and methods for delivering a wide array of HR applications, including learning content. Technology promises to unlock new levels of growth by adding flexibility for how, when, and where learning is delivered and to better meet the needs of modern and next-generation learners. Yet, despite the high priority HR now places on technology adoption and the near-universal recognition of digital as a mandatory component of the contemporary learning landscape, core questions remain about tech’s benefits and limits when it comes to improving leader quality and generating business impact.

Worth Less Practice: (Over) relying on Digital-Based Learning

learning approaches. Whether due to higher technology expectations by Millennials or immaturity of current learning technologies, these forms of learning clearly haven’t yet proved their worth for most. Signs are especially problematic for self-study online learning (often seen by leaders as “on your own”). Though the second most-common learning method for Millennial leaders, it’s seen as the least effective, strongly preferred by fewer than 1 in 10 of these leaders.

Leadership Development Methods: Effectiveness vs. Frequency We’ve also researched the links between a company’s use of various learning methods and two enterprise-level outcomes: overall leadership capability and a financial performance composite of profitability, earnings per share, five-year rate of investor return, and stockholder equity. Technologycentric learning through self-study online courses, mobile devices, and social methods was the only one of three major categories of learning—the other two being learning driven by coaching and developmental assignments, and learning driven by formal training—not to have a significant link to an organization’s leadership strength and financial performance. That is, when only technology-delivered learning was used heavily as a development solution, organizations were consistently below average in leader strength and financial outcomes.

Millennials are often cited as the target demographic for aggressive pursuit of and investment in technology, but the findings of our research paint a mixed picture in the areas of implementing new forms of learning via technology and making the tools widely available to learning populations. Buy-in for these methods hasn’t necessarily followed. In a recent study captured in the DDI Leadership Databank, we asked Millennial leaders about their most effective ways to develop. They chose from nine different learning methods, including four forms of technology-centric learning: “Organizations that added techinstructor-led online learning, self-study centric learning had leaders who online learning, mobile learning, and social were 11% more capable.” learning. However, in our Global Leadership Forecast As shown below, not one of the technology- study, we found convincing evidence that based methods was selected by more technology is impactful as a supplement than 25 percent of Millennial leaders; each to other learning strategies. Organizations fared far worse than five more entrenched that added technology-centric learning to formal training had leaders who were 14

42 | B o a r d r o o m

percent more capable when compared to those who received formal training alone. Organizations that added technologycentric learning to abundant coaching/ development opportunities had leaders who were 11 percent more capable. Even when both formal training and coaching/ development opportunities were in place, technology still boosted leader capability by an additional 11 percent and financial performance by 6 percent.

Proven Practice: Supplementing Formal Learning with Technologybased Learning The take-away: Technology on its own is not a most-preferred learning method—even for Millennial leaders—and doesn’t relate to leadership and financial outcomes to the degree that more established learning methods do. Yet, if designed and positioned as extensions rather than replacements for coaching, development assignments, and formal training (for example, mobile apps to provide just-in-time learning reinforcement or social learning to fill lulls and transitions between structured development activities), technology-centric learning can generate incremental and sustained impact.

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B o a r d r o o m | 43

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44 | B o a r d r o o m

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–×Ă&#x;Ă?Ă›Ăœ Š­

Board Diversity is a matter for regulators and investors. One of the new diversities that are becoming a new trend that the board of directors in Thailand should consider is gender diversity. G20 / OECD principles of corporate governance in the category responsibilities of the board indicate that many countries are interested in setting target or quota for the number of female directors in the board, including the claim to disclose such information in order to promote gender diversity in the board and management.

Setting the ratio for female directors Norway has been the first country to legislate the quota of female directors in the board since 2008. At present, the quota is at 40 percent, the same as Iceland. For

Germany, the proportion of female directors is at 30 percent. In addition, India also has laws that require individual company to have at least 1 female director in the company. For Chinese Taipei, it sets a goal for female directors as one-third of the board. At ASEAN level, Malaysia is a country that defines it in the law by targeting that there must be 30 percent female directors in the board. Thailand has not yet defined this issue it in the law. According to the corporate governance principles for listed companies of the year 2017, it only indicates that the board should ensure that it is composed of directors with diverse qualifications in terms of skills, experience, abilities and specific characteristics as well as the gender and age necessary to achieve the objectives and goals of the organization.

Nevertheless, the Corporate Governance proportion of female directors in the Report of the Thai Listed Companies (CGR) board (33.1%) . and the ASEAN CG Scorecard set the criteria • 316 listed companies or 51 percent has for assessments related to gender diversity at least 1 female independent directors in that the board should consist of at least the board one female independent director, which is • 29 listed companies or 4.7 percent has expected to further increase the number female chairman of the board of female directors in the Thai board of • 73 listed or 11.8 percent had female managing director / CEO directors. The table above shows the proportion of female directors in board of ASEAN countries conducted by Credit Suisse Research in 2016. It is found that Malaysia has the highest proportion of female directors (13.9%) and the trend of proportion of female directors in Malaysia is likely to increase more than in other ASEAN countries, as it is clearly defined in the law. For information on female directors in the Thai listed companies, IOD has collected data from the CGR 2016, which evaluated 620 listed companies. It is found that • There are 6,144 directors in total with 1,164 female directors or 18.9 percent. • Considering the proportion of female directors in the Board of Directors of each listed company, the average proportion of female directors in the board is 19.3 percent. The highest proportion is 62.5 percent and the lowest ia no female directors in the board of directors at all. • If we consider only listed companies with female directors in the board by industrial group, the financial group is the group with the highest number of listed companies having female directors in the board compared with other groups. If we consider the proportion of female directors in the board in each industrial group, it is found that the highest proportion (62.5%) is at service and commodity product groups, the lowest (5.9%) was at financial business group. Nevertheless, commodity product group has the highest

From the information, there is a trend for increase in number but the change is gradual. Larger companies are easier to change. In addition, there is also a trend to encourage the disclosure of the number of female directors in the board, including setting a goal and disclosure about the plan. This includes the implementation of each year to achieve that goal. This is a matter for the Board, especially the Nomination and Remuneration Committee that should pay attention. --------------------------------------------------Information sources 1. Credit Suisse Research (2016). The CS Gender 3000: The Reward for Change, September 2016 2. Deloitte (2017).Women in the boardroom: A global perspective – 5th edition). 3. Jeremy Barlow (2016). Gender Diversity on Boards & Why it Matters, August 2016. 4. OECD (2017). OECD Survey of Corporate Governance Frameworks in Asia 2017. 5. OECD (2015). G20/OECD Principles of Corporate Governance. 6. Securities and Exchange Commission, Thailand (SEC), corporate governance principles for listed companies 2017 ---------------------------------------------------

3²D²Aþ%%R/L DRA==-%K<=4 Û² ¡ÑÜËÐÝÜÉ ÝßÉÖÖÉËÐÉÑÚ×Ê Supervisor Research and Policy Thai IOD

B o a r d r o o m | 45

Anti-Corruption Update

=L<"L3 AL; LAE3 L =JEA L"W.QG3 8>B#N L<3±2K3AL ; ´·¸ú ¬ Ú×ÏÚÍÛÛ ÍØ×Úܼ ×ÞÍÕÊÍÚ± ÍËÍÕÊÍÚ ´úû¹ ­ 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)

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46 | B o a r d r o o m

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Every year, CAC organizes a meeting for CAC members. This year, it was held on November 21, 2017 which was the 8th time on the topic “Bright Spot: Lighting the way to a corruption free society” The features of this year was a change of the time for guest speakers to be under 15 minutes. The guest speakers had to stand without the podium or other panelists on the stage but pictures on the topics that they were talking about which was the same as TED Talk. IOD collaborated with the team from Glow Company to plan the talk of each guest speaker in advance by interviewing each guest speaker to prepare the interesting issues and impressive story and preparing them to talk within the determined time. The attendants could feel the power from each guest speaker. If you missed the chance, you can watch the video at www. thai-cac.com. The conference ended with announcement of CAC - certified companies. On November, 2017, National AntiCorruption Commission (NACC) held a ceremony to give an award to other organizations that helped promoting anticorruption. NACC considered that Thai-IOD on behalf of CAC secretary that had worked hard continuously for 7 years and deserved the first award.

partners as criteria for choosing trade partners in the future. On December 18, CAC held a training about certification process for SME company class 0 to prepare for 2018. The training was held for the SME entrepreneurs who would like to join CAC or to be certified under SME category which they had to know. The training plan would be available on the website or other channels. For the update of CAC, currently, there were 860 companies that had declared thier intent against corruption with CAC. Four hundred and nine companies were listed companies and 284 companies were already certified as CAC members and 189 companies were listed companies in the stock exchange. You can follow the activities of CAC such as joining a seminar or training course “AntiCorruption: The Practical Guide (ACPG)” which is suitable for the officers who are responsible for internal control system to prevent corruption in the company and Ethical Leadership Program (ELP) which was suitable for the directors and executives to understand how to drive anticorruption policy into corruption risk management. All information is available at www.thai-cac.com or contact Ms. Patraporn at 02-955-1155 ext 216 for more information. -------------------------------------------------------------

On November 22, Pruksa Holding Public Company Limited organized an annual meeting with the trade partners. The company invited its trade partners to join CAC. Importantly, it would consider policy and anti-corruption system of its trade

3L< N//NW.% $K31K" S? Ú² ÑÜÜÑÌÍÒ ÐÉÖÜÉÖÏÓÝÔ Project Manager Private Sector Collective Action Coalition Against Corruption (CAC)

B o a r d r o o m | 47

Anti-Corruption in Practice

ôDK" ;.Oa.O DG"3L1O" L<]õ YD 4<I$K$2$ @;C< K! @K:X4< !YC Public transparency simply brings ‘good society’ in two minutes (Part 2)

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

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48 | B o a r d r o o m

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MT$a'E*$TE7 ; `<<;Wh = ERL<'ITC LlT_Ef+ c6 ES<'ITCE ICCYOOD T*6W+T$=ER-T-; b;$TEE IC7O<`<<LO<8TC `GRb;ERDR7 Oc= c6 ES<'ITCL;S<L;Z;+T$ES2<TGb;$TE;lTM; ID *T;BT'ES2_% TCTE ICa'E*$TE $+f R_= ;_'EYOg *CYO 9Wg9E*@GS*b;$TELE T*$TE_=GWgD;`=G*b;9T*9Wg 6WbM $S<<EV$TEBT'ES2 9Sh*b;`* %O*=ERLV9:VBT@ `GR'ITCa=E *bL _= TMCTDb;ERDRDTI%O*a'E*$TE;Wh $f'YO $TE_= 6 aO$TLbM = ER-T-;9Z $ ';LTCTE8 =ER_CV;$TEbM <EV$TEM; ID*T;BT'ES29Z$`M * 9Wgc=b- <EV$TEc6 9SgI=ER_9J 9lT;O*_6WDI$S<$TE bM _E77Vh*L8T;9Wg9 O*_9WgDI%O*_If<6S*OD T* Ă‘ĂŻĂŚĂ­ žåóÌðÏï @I$_ETCT- ID$S;>GS$6S;bM a'E*$TE ;Wh_6V;M; Tc=c6 +;8X*+Z6;Sh;6 ID$S;;R'ES< ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ In fact, random survey on public satisfaction is adopted by several government agencies. However response is still limited due to a long list of questions. Citizen identification is sometimes also required. Respondents never know where the information will go or how it will bring any change to them and those agencies.

b;$TEOO$`<<`<<LO<8TC-Z6;W h `;IE IC =1V <S 7V % O*BT'_O$-;c9Db;$TE7 O 7 T ; $TE9Z+EV7 ÂĽĂ€žĂ€ÂŚ c6 9lT*T;OD T*b$G -V6$S< LCT'CIV+SD$TE7GT6`M *=ER_9Jc9D ÂĽĂ‘ĂŠĂ?Ă?ÂŚ a6D$I T+RG*7SICT_= ;`<<LO<8TC-Z6;Whc6 ;O$+T$;Wh % OC[G9Wg> T;$TEIV_'ETRM OD T* 9T* Ă€žĂ€ `GR Ă‘ĂŠĂ?Ă? c6 +S69lT ĂƒÏà òð Ă„ïÏòí _= ;ER<<+T$>[ _-WgDI-T‰b;BT'_O$-; +R- ID $S<>[ CWL I;c6 _LWDMGTD$GZ C `GRCW$TE=ES<9Sh* bM ES 2 <TG9ET<8X * ER6S < 'ITC@X * @Ob+%O* The Citizen Feedback project is designed

B o a r d r o o m | 49

to wipe out those limitations by encourag- 1) What kind of business that brings you to ing general public to participate in answercontact this government agency today? ing survey questions due to the following 2) Is the business yours or others? reasons: 3) Is the business completed today? 4) To what extent are you satisfied with 1) Non-disclosure policy: People will feel public service today? (Score from 1 to 5) safe to provide actual information and 5) Did you pay any bribery for your business provide feedbacks without any worry about contact? a payback by civil servants who are not 6) If yes, did you offer bribery by yourself? satisfied with the survey result. Or was the bribery asked by officials? 7) What kind of obstacles you have experi2) Convenience: A survey is short and enced at the office today? concise. Respondents can answer each 8) What is your impression about the public survey question via their smart phones service today? anywhere, anytime within two minutes only. 9) Sex 10) Age range 3) Easy to follow up: One of the reasons that people are not interested in answering TMRS, comprising Thailand’s leading survey conducted by government sector is market research firms which are professional because they do not know how the result in conducting public survey and analysis, will come out or bring any change to those is responsible for gathering information. agencies. However, the Citizen Feedback Respondents can be confident that project will update each stage of the survey information received from the Citizen on press and media. Information will also be Feedback project will be carefully assessed. posted on website www.easyfeedback.org To meet international standard, public satisfactory and transparency of each 4) Bring a change: General public should agency will be compared and reported in be encouraged to share their views. Office a concise statistical format so that each of Public Sector Development Commission government agency can improve its services works on assessment, analysis of the in the long run. feedback and reports the result to the government. Citizen Feedback has a work In addition, information analysis will enable cut out to earn trust from the public that their the government to learn about public voices will bring change and improvement satisfactory towards service quality of each to public services unlike that past that all agency, leading to incentive system for answers go silent. improved service and anti-corruption. This survey form is designed by CAC and TMRS based on conducting a focus group among several stakeholders. Details of each question are adjusted many times so that it will be concise, but sufficient for analysis. A total of 10 shortlisted questions are as follows:

50 | B o a r d r o o m

The Citizen Feedback project is piloted and will be carried out between 18 September and 13 October 2017 among five public agencies: Registration Division, Department of Land Transport; Licensing Service Center, Food and Drug Administration; Department of Land, Bangkok Metropolitant Administration;

Department of Land, Huay Kwang District Office; and Department of Land, Nonthaburi Provincial Office. If the project is successful and receives cooperation from public to answer the survey and government support, this platform will be a powerful tool that can bring positive change to public services as well as effectiveness and transparency. In the long run, public sector will be able to monitor and evaluate service of every government agency nationwide in a similar rating format to world’s popular travel website TripAdvisor. It’s time for us all to work together and move forward public transparency to a success. ---------------------------------------------------

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

B o a r d r o o m | 51

Board Review

b;'OGSC; ;Wh$f%O;lT_L;OM;S*LYO_EYgO* 'OE ES=-S;· 'ITCE[ ,<S< @$@T.X*g _= ;M;S*LYO9W8g $[ `=GCT+T$;S$_%WD; _GLGW aPG CL JTL7ET+TED 6 T ;ES 2 JTL7E ` M * CMTIV 9 DTGS D _CG_<V E ; `GR9Wg = EX $ KT6 T ; 'OE ES=-S;%O*:;T'TEaG$`GRO*' $E_@YgO'ITCa=E *bLLT$G a6D 9 T;LTCT8O T;<9'S6D Oc6 b;'OGSC; ;Wh 'OE ES=-S;¶ 'ITCE[ ,<S<@$@T =ER_9J9SgIaG$7 T*_Mf;@ O*7 O*$S;I T'OE ES=-S;'YO= ‰MT OS;6S<7 ;e .X*g L *>G$ER9<_-V*G<b;MGT$MGTDCV7 V 9S*h 6 T;_JEK2$V+ $TE_CYO* LS*'C LVg*`I6G OC `GR'ITCCSg;'* 9I T'OE ES=-S;'YO ORcE$S;`; ¼ _M7Zb6+X*_$V6'OE ES=-S;%Xh;b;LS*'C¼ ORcE'YOLVg*9Wg+R b- -WhIS6'OE ES=-S;¼ `G I_ET+R+S6$TE$S<= ‰MT;Whc6 OD T*cE¼ 'OE ES=-S;· 'ITCE[ ,<S<@$@T a6D _GLGW aPG CL +R- ID7O< 'lT8TC% T*7 ; @E OC,TDBT@bM _Mf;'ITC.S<. O;%O*'OE ES=-S;9Wg `7$7 T*$S;b;MGT$MGTDIS4;:EEC M;S*LYO_G C;WhcC _@WD*`7 - ID bM _ET_% Tb+'lTI T 'OE ES=-S; OD T*8 O*`9 > T;`I ;7T%O*JTL7E OS;MGT$MGTD `7 DS*;lT_L;OIV:W$TE7 OL[ _-V*E[=:EEC%O*M; ID*T; 7 T*e 9SgIaG$ 7Sh*`7 O*' $E9 O*8Vg;c=+;8X*O*' $TEERMI T*=ER_9J OD T*:;T'TEaG$ .Xg*OT+- ID-Wh9T*c=L[ $TE`$ c%= ‰MT9Wg'OD$S6 $V;LS*'C;WhbM _$V6>GLSCF9:Vk+EV*b;9WgLZ6 In this column we would like to recommend one book names Corruption: Very Short Introductions by Prof. Leslie Holmes, Honorary, Social and Political Sciences, The University of Melbourne and Corruption Consultant of Would Bank and Transparency International which you able to read the abstract in this column. Corruption: Very Short Introductions Corruption is one of the biggest global issues, ahead of extreme poverty, unemployment, the rising cost of food and energy, climate change, and terrorism. It is thought to be one of the principal causes of poverty around the globe. Its significance in the contemporary world cannot be undervalued. In this Very Short Introduction Leslie Holmes considers why the international community has only highlighted corruption as a problem in the past two decades, despite its presence throughout the millennia. Holmes explores the phenomenon from several different perspectives, from the cultural differences affecting how corruption is defined, its impact, and its various causes to the possible remedies. Providing evidence of corruption and considering ways to address it around the world, this is an important introduction to a significant and serious global issue.

52 | B o a r d r o o m

Board Activities

CGR 2017 Announcement

Ă†ĂŒĂ c6 E IC$S<7GT6MGS$9ES@D `M *=ER_9Jc9D+S6*T;=ER$TJ>G LlTEI+$TE$lT$S<6[`G$V+$TE%O*<EVKS9+69R_<WD;c9D =ER+lT= ¯²³­ _CYgO IS;OS*'TE9Wg Ž´ 7ZGT'C ¯²³­ 5 MO=ER-ZCJZ$EWD `$ I_+EV‰ OT'TE7GT6 MGS$9ES@D `M *=ER_9Jc9D _@YOg ES<9ET<>G$TE6lT_;V;a'E*$TE=ER+lT= ¯²³­ a6DCW6EÂŤ$FK0T _L$7ER$[G EO*>[ +S6$TE 7GT6MGS$9ES@D `M *=ER_9Jc9D _= ;>[ $G TI7 O;ES< `GR6EÂŤ <S53V7 ;V+8TIE $EEC$TE>[ OlT;ID$TE LCT'C L *_LEVCL8T<S;$EEC$TE<EVKS9c9D_= ;>[ =ER$TJ>GLlTEI+$TE$lT$S<6[`G $V+$TE<EVKS9+69R_<WD; =ER+lT = ¯²³­ @E OC=ER$TJETD-YgO<EVKS99Wg CW>GLlTEI+b;ER6S<6W_GVJ `GR Ă‘ĂŹĂ­ ĂŽòĂžïùÌÊâ b;`7 GR$GZ C7TC ĂŠĂžïèâù ÀÞí .Xg*9 T;LTCTE86[% OC[G_@VgC_7VCc6 9Wg üùùí¡ôôôùüÞ̪ÌÏåà Ïê â͏íïÏçâà ù𪯍Þðí ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ IOD in cooperation with Stock Exchange of Thailand announced a survey result on corporate governance report of Thai Listed Companies Association on October 17, 2017 at the Stock Exchange of Thailand’s Sukree Kaewcharoen Auditorium. Dr. Krisada Sektrakul, SET Senior Executive Vice President, gave an opening speech and Dr. Bandid Nijathaworn, Thai IOD President and CEO, announced the CGR result and the Top Quartile listed companies of each group based on Market Cap. For more information, log on to http://www. thai-iod.com/en/projects-2.asp

ÂŽĂš² Â•ĂšĂ‘Ă›Ă‰ĂŒĂ‰ Â?Ă?Ă“ĂœĂšĂ‰Ă“Ă?Ă”

ÂŽĂš² ÂŒĂ‰Ă–ĂŒĂ‘ĂŒ Â˜Ă‘Ă’Ă‰ĂœĂ?ÉĂ&#x;×ÚÖ

Open House maiA: “Challenges facing directors in meeting demands from stakeholder�

_CYgOIS;OS*'TE9Wg ÂŽÂą @FJ+V$TD; ¯²³­ 9Wg> T;CT Ă†ĂŒĂ E IC$S<LCT'C<EVKS9+69R_<WD;b;7GT6MGS$9ES@D _OfC _O cO ÂĽĂŞĂž̞Œ c6 +S6Ă†ĂŒĂ ĂŒíâÍ Ă…Ïòðâ bM LCT-V$b; $GZ C ĂŞĂž̞ 9ET<8X*'ITC9 T9TD%O*$EEC$TEb;$TE7O< a+9D >[ CWL I;c6 _LWD a6DCW 6EÂŤ <S53V7 ;V+8TIE $EEC$TE >[O Tl ;ID$TE Ă†ĂŒĂ _= ;>[< EEDTD `GR 'Z5JVE@V E IZ4$V GZ EO*>[- I D$EEC$TE>[ OTl ;ID$TE Ă†ĂŒĂ c6 <EEDTDb;MSI% O <9<T9 Ă†ĂŒĂ b;$TEL *_LEVC$TE$lT$S<6[`G$V+$TE9Wg6W .Xg* c6 ES<>G7O<ES<9Wg6W ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ On November 14, 2017, IOD and maiA organized Open House maiA members to learn about challenges meeting directors in meeting demands from stakeholders. IOD President and CEO Dr. Bandid Nijathaworn ran the session and IOD Ms. Siriporn Wutthigul, Assistant Vice President, talked on the topic: IOD Role in Corporate Governance Promotion.

54 | B o a r d r o o m

Privy Councillor and Stateman Visit

'Z5=ERLS5M _-YOh @T;V- =ER:T;$EEC$TE Ă†ĂŒĂ ;lT'5R$EEC$TE >[< EVMTE `GRIV9DT$E Ă†ĂŒĂ _% T@<@G_O$_=EC 7V5L[GT;;9 _@YOg OID@E = bMC `GRc6 MTEYOb;_EYgO*$TE$lT$S<6[`G$V+$TE9Wg6Wb;=ER_9Jc9D @E OCc6 CO<M;S*LYO%S77VDR:EECET-T 9Wg9T* Ă†ĂŒĂ c6 +S69lT%Xh; 5 < T;LWg_LT_9_IJE _CYgO7 ;_6YO;:S;IT'C9Wg> T;CT ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ IOD Chiarman Prasan Chuaphanich together with IOD directors, executives and speakers visited Privy Councillor and statesman Gen. Prem Tinsulanonda at Si Sao Thewet Residence, to give well wishes for New Year and discussed about corporate governance in Thailand. Together with this occasion, IODpublished Kattiyadhammaraja was also given for this occasion.

National Research Alliance Dialogue on Corporate Governance 2017

ÂŽĂš² ÂŒĂ‰Ă–ĂŒĂ‘ĂŒ Â˜Ă‘Ă’Ă‰ĂœĂ?ÉĂ&#x;×ÚÖ

;=ER+lT9Z$= 9 gW Ă†ĂŒĂ E IC$S<CMTIV9DTGSD-S;h ;lT7 T* e +S6$TE=ER-ZCIV-T$TE _= ÂŽĂš²ÂŒĂ‰Ă–ĂŒĂ‘ĂŒ Â˜Ă‘Ă’Ă‰ĂœĂ?ÉĂ&#x;×ÚÖ I T6 ID$TE$lT$S<6[`G$V+$TE _@YgO_>D`@E >G*T;IV-T$TE`GR>G*T;IV+SD9WgCW_;YhOMT _$WgDI% O*$S<$TE$lT$S<6[`G$V+$TEÂŹ:EECTBV<TG ¼ÀÏïíÏïÞùâ Ă„ÏóâïÍĂžÍà ⌠b;= ¯²³­ ;Whc6 +S6%Xh;_= ;= 9WgLTC b;MSI% O Ă‹ĂžùÌÏÍÞÊ Ă?âðâÞïà ü žÊÊÌĂžÍà â Ă ĂŚĂžÊÏäòâ ĂŹĂŤ ÀÏïíÏïÞùâ Ă„ÏóâïÍĂžÍà â ¯­Ž´ _CYgOIS;9Wg ÂŽ :S;IT'C9Wg> T;CT 5 M O*JJV;9E POGG OT'TEJJ=T2JTGTŠ L8T<S;<S53V7<EVMTE:ZE$V+JJV;9E BTDb;*T;CW$TE;lT_L;O >G*T;b;_EYgO* ÀÏïíÏïÞùâ Ă„ÏóâïÍĂžÍà â ÞÍå Ă?ùÏà è Ă?âùòïÍð¡ Ă‚óÌåâÍà â ĂŁĂŻĂŹĂŞ Ă?ùÏà è Ă‚þà üĂžÍäâ ĂŹĂŁ ÑüÞÌÊÞÍå $TE_@VgC<9<T9M; T9Wg_G%T;Z$TE<EVKS9b;<EVKS9 +69R_<WD; $TEIV_'ETRM >G$TE6lT_;V;*T;%O*<EVKS99Wgc6 ES< à ÇĂ?Æ %O*c9D6 IDIV:W Ă‘ïâĂžùêâÍù Ă‚ããâà ùð $TE_@VgC=ERLV9:V>G$TE9lT*T;%O*'5R>[ $lT$S<6[`G>[ _LWDBTKW 7TCMGS$9FK0WBTKW96gW LW *S $S6$ECLEE@T$E b;_%7BT'7RIS;OO$_,WD*_M;YO7O;<; >G$TE6lT_;V;*T;$S<'ITC@X*@Ob+%O*G[$' T+T$`<<+lTGO* žĂ€Ă?Æ %O*<EVKS9 b;=ER_9Jc9D `GR CZCCO*7 O$TE<EVMTE+S6$TE9Wg6W`GR'ITC7Sh*b+b;$TEG*9Z; %O*;S$G*9Z; .Xg*c6 $TE7O<ES<+T$>[ E ICA *LSCC;T_= ;OD T*6W ÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞÂŞ Every year IOD joined leading universities to host an academic conference on corporate governance. Year 2017 marked the third year of the event. The “National Research Alliance Dialogue on Corporate Governance 2017â€? was highlighted as this year’s topic. Held on December 1 at Sasin School of Management’s main Sasa Patasala Building, the program was packed with talks on different topics including Corporate Governance and Stock Returns: Evidence from Stock Exchange of Thailand, which gave details about boosting responsibilities of secretaries working at listed companies, performance analysis on DJSI-certified companies based on the so-called treatment effect, boosting effectiveness of tax collection authorities following Canons of a Good Tax System, ACSI Model survey on clients’ satisfaction towards work performance and a perspective of corporate governance and investment intention which received such a good response from participants.

B o a r d r o o m | 55

IOD Golf Challenge Cup 13/2017

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56 | B o a r d r o o m

For the individual category, Thanapol Wattanapisit of Chememan Public Company Limited won the overall low gross and Jaya Jayananda of City Sports and Recreation Public Company Limited won the overall low net. Bang & Olufsen supported four sets of speakers as prizes for golfers getting closest to the red flag. The four lucky golfers are Pongpayome Vasaputi, Anuchit Sawadee, Sirinpun Srikulwong and Suwat. For the age group, please check a list of names at the end of the column.

Special thanks to the sub-committee organizing IOD Golf Challenge Cup 13/2017 led by Krishna Sivakriskul, Rae-Vadee T. Suwan, Pongpayome Vasaputi, Pianchai Thawornrat, Jirathar Worraprangkul, Teerayuth Tantraphon, Sukuma Jayananda, Phongsathon Chatnarat, and Siriporn Wutthigul for dedicating time to organize this friendship golf ------------------------------------------------------------------- challenge, particularly Sukuma Jayananda, City Sports and Recreation Public Company IOD Golf Challenge Cup 13/2017 was Limited and Siam Industrial Corporation for organized at Navatanee Golf Course on kind hospitality throughout the game. November 30. A friendship golf challenge was aimed at bridging good relationship Last but not least, special thanks to our among IOD members and drew a total of 18 major supporters: Siam Industrial Corporation teams to participate in the program. A group Ltd., Aim Star Network Co.,Ltd., H.W. Trading photo was taken prior to the Shotgun start Ltd. sponsoring B&O speakers, Evason Hua Hin Resort Spa, Singh Corporation Ltd., at 12.30hrs. TTCL Public Company Limited, TV Direct Especially for this event, IOD Golf Challenge Public Company Limited, Vibhavadi Hospital, Cup sub-committee chairman Krishna City Sports and Recreation Public Company Sivakriskul supported four prizes of two-baht Limited, KT-ZMICO Asset Limited and Thai gold for golfers hitting a Hole in One. Beverage Public Company Limited. However, none could manage to win it. The --------------------------------------------------golf challenge was categorized into team Event supported by and individuals. The winning team went to Smile P Co., Ltd followed City Sports and Recreation Public Company Limited and Siam Industrial Corporation.

AWARD NAME Flight Junior 1 Mr. Suppakit Ngamchitcharoen 2 Dr. Mongkol Rattanapan 3 Mr. Peerapat Srisukont 4 Mr. Wasan Wanich Flight Senior 1 Mr. Dumrong Chutaropascharoen 2 3 4

Mr. Paiboon Udomkarnkit Mr. Weerachai Ngamdeevilaisak Mr. Prasit Chongussayakul

TEAM PCTB Company Limited Smile P Company Limited Ticon Management Company Limited Sky ICT Public Company Limited

Siam Industrial Corporation Public Company Limited Thai Wacoal Public Company Limited Smile P Co., Ltd. City Sports and Recreation Public Company Limited

Flight Super Senior 1 Mr. Meechai Angsurat 2 Mr. Tawatchai Tangsanga 3 Mr. Krishna Sivakriskul 4 Mr. Krish Follett

Siam Industrial Corporation Co., Ltd. Siam Industrial Corporation Co., Ltd. Siam Industrial Corporation Co., Ltd. Thai Wacoal Public Company Limited

Flight Guest 1 Mr. Buncha Julasukon 2 Mr. Somnuk Shoowong 3 Mr. Anand Julasukon

Prima Marine Public Company Limited Prima Marine Public Company Limited Prima Marine Public Company Limited

B o a r d r o o m | 57

Board Corner

BOARD CORNERR BOARDCORNER 'OGSC; ;Wh9T* ÆÌÁ $f%O`L6*'ITCDV;6W `$ <EE6T JVKD _$ T`GRJVKD = +Z<S; ÁÀÍ `GR Á¾Í 9Wg7<_9 T_EWD*'VIES<ET*ISG+T$9Wg7 T* e $S; MGTD`%;* `GR%O`L6*'ITCDV;6W`$ 9T ;LCT-V$ 9Wgc6 ES<$TE_GYgO;7lT`M; * .Xg*9T* ÆÌÁ c6 EI<EIC CTb;'OGSC; ; hW a6D_EVCg +T$ • 'Z5+Z3T @EC-V;I*J (DCP 144) ÊÞëÞäæëä Áæïâàñìï <EVKS9 _PGV$. +lT$S6 _% TES<ET*ISG ¿âðñ ÉìôªÏæðâ Àìëáì ¾ïàåæñâàñòïÞé Áâðæäë ¥¿Þëäèìè¦ +T$ 'O;a6CV_;WDCa'E*$TE Óâëæì Ðòèåòêóæñ ®­ b;*T; ÑåÞæéÞëá Íïìíâïñö ¾ôÞïáð ¯­®´ 'ESh*9Wg ®¯ .Xg*_= ;*T;_A ;MT;S$@S4;TOLS*MTEVC9ES@D 9Wg6W9WgLZ6%O*=ER_9Jc9D 'Z5@V9S$K ES-$V+ =ER$TE ¤À¿Ì ­µ´¥ =ER:T;_+ TM; T9W<g EVMTE`GR $EEC$TE>[ +S6$TEbM <EVKS9 @W9W+W _Of;_;ODW +lT$S6 ¥ÍÑĦ ES<ET*ISG>[ <EVMTEL[*LZ6DO6_DWgDC ¥¿âðñ ÀÂÌ ¾ôÞïáð¦ LlTMES< <EVKS9+lT$S6 b; ÐÂÑ 7V67 O$S;_= ;= 9Wg ¯ b;*T; ÐÂÑ ¾ôÞïáð ¯­®´ 'Z5=ERL*' :TETc-D ¤À½Ì µ­¥ =ER:T; $EEC$TE<EVMTE <EVKS9 a=E_+' `@G;;Vg* _.OE IVL +lT$S6 ¥ÍÍЦ ES<ET*ISG>[ <EVMTEL[*LZ6 DO6_DWgDCLlTMES< <EVKS9+lT$S6 b; êÞæ `GR 'Z5= D+V7 ES$OEVDR@*J ¤À½Ì ­¬¯¥ =ER:T; _+ TM; T9Wg<EVMTE <EVKS9 _.f=_= +lT$S6 ¥Ð¾Íͦ ES<ET*ISG>[ <EVMTEL[*LZ6EZ ;bMC ¥Öìòëä Ïæðæëä ÐñÞï ÀÂÌ ¾ôÞïᦠb; ÐÂÑ ¾ôÞïáð ¯­®´ OW$_- ; $S; 'Z5:S- :*BS$6Vk ¤À½Ì ­¬¬¥ EO*$EEC$TE >[ +S6$TE `GR 6Eª@*J :E :TETc-D ¤À½Ì ­¬¬¥ =ER:T;$EEC$TE<EVMTE <EVKS9 a=E_+' `@G;;Vg* _.OE IVL +lT$S6 ¥CMT-;¦ ¥ÍÍЦ c6 ES< ET*ISG ÐÂÑ ÐòðñÞæëÞßæéæñö ¾ôÞïáð ¯­®´ =ER_B9 Ïæðæëä ÐñÞï LlTMES<<EVKS9+69R_<WD; 9Wg_EVgCCW$TE6lT_;V;:ZE$V+OD T*DSg*DY;c6 a66_6 ; `GR ÑåÞæéÞëá ÐòðñÞæëÞßæéæñö Æëóâðñêâëñ LE T*aO$TL$TEG*9Z;6 IDMZ ;DSg*DY; =ER+lT= ¯²³­ 7V67 O$S;_= ;= 9Wg ° • `GR%O`L6*'ITC DV;6WbM $S< 'Z5@+; MREV5LZ7 ¤À¿Ì ®¬²¥ 9Wg c6 ES < 7l T `M; * =ER:T;_+ T M; T 9Wg < EV M TE'; bMC <EVKS9 MGS$9ES@D +S6$TE$O*9Z; IEE5 +lT$S6 • = 69 TD6 ID$TE=ER-ZC%O*_MG T Àåæâã ÂëäÞäâêâëñ Ìããæàâï 9WgEIC@GS*$S;+S6=TE 7Wh Ïâòëæìë b;:WC6VLa$ bM `$ ÁÀÍ ¾éòêëæ _@YgO 9Wg+RbM @<=RLS*LEE' `GR9lT'ITCE[ +S$_@YgO; 7 T*EZ ; 9Wg9 T;cC 'IE@GT6 `G I$S;@<$S;IS;9Wg ®µ C$ET'C ¯²³® 58 | B o a r d r o o m

Mr. Chutha Promchinavong

Dr.Kasem Wattanachai& Mr. Chaiwat Utaiwan

Mr. Thana Thienachariya Mr. Prasong Tharachai

Mr. Tat Thongpakdi

Mr. Pote Harinasuta

Mr. Pitak Ratchakitprakarn

Dr.Kasem Wattanachai & Mr. Vipon Vorasowharid

Ms. Piyajit Ruckariyapong

Dr. Phongthon Tharachai

IOD would like to congratulate DCP and DAP alumni for receiving diverse awards and promotion starting with • Mr. Chutha Promchinavong (DCP 144), Managing Director of Helix Co., Ltd. for Best Low-Rise Condo Architectural Design (Bangkok) for Venio Sukhumvit 10 Project from the 12th Thailand Property Awards 2017. • Mr. Pitak Ratchakitprakarn (DCP 198), Executive Director and CEO of PTG Energy Co., Ltd for Best CEO Awards from SET Awards 2017 for second year in a row. • Mr. Prasong Tharachai (DAP 91), CEO of Project Planning Service Co., Ltd. for Best Executive at MAI and • Ms. Piyajit Ruckariyapong (DAP 103), CEO of SAPPE Co., Ltd. also received Young Rising Star CEO Award during SET Awards 2017. • Mr. Tat Thongpakdi (DAP 100), deputy managing director and • Dr. Phongthon Tharachai (DAP 100) President and CEO of Project Planning Service Public Company Limited (PPS Group) received SET Sustainability Awards 2017 Category: Rising Star and Thailand Sustainability Investment for third year in a row. • And congratulations to Mr. Pote Harinasuta (DCP 206) for promotion to the new president of One Asset Management. • Last but not least, a team of chief engagement officers join force to organize a disco-theme reunion party for DCP Alumni. Don’t miss and see you all on January 18.

Mr. Sermsakool Klaikaew

Mr. Tevin Vongvanich

B o a r d r o o m | 59

Welcome New Member

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B o a r d r o o m | 63

ASEAN’s Leader in Sustainable Energy

Myanmar Exploration & Production / Petroleum / Café Amazon

Laos Petroleum / Lubricants / Service Station / Café Amazon / Jiffy

Vietnam Lubricants / Chemicals / Exploration & Production

Cambodia Petroleum / Lubricants / Service Station / Café Amazon / Jiffy

Indonesia Lubricants / Coal Mining

Malaysia

Philippines

Gas Pipelines / Lubricants

Singapore Trading / Lubricants

Brunei Lubricants

Service Station / Lubricants / Café Amazon

Throughout our rigorous history, PTT Group’s determination and outstanding achievements in developing new technologies and innovations result in sustainable energy across the ASEAN community. With our trust in the people’s ability to push the boundary of innovation, our continuous exploration, business expansion as well as energy creation are the main drive for the economy, the society and the environment. By staying true to our belief in inclusive and sustainable approach, a greater collective benefit that will successfully further the ASEAN community’s growth can be achieved.

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