Boardroom Vol. 61 Issue 6/2018:Disrupting Corruption

Page 1

Boardroom

Vo l . 6 1

Exclusively For Company Directors

Issue 06/2018 | ISSBN 1513-61755

Content

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

²ĂŠÂŚĂ˜¥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

²ĂŠÂťĂ‚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

44

 Ă…Œ³ŸŸŽĂŠÂąĂŒ ĂŠÂź

Editorial Team

48

²ĂŠÂŚ Ă€ĂŒĂ˜žŸĂ‰ij²Ä? Ă”²ÄŠ²Ă•Ă‚Œ¹ŸŸº

Mrs. Wilairat Nensaengtham

50

²ĂŠÂŚĂ‚ĂŠĂ€ ÄšĂŒÂźĂŒ¡Ÿ Ă€Ă?Ä´ĂŒ Ă?ž

Ms. Siriporn Wutthigul

²ĂŠÂŚ Ă€Ă?ŸÀŸŸŽ ºÉ²²ĂŠšĂŒ²Ă‰²°Ä?

Mrs. Wirawan Munnapinun

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

Ms. Sarinee Ruangkongkiat

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

Ms. Suthinee Kerdchuay

54

ÂĝÊ²Ă‰ ŒĂŠ²ijĂŒIJijĉÅ

Contact

56

Ă…ĂŠÂŁĂŠÂź Ă€ij° Ă…ĂŠÂŁĂŠÂź §Ă‰Ă?²

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

64

ĂƒÂşĂ‘Ä‰ Ă–£ŸŒ ĂŠŸ²Ă…ÂźÄ?¹´ĂŠÂźÄ?ÂŁ

Northpark Project,

¯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

Boardroom

Vo l . 6 1

Exclusively For Company Directors

Issue 06/2018 | ISSBN 1513-61755

Vol. 61 Exclusively For Company Directors Issue 06/2018

ISSBN 1513-61755

Board Welcome Cover Story Disrupting Corruption!N@QC !QHDŰMF Corruption can be Suppressed‌We have to Solve This Problem Together Regulatory Entrepreneurs and Anti Corruption Development in Thai Listed Company !N@QC !QHDŰMF National Research Alliance Dialogue on Corporate Governance 2018 Digital transformation – A must for all company Learn, Unlearn and Relearn – Audit Committee in the Age of Disruption Building Strategic Agility Visionary Board Chartered Director Corner Anti-Corruption Update

Anti-Corruption in Practice Foreign Business’s Point of View toward Collective Action Against Corruption No Gift, No Corruption Board Review Board Activities Member Corner 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

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

Board Welcome

BOARD WELCOME

Boardroom ฉบับนี้ขอนำ�เสนอในธีม Disrupting Corruption ซึ่งเป็นหัวข้อหลักของ การจัดงาน National Conference on Collective Action against Corruption ที่จัด ขึ้นเมื่อเดือนตุลาคมที่ผ่านมา โดยพูดถึงการใช้ เทคโนโลยีต่าง ๆ เพื่อสกัดกั้นการทุจริตได้มาก ขึ้ น ซึ่ ง ท่ า นสามารถอ่ า นบทคั ด ย่ อ ของการ สัมมนาในวันนั้นได้ในคอลัมน์ Cover Story นอกจากนี้ ยังมีบทความอื่นๆ ที่อัดแน่นไปด้วย ข้อมูลเกี่ยวกับการต่อต้านการทุจริต ได้แก่ บท ความเรื่ อ งคอร์ รั ป ชั น ปราบได้ . ..ต้ อ งแก้ ไ ข ร่วมกัน โดยได้แนะนำ�วิธีป้องกันการทุจริตใน องค์กรที่ทุกภาคส่วนต้องร่วมมือ บทความเรื่อง พัฒนาการด้านการกำ�กับดูแลกิจการและการ ต่อ ต้านคอร์ รั ปชั่ น ของบริษัท จดทะเบียนไทย ที่กล่าวถึงหลักการกำ�กับดูแลกิจการที่ดี องค์กร ในภาคธุรกิจ ควรมีนโยบายต่อต้านการคอร์รปั ชัน เพื่อเป็นแนวทางให้แก่กรรมการ ผู้บริหาร และ พนักงานสามารถปฏิบัติตามได้อย่างเหมาะสม อีกทั้งยังควรเปิดเผยนโยบายดังกล่าวในรายงาน ประจำ�ปี รวมถึงผลการสำ�รวจของโครงการ CGR ในประเด็นการต่อต้านการทุจริตคอร์รัปชันปี 2016-2018 เพื่อให้บริษัทสามารถประเมิน เพื่อ ไปปรับใช้ในองค์กรของท่านได้ นอกจากนี้ ยังมีบทความอื่นๆ ที่เกี่ยวเนื่อง กั บ การต่ อ ต้ า นการทุ จ ริ ต คอร์ รั ป ชั น ในด้ า น ต่างๆ เช่น การงดรับ-ให้ของขวัญ สกัดกั้นการ ทุจริต เรื่องความสำ�คัญของการต่อต้านทุจริตใน สายตาของธุรกิจต่างชาติ และการอัพเดทความ คืบหน้าของโครงการแนวร่วมปฏิบัติของภาค เอกชนไทยในการต่อต้านการทุจริต (CAC) ปิดท้ายด้วยการแนะนำ�หนังสือน่าอ่าน 2 เล่ม 6 | Boardroom

เกี่ยวกับการต่อต้านการทุ​ุจริต ได้แก่ Anticorruption in History: From Antiquity to the Modern Era และ The Corruption Cure How Citizens and Leaders Can Combat Graft ส่งท้าย Boardroom ด้วยธีมเรือ่ งการต่อต้าน การทุจริตอย่งเต็มอิม่ หวังว่าปีหน้าฟ้าใหม่ตวั เลข การทุจริตคอร์รัปชันต่าง ๆ ในประเทศไทยจะ ลดลง และเรื่องเด่นในปีหน้าจะเป็นเรื่องใดบ้าง ติดตามอ่านกันได้ทั้งแบบรูปเล่มและบนเว็บไซท์ www.thai-iod.com ท้ายนี้ กองบรรณาธิการ ขอให้ทุกท่านเดินทางท่องเที่ยวอย่างปลอดภัย มี ความสุขกับเทศกาลส่งท้ายปีเก่า ต้อนรับปีใหม่ กันถ้วนหน้า บรรณาธิการ -----------------------------------------This issue of Boardroom is presented under the theme of “Disrupting Corruption” - the key concept of the National Conference on Collective Action against Corruption in October that talked about the use of technology in inhibiting corruption more efficiently. The conference abstract is featured in Cover Story. There are also more articles on anti-corruption, for example Corruption Suppression…Together We Can, which gives details about how to implement anti-corruption at the corporate level. Every sector should take part in the anti-corruption participation. The article: ‘An Evolution in Corporate Governance and Anti-Corruption of Thai Listed Companies’

points out that the CG code for business should include anti-corruption policy as a guideline for the directors, the management and employees to follow accordingly. Such policy, together with the survey results of CGR program in anti-corruption 2016-2018, should be revealed in the annual report for the company to assess and apply for its operation. Other articles also cover anti-corruption in different aspects such as no-gift policy, disrupting corruption, the importance of the fight against corruption in the perspective of foreign business and an update on the Thai Sector Collective Action Coalition Against Corruption (CAC) Project. Finishing off the issue is a recommendation of two enjoyable anti-corruption books Anti-corruption in History: From Antiquity to the Modern Era and The Corruption Cure How Citizens and Leaders Can Combat Graft. Boardroom ends this year with a full take on anti-corruption. With that, we hope that next year will see declining numbers of Thailand’s corruption cases. What will be next year’s headlines? Follow us on our printed issues and online at www.thai-iod.com and find out. Lastly, we, the editorial team, wish you all a safe holiday journey and happiness for the countdown and the coming new year celebrations altogether. Editor ---------------------------------------------------

Cover Story

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8 | Boardroom

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Ms. Angela Joo-Hyun Kang

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Mr. Surapol Opasatien

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Dr. Mana Nimitmongkol

b;- I*9 TD%O**T;LSCC;T 'Z5$ZG_I- _+;IS4;IV9D MSIM; Ta'E*$TE À¾À c6 LEZ= _;YhOMTa6DEIC%O**T;_LI;T a6D$G TII TcC I T _9'a;aGDW+RG lTLCSD`' cM; +R_= ; ßéìàè B o a r d r o o m | 11

à üÞÌÍMEYO Ă&#x;Ìä åÞùÞ $fcC LTCTE8LE T*$TE _=GWgD;`=G*c6 6 ID7SICS;_O* $TE_=GWgD;`=G* +R_$V 6 %Xh ; c6 $f 7 O _CYg O ';;l T _9'a;aGDW C Tb- =ERaD-; _9 T;Sh; 'ITC9 T9TD9Wg`9 +EV*%O*=ER_9Jc9D cC c6 OD[ 9Wg_9'a;aGDW_@WD*OD T*_6WDI `7 OD[ 9WgI T $TE=ES<_=GWgD;CZCCO* `GR`;I'ITC'V6%O* '; 9Sh*ER6S<;aD<TD `GRER6S<=1V<S7V _@YgO;lT _9'a;aGDW9Wg_MCTRLCCT=ERDZ$7 b- 7 O*LE T* bM _$V6'ITC_-YgOI T= ‰MT'OE ES=-S;LTCTE8 `$ c%c6 `GR9Z$? TD7 O*$G T9Wg+R7W`> = ‰MT _@YgO;lTCT@S4;T_'EYgO*CYO_@YgObM _$V6$TE`$ c% OD T*7E*+Z6 -----------------------------------------It has a tradition for the Collective Action against Corruption (CAC) to organize the annual seminar at the end of the year. The 9th National Conference on Action against Corruption was held on October 11, 2018 at the Dusit Thani Bangkok on the topic ‘Disrupting Corruption’. The topic is on trend as disruption has an impact on structural change in almost every business sector. We are at the historic turning point which enables us to solve corruption like we have never been able to do it before. Advanced technology, digital information known as ‘big data’ can be developed for adding transparency, improving work flow system and following up on government agencies, regarded the key factor of disrupting corruption and bringing hope to anti-corruption work. Angela Joo-Hyun Kang, Founder and Executive President of Global Competitiveness Empowerment Forum (GCEF), based in South Korea, gave a keynote address on the topic ‘How South Korea Built Proactive Movement to Combat Corruption’, showcasing how South Korea drives the anticorruption and public movement leading to change of the presidential position. The power of social movement is essential for solving the deep-rooted corruption. Those paying kickbacks and those opposing corruption are minorities in the society while

12 | B o a r d r o o m

those assessing situations whether or not Meanwhile, those accepting the fact that bribery should be paid are the majority. they pay kickbacks and giving information Hence, a tool and an incentive should be about corruption should not be punished. available to support the minorities. “Business operators may view that change Changemakers in the government sector is difficult due to business environment. The include anti-graft agencies, ministries, most effective change needs to start first state enterprises, politicians, and local with us,� she said. administrative bodies. Stringent law on anticorruption has been enacted and actively Encouraging the business sector to implemented by civil and business sectors. implement anti-corruption policy is a good As a result, bribery cases are decreased approach and can be carried out in many while business operation is more efficient. ways. Paraguay, for example, gives customs Continuous corruption assessment on the benefits to companies participating in the governmental sector by anti-graft agencies anti-graft projects. Incentives for SMEs is also carried out on a regular basis to are given priorities in South Korea. Those maintain the anti-corruption momentum. participating in the project will earn special points to evaluate trade partners. Such For the private sector, companies and approach should be integrated into conglomerates of all sizes as well as government’s procurement policy. Argentina business associations can be changemakers. has already put the approach into practice. ‘Tone at the Top’, is the best solution as the business leaders are those leading the In addition, there are other factors or change change. Leaders should be encouraged drivers which could lead to sustainable to deny corruption, and acknowledged change, for example public governance, about corporate policy on anti-corruption. incentives that lead to change and fair Public view towards corruption should competition, anti-corruption law. However, be changed. The thing is bribery cannot the most important thing is that everyone guarantee that those who pay will get can be a changemaker. anything back in return. On the other hand, company will be much more damaged GCEF takes part in encouraging those in the by any disclosure, if any. If those at the governmental and the business sectors in operational level still pay kickbacks, the South Korea to reject corruption. Among the management should improve the internal GCEF activities are ‘Fair Player Club Summit’ control and encourage staff to stop doing. in coordination with UN Global Compact

Dr.Thanee Chaiwat

Mr. Patipat Susumpow

Network. Similar to CAC movement, over on the same set of information in order to 230 companies joined the alliance. enhance work efficiency, safety of information access. Source of information can be tracked Next session is a group seminar on the topic for transparency benefits, reducing corruption ‘New Forces: How technology disrupts opportunities. Singapore, South Korea, corruption’. Nontawat Poomchusri, Accenture Saudi Arabia have already integrated Thailand’s Country Managing Director, talked blockchain into data storage for boosting about blockchain and new technology used efficiency to the system. for disrupting corruption. New tools and machines will enhance work efficiency, Surapol Opasatien, CEO of Credit Bureau reduce paperwork and red tap, leading CEO, talked about taking personal or business to transparency. Unlike human discretion credit profile for boosting effectiveness which may be influenced by uncontrol and transparency of procurement in the factors, machine and electronic tool working governmental sector. He said information based on specific rules and regulations help in the credit bureau system would be very reduce corruption opportunity. useful for several agencies and businesses recruiting people to sit in the key positions. In addition, database will enable companies Information can work as a filter system to work effectively. Database at governmental identifying financial administration and debt and private sectors is not systemized or payment behavior. Data collection also synchronized. General public have to enables us to track work history of each repeatedly fill a form with the same candidate. For candidates in the position information over and over when going to of leading organizations, particularly different governmental offices. The more governmental agencies, their information people could access to personal information from the Credit Bureau should be made which is not systematically collected, the public. more feasible the corruption could happen. “Blockchain may be a database system that Patipat Susampow, CEO of Opendream, help solves the problem mentioned above shared his experience on applying because it stores information at the cloud technology to raise anti-corruption space. Access to information is limited awareness in the society. He said the most to only the assigned person. This will help important thing to let people aware of prevent those who are not authorized to corruption is to showcase the impact of access and modify the information for corruption on all stakeholders in the society. personal use,” he said. Developed by Opendream, ‘Corrupt’ is an Blockchain system enables different depart- investigative online game. Based on real ments and offices to work together based case studies, young players will be aware

Mr. Kulvech Janvatanavit

of corruption problem and consequences of corruption every move they make. An assessment among game players aged 18-30 years found they tended to help their friends and networks more than intending to do a bribery. Nevertheless, cooperation to prevent corruption should be taken into account. Participatory One Health Disease Detection is among an example that was born out of a cooperation between experts from different agencies using the same set of information to work together and conduct zoonotic disease surveillance in a bid to prevent transmission of animal disease to human and its impact on community income. Using the same set of information will enable different agencies to support effectiveness of a community to deal with an outbreak by themselves and reduce work burden currently responsible by the authorities. For the last session, participants were asked what they would like to see policymakers do in terms of utilizing technology to solve corruption. Answers came out in the right direction. As the governmental sector keeps record of information, they should take responsibility as ‘facilitator’ for stakeholders. Different groups can utilize such data with safety. In addition, participants also believed the country leader should adjust his view and bring new technologies to enhance effectiveness of governmental work and reduce bureaucratic red tape. B o a r d r o o m | 13

In the afternoon session, Mana Nimitmongkol, ACT secretary-general, gave a special lecture on a talk of the town topic ‘Black Tiger, Wild Boars and a Friend’s Wristwatch’. Dr. Mana said the issue of Black Tiger and a Friend’s Wristwatch owned by a politician really tarnished the society’s hope on anticorruption movement. The thing is those involved in these two cases are people in the high place. But their behaviors exploit the social rules and regulations. The justice system can be swayed, depending on the social status of the wrongdoers. It is difficult to change human’s greediness. Social movement against the wrongdoer and a call for justice can lead to updates, solutions and punishment. In the meantime, the cave rescue mission to save lives of the so-called 13 ‘Wild Boars’ has brought a hope that a good thing can still happen in the society. “These three phenomena bring different feelings to the society. Although it’s difficult and takes time, success will happen. If the society is aware of the problem and such shared target, they can work together to eventually solve the problems.,” he said. Dr.Thanee Chaiwat, academic at Chulalongkorn University’s Faculty of Economics, talked about utilizing digital technology to solve conflicts of interest. He said corruption had never been decreased. Only the format changed. If we learned about the format and understood the conflict of interest pattern, corruption could be solved.

14 | B o a r d r o o m

Situation should be looked into, not the benefits. The situation allows individual benefits to exploit the public benefits, categorized into foreseeable benefit, created from an individual burden, and unforeseeable benefit, which usually happens in the society that gives more priority to individual benefit than the public one, leading to corruption.

learning technology to analyze, detect and give a warning when any conflict of interest is found. Dr. Thanee also said that conflict of interest might not be the worst thing that happened in the society. The more concerning issue is public negligence to the happening of conflict of interest as no one cares to solve it.

Declaration system is one of the solutions implemented in several countries to solve conflicts of interests. The system will gather, check and disclose information based on the following steps:

Mr.Kulvech Janvatanavit, CAC head of the project, wrapped up the seminar. Despite advanced technology given blockchain or big data, these could not be changed by themselves, it only could be changed when people brought technology to use and 1.1. Process: the system will check if there utilize, he said. is any conflict of interest among the policymakers. The real challenge for Thailand was not only technological, but also perception change, 1.2. Product: income and assets of the both at the policymaking and the operational policymakers can be checked. In some levels. Technology must be adapted for use cases, we cannot check from the process in order to establish a belief that corruption and cannot track down to identify conflicts can be solved. Everyone must dare disclose of interest. the problem in a bid to improve a tool that can effectively tackle corruption in the 1.3. Profile: Lifestyle information based on society, he said. cost and expenses. In Indonesia, Malaysia --------------------------------------------------and the Philippines, politicians spending Event supported by two times over the average assets over the past five years will be arrested. In Thailand, such information is already stored in the governmental sector. Such information is available at ministries, Supporting partners departments and offices, but they have to manage the storage system. We can gather this set of information by using machine and

Cover Story

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SCORE 00

Very clean

Highly corrupt

Very clean No data

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0-9

10-19

The problem and challenge associated with corporate governance continue to emerge and appear in many countries, especially in developing societies. In the past, many leading companies suffered losses or went bankrupt because of factors that exacerbated corporate problems, such as corruption and use of internal information for personal interest. Those factors have adversely affected sustainable corporate governance of businesses. Moreover, they have also hindered the economic development and growth of countries. The problems affecting corporate governance, especially corruption, are rampant around the world. Over the past several years, some countries have been able to eradicate or mitigate corruption, such as South Korea and Taiwan, while others have tried to combat it with little success no matter how much effort they put into it. Many developing countries, such as Thailand, remain seriously affected by corruption, which had been a key impediment in becoming a developed country. Transparency International (TI), a German organization supported by the World Bank, many governments and some transnational organizations, was established with the main objectives to drive corruption into the agenda of the world, play an important role

20-29 30-39 40-49

50-59

60-69

70-79

80-89

90-100

No data

in the preparation of the convention against corruption and raise governments’ capacity to fight corruption. The Corruption Perception Index (CPI) measures corruption in countries around the world, with scores ranging from 0 - 100. The lower the score means less transparency or there is a greater amount of corruption. The CPI results in 2017 indicate that the levels of corruption and transparency globally were unchanged from previous years. The top 10 countries surveyed were New Zealand, which is the most transparent country, with a score of 89, overpassing Denmark, the country that had the highest score of 88 in the previous year and again attained a score of 88. Other countries in Scandinavia and Europe, namely Finland Norway and Switzerland came in third position with a score of 85 points, followed by Singapore and Sweden with a score of 84. Canada, Luxembourg and the Netherlands had the next highest scores of 82. Somalia, a small country in Africa, attained the least amount points with a score of 9. This country has arid and remote terrain and the population is suffering from the effects of an ongoing civil war. As a result, the government or those who are involved in the development of the B o a r d r o o m | 17

country carry out corrupt practices to pad their pockets. Reviewing CPI by region shows that Western Europe had the highest average score of 66 points and Africa had the lowest with average CPI of 32 points. Singapore remained the leading country in terms of transparency in the ASEAN region and in Asia and the Pacific. Thailand ranked fifth in Asia with 37 points and 96 out of 180 countries. The score in 2017 moved up from 35 points in the previous year, resulting in an improved ranking from 101 previously. In addition, the Center for Economic and Business Forecasting, University of the Thai Chamber of Commerce announced that the Corruption Situation Index (CSI) for Thailand in the first half of 2018 (June 2018) was 55, up from the result of 52 in the previous survey of December 2017. Furthermore, the ethics and awareness index rose to 64, which had improved over the past four years, and was the highest since the first survey was conducted in 2010. The causes of corruption are mainly associated with the operation of the bureaucracy and laws that are more favorable for corruption and the lack of enforcement of law. The most prevalent types of corruption are bribery, policy fraud and the use of political positions to benefit the party. The better score and ranking of Thailand is a positive sign, but still a lot of work must be done. Efforts to suppress or reduce corruption must continue and all relevant parties, including the private sector, the public sector and civil society should put more effort into solving corruption to push Thailand’s scores higher. The private sector plays an important role in running businesses under the principle of good corporate governance and must participate fully in this effort. Every company should have an effective internal control system in place. Another channel for suppressing corruption is for an organization to have policy to encourage whistleblowing. Company boards must give priority to such matters by supporting and working to address the

18 | B o a r d r o o m

problem of corruption as part of the corporate culture. Communications pertaining to corruption should be passed directly from the top level of the organization. The board of directors must provide the opportunity to communicate both top-down and bottom-up throughout the whole organization. High-level executives must be involved in providing support for practical implementation of policies to fight corruption. It is also important to provide information and training to employees to help them better understand the policies. In some cases, the audit committee may play a role by supervising the overall implementation of a complaint or complaint system in order to monitor the ineffective points and correct weaknesses. A clue or complaint system will not be effective if the personnel do not know what the system is and how it works. Thus, the personnel should be trained to understand the purpose of having a clue or complaint system and what should be reported when and how, as well as which channels are available and the steps after the clue or complaint is reported. However, the clue or complaint system should take into account the diverse and different cultural dimensions to determine the balance point. For example, how to design the system if some cultures may view reporting complaints or clues as “suing” The laws and regulations in an organization or country should be taken into account for consistency and to prevent problems. At present, regulators have pushed businesses to take measures against corruption by issuing a law for listed companies to disclose information, policies and actions against corruption in its annual report, annual information form (56-1 form) and registration statement of securities offering (69-1 form). Information disclosure is not only beneficial for the investors but it also enables listed companies to monitor and improve their operations to be more efficient. According to a survey conducted by the corporate governance program of the Thai Listed Companies Association

(CGR) in 2017, the Thai Institute of Directors (IOD) found that companies in Thailand were aware of the problem and focused more on creating ethics in the organization. Seventythree percent of the companies had a policy on business ethics and it was disclosed in annual reports or websites of the companies. In addition, it was found that 83% of directors, executives and employees followed the policy and that 70% of the Thai-listed companies have set guidelines for policy implementation and monitoring. The staff members have signed a document to acknowledge the policy, monitoring, evaluation and clear punishments. As mentioned above, the solution for corruption requires the cooperation of all parties. Thailand should set a mechanism for all sectors to play a greater role in the effort. The private sector must have good corporate governance. The public sector needs to improve its service system to reduce the discretion of the authorities, which is a channel that facilitates the offering and receiving of bribes. It also promotes policy fraud. The laws must be enforced effectively. Offender must be punished seriously and should not be given political power to overwhelm the work of government officials. For the civil society, the effort must start from within with determination, good intention and good conduct, being honest to family and society and helping to adjust the attitude of people in society not to accept corruption and nor ignore fraud. Moreover, civil society should report clues to the investigating authorities when they see a suspicious action. If all parties work together to solve the problem and everybody is doing their duty, the opportunity for Thailand to eliminate corruption will surely be greater. --------------------------------------------------3L"DLAA=K/3K31 =K%;RDN 8K12 Û² ¡ÉÚÉÜÖÉÚÖ ÉÜËÐÉÕÝÛÑÓØÉÜ Senior CG Analyst Curriculum Development Thai IOD

Cover Story

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Business doing has usually required outstanding performance of profits, which is a result from effective performance and high quality of products or services done by the organization. But to reach the company or organization’s sustainability growth, the business doing must be done with honest and no involvement of corruption, which will help create long-term confidence among investors, shareholders and all stakeholders. According to Corporate Governance in business sector, the listed company has been requested for establishing policy against corruption, which will be used as the guidelines for committee, executive and officer’s practices. It is also necessary to mention the policy in annual report, annual registration statement and company’s website other channels to distribute information to the stakeholders.

B o a r d r o o m | 21

¿ÌÍ×Ð ¥ A Survey of CGR Project for Anti-Corruption Issue during 2016-1018

®ÝÔßÐÝÔÌ ÚÑ ®²½ °áÌ×àÌßÔÚÙ ×ÕÕÑÜÜÍÍ ÐÉÛ ÛÍÜ ÝØ É Ø×ÔÑËá ÚÍÔÉÜÍÌ ßÑÜÐ Ë×ÚÚÝØÜÑ×Ö ÛÝØØÚÍÛÛÑ×Ö ÉÖÌ Ö× ÊÚÑÊÍ ÏÑÞÍÖ Î×Ú ÊÝÛÑÖÍÛÛñÛ ØÚ×ÎÑÜ ×Ú Ö×ܲ ×ÕØÉÖá ÐÉÛ É ØÚ×ËÍÛÛ Ü× ÍÞÉÔÝÉÜÍ ÜÐÍ ÚÑÛÓ ÎÚ×Õ Ë×ÚÚÝØÜÑ×Ö ×Ú Ö×ܲ ×ÕØÉÖá ÐÉÛ ÛÍÜ ÝØ ÚÍÏÝÔÉÜ×Úá ØÚÉËÜÑËÍÛ Ü× ØÚÍÞÍÖÜ ÉÖÌ Õ×ÖÑÜ×Ú ÜÐÍ ÚÑÛÓ ÜÐÉÜ ÕÑÏÐÜ ×ËËÝÚ ÎÚ×Õ Ë×ÚÚÝØÜÍÌ ÉËÜÑÞÑÜá ×Ú Ö×ܲ ×ÕØÉÖá ÐÉÛ ÛÍÜ ÝØ ÚÍÏÝÔÉÜ×Úá ØÚÉËÜÑËÍÛ Ü× ØÚÍÞÍÖÜ ÉÖÌ Õ×ÖÑÜ×Ú ÜÐÍ ÚÑÛÓ ÜÐÉÜ ÕÑÏÐÜ ×ËËÝÚ ÎÚ×Õ Ë×ÚÚÝØÜÍÌ ÉËÜÑÞÑÜá ×Ú Ö×ܲ ×ÕØÉÖá ØÚ×ÞÑÌÍÛ Ø×ÔÑËá ÉÖÌ ÏÝÑÌÍÔÑÖÍÛ ÉÏÉÑÖÛÜ Ë×ÚÚÝØÜÑ×Ö ÜÚÉÑÖÑÖÏ Ü× ÑÜÛ ÛÜÉÎÎ ×Ú Ö×Ü

The Role of Stakeholders, which is a category of CGR survey project, mentions the issue of anti corruption by having in a form of “YES/NO” questionnaire to six questions. The point of judgment is done based on a consideration of policy and guideline, which is presented in the annual report, the annual registration statement and its website. The survey was done three years back since 2016-2018 as details below.

© ×Î ÍÞÉÔÝÉÜÍÌ 2016 2017 2018 ¬¸úû ¬¸´ú ¬¸·¹ Ë×ÕØÉÖÑÍÛ­ Ë×ÕØÉÖÑÍÛ­ Ë×ÕØÉÖÑÍÛ­

93

94.5

judging from a number of companies that come to declare the statement with Collective Action against Corruption (CAC) project. Among 929 companies, 426 of them are non-listed companies (based on November 2018).

95

Besides creating environment of transparency in the listed company, having the policy and guideline against corruption will help 59 66 70 increase business opportunity through fund raising. A clear example can be seen in 74 82 85 Corporate Governance Fund (CG), which considers information from CGR survey and 66 75 77 endorsement from CAC project as criteria for picking up shares to invest. It wants to ensure the investors that the investment 50 56 61 is done with transparency and opened information, together with long-term return 60% of companies is found in 2018). It of an investment. might be caused by insufficient budget and trainers to educate for the issue. Therefore, the listed company should expand its efforts to run the business with transparency Fortunately, education to staff can be done among producers and trade partners. By this in various kinds of form, including internal way, it will be able to support the business training from the human resources bureau with ethics and change behavior of business or external training by attending seminars doing with corruption free for boosting the organized by the related agencies from country’s good image. state and non-state owned organization, or --------------------------------------------------joining the curriculum set up by ACP, ELP 3²D²Aþ%%R/L DRA==-%K<=4 and IOD. Û² ¡ÑÜËÐÝÜÉ

Based on the table 1, it found that the Thai ÝßÉÖÖÉËÐÉÑÚ×Ê listed companies strongly emphasize the Moreover, non-listed companies have also Supervisor Research and Policy importance of anti-corruption in their shown their strong interest on the issue, Thai IOD organizations, noticing from every year increasing proportion of companies that set up policy and guideline against corruption, ®ÓÌÝß ´¥ A number of companies declaring the statement and a number of companies especially the practice of non-taken bribery endorsed by CAC Project for business’s benefit in a form of no gift given in festivals or any occasion that might lead to corruption such as the pre and post bidding period. Although there is more spreading number of listed companies participated in anticorruption activity, an effort of providing staff’s training for policy and guideline against corruption is still seen less. (Only

22 | B o a r d r o o m

×ÕØÉÖá ÌÍËÔÉÚÑÖÏ ÜÐÍ ÛÜÉÜÍÕÍÖÜ ÖÌ×ÚÛÍÌ ×ÕØÉÖá

Board Briefing

National Research Alliance Dialogue on Corporate Governance 2018 _CYgOIS;@FMSL<6W9Wg ®² @FJ+V$TD; ÆÌÁ E I C$S < O*' $ E`GRCMTIV 9 DTGS D -Sh ; ;l T c6 ` $ +ZNTG*$E5 CMTIV9DTGSD CMTIV9DTGSD_$K7E JTL7E IV9DT_%7$lT`@*`L; IV9DTGSD;IS7$EEC $TE+S6$TE CMTIV9DTGSD_9'a;aGDWET-C*'G ES7;a$LV;9E '5R@T5V-DJTL7E `GR$TE<S -W `GR'5R_JEK2JTL7E CMTIV9DTGSD:EECJTL7E CMTIV9DTGSD:ZE$V+<S53V7D IV9DTGSD$TE+S6$TE CMTIV9DTGSDCMV6G L8T<S;<S53V7<EVMTE:ZE$V+ JJV ; 9E ` M * +Z N TG*$E5 C MTIV 9 DTGS D ¥JJV ;9E ¦ `GRL8T<S;<S53V7@S4;<EVMTEJTL7E ¥;V6 T¦ +S6*T; ËÞñæìëÞé ÏâðâÞïàå ¾ééæÞëàâ ÁæÞéìäòâ ìë ÀìïíìïÞñâ ÄìóâïëÞëàâ ¯­®µ %Xh; 5 ÐÞðæë ÅÞéé L8T<S;<S53V7<EVMTE:ZE$V+ JJV;9E `M *+ZNTG*$E5 CMTIV9DTGSD _@YgO_= ; _I9W 9Wg _ = 6 aO$TLbM >[ 9Wg L ;b+_EYg O *$TE$l T $S < 6[`G$V+$TE LTCTE8;lT_L;O>G*T;IV+SDbM $S< 9Sh*BT':ZE$V+`GRBT'$TEJX$KTc6 A * a6Dc6 ES<$TEL;S<L;Z;$TE+S6$TE=ER-ZC+T$ <EVKS9 24 | B o a r d r o o m

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Ú² ÉÚ×Ö ÛÉÚÉÛÍÖÉ É áÝÌÐÉK

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Dr. Tanai Charinsarn

Mr. Chaiwat Utaiwan

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On 15 November, IOD in cooperation leading organizations and universities including Chulalongkorn University, Kasetsart University’s Kamphaengsaen Campus, Rajamangala University of Technology Rattanakosin’s College of Innovation Management, Mahidol University, Sasin Graduate Institute of Business Administration of Chulalongkorn University, National Institute of Development Administration (NIDA) organized “National Research Alliance Dialogue on Corporate Governance 2018� at Sasin Hall, NIDA as a platform for those interested in corporate governance to present their studies to the academic and business sectors. Having been supported by Bangchak Corporation Plc., PTT Exploration and Production Public Company Limited, and the Siam Cement Group since 2014, this is the fifth year of the event. Many directors, executives, academic, Mr. Chaiwat Utaiwan researchers, lecturers, students and general public still shows much interest in attending the program. Khun Chaiwat Utaiwan, acting IOD President & Chief Executive Officer, gave an opening speech.

production and service sectors, even a change in corporate culture. Everyone must give priority to ICT. Corporate leaders should not let technology to disrupt their businesses. On the other hand, they must disrupt their own organization, by unlearning old-fashioned skills, relearning newer information and learning new skills so that the corporate will sustainably grow. Corporate leaders must have servant leadership, listen more and talk less, and be open-minded.

Later was the presentation of corporate governance. This year’s research topics involved new corporate governance which was of public interest, for example, Down Jones Sustainability Indices (DJSI) or IFRS accounting standard. Assistant Professor Dr. Tatre Jantarakolica, academic of Thammasat University’s faculty of economics, was the chair of the research Mr. Napresentation Siew Quan session. A total of six study topics were presented. Details of research studies and all documents from the seminar on the topic the National Research Alliance Dialogue on Corporate 2018 can be found on website: www.thai-iod.com Paron Isarasena Na Ayudha and Dr. Tanai --------------------------------------------------Charinsarn attended a panel discussion Event supported by on the topic “Digital Disruption’s Impact on Leadershipâ€? to share their experiences. Khun Paron talked about technological transformation over the past few years 3L"DLA ;-O ;-OXD" which had changed not only people lifestyle —Û² —ÉÖĂ?Ă? —ÉÖĂ?Ă?ÛÉÖĂ? but also business operation and almost CG Specialist every industry to become more digitalResearch & Policy Thai IOD oriented. Such change happened first to B o a r d r o o m | 25

Board Briefing

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OD T* ÐñÞïßòàèð $fc6 ;lT_9'a;aGDW_% TCT- ID $V+$EEC`GR$ER<I;$TE9lT*T;9Wg<EVKS96lT_;V; b;$TE+S6$TE$S<% OC[G%O*G[$' T `GR- IDbM OD[ 9Sh*MC6 I TORcE_= ;aO$TL`GR+Z6O O; ÐñÞïßòàèð LTCTE8D$ER6S<$TEbM <EV$TEG[$' T ¯¦ _GYO$$V+$EECbMC e9Wg+R9lT_@YgO;lTE O* ° c6 6WDVg*%Xh;+T$$TE9Wg ÐñÞïßòàèð c6 _$f<% OC[G $V+$EEC °¦ ER6C<Z'GT$E9W_g $WDg I% O*_@YOg 9lT*T; =ERIS7V$TE.YhO_'EYgO*6YgC%O*G[$' T `GR;lT% OC[G E I C$S ; `GRMT`;I9T*bMC e OD T *+EV * +S * _MG T;WhCTIV_'ETM `GR;lT_L;Oa=EaC-Sg;MEYO .Xg*_= ;O*' =ER$O<9WgLlT'S CT$ ±¦ _EVgC9lT `;R;l T _'EYg O *6Yg C 9Wg G[ $ ' T `7 G R';-Yg ; -O<c6 $V+$EEC;S;h OD T*_= ;%S;h _= ;7O;a6DCW$ER<I;$TE _= ;$TELE T*'ITC=ER9S<b+bM $S<G[$' Tc6 _= ; 9WLg O6=ERLT;$S; `GR ²¦ _=GWgD;`=G*LBT@ OD T*6W _= ;7 ; .Xg*cC I T+R_= ;:;T'TE <EVKS9 `I6G OC$TE9lT*T;9Sh*MC6_@YgO? $`GR@S4;T =ER$S; MEYO:ZE$V+' TL * $fLTCTE8;lT% OC[G9Wg <Z''GT$EbM CWJS$DBT@bMC e +S6_$f<c=b- @S4;T$TEbM <EV$TE _@YgO7O<L;O* 'ITC7 O*$TE%O*G[$' Tc6 _- ;_6WDI$S; `7 =ER:T;$EEC$TEb;2T;R>[ ;l T %O* = ++Z<S;$GS<@<I T:ZE$V+L I;bM DS*cC c6 ;lT O*' $ECW<9<T9LlT'S OD T*CT$b;$TELE T* % O C[ G 9Wg _ $f < cI C Tb- b M _ = ; =ERaD-; C T$;S $ bM _$V6$TE_=GWgD;`=G* a6D9lT'ITC_% Tb+8X* ;O$+T$;WhDS*@<I T $TEL *> T;% OC[G ¥ãéìô ìã 'ITC+lT_= ;`GR=ERaD-; b;$TE;lT_9'a;aGDW æëãìïêÞñæìë¦ ERMI T*BTDb;:ZE$V+$f_= ;OW$M;Xg* _% TCT=ES<b- b;$TE6lT_;V;:ZE$V+ `GR>GS$6S; = MTLlT'S MGTD:ZE$V+cC c6 CW$TE_-YgOCaD* bM 9Z$';_% TCTCWL I;E IC_@YgO_@VgC=ERLV9:VBT@ % OC[GERMI T*`>;$ +X*9lTbM cC LTCTE8b- b;$ER<I;$TE9lT*T; `GR%S<_'GYgO;bM _$V6 % OC[G9WgCWbM _$V6=ERaD-; L[*LZ6c6 $TE_=GWgD;`=G*b;O*' $Ec6 a6D$ER<I;$TE M T %Sh ; 7O;b;$TE;l T _OTER<<6V +V 7 OG b;$TELE T*bM _$V6$TECWL I;E IC%O*9Z$? TDb; CT=ERDZ$7 b- b;$TE6lT_;V;:ZE$V+ ®¦ 9<9I; O*' $E -WhbM _Mf;8X*aO$TL9Wg+R_$V6%Xh;MGS*+T$

$TE;lT_9'a;aGDW_% TCTb- 9Sh*;Wh=ER:T; $EEC$TE7 O*`L6*bM _Mf;I TLVg*9Wg9lTLE T*bM _$V6$TE_=GWgD;`=G*c6 OD T*`9 +EV*`GR$GTD _= ;LVg*9WgLTCTE8LE T*'ITCc6 _=EWD<b;$TE `% *%S;c6 b;ERDRDTI -----------------------------------------On November 6, 2018, IOD held the Chairman Forum event at Grand Hyatt Erawan Bangkok. We were honored to have Mr. Hans-Paul BĂźrkner, the Chairman of Boston Consulting, as our guest speaker who gave us a talk on “Digital transformation – A must for all companyâ€?. The summary is as follows. In the modern world, technology has been playing a greater role in business. If businesses could adopt the right technology, they can create business opportunities. On the other hand, if they fail to do so, technology could turn out to be their threat. However, adopting technology in businesses should begin with having a mind-set that believes technology can create business opportunities, facilitate work processes, and enhance good business results. A well-known example is Starbucks. Starbucks adopts technology in managing their customer data and this helps them serve their customers better. They collect their customers’ purchasing history, analyze the data and then come up with promotions or recommended menus that match each customer’s preferences. This is a great way to impress customers. Other businesses such as banks, insurance companies, or even wholesale businesses can also use collected data to improve their services in order to meet their customers’ needs as well. Nowadays, however, most businesses have not made a good use of data they have been collecting. Besides, the flow of information among their internal units seems to be another problematic area. Many businesses fail to link databases between departments; therefore, they are not able to maximize the information they already have.

Mr. Hans-Paul BĂźrkner

And these are 5 steps to implement digital system in business operations 1) review all of the company’s’ activities and processes and determine your strengths and weaknesses 2) select 3 new activities to pilot 3) gather related personnel in order to officially work together and brainstorm for new methods and this step is key 4) start those activities step by step systematically and make sure that the processes are harmonized 5) change the whole work environment to train and develop your personnel new competences. Directors as leaders of organizations play a crucial role in making changes. They need to understand the needs and the advantages of adopting technology in their businesses then encourage everyone to be involved in

order to enhance the effectiveness of their work processes and drive changes within the organizations. The process of letting everyone in the organization participate determines the opportunities that arise after technology is introduced. However, the directors must point out that what they are doing can actually lead to changes and create competitive advantages in a long run.

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3L"AĂż=Ăž31= BN=Ăž8K32 —ÚÛ²  Ă?Ă?ÚÑÖ Â?Ă‘ĂšĂ‘Ă˜Ă?ÉÖ Sr. CG Analyst Research & Policy Thai IOD

B o a r d r o o m | 27

Board Briefing

Learn, Unlearn and Relearn – Audit Committee in the Age of Disruption _CYgOIS;+S;9E 9Wg ®¯ @FJ+V$TD; ¯²³® ÆÌÁ c6 +S6$TE=ER-ZC ¾òáæñ Àìêêæññââ Ãìïòê ®¬¯²³® b;MSI% O ÉâÞïë© òëéâÞïë Þëá ïâéâÞïë ¾òáæñ Àìêêæññââ æë ñåâ ¾äâ ìã Áæðïòíñæìë a6Dc6 ES<$TEL;S<L;Z;$TE+S6$TE=ER-ZC+T$ <EVKS9 <T*+T$ 'OE =O_E-Sg; +lT$S6 ¥CMT-;¦ <EVKS9 =79« +lT$S6 ¥CMT-;¦ `GR <EVKS9 c@E . IO_7OE _PTL '[_=OE L _O<W_O_OL +lT$S6 b;*T; 6S*$G TI 'Z5-SDIS4; OZ9SDIEE5 ES$KT$TE $EEC$TE>[ OlT;ID$TE L8T<S;$EEC$TE<EVKS9 c9D b;2T;R>[ $G TI_= 6$TE=ER-ZCc6 $G TI8X* 9WgCT%O*$TE+S6 ¾òáæñ Àìêêæññââ Ãìïòê b; MSI% O;WhI T = ;Wh ÆÌÁ bM 'ITCLlT'S _$WgDI$S<$TE LE T* ¾ôÞïâëâðð bM $S<$EEC$TE _@YgO_7EWDC 'ITC@E OCb;$TE=ES<7SIES<$S<DZ'LCSD9Wg9Z$ OD T*+R8[$ Áæðïòíñæìë c6 EI6_EfI`GREZ;`E* a6D_,@TR9T*6 T;_9'a;aGDWLTEL;_9J MEYO ÆÑ G TLZ6b;$TE=ER-ZC ÌÂÀÁª¾ðæÞë ÏìòëáñÞßéâ ìë ÀìïíìïÞñâ ÄìóâïëÞëàâ 9Wg> T;CT %O* ÏâäòéÞñìï EIC8X*L8T<S;$EEC$TE`GR;S$ G*9Z;L8T<S; $fCW$TE;lT_EYgO* ÑâàåëìéìäæàÞé 28 | B o a r d r o o m

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Mr. Jirapol Tangtatswas

B o a r d r o o m | 29

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CZCCO*b;2T;R$EEC$TE7EI+LO< 9WgCW 7 O$TE_=GWgD;`=G*7 T*e ¥Áæðïòíñæìë¦ 9Wg_$V6 'Z5$ZG_I--WhbM _Mf;I T $TE_=GWgD;`=G* _MG T;W_h $V6%X;h 9Z$IS; _@WD*`7 _ETOT+cC c6 7ERM;S$ %Xh;b;aG$= ++Z<S; 8X*OD T*+EV*+S* +X*_= ;'lT8TC9WgD O;$GS<CT8X* 'Z 5 = E R LS 5 M C O * I T b ; = + +Z <S ; 7;_O*I Tb;2T;R$EEC$TE7EI+LO< _ETc6 _9'a;aGDW EICc=8X*LYgO+lT@I$ ÐìàæÞé ÊâáæÞ _% Tc=@V+TE5T6[< T*MEYOcC I T<EE6T>[ CWL I; _EVgC_% TCTCW<9<T9b;-WIV7%O*>[ ';CT$%Xh; LVg* c6 _LWD7 T*e9Wg_$WgDI% O*$S<<EVKS9%O*_ET;Sh; 8[$ _MG T ;Wh L * >G$ER9<7 O BT':Z E $V + OD T *MGW $ Áæðïòíñ c=`G IMEYOcC OD T*cE

Mr. Prasan Chuaphanich

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Ms. Varunee Pridanonda

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Mr. Kulvech Janvatanavit

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IOD organized the Audit Committee Forum 12/2561 under the theme “Learn, unlearn and relearn - Audit Committee in the Age of Disruption�. Held on 12 November 2018, the meeting was supported by Bangchak Corporation Public Company Limited, PTT Public Company Limited and PricewaterhouseCoopers ABAS Company Limited. Khun Chaiwat Utaiwan, Acting Managing Director of Thai Institute of Directors was the first speaker. He discussed the background behind the theme of this event. IOD decided that it should focus on creating awareness for directors to prepare for the era of constant, rapid and severe disruption, especially in the area of information technology or IT. Notably, technical innovation and the role of the board was a topic of discussion at the OECD-Asian

B o a r d r o o m | 31

Roundtable on Corporate Governance of regulators, director institutes and institutional investors. During that event, experts stated that adaptation of IT in the this era of disruption was very important, especially to enable audit committees to function sufficiently. In that regard, it is believed the that assistance from IT systems in Thai companies in the work of the audit committee is not yet widespread. Some challenges remain. However, failure to overcome them would affect the efficiency of the auditing function and competitiveness of the organization.

the distribution channels or communication channels with customers; 3. changing the style of service provided: and 4. changing the style of production. It also has presented an important business opportunity.

Before the start of the discussion, Mr. Jirapol Tangtatswas, formerly a consultant for PricewaterhouseCoopers ABAS Company Limited gave a lecture entitled “Technology & Its Impacts”, which was divided into three main areas, as follows:

Æ ý¬ ÙÊÈÍÓÔÑÔÌÞ 5G technology is destined to become the foundation of all IT systems. Through it, large amounts of data can be sent can at a rate that is 100 time faster them through a 4G system. In addition to smartphones and tablets, tools, utilities and infrastructure can be extended to a 5G system. Consequently, the scope of the technological can be reduced, data can be more real-time and two-way communication between the fiscal and digital operations will be possible..

ù ©ÎØ×ÚÕÙÎÔÓØ ÜÊ ÍÆÛÊ ØÊÊÓ

ú ¹ÊÈÍÓÔÑÔÌÞ Ù×ÊÓÉØ In the future, the fundamental technologies will be better prepared to support the adoption of new technologies in daily life. The new technologies that will play an important role on the livelihood of people and business related to the audit committee are the following: .

Digital technology is a tool to help solve problems and create uniqueness or increase capacity. It does not destroy the business, but an organization must use it properly. The digital disruption has not only affected products but it also has had an Ç ¨ÑÔÚÉ ÈÔÒÕÚÙÎÓÌ impact on businesses in the following areas: Cloud computing is a storage service and 1. changing product styles; 2. changing online system from the provider set up to

32 | B o a r d r o o m

simplify installation and maintenance of the system. It potentially reduces the time and cost of the operation of the company because of the need to create a computer system and network is eliminated. However, it takes into account the risks that may occur. È ¨ÞÇÊ× ØÊÈÚ×ÎÙÞ Most organizations use technology to gain a competitive advantage, but this opens up vulnerability to cyber threats. The audit committee should take preventive actions by identifying the potential threats and ensuring that the organization is prepared to deal with them. Cyber threats have changed over the years from attacks directly on the organization system by hacking using attacks on public spaces as a bridge to attack the organization. As a result, technology adopted by organizations is based more and more on the concept of “secure by design”.

û ­ÔÜ ÙÔ Õ×ÊÕÆ×Ê ÆÓ Ô×ÌÆÓÎßÆÙÎÔÓ ËÔ× ØÊÑÊÈÙÎÓÌ ÙÊÈÍÓÔÑÔÌÞ¤ Audit committees should consider the following 6 things when reviewing the technology to use to enhance competitiveness:.

ù ±ÔÔÐ ÇÊÞÔÓÉ ÙÊÈÍÓÔÑÔÌÎÊØ In addition to introducing new technology into the organization, the processes of bringing such technology should include considering the working process, organizational culture and people in the organization.

Securities and Exchange Commission (SEC), was a guest speaker at the event. She showed a list from a financial report that auditors presented to listed companies for making improvements through audit adjustments. The audit committee was required to update and acknowledge the new rules that the SEC will enforce in 2019. ú ±ÔÔÐ ÆÙ ÙÍÊ ÇÎÌ ÕÎÈÙÚ×Ê She told the participants that at the end of Consider a broad perspective with a clear the seminar, SEC planned to redistribute goal of bringing such technology into the the documents to the listed companies. organization and not just assume that it must be installed there. 1. Improvement of the auditor rotation rules in accordance with the international û «ÔÈÚØ ÔÓ ÈÚØÙÔÒÊ×Ø code of conduct by adhering to the current The use of technology should contribute principles that define the duties of the towards creating a good experience for the auditor and listed companies. The new customers (customer experience) when guidelines are as follows. conducting business with the organization. This entails ensuring satisfaction from the 2. Disclosure of corporate governance information in form 56-1 and form 69-1 start to the finish of the business dealing. that, in principle, changed the rules on ü ¨ÔÓØÎÉÊ× ÙÍÊ ÆÒÔÚÓÙ ÔË ×ÊÙ×ÆÎÓÎÓÌ compliance. The former principle required the disclosure of information on compliance required of the staff Employees play an important role in ensuring and parts in which compliance was not that the technology in an organization achieved while in the new form, only is used efficiently. Preparation or staff disclosure about compliance is required. members in that regard entails unlearning, the old, outdated technology and relearning The event included a panel discussion a new technology. Moreover, the organization under the topic “The evolving role of the also should encourage employees to have audit committee and auditor in the digital both hard and soft skills related to technology. age”, which included panelists with extensive experience in that field, namely Khun. Prasan Chuaphanich, Chairman of ý ªÓØÚ×Ê ÈÔÓÙ×ÔÑ Ensure that the new technology introduced Audit Committee, PTT Global Chemical in the organization can be controlled and and Siam Commercial Bank Public Company that a clear monitoring system is in place. Limited; and Khun Kulvech Janvatanavit, When problems occur, it is necessary to be member of the Audit Committee, Thai Poly Acrylic Public Company Limited. Khun able find the defects and fix them. Varunee Pridanonda, Adviser-Partner of ¹ÍÊ ÉÎÌÎÙÆÑ ÏÔÚ×ÓÊÞ ÓÊÛÊ× ÊÓÉÊÉ Corporate Governance, Risk Management, Always be aware that technology is constantly Internal Control and Internal Audit of evolving. Therefore, an organization must PricewaterhouseCoopers ABAS Company prepare its personnel and the internal work- Limited served as the moderator of the flow to be ready to take on the changes that panel. A summary of the views expressed are occurring. Risk assessments must be by the panelists are summarized below: conducted regularly.

Technology, including social media, is playing a large and growing role in people’s lives. It is affecting the business sector, inevitably forcing companies to readjust their business models to align them with changes that occur. One obvious example of this is the banking industry, which had been experiencing a shift towards more online transactions. As a result, banks have been gradually shutting down branches over the past few years. It is not just the business sector that had had to adapt to the changes and advances in technology. Regulators have also needed to adjust as well in the form of updating the rules to taking into account the changing environment. A change that refers to disruption does not necessarily pertain to digital technology; it is more about the mindset of people. One example close to home is the decline of Nongmon market. This can be partly attributed to the emergence of a motorway, which has become a popular transportation route. Khun Kulvech pointed out that those changes occur daily without us realizing it. Members of the audit committee must consider whether stakeholders of their company were disrupted by particular changes and if so, how they were disrupted. In addition, statistics indicate that the risks many businesses deem to be disruption risks, such as cyber security or digitalization, have not been sufficiently monitored, reflecting a mismatch between risk priorities and the internal audit activities of the organization.

Therefore, issues that the audit committee need to review are the following: (a) Is the audit of our organization riskbased; (b) What are the emerging risks for the ¹ÍÊ ÛÎÊÜ ÆØ Æ ÒÊÒÇÊ× ÔË ÙÍÊ ÆÚÉÎÙ business; Khun Apichaya Fallet, Assistant Director committee on the ongoing disruptions (c) How heavily is the leading indicator relied on; of Compliance Department, Office of the ÔÈÈÚ××ÎÓÌ ÌÑÔÇÆÑÑÞ B o a r d r o o m | 33

Ms. Apichaya Folletta

(d) Is corporate culture considered when back to their companies and question the making decisions. “quality” of risk assessment, determining if it is effective and updated in a timely ­ÔÜ ÉÔÊØ ÙÍÊ ¦ÚÉÎÙ ¨ÔÒÒÎÙÙÊÊ ÆÉÆÕÙ ÙÔ manner to keep up with changes in the modern world. ØÚÈÍ ÉÎØ×ÚÕÙÎÔÓؤ

and relevant to the era of change.

The documents from the Audit Committee Forum 1/2018 can be downloaded from www.thai-iod.com --------------------------------------------------Audit committees of many companies often ¼ÍÆÙ ØÐÎÑÑØ ÔË ÎÓÙÊ×ÓÆÑ ÆÚÉÎÙÔ×Ø Æ×Ê ÒÔØÙ Event supported by spend a lot of time reviewing the financial ÆÕÕ×ÔÕ×ÎÆÙÊ ÎÓ ÙÍÎØ Ê×Æ ÔË ÈÍÆÓÌʤ report and compliance with regulations, but the changes that have had taken place Internal auditors need to be adaptable by recently have involved automation. Thus, adopting new technologies, such as data some duties of the audit committee could analytics, which is expected to become be replaced by artificial intelligence. the game changer for internal control system in the near future. The system will When some activities are facilitated using be an important tool to help filter suspicious technology, the role of an audit committees transactions and replace dedicated worker that is of utmost importance is the ability assigned that function, which tend to be to look at the long term (5 to 10 years) and more error-prone. Consequently, internal understand the business deeply to help the auditors need more IT skills. board of directors anticipate the risks of the business efficiently. Khun Kulvech expressed a similar view to the one of Khun Prasan that artificial The role of the audit committee remains intelligence technology will be used more the same but it must be more dynamic, frequently. Therefore, the duties of internal especially in the supervision of risk. Many auditors must be elevated to include using 3L"DLA ;-O ;-OXD" companies are now facing the problem artificial intelligence to deal with issued Û² ÉÖÍÍ ÉÖÍÍÛÉÖÏ that their risks are dealt with separately related to creating working cohesion, CG Specialist Research & Policy even though they are interconnected. Audit engaging stakeholders and more importantly Thai IOD committees are finding it difficult to go create a corporate culture that is appropriate

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Board Briefing

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36 | B o a r d r o o m

Dr. Dan Montgomery

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9Sh * MC69Sh * CIG;Wh ;l T c=L[ $ TE<S ‰ ‰S 7V I GW 9Wg I T IOD members and guests learned about be completed, leading to the coining of the the concept of strategic agility and setting phase “start less, finish moreâ€?. _EVgC; OD`7 LlT_Ef+CT$ L I;7 Oc=%O*$TE;lT_L;OCZ *_; ;9Wg$TE 7S6LV;b+OD T*'G O*`'G I`GR ĂŒĂˆĂ?Ă° OS;6S<`E$ 'Z5CO;7 a$_COE EWgc6 $G TI8X*$0%O*$TE7S6LV; b+OD T*'G O*`'G IcI ´ % O ÂŽÂŤ OD TIV_'ETRM CT$_$V;c= ÂŻÂŤ OD T@DTDTC9Wg+R`C ;DlTCT$_$V;c=LlTMES< ETDGR_OWD69Wg_ETcC E[ ° LE T*7SI_GYO$_@YgO9Wg+RLTCTE87S6LV;b+c6 6W %Xh;_CYgO9ET<% OC[G_@VgCCT$%Xh; ¹ OD TDX67V6$S<$TE9lT`>;GR_OWD6LlTMES< O;T'7OS;c$G_$V;c= ² _GYgO;$TE7S6LV;b+OO$c=+;IV;T9WLZ69 TD ³ EICOlT;T+$TE7S6LV;b+cI L I;$GT*LlTMES< _EYgO*9Wg_$V6%Xh;cC < OD'ESh*`GRL *>G$ER9< 7 OO*' $Ea6DEICMEYOLTCTE89lTbM _$V6 âà ÏÍÏêÌâð ĂŹĂŁ Ă°Ă ĂžÊâ c6 ´ $ER+TDOlT;T+$TE7S6LV;b+LlTMES<_EYgO* OYg;e 9Wg_MGYO +T$;Sh; 'Z5CO;7 a$_COE EWgc6 O:V<TD_EYgO* ĂŒĂˆĂ?Ă° b;6 T;%O*=ERaD-; 'ITCMCTD >[ b- `GR9WgCT9Wgc=%O*CS; LEZ=a6DD Oc6 I T +Z6 =ERL*' %O* ĂŒĂˆĂ? 'YO$TEER<ZI T _ETODT$+R c= 5 +Z6eb6 .Xg*_= ;$TE7Sh*_= T_-V*'Z5BT@ OD T*CZ *CT6=ETE8;T 9R_DO9RDT;`GR' O; % T*9 T9TD+;LE T*'ITCGlT<T$ @E OC9Sh* 9<9I;`GR7Sh*_= TbMC b;9Z$ec7ECTL L I; ĂˆâÜ Ă?âðòÊù MEYO>GGS@: LlT'S‰ 'YO _ET+R7 O* 9lTOD T*cE_@YgO9Wg+Rc=8X*+Z6;Sh; .Xg*_= ;$TEIS6 _-V*=EVCT5`GR7Sh*_= T7TC>GLlT_Ef+9T*:ZE$V+ @E OC_= 6_>DOD T*a=E *bL +T$;Sh;'Z5CO;7 a$_COE EWgc6 9I;_EYgO* I*+E$TE+S6$TE'ITC'G O*7SI_-V*$GDZ9: .Xg* c6 `$ _EWD;E[ Š =ER_CV;Š CZ *CSg;Š DX6CSg;`GRG*CYO =1V<S7V a6D ĂŒĂˆĂ? ĂŠĂžùòïÌùÜ ĂŠÏåâÊ CW9Sh*MC6 ° ER6S< $TE;lT_L;O+<G*6 ID$TELEZ=LcG6 LVg*9Wg'IE9lT`GRcC 'IE9lT OS;c6 `$ +*CZ *_; ;9Wg >GLSCF9:Vk9T*:ZE$V+CVb- 7SI*T;Š +*OD T=1V<S7V 7TC`;I9T*9Wg$lTM;6cI G I*M; TŠ +*IT*_= T MCTD`GR>GGS@: LlT'S‰b;9VJ9T*_6WDI$S;$S< $GDZ9: b;BT@EIC `GR+*;lT ĂŒĂˆĂ?Ă° c==1V<S7V OD T*CW ùÞà ùÌà ð ÂĽDZ9:IV:WÂŚ CVb- `' _@WD*9lT7TC ðùïĂžùâäÜ ÂĽ$GDZ9: ÂŚ

objectives with key results (OKRS) at the Director Briefings 1/2018 held on 8 October The next part of the presentation was 2018 at Grand Hyatt Erawan Bangkok Hotel, focused on making agile decisions and OKRs. Bangkok In a presentation entitled “Start Less, Finish More: Building Strategic Agility with Objectives and Key Results�, Mr. Dan Montgomery, Founder and Managing Director of Agile Strategies, outlined the basis behind strategic agility and the use of OKRs. Mr. Chaiwat Wutaiwan, Acting President and CEO, Thai IOD, opened the event, welcoming Mr. Montgomery while noting the relevancy of OKR as “an emerging goalsetting practice that will empower companies. To emphasize the need to practice strategic agility, Mr. Montgomery began his presentation from a historic perspective, explaining that in 1890, because of the rapid expansion of horse-driven carriages, New York City was expected to be clogged with manure by 1928. Strategies based on that projection went awry because of the introduction of the Model T Ford.

First, Mr. Montgomery discussed seven agile decision rules: 1. Don’t overanalyze 2. Don’t try to be too precise about unknowable details 3. Create options to make better decisions when more is known 4. Don’t commit to detailed plans too far into the future 5. Defer decision until the last possible moment 6. Centralize control for decisions that are infrequent, affect the whole organization or provide economies of scale 7. Decentralize all other decisions He then explained in length OKRs, the benefits, what they are, who uses them and how they evolved. To recap, the objective of an OKR is to indicate “Where do we want to go?� and to be qualitative and aspirational, ambitious and somewhat uncomfortable, set by the team and reviewed and reset quarterly, while the key result covers “How will we if we’re getting there? a quantitative measure and target based on business outcome and shared transparently.

Mr. Montgomery explained that a strategy must be agile. When setting a strategy, it is necessary to find a way to learn more continuously from experience to challenge assumptions on what is projected in the future. In other words, strategic agility can be defined as “the capacity to sense and respond to disruption and opportunity while Mr. Montgomery then reviewed the Agile continuously generating new value for your Strategy Management Cycle: learn, assess, focus, commit and act and the OKR Maturity customer�. Model involving three levels. The presentation He then summarized the weaknesses of ended with a slide summarizing the OKR strategic planning: it fails to keep up with do’s and don’ts, namely, stay focused on rapid disruption in industry; it is usually business outcomes, not tasks, don’t follow developed offsite by a team of executives a prescriptive approach, align objectives and consultants with no participation from and key results with overall strategy and the staff members who are more actively implement OKRs tactically not strategically. involved with the customers; and suffers --------------------------------------------------from initiative overload in which a long list Event supported by of projects are developed, which cannot

B o a r d r o o m | 37

Board Briefing

Mr. Montgomery

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Mr. Ian Pascoe

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Mr. Sarthak Manocha

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The world is changing at a rapid pace, particularly in technology, having a profound impact on business operation. Nobody has never heard of “disruption�, which is a result of advanced technology, leading to a new model of business development such as Uber, Alibaba, Google, Skype, Facebook, Netflix and Airbnb. Unlike traditional business operation, none of the assets and self-manufacturing are needed for conducting this new business model. If any traditional business cannot adapt themselves, they will likely be disappearing. Following the famous quote by former General Electric CEO Jack Welsh “If the rate of change on the outside exceeds the rate of change on the inside, the end is near�, the directors have to be eager to transform and adjust their corporates to meet the rapid change, particularly technological change driving new rules and regulations, borderless situation that is happening and expectation from all stakeholders that will continuously happen.

The directors are facing many new challenges mainly due to change that is currently happening. Most of the time, they are in the situation they do not even know what to ask and what the answer should be. One of the things that the directors can do is --------------------------------------------------- to develop regulatory work to ensure that

B o a r d r o o m | 41

innovation will be the key to corporate strategy. The life cycle of corporate innovation begins with the first step of monitoring and listening to discover the consumer’s need, followed by bringing new information to create ‘ideation’ for independent products and services. A product is then built and taken to consumers. Speed and consumers’ opinions-oriented services will be prioritized as continuous product improvement is enabled. Although innovation is considered as a key to corporate strategy, it does not mean that every business will have to spin itself to be like Uber. Innovation can be created at three levels. Incremental is the first step of product improvement from the available service to better respond to the need of existing consumers. Adjacent is the second level which will expand existing product or service to the new group of consumers or new market, or to create a new product or service for existing clients. Disruptive is the third level similar to Uber, which creates a new business model that business rivals already do the business. Most importantly, innovation does not necessarily have to be related to technology. Any new business model and operation or any new experience for clients is all considered a new innovation.

World Intellectual Property Organization. The country’s innovation capacity will be better in the future, following the Thailand 4.0 policy focusing on innovation as well as research and development. (R&D). In addition, the business leaders’ view following a survey by Grant Thornton 2018, showed many companies invested more in R&D and IT. However, the policy still has limitations in IT infrastructure, rules and regulations, sufficiency of human resources and uncertainty of economic situation.

To survive amid change in the long run, the directors have to adjust their roles, from traditional regulatory to become a visionary board, working proactively to regulate company and ensure competitiveness at Thailand ranked 44th in the Global Innovation present and in the future. Oversight and Index 2018 surveyed by INSEAD and the insights should also be given as well as future foresights.

Following a study by Boston Consulting Group on companies that can maintain operational performance in a long haul amid change showed these companies shared the same characteristics of eagerness to major change outside, always looking ahead at the cons of business operation, both in short and long terms and having a suitable vision for the situation. The directors are leaders playing a key role in creating these characteristics. Visionary board should focus on future foresights, ask questions that will enable executives to prepare the company for the future. For example, how can the company create innovation or adjust to technological disruption, social change, competition situation? How is new ideation encouraged by the executives? Which area does the company invest in? And how are human resources developed? --------------------------------------------------Event organized by

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

42 | B o a r d r o o m

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เพิ่ มโอกาสในการลงทุน ด้วยตัวคุณเองง่ายๆ ผ่านช่องทางออนไลน์ เลือกลงทุนได้หลากหลาย เช่น หน่วยลงทุน, หน่วยทรัสต์, หน่วยลงทุนโครงสร้างพื้ นฐาน และ ตราสารหนี้เอกชน เป็นต้น

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Chartered Director Corner

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B o a r d r o o m | 45

Chartered Director Corner would like to welcome our 53rd Chartered Director, Mr. Kosit Fuangswasdi, an independent director, an audit committee, and a chairman of risk management committee of Prima Marine Public Company Limited who strongly believes in a body of knowledge and never stops acquiring new knowledge. The reason why he wants to be an IOD chartered director is that he always wants to do best in everything he does and he has been interested in being a chartered director for a long time. He personally believes in a body of knowledge. Apart from being a director, he is also an independent scholar who owns a consulting company. Moreover, he is a lecturer who puts emphasis on learners’ self-learning. His technique is to let students ask him questions and then ask them back, and that would help them find the answers by themselves. He believes that every problem can be solved by academic knowledge and working as a chartered director would give him more opportunities to share his experiences and knowledge as his one fear is that many directors still do not know about their roles well enough. As can be seen from the crisis in 1996, many companies went out of businesses. This is a reflection that the directors were not knowledgeable enough and they were unable to predict the upcoming problems. He once had a chance to participate in an academic seminar abroad where many scholars from multi-nationalities came to discuss the same issue: the concern towards the spreading of Baht currency problem. It actually happened. This showed that the scholars had studied and planed well. On the contrary, looking to our side, we did not study about the matters but still thought that we could prevent them, and this was actually the real cause of the economic collapse. This incident reinforces his belief that problems can be solved by academic knowledge and that we have to keep on learning. There is one word from IOD that impressed him and made him

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want to become a chartered director: IOD chartered directors and lecturers place themselves as facilitators not masters. In his view, this is very important because IOD is the only institution that gives opportunity for “learning” not “studying” to become directors. Therefore, it can be concluded that the 3 reasons that make him want to be part of IOD chartered directors are: 1) his passion for learning 2) the extra roles of chartered directors and 3) the opportunities to share this knowledge and experiences to younger generations.

»ÎÊÜØ ÙÔÜÆ×ÉØ ·ÊÈ×ÚÎÙÎÓÌ ®ÓÉÊÕÊÓÉÊÓÙ ©Î×ÊÈÙÔ×Ø ËÔ× ´×ÌÆÓÎßÆÙÎÔÓØ In the industrial level, we have to look for the persons who are knowledgeable and competent first as they have to run the business. Some organizations appoint former government officials as their independent directors to enhance diversity, and this can be viewed as a positive direction. Although, some of them may not be competent enough at first but it is

acceptable as the knowledge and skills needed can be learned and developed later on. Next, we have to look for the persons who have or are able to build connections. However, in his view, he prioritizes ethical conduct that is to say the recruited directors have to be ethical and conduct themselves properly. Second, he gives importance to the ability to learn. Independent directors should always be ready to learn new things in order to become competent and knowledgeable as the industry expects. Third, chemistry or how well they can get along with the people within the organizations. Even if we have the smartest person, it would be problematic if the person cannot adjust with his peers. This chemistry to get along with people is both artistic and scientific. Additionally, another important point is steering executive. The directors have to be able to teach and give advice. They need to know things in depth and are able to lead the organization as well as the society.

about their roles and that causes problems especially those independent directors who are not really independent such as relatives who are appointed as independent directors may misunderstand that they have the right to intervene with the management daily and this can cause internal conflicts. This is actually a big problem which leads to rubber stamp director. Thus, he would like to see IOD and Independent Director Club create the awareness of the role of independent directors in the society.

Challenges and Development of ®ÓÉÊÕÊÓÉÊÓÙ ©Î×ÊÈÙÔ×Ø

Perspectives on the qualifications of ÎÓÉÊÕÊÓÉÊÓÙ ÉÎ×ÊÈÙÔ×Ø ÜÍÔ ÈÆÓ ÜÔ×Ð effectively Independent directors have to be independent as the name implies. The only difference between independent directors and directors is that independent directors cannot intervene with the management. However, in reality, independent directors are appointed, and the clear role of IOD is if we want to lead organizations towards good governance, we need independent directors. Companies want to appoint directors who are knowledgeable and reliable. Therefore, independent directors need to have knowledge, experiences and the ability to teach. They need to learn endlessly and enjoy it in order to accumulate their knowledge which is a tool asset which do not degrade and cannot be stolen. Unfortunately, they are not many independent directors who participate in trainings. If they were trained, they would understand about their roles more. Without training, some of them may be unsure

Mr. Kosit has shared his view about challenges and development in independent directors’ roles. He said that challenges are all around. From his direct experiences, the company that he is working for at the moment is grown from a family business and he was appointed as an independent director due to his knowledge and competence. The first challenge he has faced when working with a family owned business is tactical communication. Independent directors need to be able to persuade, explain and communicate; therefore, one of his roles is to negotiate with former owners or the families on policy and strategy, and this is the most important role. He personally agrees that independent directors should not intervene in management on daily basis. However, there are two important exceptions: strategic planning and policy setting. As independent directors are outsiders who are more knowledgeable and experienced, they play more important roles in strategic planning than the company’s directors because the directors are insiders who only view things internally. These two elements: external and internal perspectives need to be combined. Sometimes, one of the challenges is the concerns that independent directors have towards external changes while the internal management is not ready to keep

up, and this could result in numbers of gaps such as the readiness of the top future leader. Top future leaders should have leadership skill and the ability to lead people, plan, motivate others and manage changes. It is worrying if the internal management team does not adapt to external changes; therefore, one person in the organization, could be the CEO, has to build the capability of the organization in the areas of personnel, work procedures, facilities and tools. However, this is probably not enough. There is one thing that independent directors could offer to fill in the gaps: scenario analysis and risk management. There is no business with zero risk, but there is no way that the directors would realize as they most of them work every day. When any strategy is changed, there are always some risks which come along. Therefore, risk management is one duty that independent directors need to be ready for. Another challenge is independent directors can never stop learning. We have to keep on learning in order to be well-rounded. We need to make the most of self-development though question asking and experience sharing. The last challenge is independent directors are also the image of the company in the society. In other words, independent directors are the corporate brand. He believes that the role of independent directors in Thailand is still not widely recognized. He wants to see independent directors play a greater role in the society and he believes that independent directors can contribute to the social sector. ---------------------------------------------------

3L"DLAB=ÿ=K/3 WG;;K. Û² ÚÑÚÉÜ ÕÕÉÌ Assistant Manager Member Relations Thai IOD

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Anti-Corruption Update

=L<"L3 AL; LAE3 L =JEA L"W.QG3 8>B#N L<3±2K3AL ; ´·¸û (Progress Report: November-December 2018) W2@< @:4(M3J.M §ÓÐÐÉÇØÍÚÉ ¥ÇØÍÓÒ §ÓÅÐÍØÍÓÒ F!9K VF $2Z0;Y2 K<. F. K2 K<0Q"<ý. (Thai Private Sector Collective Action Coalition Against Corruption: CAC) 'ITC'Y<M; Ta'E*$TE À¾À b;- I*_6YO; ¥¾ÀÍĦ EZ ;9Wg ±´ CW>[ _% TE ICO<EC ¯¯ '; .Xg* @FJ+V$TED;8X*_6YO;:S;IT'C CEW TDGR_OWD6 6*S ;Wh CT$$I T'EXg*_= ;>[ `9;<EVKS99Wg> T;ES<EO*`G I ;O$+T$;WhDS*CW>[ `9;+T$$<%«`GRES2IVLTM$V+ IS;9Wg ¯ @FJ+V$TD; a'E*$TE À¾À _% TE IC6 ID LlTMES<MGS$L[7E;Wh8YO_= ;`MG *EI< _% T c=;l T _L;O'ITC'Y < M; T `GR`>;*T; EIC'ITCE[ `GR_= ;9Wg`G$_=GWgD;=ERL<$TE5 a'E*$TEb;$TEO<EC>[ <EVMTE<EVKS9=ER$S;+S6 b;MC[ ';9lT*T;6 T; ÀìêíéæÞëàâ `GR$TE a6DLlT;S$*T;'5R$EEC$TE$lT$S<`GRL *_LEVC 7EI+LO<BTDb;_@YgOIT*ER<<= O*$S;$TEbM $TE=ER$O<:ZE$V+=ER$S;BSD ¥'=B«¦ .Xg*CW>[ _% T LV;<; O<EC ´­ '; b;BT@EIC%O*$GZ C<EVKS9=ER$S; 5 %5R;Wh CW+lT;I;9Sh*MC6 µ¶ <EVKS9 .Xg*b; IS;9W g ¯° @FJ+V$TD; +S6LSCC;T ÏìÞá +lT;I;;WhG*;TC=ER$TJ_+7;TEC5 _% TE IC$S< ñì Àâïñæãö 'ESh*9Wg °¬¯²³® _@YgOO:V<TD_$WgDI$S< À¾À `G I ³± <EVKS9 `GRCW_@WD* ®´ <EVKS99Wg $TE_7EWDC$TEDYg;%OES<EO*bM `$ <EVKS99Wg$lTGS* > T;$TEES<EO*`G I L I;OW$ °³ <EVKS9OD[ b;- I* +R7 O *7 O OTDZ ` GR<EV KS 9 9Wg O D[ E RMI T *`$ c % _O$LTE7TC'lT`;R;lT%O*'5R$EEC$TEQ a6D 8[$_I ;IEE'_% TE IC-SgI'ETI CW>[ _% TE IC ´² '; IS;9Wg µ @FJ+V$TD; a'E*$TE À¾À _ $TD; <EVKS9 a$G<OG c6 ES < aO$TL_% T c=<EEDTDLEZ = bM ` $ ' 5R IS;9Wg ¯´ @FJ+V $EEC$TE ÂòïìíâÞë ¾ððìàæÞñæìë ãìï ¿òðæëâðð _@TI_IOE .V;_;OE DWg +lT$S6 ¥CMT-;¦ _-V À¾À Þëá Àìêêâïà⠥¾¿À¦ _@YgObM % OC[GLlT'S +S 6 <EEDTDLEZ = bM $S < >[ < EV M TE`GR@;S $ *T; _$WgDI$S<a'E*$TE`GR`>;$TE_-V -I;<EVKS9 +lT;I;EIC ®¯­ '; a6DCWIS78Z=ERL*' _@YgObM >[ <EVMTE9Z$9 T;c6 _% Tb+a'E*$TE À¾À `GR LCT-V$CT_% TE ICa'E*$TE E ICL;S<L;Z;9WC*T;bM 9Z$? TDCW<9<T9b;$TE IS;9Wg ®° @FJ+V$TD; a'E*$TE À¾À _? TERIS*= MT'OE ES=-S; ES<_-V +T$<EVKS9 OV-V7S; +lT$S6 ¥CMT-;¦ bM +S6 <EEDTDLEZ=`;I9T*$TE_% TE ICa'E*$TE`GR IS;9Wg ¯¶ª°­ @FJ+V$TD; a'E*$TE $ER<I;$TEES<EO*LlTMES<$EEC$TE >[ <EVMTE À¾À E IC$S<LBTIV-T-W@<S -WQ +S6O<ECMGS$L[7E `GR@;S$*T; ´­ ';bM c6 ES<9ET<'ITCLlT'S $ER6TK9lT$TEEZ ;9Wg °¬¯²³® _@YgObM 'ITCE[ `GR $TECWL I;E IC`$ c%= MT'OE ES=-S;a6DBT' `;I9T*$TELO<9T;ER<<'I<'ZCBTDb;_@YgO _O$-;`GRLE T*'ITC_% Tb+7Sh*`7 ER6S<<EVMTE = O*$S;$TEbM LV;<;`$ >[ 9Wg+R9lTM; T9WgLO<9T; %O*<EVKS9_@YgOc=>GS$6S;bM $Gc$= O*$S;`GR 7EI+LO<BTDb;%O*<EVKS9LTCTE8ES<CYO`GR IS;9Wg °­ @FJ+V$TD; <EVKS9 cOOTE @W.W +S 6 $TE$S < 'ITC_LWg D *$TEbM LV ; <;c6 O D T * +lT$S6 ¥CMT-;¦ +S6<EEDTDLEZ=_EYgO* À¾À CWbM _MCTRLC7 O = + +S D `I6G O CO*' $ E`GR$TE `$ >[ <EVMTE`GR@;S$*T; _@YgOLE T*$TEES<E[ `GR 'ITC_% Tb+ b;$TE6lT_;V;:ZE$V+OD T*CW+EVD:EEC =ER$O<:ZE$V+MGS$ IS;9Wg ®²ª®³ @FJ+V$TD; +S6O<EC IS;9W g ®± :S;IT'C IS;= 6ES<_O$LTEDY;g %O MGS$L[7E ¾ëñæªÀìïïòíñæìë ÍïÞàñæàÞé Äòæáâ ES<EO*=ER+lTc7ECTL ±¬¯²³® @<I TCW<EVKS9bM 48 | B o a r d r o o m

'ITCL;b+DYg;%OES<EO*b;c7ECTL;Wh ®´ <EVKS9 ;O$+T$;Whb;L I;%O*$TE%S<_'GYgO;`$ c% = MT$TE_EWD$ES<LV;<;> T;$ER<I;$TE%O b<O;Z T77 T*e;Sh; = ++Z<S;LlT;S$*T;'5R $EEC$TE=0VE[=$0MCTDc6 _6V;M; T+S69lT $TE 9<9I;'ITC+lT_= ;%O*$0MCTD9Wg_$WgDI% O* $S < $ER<I;$TEOOb<O;Z T79Wg _ $Wg D I% O *$S < BT':ZE$V+ a6D+S67Sh*'5R9lT*T;9Wg_EWD$I T ÏâäòéÞñìïö Äòæééìñæëâ Òëæñ %Xh;`GRCWL8T<S; _@YgO$TEIV+SD`GR@S4;T=ER_9Jc9D ¥ÑÁÏƦ _= ; `$;MGS$ a6Da'E*$TE À¾À c6 _% Tc=- ID L;S < L;Z ; b;_EYg O *$TEbM % O C[ G -Wh +Z 6 _LWg D *bM `$ ' 5R9l T *T;;l T c=JX $ KT`GR9<9I;% O $0MCTD9Z$ER6S<9Wg_$WgDI% O*7TC`;I9T*$TE 9<9I;$0MCTD`GR'ITC'Z C' Tb;$TE<EVMTE Àìðñ ¿âëâãæñ ¾ëÞéöðæð %O*% O$0MCTD`GR b<O;Z T7`7 GR,<S< _CYgO@<I T$0MCTD7SIb6 cC CW2T;OlT;T+EO*ES<MEYOLE T*BTER7 ;9Z;`$ <EVKS9_O$-;`GR=ER-T-; % O$0MCTD_MG T ;Sh;$f+R8[$D$_GV$ MEYOMT$DS*CW'ITC+lT_= ;$f =ES<=EZ*bM % O$0MCTD;Sh;OlT;ID'ITCLR6I$ `$ _ O$-;`GR=ER-T-;_= ; Ll T 'S `GRG6 $TE%OO;Z T76ZG@V;V+_MGYO_@WD*$TE+6`+ * _9 T;Sh; aO$TL;Wh+X*%O_-V -I;>[ 9WgL;b+7 O*$TE CW ' ITCL I ;E I CbM ' ITC_Mf ; MEY O % O C[ G _@Yg O `$ c%=ES<=EZ*% O$0MCTD9Wg_= ;OZ=LEE'b;$TE 6lT_;V;:ZE$V+ LTCTE8_% Tc=`L6*'ITC_Mf;c6 9Wg ôôô«ððéæàâëðâ«äì«ñå Ll T M ES < % O C[ G _ $Wg D I $S < a ' E * $ T E À¾À = ++Z<S;CW<EVKS99Wg_'DG*;TC=ER$TJ _+7;TEC5 _ % T E I C7 O 7 T ;'OE ES = -S ; $S < a'E*$TE À¾À `G I+lT;I; ¶°­ <EVKS9`GR <EVKS99Wg> T;ES<EO* °±² <EVKS9

9Sh*;Wh 9 T;LTCTE87V67TC$V+$EEC7 T*e %O*a'E*$TE OT9V_- ; $TE_% TE ICLSCC;T MEYO _% TO<ECMGS$L[7E žÍù̪Ă€ÏïïòíùÌÏÍ¡ Ă‘üâ Ă?ĂŻĂžà ùÌà ÞÊ Ă„òÌåâ ¼žĂ€Ă?Ă„ÂŚ .Xg*_MCTRLlTMES<_+ TM; T9Wg >[ ES < >V 6 -O<$TE+S 6 9l T ER<<'I<'Z C BTDb; _@YgO= O*$S;'OE ES=-S;b;<EVKS9 `GR Ă‚ùüÌà ÞÊ ÉâĂžåâïðüÌí Ă?ïÏäïÞê ¼ÂÉĂ?ÂŚ .Xg*_MCTRLlTMES< $EEC$TE`GR>[ < EV M TEER6S < c6 _ % T b+IV :W $ TE >GS $ 6S ; ;aD<TD7 O 7 T ;'OE ES = -S ; c=L[ $ TE <EVMTE+S6$TE'ITC_LWDg *'OE E=S -S; % OC[G9S*h MC6 LTCTE8_% Tc=6[c6 9Wg ôôôùüÞ̪à Þà à Ïê MEYO LO<8TC$TELCS'E_% TO<EC$S<'Z5BS9ETBE5 ­¯ªœ²²ªŽŽ²² 7 O ÂŻÂŽÂł --------------------------------------------------The following is a report on the activities and progress made by the Thai Private Sector Collective Action against Corruption (CAC) during the months of November and December in 2018: • On 2nd November, CAC introduced a report on progress achieved and upcoming plans at a training program for executives of insurance companies. Organized by the Office of Insurance Commission (OIC), the program had 70 participants. There are 89 companies in the insurance group, of which 64 have signed a protocol to join CAC. Only 17 companies in that group have been certified while 36 of them have been denied certification temporarily. • On 8th November, CAC briefed the European Commission for Business and Commerce (EABC) on important information about the project and its plans to invite members to participate in it.

company to cope with and manage the risks interested in applying for certification. of bribery appropriately in the environment and the organization’s core business was Also of note, to tackle the problem of requiring stressed. bribes through the process of applying for licenses, the Law Reform Commission of th th • On 15 and 16 November, CAC Thailand has reviewed legislation covering organized the 47 Anti-Corruption Practical the licensing process related to the business Guide (ACPG) training course. For this sector. The Regulatory Guillotine Unit was activity, there were 22 participants, of which established and the Thailand Research and more than 50% of them were representatives Development Institute (TDRI) serves as the key of certified companies. Also, among the organization. CAC supports this operation participants were representatives of the by providing information about risky points Government Pension Fund (GPF) and other for the working team to study and reviewing state enterprises. This course serves as relevant laws at all levels in line with the legal a platform for gathering knowledge and review and cost-effectiveness of administration sharing experiences among workers in and a cost-benefit analysis of each law and compliance and internal control in order to license. Laws found not to supporting the set up bribery prevention systems. process or that lead to extra costs for private companies and individuals are either th • On 23 November, the Road to Certify abolished or if they remain necessary, are Seminar 3/2018 was held to discuss improved to facilitate the private and public preparation of the applications for renewal sectors and significantly reduced the request and for companies in the process of revising to consider only the registration. Any interested documents based on the recommendation parties in expressing an opinion on how of the Board. The event had 75 participants. to improve the laws that are obstacles for conducting business should be provided it th • On 27 , CAD held a briefing for 102 at www.sslicense.go.th executives and employees of Global Power Synergy Company Limited, with the objective To date, 930 companies have signed antito inform executives about CAC and support corruption protocols under the CAC project all parties in participating in monitoring and 345 companies have been certified. To obtain Information about activities of corruption. CAC, such as seminars or training courses, • On 29th and 30th November, CAC and “the Anti-Corruption: The Practical Guide the Federation of Accounting Professions (ACPG)â€?, which is suitable for those in jointly organized a training course entitled charge of setting up internal controls system “Working Paper 3/2018â€? to provide knowledge to prevent corporate corruption, and “the and guidelines for reviewing the internal Ethical Leadership Program (ELP)â€? which control system to prevent bribes from staff is suitable for directors and high-level members required to review it. executives to understand how to push anti-corruption policy into corruption risk • On 30th November, IRPC Public management, can be obtained at www.thaiCompany Limited held a briefing on CAC cac.com or by contacting Khun Pattraporn for executives and employees to create at 02-955-1155 ext 216 awareness and understanding related to --------------------------------------------------3L< N//NW.% $K31K" S? conducting business ethically.

• On 13th November, at the request of Ichitan Public Company Limited, CAC briefed 70 directors, executives and staff members on how to participate in the program and the certification process. During the briefing, CAC focused on the importance of eradicating corruption in the private sector. The briefing enhanced understanding at the management level of the company on the need to combat • 14th December was the closing date for corruption. Also during the briefing, an submitting applications for certification for internal protection and audit mechanism Q4 / 2018. To date, there are 17 companies

—Ú² Â•Ă‘ĂœĂœĂ‘ĂŒĂ?Ă’ Â?Ă?Ă‰Ă–ĂœĂ‰Ă–Ă?Ă“Ă?Ă” Project Manager Private Sector Collective Action Coalition Against Corruption (CAC)

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Anti-Corruption in Practice

AL;DdL K} G" L=/_G/`L31R#=N/Z3DL</L G"2R= N#/_L"%L/N Foreign Business’s Point of View toward Collective Action Against Corruption _

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À¾À _= ;a'E*$TE9Wg<EVKS9_O$-;_% TE IC 7TC'ITCLCS'Eb+ `GRb;= ++Z<S;CW+lT;I; <EVKS9_O$-;9WgE IC=ER$TJ_+7;TEC5 7 O7 T; $TE9Z+EV7 cC ES<ªcC + TD LV;<;b;$TE9lT:ZE$V+ 7TCa'E*$TE À¾À `G I9Sh*LVh; ¶°± <EVKS9 .Xg*b; +lT;I;;WhCW<EVKS99Wg> T;$TEES<EO*I TCW;aD<TD `GRCW ` ;I=1V <S 7V = O *$S ; $TE9Z + EV 7 BTDb; O*' $E'E<8 I;7TC_$53 9Wg À¾À $lTM;6`G I °±² <EVKS9 $TE9Wg$GZ CMO$TE' T%O*9Sh* ± =ER_9J CTE ICG*;TCL;S<L;Z;a'E*$TE À¾À OD T* @E OC_@EWD*$S;b;'ESh*;Wh _= ;$TE`L6*OO$OD T* -S6_+;I T:ZE$V+%O*-TI7 T*-T7V9Wg_% TCT6lT_;V; $TEb;=ER_9Jc9DbM 'ITCLlT'S $S<_EYgO*%O* $TE9lT :ZE $V+OD T *a=E * bL`GR=ETJ+T$$TE 9Z+EV7

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The 9th National Conference on Collective Action Against Corruption held in Dusit Thani Hotel in October 11, 2018 on the topic “Disrupting Corruption� wrappd up successfully. Over 300 participants were crowded the event all day, reflecting the quality of the contents delivered by qualified speakers from the very first to the last sessions. The majority of the participants, who are senior executives in the business sector, showed their interest tackling corruption in the country.

transparent, corruption-free overseas business investment.

CAC provides a platform for any business partner having a strong determination to join the volunteering-based project. So far, a total of 943 companies have shown up their clear stance against corruption. They have vowed to decline any bribery payment or taking any kickbacks for their business operation. Of the total, 345 companies have been endorsed that they have a clear policy and guidelines of practice, which is in line cC _@WD*`7 MO$TE' T%O* Âą =ER_9Jb; The other CAC’s milestone success that day with CAC’s standard of corruption prevention $GZ C=ER_9J;OE 6V $_9 T;Sh ;9Wgb M 'ITCLlT'S‰ was the Memorandum of Understanding at the corporate level. $S<=ER_6f;$TE7 O7 T;'OE ES=-Sg; `7 +T$$TE9Wg (MoU) signing ceremony between the Thai Ă€žĂ€ c6 CaW O$TL_% Tc=;lT_L;O% OC[G$S<MO$TE' T Chamber of Commerce and the chambers “We at the chambers of commerce in =ER_9JOYg;e $fDY;DS;I T_EYgO*;Wh_= ;LVg*9Wg9Sh*aG$ of commerce from four Nordic countries: nordic countries, can share our experience $lTGS*bM 'ITCL;b+OD T*CT$ `GRMT$:ZE$V+%O* Dutch-Thai Chamber of Commerce, Finns- and support. However only the Thai people Chamber of Commerce, Norwegian- can create the corruption-free culture. CAC c9D7 O*$TE+RCW9WgDY;b;_I9WaG$$fcC LTCTE8 Thai Thai Chamber of Commerce and Swedish- has a challenging work cut out to encourage MGW$_GWgD*9Wg+R7 O*6lT_;V;$TE_@YgOLE T*'ITC Thai Chamber of Commerce, giving support Thai people to do good things for the country,â€? CSg;b+bM $S<'[ ' Tb;7 T*=ER_9J6 ID$TE$lTM;6 as part of CAC’s project. said Aina Eidsvik, president of Norwegian;aD<TD`GR`;I=1V<S7V9Wg-S6_+;b;_EYgO*;Wh Thai Chamber of Commerce giving a speech Finland Ambassador to Thailand Satu during the event. b;BTIR9WgL*'ETC$TE' TERMI T*+W;$S< Suikkari-Kleven, Norway Charge d’affaires LMES2$lTGS*_% C% ;%Xh;_EYgOD e OD T*9Wg_= ;OD[ b; to Thailand Tor Haug, together with other By judging from CAC discussion with other %5R;Wh _-YgO`; I T=ER_6f;$TE7 O7 T;9Z+EV7+R representatives and executives from CAC foreign chambers of commerce, not only DVg*9IW 'ITCLlT'S‰CT$%Xh;_EYgODe `GROT++R8[$ joined the remarkable event, followed Nordic countries but also the world are b- _'EYgO*CYO_@YgO$TE$W6$S;9T*$TE' Tc6 _@ETR by photo session to capture the special acting against corruption. To secure a spot in ,R;Sh;MT$:ZE$V+b;=ER_9Jc9D7 O*$TEES$KT occasion by the distinguished guests. the global trade platform, the Thai business 'ITCLTCTE8b;$TE`% *%S;_OTcI 7 O*EW< The MoU signing ceremony well reflects sector unavoidably needs to ensure its that foreign investors put importance to trade partner with anti-corruption policy and _7EWDC7SIb;_EYgO*;Wh`7 _;Vg;e implementation. --------------------------------------------------Amid intense trade war between China and the US, the importance of anti-corruption will be increasingly significant. It can also be used as trade barrier. Hence, it is essential for domestic business to maintain its competitiveness and have a good preparation for the global trend. --------------------------------------------------3L<8ÄŠC-R 8=E;#==<L —Ú² šĂ?ÑÛÉÖĂ? šĂ?Ú×ÕËĂ?ÉÖåÉ Public Relations Consultant Thai IOD

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³Ô ¬ÎËÙ ³Ô ¨Ô××ÚÕÙÎÔÓ ".=K4 ZE` G" AK} D K. K`3 L=1R#=N/ _ _

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The teachings of King Rama 9 serve as a guideline for PTT personnel and is seriously followed by them. PTT strongly believes that to lead an organization towards sustainability, the organization must be accepted as a good organization by society. One of the factors behind being a good organization is honesty of the personnel in which public and national interests are taken into account rather than their own interest. Looking after one’s own interest can easily be the cause of corruption. Some instances of corruption are the result of ignorance or carelessness but sometimes they occur because the guilty party is strictly looking after his or her own interest. Corruption, in general, has become more complex and diverse. Giving a gift on special occasions could have an effect on a decision making be the first step towards direct and indirect corruption. The phrase “no gift policy� has become a common term applied with regard to the New Year or other occasions. The public and private sector have become very aware of it and many organizations have adopted this policy to show that their intentions are neutral, fair and moral. It has become another channel to prevent corruption concretely and eliminate complaints about rewards or helping each other in the future. This leads to questions about “conflict of interest�.

PTT Group has in place an anti-corruption policy that was adopted in 2013. The company has laid down concrete practices and procedures to set good standard actions taken by personnel of the PTT Group. Those actions are applicable to personnel at all levels with the objective that ò˜˜˜šĂ” ĂœĂ”Ă—Ă? ĂŠĂ‹Ă‹ĂŠĂˆĂ™ĂŽĂ›ĂŠĂ‘Ăž ĂœĂŽĂ™Ă? ĂšĂ˜ĂŠĂ‹ĂšĂ‘ ÆÓÉ creates a work environment in which they ’Æ“ ËÆÎ× Ă—ĂŠĂ˜ĂšĂ‘Ă™ Ă‰Ă”ĂŠĂ˜ ÓÔÙ ÉÊÕÊÓÉ ÔÓ ÔÓÑÞ work conscientiously without requiring extra Ă?Ă“Ă”ĂœĂ‘ĂŠĂ‰ĂŒĂŠ ÇÚÙ ĂŽĂ™ Ă“ĂŠĂŠĂ‰Ă˜ Ă?Ă”Ă“ĂŠĂ˜Ă™ĂžÂ– Ă™Ă—Ă†Ă“Ă˜Ă•Ă†Ă—ĂŠĂ“ĂˆĂž ÆÓÉ Ă—ĂŽĂŒĂ?Ă™ĂŠĂ”ĂšĂ˜Ă“ĂŠĂ˜Ă˜ Ă†Ă˜ ĂœĂŠĂ‘Ă‘ĂłÂ– benefits and avoid conflict of interest. Since the no gift policy was set, PTT personnel said King Rama 9, at a diploma ceremony of have strictly followed it, making it part of Ramkhamhaeng University at New Building, the organization’s culture. This policy is be used in the drive to close the channels for Amporn Gargen, on Friday, 8 July 1971. corruption.

Furthermore, PTT also communicates to other stakeholders about its anti-corruption policy through different channels, including sending a document to trade partner and external agencies about it and displaying it broadly in the company’s office space to inform its clients. However, in cases in which PTT personnel receive a gift and cannot return it to the giver, the gift has to be forwarded to the central department to be given as charity to a foundation or other charity organizations. Some of the recipients of those such gifts have been the Mirror Foundation, the Ban Nok Kamin Foundation and the Bangkok School for The Blind. The activity has raised awareness of PTT personnel and supports them in giving back to the society. The no gift policy creates transparency in the work environment and it is also a channel of an organization to show it has power over corruption. This is believed to be a great power in cutting the chain of corruption from Thailand. --------------------------------------------------

B o a r d r o o m | 53

Board Review

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ÂŚĂ“Ă™ĂŽÂ—ĂˆĂ”Ă—Ă—ĂšĂ•Ă™ĂŽĂ”Ă“ ĂŽĂ“ ­ĂŽĂ˜Ă™Ă”Ă—ĂžÂ&#x; ×ÔÒ Antiquity to the Modern Era ¡Ă”ÓÆÑÉ °Ă—ÔÊĂ&#x;ʖ ŒÓÉ×Ê VitĂłria, and Guy Geltner

ÂŚĂ“Ă™ĂŽÂ—ĂˆĂ”Ă—Ă—ĂšĂ•Ă™ĂŽĂ”Ă“ ĂŽĂ“ ­ĂŽĂ˜Ă™Ă”Ă—ĂžÂ&#x; ×ÔÒ Antiquity to the Modern Era Ronald Kroeze, AndrĂŠ VitĂłria, `GR Guy Geltner

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We would like to recommend two books about Anti-corruption. The first book is Anti-corruption in History: From Antiquity to the Modern Era by Ronald Kroeze, AndrĂŠ VitĂłria, and Guy Geltner, and the second one is The Corruption Cure: How Citizens and Leaders Can Combat Graft by Robert I. Rotberg. You can read the abstracts of these two books in this column.

Anticorruption in History is the first major collection of case studies on how past societies and polities, in and beyond Europe, defined legitimate power in terms of fighting corruption and designed specific mechanisms to pursue that agenda. It is a timely book: corruption is widely seen today as a major problem, undermining trust in government, financial institutions, economic efficiency, the principle of equality before the law and human wellbeing in general. Corruption, in short, is a major hurdle on the “path to Denmark�—a feted blueprint for stable and successful statebuilding. The resonance of this view explains why efforts to promote anticorruption policies have proliferated in recent years. But while the subjects of corruption and anticorruption have captured the attention of politicians, scholars, NGOs and the global media, scant attention has been paid to the link between corruption and the change of anticorruption policies over time and place. Such a historical approach could help explain major moments of change in the past as well as reasons for the success and failure of specific anticorruption policies and their relation to a country’s image (of itself or as construed from outside) as being more or less corrupt. It is precisely this scholarly lacuna that the present volume intends to begin to fill. A wide range of historical contexts are addressed, ranging from the ancient to the modern period, with specific insights for policy makers offered throughout. --------------------------------------------------

šĂ?ĂŠ ¨Ă”××ÚÕÙÎÔÓ ¨ĂšĂ—ĂŠ ­Ă”Ăœ ¨ĂŽĂ™ĂŽĂ&#x;ĂŠĂ“Ă˜ ÆÓÉ ÂąĂŠĂ†Ă‰ĂŠĂ—Ă˜ ¨Ă†Ă“ Combat Graft

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$TE9Z_GT$TE9Z+EV7b;ER6S<aG$;Wh7 O* OTJSD'ITC_= ;>[ ;lT9T*$TE_CYO*9Wg`%f*`$E * Ă?ĂŹĂ&#x;âïù ƍ Ă?ĂŹĂąĂ&#x;âïä `GR'ITCE ICCYOE ICb+b;$TELE T*IS4;:EEC _M7Zb6>[ ;lT+X*_= ;= ++SDLlT'S‰b;$TEDZ7V 9T*$TE_CYO*%O*=ER_9J%Xh;CTbMC _@ETR $TE9Z+EV79T*$TE_CYO*`GR9T*O*' $Eb;ER6S< _@WD*% O$0MCTD9Wg`%f*%Xh;`GR$TE6lT_;V;'6W ;Sh;DS*cC _@WD*@O M;S*LYO_G C;Wh+R9lTbM _ETc6 aG$ 'V68X*= ‰MT;WhOW$'ESh* `GR`$ c%CS;OW$'ESh*_@YgO $TE9Z+EV7MEYO'OES=-S;$S6$E O;9Z$`* L I;EIC CZC-WIV79T*$TE_CYO*`GR9T*O*' $Ec=9SgIaG$ `7 + I<+;= + +Z <S ; DS * CV c 6 CW M ;S * LY O _G C b6 Ă?ĂŹĂ&#x;âïù ƍ Ă?ĂŹĂąĂ&#x;âïä 6lTE*7lT`M; * O:V < TDIV :W $ TE9Wg 6W 9Wg LZ 6 b;$TE=ET<=ETC >[ OlT;ID$TELE T*a'E*$TE ÆÍùïÞðùÞùâ ÀÏÍãÊÌà ù 'OES=-Sg; M;S*LYO Ă‘üâ Ă€ÏïïòíùÌÏÍ Ă€òïâ c6 9Wg ÅÞïóÞïå ĂˆâÍÍâåÜ Ă?Ă ĂĽĂŹĂŹĂŠ `GRDS*_= ; bM `;I9T*`$ c%= ‰MT;WhcI CT$CTD+T$MGT$ =ER:T;$V 7 7V C JS $ 6Vk % O*C[ G ;V :V LS ; 7V B T@aG$ MGTD9IW=`GRIS4;:EECa6D$TE;lT=ER_9J ¼ÔÏïÊå Ă?âĂžà â ĂƒÏòÍåĂžùÌÏ͌ Ă?ĂŹĂąĂ&#x;âïä c6 7 T*eCT$$I TLTCLV<M T=ER_9JCTIT*cI b7 _%WD;M;S*LYOcI CT$CTD OT9V žãïÌà Ăž Ă‚êâïäâðŠ $G O*+ZG9EEJ; L O*$TE9Z+EV7 _@YgO9Wg+R`L6* ÑïÞÍðãÏïêÞùÌóâ Ă?ÏÊÌùÌà ÞÊ ÉâĂžåâïðüÌíŠ `GR bM _Mf;8X*IV:W$TE7 OL[ $S<$O*$lTGS*$TE'6a$* Ă”üâÍ Ă?ùÞùâð ĂƒĂžĂŚĂŠ ÂĽĂ?ïÌÍà âùÏ͌ ;O$+T$;Wh_%T DS*9lT*T;OD[ 9Wg ùüâ žêâïÌà ÞÍ žà ĂžåâêÜ ĂŹĂŁ `GRcC .YgOLS7D _MG T;Wh žïùð ÞÍå Ă?à ÌâÍà âð `GR_= ;O:V$TE<6W%O* Ă?ĂŹĂ&#x;âïù Ă?ĂŹĂąĂ&#x;âïä bM 'lT+lT$S6'ITC ÉÞãÞÜâùùâ Ă€ÏÊÊâäâ OW$6 ID 'OES=-S;b;MGT$MGTDE[=`<< @E OC9S*h O:V<TD -----------------------------------------_'EYgO*CYO9T*$0MCTD9Wg+RLTCTE8_DWDIDT `GR7EI+LO<I T_ETE[ +S$`GRIS6' T'ITC9Z+EV7 ÂźĂ?Ăž Ă‘ĂŠĂ†Ă‰ĂŠĂ—Ă˜Ă?ĂŽĂ• ĂŽĂ˜ Ă?ĂŠĂž ÙÔ ĂŠĂ“Ă‰ĂŽĂ“ĂŒ Ă•Ă”Ă‘ĂŽĂ™ĂŽĂˆĂ†Ă‘ OD T*cE _%T@V+TE5T'ITC@DTDTC'ESh*7 T*e and corporate corruption globally 9Sh * 9Wg Ll T _Ef + `GRcC Ll T _Ef + b;$TE$ O 7Sh * '5R $EEC$TE7 O7 T;$TE'OES=-S;CT7 OL[ $S<$GZ C Corruption corrodes all facets of the a+E9T*$TE_CYO*`GR@F7V$EEC$TE7V6LV;<; world’s political and corporate life, yet until _%TLl T EI+IV :W $ TE9Wg = ER_9J9Wg CW $ TE9Z + EV 7 now there was no one book that explained ; OD9WgLZ6b- b;$TEc=DS*+Z6MCTD9WgLZ6@V_JK how best to battle it. The Corruption Cure ;Sg; `GROW$<9M;Xg*b;M;S*LYOc6 IV_'ETRM 8X* provides many of the required solutions M; T9Wg%O*=ER-T$Eb;LS*'Cb;$TE+lT$S6$TE and ranges widely across continents and

diverse cultures—putting some thirty-five countries under an anticorruption microscope—to show exactly how to beat back the forces of sleaze and graft. Robert Rotberg defines corruption theoretically and practically in its many forms, describes the available legal remedies, and examines how we know and measure corruption’s presence. He looks at successful and unsuccessful attempts to employ anticorruption investigative commissions to combat political theft and venal behavior. He explores how the globe’s least corrupt nations reached that exceptional goal. Another chapter discusses the role of civil society in limiting corruption. Expressed political will through determined leadership is a key factor in winning all of these battles. Rotberg analyzes the bestperforming noncorrupt states to show how consummate leadership made a telling difference. He demonstrates precisely how determined leaders changed their wildly corrupt countries into paragons of virtue, and how leadership is making a significant difference in stimulating political anticorruption movements in places like India, Croatia, Honduras, and Lebanon. Rotberg looks at corporate corruption and how it can be checked, and also offers an innovative fourteen-step plan for nations that are ready to end corruption. Curing rampant corruption globally requires strengthened political leadership and the willingness to remake national political cultures. Tougher laws and better prosecutions are not enough. This book enables us to rethink the problem completely—and solve it once and for all. Robert I. Rotberg is founding director of the Program on Intrastate Conflict at the Harvard Kennedy School and president emeritus of the World Peace Foundation. His many books include Africa Emerges, Transformative Political Leadership, and When States Fail (Princeton). He is a fellow of the American Academy of Arts and Sciences and former president of Lafayette College. B o a r d r o o m | 55

Board Activities

Ž´Š ÂŞĂ?ĂˆĂ‘ĂšĂ˜ĂŽĂ›ĂŠ ªÛÊÓÙ

b;IS;9Wg Âś 7ZGT'C Ă†ĂŒĂ c6 +S6*T; Ă†ĂŒĂ Ă‚þà ÊòðÌóâ Ă‚óâÍù %Xh;bM $S<;S$ G*9Z;L8T<S;`GRLCT-V$ Ă†ĂŒĂ _@YgOMTEYO`GR`G$_=GWgD;'ITC'V6_Mf;_$WgDI $S< `;Ia; C`GR=ER_6f;6 T;$TE$lT$S<6[`G$V+$TE9Wg'IEbM 'ITCLlT'S‰ `;I$TE=ER_CV; ÀÄĂ? <9<T9%O*;S$G*9Z;L8T<S;`GRLCT-V$ Ă†ĂŒĂ $S< $TE_L;O-YgO'5R$EEC$TE_@YgO_% TES<$TE@V+TE5TET*ISG ¿ÏÞïå ĂŹĂŁ ùüâ Ă–âÞï 5 Ă†ĂŒĂ ĂŠâêĂ&#x;âïð Ă?Ă­Ăžà â .Xg*CW>[ L;b+_= ;+lT;I;CT$ -----------------------------------------------------------------On October 9, the exclusive event for institutional investors and IOD members was organized to discuss and exchange comments on notable corporate governance trends and issues, CGR assessment framework, the roles of institutional investors and IOD members, and director nomination for Board of the Year Award to be taken place at IOC Members Space receiving much attention from members so far.

Ms. Ada Ingawanij

Ms. Tina Sinhasacha

Ž´Š ÔÑË Ô×ÚÒ

Ă†ĂŒĂ `GR'5R$EEC$TE+S6$TE`% *%S; Ă†ĂŒĂ Ă„ĂŹĂŠĂŁ ÀüÞÊÊâÍäâ Ă€òí Ž¹¯­Ž¾ E IC$S;+S6 Ă†ĂŒĂ Ă„ĂŹĂŠĂŁ ĂƒÏïòê b;IS;9Wg ÂŽÂł 7ZGT'C a6DCW ĂŠĂŻÂŤ Ă?Ìà üÞïå Ă?íâÍà ⊠Ă…âÞå ĂŹĂŁ ÌÍðùïòà ùÌÏÍ +T$ ÉâÞåĂ&#x;âùùâï ÆÍåÏÏï Ă„ĂŹĂŠĂŁ žà ĂžåâêÜ `GR ĂŠĂŻÂŤ Ă?Ăžüè žèèÞïÞêÞðŠ Ă„ïÏòí Ă?ïÏåòà ù ÊÞÍÞäâï +T$ Ă‚ĂžðÜäÏÊã ÀÏêíÞÍÜ ÉÌêÌùâå ÂĽĂ?ÌÍä Ă„ĂŹĂŠĂŁÂŚ _@YgObM LCT-V$ Ă†ĂŒĂ `GRJVKD _$ Tb;MGS$L[7E7 T*e c6 CTES<'ITCE[ _$WgDI$S< Ă„ĂŹĂŠĂŁ ĂƒÌùùÌÍä +T$a=E9Sh* ÂŻ 9 T; _@YgObM LCT-V$c6 _7EWDC'ITC@E OC$ O;9Wg+R8X*IS;`% *%S;$OG A `GR DS*c6 @<=RLS*LEE' $S<JVKD _$ T -------------------------------------------------------------

Mr. Richard Spore

56 | B o a r d r o o m

Mr. Pank Akkaramas

IOD and the organizing committee of IOD Golf Challenge Cup 14/2018 joined hands to organize the IOD Golf Forum on October 16 with the presence of Richard Spence, Head of instruction from Leadbetter Indoor Golf Academy and Pahk Akkaramas, Group Product Manager from Easygolf Company Limited (Ping Golf). The event offered an opportunity for IOD members and alumni from various courses to learn about golf fitting from the two golf pros in preparation for the competition D-Day as well as to get together for a reunion.

¨Ă†Ă“ĂšĂˆĂ? ¨Ă”Ă“Ă“ĂŠĂˆĂ™ĂŽĂ”Ă“Ă˜ ÂŽĂ“Ă˜Ă™ĂŽĂ™ĂšĂ™ĂŠ ´Ă‹ ŠĂŽĂ—ĂŠĂˆĂ™Ă”Ă—Ă˜ Â’Ž´ŠÂ“ ÂłĂŠĂ™ĂœĂ”Ă—Ă?ĂŽĂ“ĂŒ

_CYgOIS;9Wg Ž´ 7ZGT'C Ă†ĂŒĂ c6 E IC$S< MO$TE' Tc9DÂŞ `';;T6T +S6*T; ÑüÞ̪ÀÞÍÞåÌÞÍ ÀüÞêĂ&#x;âï Ă‹âùôÏïèÌÍä _@YgObM =ER-TLSC@S;: Ă†ĂŒĂ bM `$ LCT-V$ MO$TE' Tc9DÂŞ `';;T6T bM 9ET<8X* <9<T9M; T9Wg%O* Ă†ĂŒĂ EIC8X* a=EaC9 Ă†ĂŒĂ ĂŠâêĂ&#x;âïð Ă?Ă­Ăžà â a6D'Z5JVEV@E IZ4V$ZG EO* >[ - ID$EEC$TE>[ OlT;ID$TE _= ;>[ <EEDTDb;*T;IS;;Sh; ----------------------------------------------------On October 17, IOD together with CanCham Thailand organised the Thai-Canadian Chamber Networking event aimed at introducing IOD roles and responsibilities as well as promoting IOD Members Space to the members of CanCham Thailand. The event featured Siriporn Wutthigul, IOD’s Assistant Vice President, as speaker.

CGR Announcement 2018

Ă†ĂŒĂ E IC$S<7GT6MGS$9ES@D `M *=ER_9Jc9D ÂĽ7G9ÂŤÂŚ E IC+S6*T; LSCC;T;lT_L;O>G=ER_CV;$TEETD*T;6 T;$TE$lT$S<6[`G$V+$TE<EVKS9 +69R_<WD;c9D=ER+lT= ¯²³Ž ¼ÀÏïíÏïÞùâ Ă„ÏóâïÍĂžÍà â Ă?âíÏïù ĂŹĂŁ ÑüÞÌ ÉÌðùâå ÀÏêíÞÍÌâð ¯­Ž¾Œ _CYgOIS;9Wg ÂŽÂś 7ZGT'C ¯²³Ž 5 OT'TE 7GT6MGS$9ES@D `M *=ER_9Jc9D .Xg*>GLlTEI+'R`;; ÀÄĂ? =ER+lT= ¯²³Ž %O*<EVKS9+69R_<WD;c9D ÂĽ<+ÂŤÂŚ ³²´ <EVKS9 @<I T CW'R`;; _,GWgDOD[ b;ER6S<6WCT$ `GR9lTL8V7VL[*LZ69Wg ¾Ž _=OE _.f;7 a6D@<I T = ;Wh <+ÂŤ c9DbM 'ITCLlT'S‰CT$%Xh;$S<$TE`L6*'ITCES<>V6-O<7 O>[ CWL I; c6 _LWD$GZ C7 T* e _@YgOLE T*$TE_7V<a7OD T*DSg*DY; LO6'G O*$S<`;Ia; C %O*$TE$lT$S<6[`G$V+$TEb;ER6S<LT$G OW$9Sh*DS*CW'ITCLTCTE8b;$TE `% *%S;`GR_= ;9WgDOCES<b;LTD7T%O*;S$G*9Z;9Sh*b;`GR7 T*=ER_9Jc6 -----------------------------------------------------------------

Dr. Pakorn Peetathawatchai

Ms. Wirawan Munnapinun

IOD, in collaboration with the Stock Exchange of Thailand (SET), held a seminar to present the Corporate Governance Report of Thai Listed Companies 2018 on October 19, 2018, at the SET building. The CGR 2018 results based on a total of 657 Thai listed companies showed an average score was at a good level with the highest 81%. It is reported that this year Thai listed companies paid more attention to their responsibilities for stakeholders in order to build a sustainable business growth, which is in line with the international corporate governance trend. They also developed competitiveness and acceptance among both Thai and overseas investors.

B o a r d r o o m | 57

¾šš¨ ŽÓ—­Ă”ĂšĂ˜ĂŠ šĂ—Ă†ĂŽĂ“ĂŽĂ“ĂŒ

Ă†ĂŒĂ c6 +S6O<ECBTDb; _EYgO* ÀÏïíÏïÞùâ Ă„ÏóâïÍĂžÍà ⊠Ă‚ùüÌà ð ÞÍå ÉÌÞĂ&#x;ÌÊÌùÜ ĂŁĂŹĂŻ Ă‚þâà òùÌóâð bM `$ $EEC$TE`GR >[ <EVMTEER6S<L[* %O* <EVKS9 @W9W9W a$G<OG _'CV'OG +lT$S6 ÂĽCMT-;ÂŚ 9WgJ[;D _O;_;OE DWg'OC_@Gf$. _CYgOIS;9Wg ÂŻÂł `GR °­ 7ZGT'C a6DCW 'Z5IET:E I*J LI T*JVEV CT_= ;IVDT$Eb;_EYgO* à Ìïâà ùÏïð ÉâäÞÊ ÉÌÞĂ&#x;ÌÊÌùÌâð `GR 6EÂŤ;FCG LV*MR_L;W _= ; >[ <EEDTDĂ‘üâ Ă‚ùüÌà ÞÊ ÉâĂžåâïðüÌí b;IS;;Sh; -----------------------------------------------------------IOD conducted an internal training on Corporate Governance, Ethics and Liability for Executives for the directors and top management of PTT Global Chemical Public Company Limited, at the Energy Complex on October 26 and 30. The training featured Warathorn Wongsawangsiri as the speaker for the topic of Directors’ Legal Liabilities and Dr. Narumol Singhaseni as the speaker for the topic of the Ethical Leadership.

¸§² ÆÓÉ § ŒÑÚÒÓÎ ŠĂŽĂ“Ă“ĂŠĂ—

b;_Df;IS;9Wg ² @FJ+V$TED; Ă†ĂŒĂ c6 +S6*T; Ă?¿Ê ÞÍå ĂƒÂżĂ„ žÊòêÍÌ à ÌÍÍâï bM $S<JVKD _$ T Ă?ùïĂžùâäÌà ¿ÏÞïå ĂŠĂžðùâï ÀÊÞðð ÂĽĂ?¿ÊŒ `GR ĂƒĂžĂŞĂŚĂŠĂś ¿òðÌÍâðð Ă„ÏóâïÍĂžÍà â ÂĽĂƒÂżĂ„ÂŚ EIC9Sh*JVKD = ++Z<S; Ă?¿Ê ¹¯­Ž¾ .Xg*b;EZ ; ;WhCW-TI_';D T <V;CTO<ECMGS$L[7E;Wh6 ID8X* ² 9 T; c6 CT@<=R9lT'ITC E[ +S$`GR`G$_=GWgD;'ITCE[ =ERL<$TE5 @E OCDS*c6 ES<_$WDE7V+T$'Z5 5S2@G IVCG_,GT $EEC$TE<EVMTE`GR>[ OlT;ID$TELTD*T;$GDZ9: `GR @S4;T:ZE$V+6V+V9SG <EVKS9 OZ7LTM$EEC IV;VG_9' +lT$S6 CT`< *'ITC E[ _EYgO* ÉâĂžåÌÍä à ÌäÌùÞÊ ÑïÞÍðãÏïêÞùÌÏÍ 5 aE*`ECaO$ZER _@EL9W+ $EZ*_9@ ---------------------------------------------------------------------In the evening of November 5, at Okura Prestige Hotel, Bangkok, IOD hosted the SBM and FBG Alumni Dinner for the alumni of Strategic Board Master Class (SBM) and Family Business Governance (FBG), along with the current class of SBM 4/2018 which included five students from Kenya, to meet and exchange their knowledge and experiences. The event also received the honor of Natthapol Vimolchalao, Board Member and Director for Strategies and Digital Business Development, Vinyltec Industry Company Limited, who came to share his knowledge on Leading Digital Transformation. Mr. Natthapol Vimolchalao

58 | B o a r d r o o m

Œ¸ªŒ³ ¨Ă†Ă•ĂŽĂ™Ă†Ă‘ ²Ă†Ă—Ă?ĂŠĂ™Ă˜ Ô×ÚÒ

_CYgOIS;9Wg ÂŻÂŽ @FJ+V$TD; ¯²³Ž 'Z5=ERLS5M _-YhO@T;V- =ER:T;$EEC$TE 'Z5OT6T OV*'RI5V- EO*$EEC$TE>[ OlT;ID$TE 'Z5IWEIEE5 CS;;TBV;S;9 EO*>[ - ID$EEC$TE>[ OlT;ID$TEÂŞIV+SD`GR;aD<TD @E OC'5R c6 _% TE IC*T; žĂ?Ă‚žĂ‹ ÀÞíÌùÞÊ ĂŠĂžïèâùð ĂƒÏïòê .Xg*_= ;*T;CO<ET*ISG žĂ?Ă‚žĂ‹ ÀÄ Ă?à Ïïâà Þïå 5 $EZ*$SIGTGSC_=OE =ER_9JCT_G_.WD a6DCW ĂŠÌÍÏïÌùÜ Ă?ĂĽĂžïâüÏÊåâïð ÔÞùà ü Ă„ïÏòí .Xg*_= ;>[ _-WgDI-T‰6 T;$TE$lT$S<6[`G$V+$TE%O*=ER_9JCT_G_.WD_= ;_+ TBT@ *T;6S*$G TI+S6%Xh;_@YgOD$D O*'ITCCZ *CSg;%O* <EVKS9+69R_<WD;b;OT_.WD;9WgCW$TE;lTMGS$$TE$lT$S<6[`G$V+$TE9Wg6WCTb- b;$TE6lT_;V;:ZE$V+OD T*7 O_;YgO* b;= ;Wh<EVKS9+69R_<WD; c9DDS*'*_= ;>[ ;lT9Wgc6 'R`;;_,GWgDL[*LZ67TCCT7E2T; žĂ?Ă‚žĂ‹ ÀÄ Ă?à Ïïâà Þïå a6DCW'R`;;_,GWgD_9 T$S< ¾²´° 'R`;; EO*G*CT 'YO =ER_9JCT_G_.WD`GRLV*'a=E .Xg*CW'R`;;_,GWgD_9 T$S< ¾¯¹Ž `GR ´¾¹² b;*T;6S*$G TIDS*CW$TECO<ET*ISG`$ <EVKS9+69R_<WD;9Wg7V6OS;6S< ²­ <EVKS9`E$9Wgc6 'R`;; žĂ?Ă‚žĂ‹ ÀÄ Ă?à Ïïâà Þïå L[*LZ6 .Xg*ETD-YgO9Sh*MC6c6 LO<> T; ÓÞÊÌåÞùÌÏÍ Ă?ïÏà âðð a6D>[ =ER_CV;OVLER+T$BTD;O$ c6 `$ ĂˆĂ?ĂŠĂ„ .Xg*8YO_= ;$ER<I;$TEbMC 9Wg žĂ?Ă‚žĂ‹ ÀÄ Ă?à Ïïâà Þïå ;lTCTb- _@YgO_@VgC'ITC_-YgOCSg;b;>G=ER_CV;`$ ;S$G*9Z; a6Db- IV:WLSCBTK5 '5R$EEC$TE_@YgO@V+TE5T 8X*'ITCLO6'G O*ERMI T*$TE_= 6_>D% OC[G`GR$TE=1V<S7V+EV* .Xg*CW<EVKS9+69R_<WD;9Wg7V6 ²­ <EVKS9`E$+T$=ER_9JCT_G_.WD ÂŽÂą <EVKS9 LV*'a=E ÂŽÂŻ <EVKS9 c9D ÂŽÂŽ <EVKS9 A GV== ;L Âś <EVKS9 `GROV;a6;W_.WD Âą <EVKS9 a6D<EVKS9+69R_<WD;c9D9Wgc6 'R`;; ÀÄ L[*LZ6 ² OS;6S<`E$%O*OT_.WD; c6 `$ <EVKS9 @W9W9W a$G<OG _'CV'OG +lT$S6 ÂĽCMT-;ÂŚ -------------------------------------------------------------------------------------------------------------------------------------------------------On November 21, 2018, IOD team including Prasan Chuaphanich, President,Ada Ingawanij, Executive Vice President, Wirawan Munnapinun, Assistant Vice President - Research and Policy, attended the ASEAN Capital Markets Forum and ASEAN CG Scorecard Award ceremony in Kuala Lumpur, Malaysia. The event, hosted by Minority Shareholders Watch Group - Malaysia’s corporate governance expert, took place to celebrate the determination of ASEAN listed companies in continually incorporating CG code in their business operations. Thai listed companies still led this year’s forum, with the top average score of 85.73, according to the standard of ASEAN CG Scorecard. Malaysia and Singapore followed in the leaderboard at the score of 82.41 and 78.45. The top 50 listed companies with the highest score according to ASEAN CG Scorecard were also presented with awards. All winning companies have taken and passed the test of Validation Process which was conducted by the external independent assessor, namely KPMG. The adoption of ASEAN CG Scorecard was considered a new add to the process aiming to increase more investor’s confidence in the assessment results. Scoring employs the method of interviewing the company directors to investigate the concordance between the disclosed information and the actual practice. Of the total 50, 14 listed companies were from Malaysia,12 were from Singapore, 11 were from Thailand, 9 were from the Philippines, and 4 were from Indonesia. Thai-listed PTT Global Chemical Public Company Limited, was one of the top 5 ASEAN companies with the highest CG score.

B o a r d r o o m | 59

Ž´Š §Ă”Æ×É ÆÓÉ ²Ă†Ă“Ă†ĂŒĂŠĂ’ĂŠĂ“Ă™ ²ĂŠĂŠĂ™ĂŽĂ“ĂŒ

_CYgOIS;9Wg ° Âą @FJ+V$TD; ¯²³Ž 'Z5=ERLS5M _-YhO@T;V- =ER:T;$EEC$TE Ă†ĂŒĂ ;lT9WC'5R$EEC$TE `GR>[ <EVMTE Ă†ĂŒĂ =ER-ZC_@YgOMTEYO @E OC$S<$TE IT*`>;$TE6lT_;V;*T;b;= ¯²³¯ 5 Ă“âïÞÍåÞ Ă?âðÏïù @S9DT --------------------------------------------------------During November 3-4, 2018, at Veranda Resort, Pattaya, Prasan Chuaphanich, President of IOD, chaired the IOD board and executives meeting to discuss the institute’s work and develop a work plan for Year 2019.

ŽŠ ¨Ă‘ÚÇÂ&#x; ÂłĂ”Ăœ ÆÓÉ šĂ?ĂŠĂ“

'Z5DZ9: IE,S7E:TE =ER:T;-CEC$EEC$TEOVLER +S6*T; Æà ÀÊòĂ&#x;¡ Ă‹ĂŹĂ´ ÞÍå Ă‘üâÍ _@YgO9<9I;$V+$EEC 9Wg+S6%Xh;b;= ¯²³Ž @E OCOS@_69+lT;I;LCT-V$`GR`>; *T;9Wg+R9lTb;= M; T 5 Ă†ĂŒĂ ĂŠâêĂ&#x;âïð Ă?Ă­Ăžà ⊠²ãʍ Ă„ĂžÜðÏïÍ Ă“ĂŚĂŠĂŠĂžäâ _CYgOIS;9Wg ÂŻÂŻ @FJ+V$TD;9Wg> T;CT a6DCWLCT-V$-CEC_% TE IC*T;OD T*'X$'S$`GRO<OZ ; -----------------------------------------------------Mr. Yuth Vorachattarn, President of Independent Director Club, organised the ID Club: Now and Then event, at IOD Members Space, 5fl. Gaysorn Village, on November 22, to review the club’s 2018 activities and update on members and next year’s plan. A number of club members attended the event and made it an active and warm gathering.

¸Ă?Ă†Ă—ĂŽĂ“ĂŒ ¨Ă—ÎÙÊ×ÎÆ ÆÓÉ ÂľĂ—Ă”ĂˆĂŠĂ˜Ă˜ ÔË ÂťĂŽĂ˜ĂŽĂ”Ă“Ă†Ă—Ăž §Ă”Æ×É ÂŚĂœĂ†Ă—Ă‰ ËÔ× žš Qualified Companies

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60 | B o a r d r o o m

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Event organized by

B o a r d r o o m | 61

®´© ¬ÔÑË ¨ÍÆÑÑÊÓÌÊ ¨ÚÕ ùü ú ù On November 20, IOD held the IOD Golf Challenge Cup 2018. IOD members and alumni joined in the friendly networking golf game at Navatanee Golf Course. Up to 23 teams of IOD members and their friends participated in this joyful event. A shotgun started at 12.30pm, and excellent golfers began to show off their perfect swings throughout the course. Excellent shots were seen on greens. All were in attempt to win the Hole in One prize of a gold necklace sponsored by Siam Industrial Corporation Company Limited and TCM. Unfortunately, none of the golfer won the prize. For the evening event, this year’s dinner was divided into two sessions, starting with a cocktail reception that allowed IOD new and old members to get to know each other. During the reception, a lucky draw was also held and a slide presentation of highlighted shots during the game was on display. Krishna Sivakriskul, Chairman of the game, gave his official welcome speech to the golfers amid heartwarming dining atmosphere. For score announcement, Jaya Jayananda, an executive from Navatanee and a DCP 245 IOD alumni, together with Siriporn Wutthigul, IOD’s Assistant Vice President, as emcees, congratulated all participants for doing a great job on the green and at the party. Find out the list of winning teams and golfers at the end of this column. Such a delightful event would not have happened without a continuous kind support of Siam Industrial Corporation Company Limited, Navatanee Golf Course, Boon Rawd Brewery Company Limited, Tipco Foods Public Company Limited, Kanok Furniture and Decoration Company Limited, and products of Bang & Olufsen. ¹ÊÆÒ ÂÔÙÙÐÝ Mr.Ekaphol Pongstabhon Ms.Achara Pricha Mr.Paisal Pongprayoon Mr.Phicharn Sluckpetch

®ÓÉÎÛÎÉÚÆÑ ¼ÎÓÓÊ×Ø ¦ÌÊ ý ÂÔÙÙÐÝ Mr. Somsak Varikarn Þß ½àÙÙÐÝ ÀÛ Mr. Meechai Angsurat 2ÙÏ ½àÙÙÐÝ ÀÛ Mr. Krishna Preedanont ®ÓÉÎÛÎÉÚÆÑ ¼ÎÓÓÊ×Ø ¦ÌÊ ýý ý ÂÔÙÙÐÝ Mr. Vichai Udomsartporn Þß ½àÙÙÐÝ ÀÛ Mr. Suksan Yasasin 2ÙÏ ½àÙÙÐÝ ÀÛ Mr. Phicharn Sluckpetch

Þß ½àÙÙÐÝ ÀÛ Mr. Krishna Sivakriskul ACM Veeravit Gongsakdi Mr. Thawatchai Tangsanga ®ÓÉÎÛÎÉÚÆÑ ¼ÎÓÓÊ×Ø ¦ÌÊ ¡ýý Mr. Meechai Angsurat ÂÔÙÙÐÝ Mr. Ekkapol Pongsathaporn Mr. Damrong Chutaropascharoen Þß ½àÙÙÐÝ ÀÛ Mr. Jaya Jayananda 2ÙÏ ½àÙÙÐÝ ÀÛ Mr.Apichart Prasoprat 2ÙÏ ½àÙÙÐÝ ÀÛ Mr.Peter Waagensen ³ÊÆ×ÊØÙ ÙÍÊ µÎÓ µ×ÎßÊ Mr.Charn Srivikorn 1. Mr. Kritsana Preedanont Mr. Gregory Andrew White 2. Mr. Uthai Gavindechathorn Mr. Pichai Chuensuksawadi 3. Adm. Chatupol Chomthongdee 4. Mr. Chavin Chaivatcharaporn Mr. Daniel Philip Tung

62 | B o a r d r o o m

B o a r d r o o m | 63

Member Corner

MEMBER CORNERR MEMBERCORNER 'OGSC; ;Wh$f%O`L6*'ITCDV;6W`$ _MG T LCT-V$`GRJVKD _$ T Ă†ĂŒĂ a6D%O_EVgC`L6*'ITC DV;6WbM `$ 'Z5-T‰ JEWIV$EC à ÀĂ? ¯¯¯¯­Ž³ =ER:T;$EEC$TE<EVMTE_$KEIVG_G+ %Xh;ES< ET*ISG_$WDE7VDJ Ă‘ĂžðùâêĂžèâï žôÞïå LT%T ÓÆĂ?Ă†ĂŒĂ‹žĂ?Ă– 9WgCO<bM $S<>[ ;lTO*' $E9Wg_= DC 6 IDIVLSD9SJ; _;YgO*b;aO$TL'E<EO< Ž° = %O*;V7DLTE Ă?ïâðùÌäâ =ER_9Jc9D 5 aE*`EC ÔÞÊåÏïã žðùÏïÌĂž $EZ*_9@CMT;'E • 'Z5DZ9:;T _+WDC7ER$TE à žĂ? Ž¹œ¯­Ž¾ >[ - ID>[ +S6$TE bM‰ ÂŞ$TE<EVMTE$GT* <EVKS9 =[;.V_C;7 c9D +lT$S6 ÂĽCMT-;ÂŚ ES<ET*ISG Ă?Ă‚Ă‘ Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ žôÞïåð ¯­Ž¾ +T$7GT6MGS$9ES@D `M * =ER_9Jc9D7 O_;YgO*_= ;= 9Wg Âą a6Dc6 ES<ET*ISG ÂŻ =ER_B9 c6 `$ ET*ISG_$WDE7VDJ<EVK9S +69R_<WD; 6 T;'ITCDSg*DY; ÂĽĂ?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ žôÞïåð ĂŹĂŁ Ă…ĂŹĂŤĂŹĂŻÂŚ .Xg*CO<bM $S<<EVKS9+69R_<WD;9Wgc6 ES< ET*ISG<EVKS9+69R_<WD;6 T;'ITCDSg*DY;DO6 _DWgDC7V67 O$S;7Sh*`7 ° = %Xh;c= `GRET*ISGMZ ; DSg*DY; ¼ÑüÞÌÊÞÍå Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ Ă†ÍóâðùêâÍùŒ .Xg*CO<bM $S<<EVKS9+69R_<WD;9WgCW'ITCa66 _6 ;b;$TE6lT_;V;:ZE$V+7TC`;I9T*$TE@S4;T OD T*DSg*DY;`GR_= ;`<<OD T*9Wg6WLlTMES<:ZE$V+ b;7GT69Z;c9D • 'Z5-SDIS4; a'ITIVLTESà ÀĂ? Ž³¾¯­Ž° =ER:T;_+ TM; T9Wg<EVMTE`GR $EEC$TE>[+ 6S $TEbM‰ <EVK9S <T*+T$ 'OE =O_E-S;g +lT$S6 ÂĽCMT-;ÂŚ 'I T ET*ISG<EVKS9+69R_<WD; 6 T;'ITCDSg*DY;DO6_DWgDC ¼¿âðù Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ žôÞïåð ¯­Ž¾Œ 7 O_;YgO*_= ;= 9Wg ÂŻ `GR 'Z5LZE-SD a)KV7_LEWI*'k à ÀĂ? Ž²¯¯­ŽŽEO*$EEC$TE >[ +S6$TEbM‰ $GZ C*T;<S‰-W`GR$TE_*V; <EVKS9 <T*+T$Q ES<ET*ISGMZ ;DSg*DY; ÑüÞÌÊÞÍå Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ Ă†ÍóâðùêâÍù ÂĽĂ‘Ă…Ă?ƌ • ;TD=EW6W 6TI,TD à ÀĂ? ²³¯­­² $EEC$TE>[ +S6$TE :;T'TE$LV$Ec9D _= ;>[ `9;:;T'TEES<ET*ISG b;*T; Ă?Ă‚Ă‘ Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ žôÞïåð ¯­Ž¾ 7 O _;YgO*_= ;= 9Wg ° a6Dc6 ES<ET*ISG ÂŻ =ER_B9 c6 `$ <EVKS9+69R_<WD;6 T;'ITCDSg*DY;6W_6 ; =ER+lT= ¯²³Ž ÂĽĂ?Ă‚Ă‘ Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ žôÞïåð ¯­Ž¾ ĂŒòùðùĂžÍåÌÍäŒ `GRET*ISGMZ ;DSg*DY; ¼ÑüÞÌÊÞÍå Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ Ă†ÍóâðùêâÍùŒ .Xg*CO<

Mr. Predee Daochai

bM $S<<EVKS9+69R_<WD;9WgCW'ITCa66_6 ;b;$TE 6lT_;V;:ZE$V+7TC`;I9T*$TE@S4;TOD T*DSg*DY; `GR_= ;`<<OD T*9Wg6WLlTMES<:ZE$V+b;7GT69Z; c9D 5 MO=ER-ZCJTL7ET+TED LS*_IWD; OV;9E IV-SD OT'TE7GT6MGS$9ES@D `M *=ER_9Jc9D • 'Z5<S53V7 :EEC=ER+lT+V7 à ÀĂ? Ž¾´¯­Ž¹ EO*$EEC$TE>[+ 6S $TEbM‰ OTIZaL 6 T;$TE$GS;g `GR= a7E_'CW <EVKS9 c9DOODG +lT$S6 ÂĽCMT-;ÂŚ ES<CO<ET*ISG6 T;'ITCDSg*DY;=ER+lT= ¯²³Ž =ER_B9ET*IS G _$W D E7V D J<EV KS 9 +69R_<W D ; 6 T;'ITCDSg*DY; ÂĽĂ?Ă‚Ă‘ Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ žôÞïåð ¯­Ž¾ªĂ?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ žôÞïåð ĂŹĂŁ Ă…ĂŹĂŤĂŹĂŻÂŚ .Xg*_= ; ER6S<L[*LZ69WgCO<bM _= ;_$WDE7V`$ <EVKS99Wgc6 ES< ET*ISGDO6_DWgDC7 O_;YgO*_= ;= 9WgLO* ;O$+T$ ;Sh; 'Z5IVaE+; CW;R@S;:k à ÀĂ? Ž¾²¯­Ž¹ >[ - ID $EEC$TE>[ +S6$TEbM‰ ÂŞ$lT$S<$V+$TEO*' $EES< CO<ET*ISG ÑüÞÌÊÞÍå Ă?òðùÞÌÍÞĂ&#x;ÌÊÌùÜ Ă†ÍóâðùêâÍù ÂĽĂ‘Ă…Ă?ƌ =ER+lT= ¯²³Ž • L *9 TD=GTD= CS$+R CW;S6_GWhD*LS*LEE' $S;ESIe LCT-V$9 T;b6CW;S6 _GWhD*EZ ; @<=R$S;$S<_@YgO;e à ÀĂ? OD TGYCL * E[=CT`-E 'ITCLZ%`GREODDVhC$S;9Wg ðòùüÌÍââ½ ùüÞ̪ÌÏåà Ïê ;R'R ------------------------------------------

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

Mr. Charn Srivikorn

With this column, we would like to congratulate IOD members and alumni; starting from Charn Srivikorn DCP 222/2016, CEO of Gaysorn Village for his reception of Tastemaker Award in “VISIONARYâ€? - an award presented to the business leader with vision on the occasion of 13th Anniversary of Prestige Magazine, Thailand, at Waldorf Astoria, Bangkok • Yuttana Jiamtragan DAP 149/2018 , Vice President-Corporate Administration of Siam Cement Group Public Company Limited for the reception of “SET Sustainability Awards 2018â€? by the Stock Exchange of Thailand for the fourth consecutive year in two categories, namely Sustainability Awards of Honor - the award for the listed company with three or more consecutive years of Sustainability Awards winning, and Thailand Sustainability Investment Award - the award for the listed company with a remarkable operation under the sustainable development guideline and the quality considered as a

MEMBERCORNE MEMBER CORNER MEMBER CORNER

MEMBER ME EM EM MB CORNER good role model for those businesses in Thai capital market • ¨ÍÆÎÜÆÙ °ÔÛÆÛÎØÆ×ÆÈÍ DCP 168/2013, CEO and Managing Director of Bangchak Corporation Public Company Limited for the reception of Best Sustainability Awards 2018 for the second consecutive year and Surachai Kositsareewong DCP 152/2011, Assistant Managing Director for Accounting and Finance, also for Bangchak, for his reception of Thailand Sustainability Investment (THSI) Award • Predee Daochai DCP 56/2005, Managing Director of Kasikornbank, for his bank representation in SET Sustainability Awards 2018 and received awards in 2 categories, namely SET Sustainability Awards 2018 - Outstanding and Thailand Sustainability Investment Award - the award for the listed company with a remarkable operation under the

sustainable development guideline and the quality considered as a good role model for those businesses in Thai capital market • §ÆÓÉÍÎÙ ¹ÍÆÒÕ×ÆÏÆÒÈÍÎÙ DCP 187/2014, Senior Vice President - Refinery and Petrochemical, Thai Oil Public Company Limited, for the reception of SET Sustainability Awards 2018-Sustainability Awards of Honor the highest honorary award for the company with 2 consecutive years of the Award winning and also Viroj Meenaphant DCP 185/2014, Assistant Executive Vice President Corporate Governance for the reception of Thailand Sustainability Investment (THSI) 2018 • As year-end parties are on their way, should any of the members have a DCP reunions, please do not forget to share and send your photos of happiness and smiles to suthinee@thai-iod.com. ---------------------------------------------------

Mr. Chaiwat Kovavisarach & Mr. Surachai Kositsareewong

Mr. Yuttana Jiamtragan

B o a r d r o o m | 65

Welcome New Member

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66 | B o a r d r o o m

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