Boardroom Vol. 58 Issue 3/2018

Page 1

Boardroom

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Exclusively For Company Directors

Issue 03/2018 | ISSBN 1513-61755

BOARD LEADERSHIP

Content

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Vol. 58 Exclusively For Company Directors

BOARD LEADERSHIP

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BOARD WELCOME

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and dedicate their abilities and efforts to complete their work with willingness. On the other hand, leaders also need to learn why some leaders cannot gain cooperation from their subordinates, and why they are hated and evicted by their people.

Ă†ĂŒĂ MIS*I T9 T;+Rc6 =ERaD-; +T$ <9'ITC7 T* e +T$;V7DLTE,<S<;Wh 9Wg_ETc6 In this issue of Boardroom, we would like 'S6LEECTL[ CYO9Z$9 T; 5 7O;;Wh ------------------------------------------ to talk about how a good leadership should In the past six months, it can be seen that Thais have been more aware of leadership. This is an influence from media as there were news of an executive from a big company who went hunting in a restricted area and news of a school director who corrupted student lunch fund. Those actions have negatively affected the reputations of their organizations. However, a role of a great leader could also be witnessed from the governor of Chiang Rai who has been promptly and decisively leading the rescue team in rescuing the Moo Pa (Wild Boar) academy team from the cave. The governor has shown great qualities of a good leader by setting clear goals, knowing what is good or bad for his organization, showing sympathy and listening to others, and also being an example of a person who really goes and takes action in the field ,not just giving orders from his office.

be, so that you as directors of organizations could do a self-review to recheck whether you are a good leader. Having good leadership skills is one quality that directors should have in order to lead the organizations efficiently, to keep good reputation of the company, and to retain trust from all stakeholders. You may read our first article which delivers the real meaning of a leader together with a good leader quality checklist. Study cases from different companies are also included. There is also a summary of IOD National Conference 2018 discussing about the roles of the board of directors on disruptive technology, and an article in Board Briefing column on changing the direction of Thai economy for the era of technological turmoil, so that you can be prepared for all these factors.

Additionally, we have recommended two Therefore, it is generally accepted that leaders good books on how to be a high-potential is the key to organization’s success as they leader and leader succession planning in are directly responsible for planning, giving Board Review. orders, and controlling people in their organizations , so that their people can work IOD hope you can benefit from the articles successfully to achieve their goals and in this magazine which we have carefully objectives. Leaders need to know how selected for you. to make their subordinates committed ------------------------------------------

CEO Reflection

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IOD PUBLIC REPORT

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8 | Boardroom

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questions on governance. Meanwhile, the IOD also expanded education scope to cover directors of non-listed companies, family businesses, and foreign countries such as those in Myanmar and Lao where it held director training programs. In 2017, the IOD offered a total of 23 courses, with a combined total of 119 classes serving 3,381 participants supported by a total of 91 dedicated facilitators.

On research and development of principles of best practices, the IOD worked particularly closely with universities, audit firms, and members to issue key best practices for use by directors. The IOD also compiled opinions from its members regarding new laws and regulations that will affect directorship and feed them to policy ------------------------------------------- makers while expressing views at public forum on issues concerning governance of th On May 24 , the IOD held the 2018 annual listed companies. general meeting to inform members about its operations over the past year and to The number of IOD members rose 13.9% elect new directors to replace those whose in 2017, providing a statistical good base for terms have expired. The meeting went well, opinion gathering and enabling the IOD to attended by 81 members out of the total advocate good governance. The IOD held 4,035. 21 seminars for members last year allowing them to participate as speakers and 2017 was the first year of the IOD’s sponsors. three-year plan with a special emphasis of creating an impact on the private sector’s Since 2016, the IOD has undertaken several corporate governance through board infrastructure projects, including renovation development. Among other things, the of North Park office, investment in IT plan revamped training contents and system, and location of areas in the central offered new courses that are deemed business district for use as meeting venues useful for directors. A library was established for members, in accordance with the IOD’s with an on-line enquiry channel to answer investment plan.

As a result, governance of Thai private companies continued to improve. The average 2017 Corporate Governance Report score of 620 listed firms, evaluated by the IOD, rose to 80 from 78 in 2016 (average score of 601 listed firms) while governance commitment, i.e. anti-corruption, continued to strengthen. The number of companies voluntarily joining Thailand’s Private Sector Collective Action Coalition against Corruption (CAC) rose to 894 from 801 in 2016, including 314 companies that were certified for having put in place policies and compliance standard in accordance with criteria set by CAC Council which rose from 200 companies in 2016. As IOD President & CEO, I would like to thank all IOD Directors, executives, staffs, members, and sponsors whose efforts contributed much to the institution’s satisfactory progress in developing and supporting corporate directors to enhance governance and professionalism that will eventually lead to sustainable growth of their organizations. ---------------------------------------------------

Boardroom | 9

Cover Story

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

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“A True Leader is not only Skillful but also

a Good Person”

As directors come from different backgrounds. Some have persuasive skills to influence others to follow and gain respect while some situation creates the leader and others are elected to become leaders. As the organizational leader, directors elected from stakeholders’ meeting has a key role to oversee and regulate the management to do their works following the corporate policy and target goal. It is essential for directors to have leadership quality.

Leadership Qualifications Yuth Vorachattarn, former director of the Thai Institute of Directors and an expert on corporate governance, once gave an interview on the topic “directors and leadership” for Money & Wealth Magazine. According to Mr. Yuth, here are leadership qualifications: 1. contributing benefits to the followers, not the leaders 2. having farsighted vision and able to turn it into policy implementation, leading to practical and provable outputs 3. being a decision maker, dare to change 4. honesty and ethics 5. taking responsibility 6. being dedicated 7. having discipline 8 always eager to learn new things 9. being humble and dare to bear more burden than followers, and 10. capable of communicating and persuading

12 | B o a r d r o o m

others to follow. In conclusion, a true leader 1. Strategic business plan of the company. Directors will have to put their experience is not only skillful but also a good person. and skills into practice to brainstorm, analyze, approve and follow up on the Director’s role as a leader In an article “director’s role as a leader” progress. written by Dr. Bandid Nijthaworn, President 2. Overseeing strategic management of the and CEO of the Thai Institute of Directors company, both in setting up the system Association (IOD), previously published on and following up on the implementation. Krungthep Thurakit newspaper, leadership 3. Always preparing the company’s senior board included directors who utilizes their executives so that business can be knowledge to help a company grow and operated smoothly in case there is any rise above all obstacles and challenges. In change with the top executive. fact, leadership board is not a new thing. 4. Actively putting corporate governance However, it is becoming a trend similar to into practice from policymaking to Corporate Governance (CG) Code well implementation. accepted at international level. The King 5. Establishing organizational culture, IV Report issued by IOD South Africa is a strengthen corporate ethics and prevent good CG sample. For Thailand, CG Code any wrongdoing or legal violation that may announced by the Securities Exchange happen. Committee in 2017 gives importance to the roles and responsibilities of directors At present, expectation from the directors and corporate leaders. Directors should has changed from social awareness to be aware of such expectation and have to corporate governance. Leadership board adjust themselves to work and meet the will come into play as directors need to adjust themselves to work and look ahead demand of the position. to the future to establish business and Leadership Board have different roles from economic growth. This issue of boardroom most directors generally doing. The five key aims to provide information about leadership aspects the leadership board should be of directors both in terms of qualifications and implementations. taken into account are: ---------------------------------------------------

B o a r d r o o m | 13 7

Board Briefing

Rising Above Disruptions:

A Call for Action

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14 | B o a r d r o o m

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High - Level Panel: “ Leading through Disruption from the Boardroom� Capt. Dr. Yongyuth Mayalarp, Mr. Chansin Treenuchagron, Mr. Chitpol Mungprom, Mr. Vichate Tantiwanich, Mr. Yuth Vorachattarn

High - Level Panel: “ Building Resilience in the Era of Disruption in Finance Services� Mr. Ken Koyanagi, Ms. Pru Bennette, Mr. Roel Huisman, Mr. Steffen Schubert, Mr. Terry Ray

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B o a r d r o o m | 15

î Û ÐÉÑÔÉÖÌ ÉÑÕÛ Ü×ßÉÚÌÛ

ÌÑÏÑÜÉÔ ÚÍÎ×ÚÕ° ØÚ×ÌÝËÜÑ×Ö ËÉØÉËÑÜá° ÑÕÕÝÖÑÜá ÉÖÌ ÝÖÑÜá ÉÚÍ ÜÐÚÍÍ ÕÉÒ×Ú ÉÚÍÉÛ that technological advancement will give us opportunities like never beforeï Ú² ÍÍÚÉÜÐÉÑ ÉÖÜÑØÚÉÊÐ×Ê° ×ÞÍÚÖ×Ú ×Î ÜÐÍ ÉÖÓ ×Î ÐÉÑÔÉÖÌ

As we all know that we are in the digital age that technology becomes crucial in our everyday lives and leads to changes in several dimensions. We start getting used to the word ‘disruption’ which can provide new business opportunities and establish several new players in industrial sector. Hence directors should pay attention to disruptive technology and prepare for any challenge or impact that may happen. The National Director Conference 2018 on a topic Rising Above Disruption: A Call for Action was therefore organized by IOD Mr. Veerathai Santiprabhob, Governor of the Bank of Thailand on June 21. Well-known Thai and foreign speakers share their views on solutions to immunity and unity are three major areas Institute, and Rapee Sucharitakul, Securities cope with disruptive technology. that technological advancement will give and Exchange Commission secretaryPrior to the seminar session, a breakfast talk us opportunities like never before. In the general. The focus was on the impact of on the topic “How to Build a Cyber Resilient meantime, policymakers and regulatory disruption in Asia’s financial sector, and the Organization” presented by Paul M O’ Rourke, bodies can also support on infrastructure role of regulators in preparation to financial PwC Cybersecurity Leader-Asia Pacific, and environmental development which will management 4.0 whether it is adjusting covered details about cybersecurity risk and strengthen stability and innovation, leading mindset, working process, rules and to meaningful change in the country,” he regulations or new tools to meet with its impact, followed by Q&A session. disruption. Speakers also shared their views said. from international companies’ lens regarding The first seminar session focused on the much-disrupted financial sector. Dr. Veerathai The next session “Managing Disruption and bracing for rapid business change during a Santiprabhob, Bank of Thailand Governor, Risk in Financial Industry” was presented group talk on the topic Building Resilience Era of Disruption in Finance Services. gave a special lecture. “As Thailand aims by Andrew Sheng, Distinguished Fellow at in the Mr. Tse Gan towards digital reform, production capacity, the University of Hong Kong Asia Global

16 | B o a r d r o o m

The afternoon session was all about non-financial businesses, starting with a seminar on the topic “Leading through Disruptions from the Boardroom” focusing on the directors’ need to adjust themselves to disruptive technology and new innovation based on clients’ need. As the corporate leader, directors can no longer stick with the same old mindsets or beliefs. Human and organizational development need to go together. A special lecture on the topic “How the Era of Change has Shaped Expectations about the Strategic Role of the Board?” by Anne Molyneux, Vice Chair of the International Corporate Governance Network (ICGN), and a group seminar from members of the Global Network of Director institute on the topic “key issues and actions from global boardroom” were scheduled in the last session. Each speaker from different countries such as South Africa, Brazil, England, the Philippines and the United States also shared his/her interesting views.

«ÚÑÑ ÉÊÙÆÎÑØ ÔË ÙÍÊ Õ×ÔÌ×ÆÒ Æ×Ê ÆÛÆÎÑÆÇÑÊ ÆÙ ÜÜÜ ÙÍÆÎ ÎÔÉ ÈÔÒ

Mr. Rapee Sucharitakul, Secretary-General, Securities and Exchange Commission, Thailand

Ms. Ann Molyneux

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

Mr. Paul MO’Rourke, Cybersecurity Leader Asia Pacific, PwC

--------------------------------------------------Supported by

Media Partner A GNDI Forum: “Key Issues and Actions from Global Boardroom” Dr. Bandid Nijathaworn, Ms. Angela Cherrington, Mr. Francis G. Estrada, Ms. Heloisa Belotti Bedicks, Mr. Stephen Martin, Mr. Richard Howitt, Mr. Friso van der

B o a r d r o o m | 17

Board Briefing

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AL;5 35 A31L"W1 Y3Y?<O Reorient Thailand’s economy and get ready for disruptive technology

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_9'a;aGDWbMC e `GR_@VgCJS$DBT@%O*7;_O* _@YgOcC bM žĂ† _% TCT`9;9Wgc6 * TD L I;BT'ES2 _O*$f 7 O *=ES < 7S I _@Yg O ES < CY O $S < 'ITC= ; = I ; b;DZ'9Wg_9'a;aGDWc=cI$I T$0_$53 `GR $0MCTD9WgCWOD[ _@YgOL *_LEVCbM BT'_O$-; `GR BT':ZE$V+LTCTE8`% *%S;$S<;T;T=ER_9Jc6 LTCTE8JX$KT% OC[G_@VgC_7VCc6 9Wg üùùí𡏏ùåï̍ Ïïùü¯­Ž¾­¹ùåï̪ĂžÍÍòĂžʪíòĂ&#x;ÊÌà ªà ÏÍãâïâÍà ⪯­Ž¾ --------------------------------------------On 14 May 2018, we had an opportunity to attend Thailand Development Research Institute (TDRI)’s annual conference held on the theme: “Reorienting the Thai Economy to Prepare for the Age of Technological Disruptionsâ€?at Centara Grand at Central World. TDRI president Dr. Somkiat Tangkitvanich led the highlighted topic while Thana Thienachariya, Chief Marketing Officer of Siam Commercial Bank, gave his views on adjusting national development growth amid technological disruption. TDRI researchers Nathasid Rukkiatwong and Supanutt Sasiwuttiwat as well as founder and managing director of Skillsolved Recruitment Thienthun Neesanant presented a topic of learning reorientation for building new skills. Dr. Worawan Chandoevwit, academic of Khon Kaen University’s faculty of economics; Dr. Boonwara Sumano Chenphuengpawn and Dr. Wichsinee Wibulpolprasert, researchers of TDRI; Suttipong Kanakakorn, technical team member of National Digital ID and co-founder of WS3, talked about adjusting social welfare system amid unstable global situation. The session was followed by TDRI’s Dr. Deunden Nikomborirak and Tiensawang Thamwanich and the Securities and Exchange Commission secretarygeneral Rapee Sucharitakul giving a talk on the topic readjusting attitude of the government sector to meeting the change. The annual conference ended with a panel session on the topic “alternative, surviving,

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sustainable and fair solution for Thailand amid disruptive technologies� led by Dr. Kobsak Pootrakool, Minister attached to the Prime Minister’s Office; Dr. Decharut Sukkumnoed, head of agricultural and resource economics department at Kasetsart University’s faculty of economics; Ruangroj Poonpol, founder of Disrupt University and 500 TukTuks Fund; and Sarinee Achavanuntakul, managing director, knowledge development of Sal Forest Co., Ltd. The event was moderated by Nattha Komolvadhin, Thai PBS news editor. We believe the conference is useful

for our members. Here is a summary from the TDRI annual conference. In the age of disruptive digital technology, Artificial Intelligence (AI) has changed traditional business operation and our lifestyle for the better whether it is processing or communication system—sight, sound, speech and movement. Many organizations replace human resource with AI. Google is among a sample as the company has brought the so-called Google Assistance system for receiving clients’ calls. The call center service can communicate like

human. Facial recognition technology has been adopted for use at Changi International Airport to follow passengers. AI can work even more effectively than human on these jobs. Leading countries are aware of the need to prepare for such a swift change in technology, which will strongly affect economic, social and environmental sectors. In the future, the country that develops AI technology will be powerful in the global community.

strategy. The thing is the Thailand 4.0 policy only focuses on infrastructure investment in manufacturing industry. Technology implementation however is much downplayed. Moreover, technological strategy is not practically integrated into the policy although innovation and technology is seen as the most successful industrial sector. Agriculture and service industries are seen as the least successful sector.

Thailand should be prepared for disruptive Thailand has also adapted to utilize digital technology as follow: disruptive technology at some level. The government announced the Thailand 4.0 Education policy- reflecting the overall model change. Teaching and learning methods should be However, such national policy still lacks adjusted. Primary education must include connectivity with the AI innovation. There 21st century skills in curriculum planning is a trend of replacing human with AI, will so that students will be able to solve can lead to massive job loss of over 50%. complicated and unpredictable problems However, it is hard to replace the following in the future. Estonia is among an example jobs with AI. that focuses on teaching young students the following three components 1) attitudes 1) Handicraft: Human labor needs and characteristics 2) essential skills 3) development from being plain to “golden knowledge which will enable them to touch” in a bid to upscale the “craft think outside the box as well as to be economy”. diligent and enduring to communicate, solve 2) Jobs that require creative thinking, problems and work as a team. Learning leading to “ultimate imagination” and process should be active and enable “creative economy” for example film- students to understand the importance making industry, fashion design, games of AI, for example, logical knowledge, and advertising. systematic thinking, writing software 3) Jobs that require social smart heart program etc. Unfortunately Thai education to develop general services into “human is not well equipped with the 21st century touch” and “care economy” for example skills. The Programme for International elderly care. Student Assessment (PISA) 2015 found 50% of 15-year-old Thai students failed In general, Thailand 4.0 can partly handle the standard test on comprehensive disruptive digital technology. Growth in reading, applied mathematics and science, local production and investment can be and group work on solving complicated expected. However, the policy still has problems. However, the good news is several weaknesses such as 1) lacking that some schools have already initiated investment connectivity with innovative teaching curriculum enabling their students system, 2) chronic problem of quality, to systematically solve problems and work skilled labor shortage and 3) lacking AI as a team.

¸ÔÈÎÆÑ ÜÊÑËÆ×Ê Both formal and informal sectors are both affected by disruptive digital technologies, facing job loss. Those facing job cuts are entitled for social security service remuneration which comes from three sides: self-payment at 0.5% of the salary, employer’s contribution at 0.5% of the salary and government contribution at 0.25% of the salary payment. In case of being laid-off, the employee will receive 50% of the last salary payment or a maximum of 15,000 baht for a maximum six months. In case of voluntary resignation, the employee will receive 30% of the last payment for a period of three months. Liquidity of the fund for the unemployed is still considered very high as its maturity is as long as seven years regardless of increasing number of the unemployed. Several countries i.e. Singapore have put in practice the social security system to protect the unemployed. They can access and submit a request for funding support on occupational training and skill development via the website. Skill development can help prevent lay-off in the future and reduce the remuneration budget for the unemployed in the future. In addition, related agencies should utilize AI technology for contributing social security welfare, checking suitability of the recipients, facilitating services and preventing corruption. The welfare card issued for the 11.67 million registered low-income earners for buying basic needs is a sample for lessons learned. The policy is not actively put into practice. The thing is there are not many retail stores having card-reading machines. If AI was utilized for policy implementation, those having the cards would be able to get benefits out of accessing those retail stores to buy their basic needs.

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Regulatory agencies An Initial Coin Offering (ICO) has already been introduced, enabling startups to raise money from every corner of the world, let alone Thailand-based venture capitalists. Regulators should come up with a mechanism for supervising and regulating any risk that may happen. Investors should be aware of the risk and that regulator can also oversee the risk and acknowledge investors about the risk that may occur. ICO is a new specific investment that requires a certain level of technological knowledge. Investors must have a good level of technological knowledge with sound investment discretion to thoroughly select ICO investment. In conclusion, AI technology has already disrupted Thailand in every sector. We need to think carefully how to deal with the disruptive digital technology in a bid to prepare for and enhance competitiveness capacity to keep up with AI. Every sector needs to take part in dealing with such a major change. The public must also develop themselves to be equipped with technological knowledge that will help enhance their capacities hardly replaced by AI. The government sector must also quickly adjust it work style to deal with disruptive technology in order to effectively support and promote private and business sectors to compete with other countries. For more information, log on to https://tdri.or.th/2018/04/tdri-annual-public-conference-2018/

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

3L"DLAG= L3/ #P"2O=8L3N% Û² ÝÚÉÓÉÚÖ ÝÖÏÜÐÑÚÉØÉÖÑËÐ Sr. CG Analyst Research & Policy Thai IOD

Board Briefing

Social Responsibility: Partnership in Education ;O%K< Aÿ=J[A1<J ÍËÐÉÑ ÑÚÉÞÉÑÌáÉ ×ÝÖÌÍÚ ×Î ÜÐÍ ×ØÝÔÉÜÑ×Ö ÉÖÌ ×ÕÕÝÖÑÜá ÍÞÍÔ×ØÕÍÖÜ ÛÛ×ËÑÉÜÑ×Ö

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Social inequalities remain throughout Thai society.land. Some Thais lack opportunities to better themselves and poverty is still prevalent in the country. A number of people are of the view that it is the responsibility of the public sector to encourage social and economic development to eliminate inequality and poverty However, this cannot be achieved without assistance from the private sector. Notably, in Thailand, the education system is ineffective. According to research conducted by the World Bank, in terms of percent, Thailand has the second highest budget in the world to support education, nearly one fifth of the national budget. However, one in three Thais that have completed their compulsory education (M.3) can read but do not comprehend the contents. As a consequence, corporate social responsibility (CSR) should consider the future of the country by actively helping young people become exemplary adults (Junior CSR). The Thai education system needs to be improved in three areas: 1. Curriculum – to teach young people gain life skills and career skills together with basic curriculum; 2. Teaching method – to promote a truly child-center method, including studying, teaching, and learning life and career skills through real experience; 3. Role of school– to be an institute for the community by offering life-long learning for everybody in the community and serving as a center for income and life quality development. Mechai Pattana School trains students to think more intensely and take the necessary actions when they join the real world. The

24 | B o a r d r o o m

students are trained to be thinkers, developers and businessmen. They learn administrative skills and are encouraged to be patient, honest and compassionate, qualities that make them understand the importance of equality for others and help to build a sustainable society. Mechai Pattana School cooperates with many sectors in society, including the business sector, foundations, civil society and the public. Currently, the government is working with Mechai Pattana School to develop a model school in a project entitled “The joint development school”. This project aims to encourage all sectors of society, especially the business sector, to play a role in improving or developing schools to raise the quality of education and develop the school as an institute for community, including encouraging people not to leave their home area. ----------------------------------------------------------------------------Event supported by

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

Board Development

Surviving the Traditional Business Model in the Disruption

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26 | B o a r d r o o m

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B o a r d r o o m | 27

In the past, most successful business that came to our mind would be asset-heavy corporations having high production capacity and ability to meet mass-market demand. Property, plant and equipment (PP&E) had been the major asset investment for traditional business model since the first industrial revolution and the birth of steam engine between 1760-1840, the second industrial revolution in late 19th century and the third industrial revolution after the innovation of electric power in the 20th century. From the digital revolution in 1960s to the industry 4.0 which connects hardware, software and technological integration, leading to new business models such as Amazon, NetFlix, Uber, AirBNB, providing services which makes our lifestyle more convenient whereas disrupting traditional business model forced to adapt its operation and add value to their products and services

28 | B o a r d r o o m

in order to maintain its competitiveness and physical asset-heavy businesses unable to sustainability of its business. add value to every one-dollar invested at the similar scale of the asset-light industry According to Harvard Business Review, a due to higher scale, size and cost will survey on companies listed in the S&P 1500 be entirely taken over. Demand on such was conducted in order to look at each business is still there. But the questions are industry’s average revenue multiple, how to add value to these physical asset-heavy measuring how highly companies are industries and how to generate benefits to valued in relation to their revenue. For shareholders, enhance credibility to stakeexample, Health technology had an average holders and lead the businesses toward multiple of 5.1, meaning that investors pay sustainability amid changes. $5.10 for every $1 of revenue generated. These business sectors had less than 20% Mostly, traditional business model gains of physical assets compared to asset- advantages from its scale and size. Such heavy industries such as utilities, energy, economic of scale, however, has become a transportation and retailing. With PP&E weak link that the physical-asset corporates making up more than 30% of total assets, need to adjust to keep up with the pace of they are also value-light, with multiples change. topping out around two. Macy’s is a case of retail business that will Most high-value businesses these days are be discussed here as it is expected to be those establishing platforms and utilizing heavily disrupted by digital technologies and pools of assets. However, it does not mean replaced by online retailer like Amazon. The

department store chain has been around for over 150 years, starting from a small shop to the largest U.S. department store company by retail sales having as many as 880 full-line store with Macy’s nameplate in operation countrywide. However, Macy’s is facing challenges from fierce retailing competitors such as Nordstrom, JCPenney, Kohl’s, Walmart, Target and recently Amazon.com. It is time for the “big-box”, meaning traditional retailing business like department stores to adjust their strategies to cope with changes and technological disruptions. According to the survey, Macy’s total sales was as much as US$ 230 billion in 1999. However, its sales dropped to US$155.5 billion in 2016. The department store chain still remains in the business although increasing number of population and living cost did not help boost its total sales. The main reason is not about slow adjustment to disrupted technologies. Macy’s is among the first retailer investing in e-commerce. Macys.com was introduced in 1998. Similar to other department stores, however, Macy’s is trapped in the traditional business model. Over 40% of items at Macy’s chain are the same or similar brands to other stores. In addition, sales are promoted at the same period to draw clients’ attention. Such marketing strategies create sales-oriented behavior among American shoppers as they intend to buy things only at sales season. Clients no long feel excited with different periods of sales promoted by department stores.

door to open for best door buster deals on to sit and work anywhere, Macy’s board everything from clothing and shoes to home diversity enhances work effectiveness essential for keeping up with a rapid change essentials and furniture. in retailing business model. The other major However, Macy’s uses the word ‘doorbuster’ change is the closing of 100 Macy’s stores in every sales season. Its marketing strategy nationwide, while boosting US$ 550 million has been shifted to brand apparels like in digital sales. H&M and Zara, accounting for over 50% of total apparels at stores. These brands can These strategies will not be of any help as introduce new collections at shorter period long as customers are not going to shop at of time to wow shoppers. As the shelf life is department stores. A major shift in Macy’s shortened, sales cannot boost the purchase store design and shopping experience amount. The price ranges of these items are were announced. Personal stylist and staff reasonable, making it easier for shoppers capacity to access clients’ need are among to decide and purchase their favorite items sample aimed at collecting data for analysis. compared to items sold at department store Royalty Program is introduced to draw clients’ attention to return and shop at having a longer length of shelf life. stores. Special promotion is prioritized Macy’s has been trying hard to adjust its over sales event. Backstage, a sales-only business under the leadership of CEO and department store, was launched. These Chairman Teddy Lundgren between 2003 strategies have resulted the highest and 2017. As convenience is everything turnover in three years during the first in the digital age, The retail store has been quarter of 2018. transformed into Omnichannel business that integrates both online and offline However, retail business must adapt itself clients via websites, applications and to continuously seek new strengths suitable mobile phones. Such marketing strategy for size and organizational culture. It can be helps increase online sales. Macy’s is said that Macy’s is a sample of traditional among few US companies having board physical-heavy asset business that will have members from diverse backgrounds and to adapt itself and compete with their rivals nationalities. Twelve board directors are in the digital age. Strength of the business women, reflecting the store’s gender priority. be re-assessed. Board members and executives must be open to new Unlike criteria of most Fortune 500 technological ideas that will add value to companies, every Macy’s board of member companies and business models. Funding has a unique skill set and experience which should be diverted to only necessary parts are not limited to only CEO. Annie Young- so that the business will survive. Leader of Scrivner, an EVP at Starbucks, is the epitome the organization will have to carefully assess of the type of appointment. A 46-year-old business capacity to survive in the digital age. Asian American joined Macy’s board without any prior public board experience. “Boards http://fortune.com/2015/02/18/macysthat aren’t looking for younger, digitally board-of-directors/ savvy female and ethnic board members are really going to fall behind. It’s a key part of staying relevant in today’s market,” said 3²D² =A"73 Z#D;R1= Û² ÝÉÖÏÎ×Ö ÉÑÛÕÝÜ one of Macy’s nomination committee.

‘Doorbuster’ used to be the word for Macy’s advertisement during the Black Friday, an informal name for the day following Thanksgiving Day in the U.S., the fourth Thursday of November regarded as the beginning of the country’s Christmas shopping season. Thousands of American shoppers would In the age that female directors are line up in front of the store waiting for the equipped with skills, capacities and choices

Sr. CG Analyst Curriculum Development Thai IOD

Board Development

AL;W5 3GND=J G" 5=J2L3 ==; L= Z34=þCK1#.1JW4O<3[1< Independence of the chairman position at Thai listed companies

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Should the chairman and the CEO be the same person? This issue concerning corporate governance is still much discussed though. The chairman’s roles and responsibilities usually involve governing and following up on performance of the directors and the management. So they can work effectively to meet the institute’s objective and goal. The management department is responsible for administrating the company following the direction and the policy given by the board of directors. If the management role is not separated from the board of directors’, it is likely that the management may overshadow the directors’ roles and responsibilities and corporate governance may be put at risk. The CG Code 2017 for listed companies gives a guideline for selecting an appropriate candidate as a chairman: 1. A chairman should be an independent director 2. Roles and responsibilities of chairman and CEO should be separated to balance power of the two positions. A candidate nominated as chairman should be different from the CEO.

sign is that such similar trend also happened CG Code’s implementation guideline can to the non-executive director and the be referred in case the two positions are not clearly separated. The following factors executive director. can also be considered in a bid to balance When considering listed companies based the power between the board of directors on sizes following Graph 2, it can be seen and the management: (1) more than half of that companies having assets valued by directors in the board should be independent market capitalization will have a proportion directors or (2) the independent director of chairs who are independent directors at appointed to help consider meeting agenda 37% to 42%. In addition, more than 80% should be called “lead independent director”. of these companies will separate chairman This issue is being promoted. and CEO roles. Up to 90% of companies having 1-2.999 billion-baht assets valued Following the criteria given by ASEAN CG by marketization will have the chair and the Scorecard, a company should have a lead independent director. In case the chairman CEO roles separated. is not independent director or the chairman Following Graph 3, over 90% of companies and the CEO roles are not separated, the in the group of financials, technology and role of lead independent director should services have the roles of CEO and chairman be disclosed. However, the issue of lead separated. Technology and property are independent director is still new. the sectors having the highest number of independent directors at 46%. Consumer From the ASEAN CG Scorecard assessment, products, financial and agro & food industries there are not many listed companies meeting had the least number of independent the criteria of having lead independent directors. Implementation of information directors as chair, at 39%. guideline should be promoted apart from From the statistics over the past five years, independence of the director. The board of it can be seen that leadership structure of directors should consider diversification of the board of directors is in a good direction. skills, experiences, expertise, sexes, age to Thai listed companies tend to give ensure that the directors are suitable for the importance to separation of the CEO and company’s structure and context. So the chairman roles and selection of independent board of directors and the management can director to serve in the chairman position, work together effectively to add the highest leading to effectiveness of companies value for shareholders. having CG structure. The director can truly work independently for the benefits of all stakeholders. 3L"DLABN=þ8= A"B W ÿ<A

When considering the implementation guideline of Thai listed companies over the past five years (2013-2017) and the Corporate Governance Report of Thai Listed Companies (CGR), independent directors (ID) appointed as chairs at listed companies tended to increase. Graph 1 showed a number of independent directors in the chairman position was increased from 28% in 2013 to 39% in 2017. On the other Nevertheless, if a company’s structure is hand, there is a decreasing trend of having designed to have the same person sitting in chairman sitting in the CEO position. A good both the director and the CEO positions, the

32 | B o a r d r o o m

Û² ÑÚÑØ×ÚÖ ¡×ÖÏÓÍÉß Sr. CG Analyst Research & Policy Thai IOD

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Board Development

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™ÖÔå ݜ šĂ?ÚËĂ?Ă–Ăœ Ă—ĂŽ Â?Â?™Û ’ÉÞĂ? ĂœĂ?Ă? –Ă?Ă‰ĂŒĂ?ÚÛĂ?Ă‘Ă˜ žÉÔĂ?Ă–Ăœ ĂœĂ— Execute Their Strategy

The data in Global Leadership Forecast 2018 shows that organizations with effective leadership talent outperform their peers. Yet very few organizations manage this high-value asset in an integrated, cohesive way. Even after spending more than $50 billion annually* on developing their leaders, many companies still don’t have the bench strength to meet their future business goals. And despite the spending, investments are often fragmented and see a lack of returns. Leadership models and development programs abound; few tie to 414L1 G"7 L<4R ?Z3 L=AL"X63 ?<R12 business goals. Worse yet, there’s scant $TEIT*$GDZ 9 : >[ ;l T ;Sh ; 'IE+R6l T _;V ; evidence that they actually work. What’s 'I<'[ ` GRLO6'G O *c=$S < $GDZ 9 : 9 T*:Z E $V + needed is a coherent, integrated leadership %O*O*' $E 9I TCW_@WD* Ž b; ¹ %O*_+ TM; T9Wg strategy. A well-crafted blueprint ensures ? T D<Z ' 'G9Wg E[ LX $ I T 7;_O*CW < 9<T96S * $G T I that companies have the right talent, at the .Xg*;S<I T_= ;+Z6<O6LlT'S‰b;$TEIT*ET$2T; right cost, and with the right capabilities O*' $EbM @E OCES<$TE_7V<a7 6 ID$TECW9Sh* to deliver today and into the future. Yet, $GDZ9: :EZ $V+`GR$GDZ9: >; [ Tl 9W+g R;lTc=L[' 5Z BT@ we found less than one-third of the HR %O*>[ <EVMTE9Wg@E OC%S<_'GYgO;O*' $EOD T*`%f* professionals surveyed feel their organizations have an effective leadership strategy. `E* Companies that do have such strate-

B o a r d r o o m | 35

adeptly forecast future leadership gies in place report better returns on their demand than those without. investment in talent. They consistently feature deeper leader bench strength and • Ensures that all core leadership processes align and are consistently stronger leaders at all levels. reinforcing the appropriate skills/ capabilities/mindsets. All major talent systems are more effective in ¼ÍÆÙ ©ÎËËÊ×ÊÓÙÎÆÙÊØ ´×ÌÆÓÎßÆÙÎÔÓØ ÜÎÙÍ organizations with stronger leadership Effective Leadership Strategies? strategies. For example, when there is a The advantages of having a leadership leadership strategy in place, 70 percent strategy in place are enormous, beginning of organizations report having effective with leader preparedness to meet business development programs in place versus challenges. The graphic above shows the 27 percent in those organizations with leader-readiness advantages of an effective no strategy. The same magnitude of leadership strategy. difference applies to succession management (51 percent versus 15 So, What’s in an Effective Leadership percent). These systems comprise the Strategy? foundation for delivering a steady flow of leaders through the pipeline. Senior line managers define “leadership strategy” as having a supply of capable • Measures the impact of leadership spending on performance and potential. leaders to meet both their short- and (everCompanies with effective leadership changing) long-term business needs. A strategies are four times more likely to sound leadership strategy consists of the gather business-impact measures on four elements defined below. We looked at their talent initiatives. the effectiveness ratings for each element, comparing organizations that report having a leadership strategy in place with those ¼ÍÆÙ ¦×Ê ÙÍÊ µÊ×ËÔ×ÒÆÓÈÊ §ÊÓÊËÎÙؤ We found that an investment in formulating that do not. and executing an effective leadership • Defines the competencies required for strategy can have a significant impact in success. We see a much higher level several other areas: of effectiveness of this basic practice in organizations with a leadership strategy • Working with the business to articulate a leadership strategy improves HR’s versus those with no strategy (82 strategic impact. Organizations with a percent versus 49 percent). leadership strategy are twice as likely • Models supply and demand as part to rate their HR teams as strategic of the strategic planning process. advisors. Organizations with an effective leadership • Of organizations with effective strategies, strategy are 4.3 times more likely to

56 percent have overall high leadership quality versus 20 percent with lesseffective strategies. • Future bench strength, a critical lead outcome measure, is much stronger with an effective strategy (32 percent versus a dismal 5 percent). • Stronger ability to fill critical open positions with internal candidates (56 percent versus 38 percent). The cost of even a few senior positions remaining open far exceeds the investment required to put a sound strategy in place.

¸ÍÔÚÑÉ ­· §Ê ®ÓÛÔÑÛÊÉ ÎÓ ¸Ù×ÆÙÊÌÎÈ Planning? Leadership strategy should never stand alone from an organization’s strategic plans, yet only one in four HR professionals are involved in strategic planning from its inception. This diminishes the role they can, and should, play in connecting the business to required leadership capability. Kellerman, B. (2012), The End of Leadership, New York, HarperCollins. by

Adam Canwell

Joe Dettmann

Richard Wellins

Liz Collins

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B o a r d r o o m | 37

Anti-Corruption Update

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Ll T MES < % O C[ G _$Wg D I$S < a'E*$TE Ă€žĂ€ = ++Z<S;CW<EVKS99Wg_'DG*;TC=ER$TJ _+7;TEC5 _ % T E I C7 O 7 T ;'OE ES = -S ; $S < a'E*$TE Ă€žĂ€ `G I+lT;I; œ­­ <EVKS9 a6DCW <EVKS9_% TE IC_@VgC+lT;I; ÂŽÂľ <EVKS9 `GR<EVKS9 =ER$TJ_+7;TEC5 'ESh*9WgLO*+lT;I; Ž² <EVKS9 `GRCW<EVKS9DYg;%O%DTD_IGTES<EO* ° <EVKS9 LlTMES<<EVKS99WgOD[ ERMI T*$TE_I ;IEE'_% TE IC ¹¼ 'Z5LC<S7V%O*>[ 7EI+LO<OVLER a'E*$TE Âł _6YO; ¼¿ÊĂžà è ĂŒòùŒ CW+lT;I; °¹¾ >[ 9Wg+RLTCTE89lTM; T9Wg_= ;>[ G*;TCb; <EVKS9 _= ;<EVKS9+69R_<WD; Ž­¹ <EVKS9 2T;R>[ 7EI+LO<OVLER 9Wg9lT$TE7EI+LO<$TE 6lT_;V;$TE7TC`<<=ER_CV;9Sh* Ž´ % O%O* 9 T;LTCTE87V67TC$V+$EEC7 T*e%O* <EVKS99Wg_% TE IC=ER$TJ_+7;TEC5 $S< Ă€žĂ€ a'E*$TE OT9V_- ; $TE_% TE ICLSCC;T MEYO CW6S*7 Oc=;Wh _% TO<ECMGS$L[7E žÍù̪Ă€ÏïïòíùÌÏÍ¡ Ă‘üâ ÂŽÂŤ =ER:T;$EEC$TE7EI+LO<%O* Ă?ĂŻĂžà ùÌà ÞÊ Ă„òÌåâ ¼žĂ€Ă?Ă„ÂŚ .Xg*_MCTRLlTMES< <EVKS99Wg_% TE IC a6DG*;TCb;2T;R7SI`9;%O* _+ TM; T9Wg>[ ES<>V6-O<$TE+S69lTER<<'I<'ZC '5R$EEC$TE7EI+LO< 9Sh*;Wh $EEC$TE7EI+ BTDb;_@YgO= O*$S;'OE ES=-S;b;<EVKS9 `GR LO<7 O*CW'Z5LC<S7V7TC9WgCW$TE$lTM;6cI b; Ă‚ùüÌà ÞÊ ÉâĂžåâïðüÌí Ă?ïÏäïÞê ¼ÂÉĂ?ÂŚ .Xg*_MCTR MGS$_$53 $TE_= ;<EVKS9+69R_<WD;b;7GT6 LlTMES<$EEC$TE`GR>[ <EVMTEER6S<c6 _% Tb+ MGS$9ES@D Q IV:W$TE>GS$6S;;aD<TD7 O7 T;'OE ES=-S;c=L[ ÂŻÂŤ >[ LO<<S‰-WES<O;Z‰T7 9Wgc6 ES<$TE $TE<EVMTE+S6$TE'ITC_LWgD*'OE ES=-S; % OC[G `7 *7Sh*+T$9Wg=ER-ZC>[ 8YOMZ ; bM _= ;>[ LO<<S‰-W 9Sh*MC6LTCTE8_% Tc=6[c6 9Wg ôôôùüÞ̪à Þà  %O*<EVKS9b;= = ++Z<S; Ă ĂŹĂŞ MEYOLO<8TC$TELCS'E_% TO<EC$S<'Z5 ° >[ LO<<S‰-WES<O;Z‰T79Wgc6 ES<'ITC BS9ETBE5 ­¯ªœ²²ªŽŽ²² 7 O ÂŻÂŽÂł _Mf ; -O<+T$Ll T ;S $ *T;'5R$EEC$TE$l T $S < --------------------------------------------------MGS$9ES@D `GR7GT6MGS$9ES@D ¹ >[ 7EI+LO<BTDb; `< *_= ; ÂŻ $GZ C Updates on the CAC project during MayJune are as follow: 6S*;Wh ĂŹ >[7 EI+LO<BTDb; 9Wcg 6 E<S =ER$TJ;WD<S7E • A total of 44 companies submitted a for consideration as of the deadline of >[7 EI+LO<BTDb;ES<O;Z‰T7 ÂĽĂ€âïùÌãÌâå ÆÍùâïÍÞÊ paper certificate submission in Q1/2018. Of the žòåÌùÏï ÀÆžŒ total, 19 newly joined in the project and ĂŹ >[7 EI+LO<BTDb; 9Wcg 6 E<S =ER$TJ;WD<S7E submitted a request for the first time. The >[ 7EI+LO<BTDb;%O*=ER_9Jc9D ÂĽĂ€âïùÌãÌâå committee had a resolution to certify a total Ă?ïÏãâððÌÏÍÞÊ ÆÍùâïÍÞÊ žòåÌùÏïð ĂŹĂŁ ÑüÞÌÊÞÍå of 28 companies. Of the total certified Ă€Ă?ÆžĂ‘ÂŚ 9Sh*;Wh >[ 7EI+LO<BTDb;6S*$G TI 7 O* companies, 11 passed the certification for _= ;>[ 9WgLS*$S6LlT;S$*T;7EI+LO<BTDb; 9Wg+S6 the first time. The rest were those requesting 7Sh*b;E[=%O*<EVKS9+lT$S6 for an extension of the certification. The latest certification made a number of certified CAC member increase to 325 companies. A list of certified companies is available on www.thai-cac.com

;O$+T$_= ; >[ 9Wg CW 'Z 5 LC<S 7V 7 TC9Wg ER<Z% T*7 ;`G I ¼Žª¹Œ +R7 O*> T;$TEO<EC MGS$L[7ELlTMES<>[ 7EI+LO<OVLER %O* Ă€žĂ€ `GRc6 ES<$TEES<EO*$TE> T;MGS$L[7E+T$ Ă€žĂ€ `G I_9 T;Sh; +X*+RLTCTE8_= ;>[ 9WgG*;TCES<EO* The certification ceremony was held on >GLO<9T;`<<=ER_CV;%O* Ă?ĂŠĂ‚ ¼Ž´ % OÂŚc6 June 7, 2018 to honor 66 CAC-certified

members during Q4/2017-Q1/2018. Of the total, 42 of them passed the certification for the first time. The rest were companies receiving certification extension. Supporting fund from the CG Fund was also handed out during the day. • Risk evaluation of corruption and misunderstanding between bribery and embezzlement by staff or conducting evaluation of feasible bribery channels without having sufficient supporting reasons are major issues that make many companies fail the certification. Many companies take general audit documents as reference despite a lack of key details about corruption risk and control environment. Although policy, rules and regulations, training etc. are set, control activities are still lacking. • The first CAC-organized seminar series called SME Clinic was held on May 11 with an aim to introduce 17 steps of detail preparation for certification submission for those responsible for SME business. Road to Certify seminar was also held on May 31 to share samples and mistakes that are usually found from documents submitted for certification over the last three years. 1) Scope of Audit Checklist – Independent Auditor Prior to the audit, get familiarize with company’s business by doing site visit, interview with related executives on topics of business characteristic, risk of business operation, accounting and internal audit system, internal and external audit, staff, related activities (process) with government authorities etc. Interview topic should follow a guideline of screening question prior to document examination. Summarize information before interview in the “company profileâ€? for presentation together with adopting Checklist together with other documents.

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2) Audit following guideline and steps explained in the SME Checklist Audit Script regarded as one of the 17 steps and can be divided into seven aspects: risk evaluation/ internal audit/ anti-corruption/ corporate communication and external relations/ human resource management to enhance the company’s preparation to follow anti-corruption policy/ reporting on wrongdoing and any clue/ review, examine and improve.

5) Qualifications of independent auditor A person who should be able to sign as independent auditor and examine following the 17 steps after a company made an announcement to join CAC should be as follow:

companies declared their intents to join CAC for the second time. Three companies also submitted for an certification period. A total of 348 companies are in a phase of six-month black out. Of this, 104 are listed companies.

1. Chairman of the audit committee signed on behalf of the committee having qualifications following the criteria requirement of SET-listed companies.

3) Audit documents/ evidence following the checklist to evaluate if information in these documents are sufficient and precise. Yes is for sufficient and No is for insufficient and unclear documents (focus on examining if documents/ references are suitable and adequate following CAC without having to do compliance test). Additional opinion on pros and/or cons should be given. Yes and No answer should be accompanied with reasons to clearly explain the status of each company and to discuss about the audit and result report to the executive. Recommendations should also be given to the company to improve its anti-corruption measure.

2. Certified public accountant appointed by the shareholders to examine the company’s account in the current year.

You can get the updates of CAC activities on www.thai-cac.com. Information about seminar participation, training on AntiCorruption: The Practical Guide (ACPG) suitable for those responsible for internal audit system and Ethical Leadership Program (ELP) for directors and executives to understand anti-corruption policy and implementation essential for corruption risk management are among samples. Or contact Khun Pattaraporn at 02-955-1155 ext. 216. ………………………………………………..

3. Certified public account approved by the SEC 4. Internal auditor can be categorized into two groups: o Certified Internal Auditor – CIA o Certified Professional Internal Auditors of Thailand – CPIAT. Auditors in this group must be registered with CPIAT as company limited.

Apart from the requirements in 1-4, internal auditor must pass the CAC training course 4) Reports that independent auditor needs for independent auditor prior to being qualified to assess 17 steps of SME Checklist to do after the audit are: 4.1 Company profile received from site visit Audit Script and sign off the audit report. interview 4.2 Checklist that the company did and • Up to 900 companies have joined in CAC received from assessment and auditor’s project so far with additional 18 companies have become new members and 15 opinion.

40 | B o a r d r o o m

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

Anti-Corruption in Practice

WE/R6?1O_ ¨ÔÑÑÊÈÙÎÛÊ ¦ÈÙÎÔÓ

Z3E?L<5=JW1B? ;WE?A Why collective action against corruption

fails in many countries

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_= ;_EYOg *%O*'ITCLCS'Eb+ cC CbW 'E MEYO$0_$53 9T*$TECT<S*'S< 6S*;Sh; MT$ETDbM‰ cC _G ;6 ID _LWDOD T* ETD_Gf$e $fDT$9Wg+REIC7SI`GRLE T* $TE_=GWgD;`=G*bM _$V6%Xh;c6 LlT_Ef+ `7 b;9T* $GS<$S; 8 TMT$I TETDbM‰ bM 'ITCLlT'S‰`GR _$TR$GZ C$S;_% TE IC`G I ETD_Gf$$fCWaO$TL9Wg+R _% TE IC%<I;7TCc6 cC DT$

= ‰MT9Sh*LTC% O;WhOD T*cE +X*$ TIM; T8X*%;T6 CW=ER_9J7 T*e CT%O_EWD;E[ +T$=ERL<$TE5 %O*BT'_O$-;c9D 'OD7V67TC7O;7 Oc=b; <OE 6E[C,<S<M; T;R'ES< --------------------------------------------------We are exposed to many news about corruption these days. The corruption network has expanded from those in uniforms to even monks. Corruption is still the major structural issue in Thailand that need to be systematically resolved. Punishment by position removal or transfer are no longer enough. Weakness of the system should be analyzed. In-depth understanding the root cause of corruption will enable us to seek sustainable solution to solve such a chronic problem at the right spot.

;O$+T$;Wh OW$M;Xg*= ‰MTLlT'S‰%O* Ă€ÏÊÊâà ùÌóâ žà ùÌÏÍ b;MGTD=ER_9J9Wg@<$f'YO `C +RLTCTE8MT<EVK9S _% TCT_= ;LCT-V$`;IE IC c6 `7 $%f T6$Gc$9W+g R%S<_'GYOg ; `GRL;S<L;Z;bM LCT-V $ $l T M;6;aD<TD`GR`;I=1V <S 7V _ @Yg O = O*$S;= ‰MT$TE9Z+EV7'OE ES=-S; 6S*;Sh; $TE _% T_= ;LCT-V$`;IE IC%O*<EVKS9MGTD`M *+X* _= ;_@WD*`' aO$TLb;$TE8 TDE[= 9lT Ă?Ă? I T<EVKS9 bM ' ITCLl T 'S ‰ $S < =ER_6f ; $TE7 O 7 T ; 'OE ES=-S;_9 T;Sh; cC c6 ;lTc=L[ $TE_=GWgD;`=G* Attempt to tackle corruption in the government @F7V$EECO*' $EOD T*`9 +EV* ÂŽÂĽ cC L TCTE8>GS $ 6S ; bM _ $V 6 $TE _=GWgD;`=G*ER<< = ‰MTLlT'S‰OW$=ER$TEM;Xg* %O*$TEEIC7SI`<< Ă€ÏÊÊâà ùÌóâ žà ùÌÏÍ $f'YO %T6$TE=ERLT;*T;$S<BT'ES2 MEYO <EVK9S 7 T*e 9Wg _ % T CTE I CcC L TCTE8EIC7S I $S ; c6 O D T * _M;WDI`; ; `GRCW@GS*+;8X*%;T69WLg TCTE8LE T* êÏêâÍùòê 9Wg+R;lTc=L[ $TE=1VE[=ER<< MEYO $ER<I;*T;b;BT'ES2_@YgObM _$V6'ITCa=E *bL `GRCW=ERLV9:VBT@CT$%Xh;c6 6S*;Sh; _*YgO;c% 9Wg_OYhO7 O$TE9Z+EV7'OE ES=-S;+X*DS*'*OD[ `GR cC _$V6$TE=ES<_=GWgD;@F7V$EEC9Sh*b;? *%TES< `GR%T+ TD °Œ %T6$TE$lT$S<6[`GbM $TE6lT_;V;*T; bM <EEGZ_= TMCTD $TE+R%S<_'GYgO; Ă€ÏÊÊâà ùÌóâ žà ùÌÏÍ bM $ TIM; Tc=c6 7GO6EO6? *;Sh;+lT_= ; 7 O*CW$TE$lTM;6;aD<TD `GR$GDZ9: OD T* _MCTRLC `GR9WgLlT'S‰7 O*CW$TE$lT$S<6[`G bM $TE6lT_;V;*T;LO6'G O*$S<IS78Z=ERL*' `GR_= TMCTD _@YgO'I<'ZC$TE6lT_;V;*T;cC bM MGZ6OO$;O$G[ ;O$9T*c= _CYg O 9ET<8X * = ‰ MTLl T 'S ‰ 9Wg 9l T bM Ă€ÏÊÊâà ùÌóâ žà ùÌÏÍ b;MGTDe =ER_9JcC =ERL<'ITCLlT_Ef+`G I b;7O;M; T+R_G T8X* $TE6lT_;V;*T;%O* Ă€žĂ€ I Tc6 CW$TE+S6$TE$S<

ړ ÂąĂ†ĂˆĂ?ĂŽĂ“ĂŒ Ă•Ă†Ă—Ă™ĂŽĂˆĂŽĂ•Ă†Ă™ĂŽĂ”Ă“ Ă†Ă’Ă”Ă“ĂŒ Ă?ĂŠĂž Ă•Ă”ĂœĂŠĂ— players in each industrial group Participation and intention of key players in different industries are very crucial. The thing is CAC process is voluntary. If the key players in each industry are not willing to participate, it is difficult to make it happen by depending on an effort of the small players. On the other hand, if key players group together and it is not difficult to draw attention from small players to join the force, making change in CAC movement feasible.

In fact, lacking mechanism to move forward implementation of the Collective Action is seen as the other shortcoming. In spite of having sufficient members, a gathering of CAC members could end up being a public relations event and photo opportunities instead of leading to behavioral change in and the private sectors, as the demand and the organization. supply sides respectively, must be done for effectiveness of the solution to both ends. ú“ ŽÓÆÇÎÑÎÙÞ ÙÔ Ă‡Ă—ĂŽĂ“ĂŒ Ă˜ĂžĂ˜Ă™ĂŠĂ’Ă†Ă™ĂŽĂˆ ĂˆĂ?Ă†Ă“ĂŒĂŠ Lacking coordination between the government This article will talk about Thailand’s Private sector and member companies can tone Sector Collective Action Coalition against down the power of the network and the Corruption (CAC) getting involved in solving Collective Action momentum essential corruption issue by becoming a CAC member. for systematic change, effectiveness and Thai CAC work has progressed and gained transparency of the governmental process. Unfortunately, conditions that lead to corruption attention in the international level. remain in the system and behavioral change CAC success stems encouraging companies is still not happening at both ends. to become CAC members by announcing and putting in practice a policy on bribery ݓ ÂąĂ†ĂˆĂ?ĂŽĂ“ĂŒ Ă˜ĂšĂ•ĂŠĂ—Ă›ĂŽĂ˜ĂŽĂ”Ă“ ÙÔ Ă—ĂŠĂŒĂšĂ‘Ă†Ă™ĂŠ ÎÒÕÑʗ prevention, corruption risk assessment and ÒÊÓÙÆÙÎÔÓ Ă™Ă”ĂœĂ†Ă—Ă‰Ă˜ Ă™Ă?ĂŠ Ă™Ă†Ă—ĂŒĂŠĂ™ internal control system to seal off corruption Moving forward the Collective Action to loopholes. Its comprehensive certification success needs appropriate policy and system is seen as a unique innovation which strategy. Regulatory body should also be draws attention from several countries such available to supervise implementation as, Bhutan, India, Indonesia, Georgia and following the goal and the objective. Turkey asking for Thai CAC coaching and technical support on establishing CAC in Readers should be aware of these key limitations. In the next Boardroom, we will their countries. focus on Thai CAC operation and how the Thai CAC studied what happened in different three factors are solved as a case study for countries and found the following three other countries. factors leading to failure in anti-corruption 3L<8ÄŠC-R 8=E;#==<L —Ú² šĂ?ÑÛÉÖĂ? attempts by the private sector in several šĂ?Ú×ÕËĂ?ÉÖåÉ countries. Public Relations Consultant Thai IOD

42 | B o a r d r o o m

Board Review

LlTMES<'OGSC; ;Wh 9T*_ETODT$`;R;lTM;S*LYO ÂŻ _G C9Wg_%WD;_$WgDI $S< ÉâĂžåâïðüÌí MEYO'ITC_= ;>[ ;lT >[ ;lT9WgCWJS$DBT@L[* IV:W$TE_7V<a7OD T*EI6_EfI ES<CYO$S<'ITCES< >V6-O<bMC e `GRLE T*`E*LSg;LR_9YO; a6D ETC -TET; $lTM;6+Z6CZ *MCTD%O*'Z5c=9Wg$TE_= ;>[ ;lT9WgCWJS$DBT@L[*`GR - IDO*' $E%O*'Z5bM _+EV‰_7V<a7 b;LBT@`I6G OC9T*:ZE$V+9WgCW'ITCIZ ;ITD`GRCW$TE@S4;TOD T* EI6_EfIb;= ++Z<S; >[ ;lT9WgCWJS$DBT@L[*;Sh;_= ;9Wg7 O*$TEOD T*CT$ 'lT8TC 'YO 'Z5CW9S$KR6 T;'ITCLSC@S;: Š IVLSD9SJ; _-V*$GDZ9: Š 'ITC'V6EV_EVgC LVg*bMC Š `GR'ITCCZ *CSg;9Wg+lT_= ;7 O$TE_7V<a7_= ;>[ ;lT9WgCWJS$DBT@L[*b; O*' $E%O*'Z5MEYOcC Âź ETC -TET; _+ T%O*>G*T;_%WD;9Wg%TD6W9WgLZ6%O* Ă‹âô Ă–Ïïè Ă‘Ìêâð c6 7O<'lT8TC;Sh;`GR+R- IDbM 'Z5$ TI$ERa66c=<; _L ;9T*GS6L[ 'ITCLlT_Ef+b;$TE_= ;>[ ;lTb;'[ CYOOS;-T‰,GT6;Wh 7TC:EEC_;WDC`G I >[ ;lT_7V<a7+T$$TE+S6OS;6S<7TC'ITCLTCTE8 b;$TE'V6 9S$KR$TEIV_'ETRM 'ITCGR_OWD6EO<'O< EICc=8X*`;Ia; Cb; $TE_= ;;S$;VDC'ITCLC<[E5 `<< `7 _;YgO*6 ID`I6I*:ZE$V+`;IbMC ;h;S c6 _=GWgD;`=G*c=L[ $TE8[$%S<_'GYgO;6 IDER<<6V+V7OG _$53 LlTMES<$TE _GYO$>[ ;lT+X*_=GWgD;c=OD T*_Mf;c6 -S66 ID_- ;$S; >[ ;lT9WgCWJS$DBT@L[*+R O:V<TDLBT@`I6G OC9T*:ZE$V+`;IbMC c=@E OC$S<$TE_; ;DÉ´Ă? 8X*<9<T9 LlT'S‰b;$TELE T*'ITCLSC@S;: E[=`<<b;$TELYgOLTE $TECWL I;E IC `GR 'ITCLTCTE8b;$TE$ER7Z ;`GR6X*JS$DBT@9Wg6W9WgLZ6%O*>[ OYg;b;$TE$ TI %Xh;CT_= ;>[ ;lT9WgCW=ERLV9:VBT@ cC I T'Z5$lTGS*_EVgC7 ;_6V;9T*c=b;_L ;9T*LTD>[ ;lTMEYO@E OC`G I LlTMES<$TE$ TI$ERa66c=L[ $TE_= ;>[ ;lTb;ER6S<9WgL[*%Xh; <9_EWD;+T$aG$ `M *'ITC+EV*`GR'lT`;R;lT9WgLTCTE8;lTc==1V<S7Vc6 +EV*%O*-TET;+R - IDbM 'Z5' ;@<7SI7;9Wg`9 +EV*%O*'Z5b;2T;R>[ ;lT - ID'Z5%W6_%WD;`>; _L ;9T*_6V; - ID_@VgCOS7ET_E *b;$TE_7V<a7%O*'Z5`GRb;9 TDLZ6- IDbM 'Z5$GTD_= ;>[ ;lT9WgCWJS$DBT@L[*9WgO*' $E%O*'Z57 O*$TEb;$TE=ERL< 'ITCLlT_Ef+ $TELY<9O67lT`M; * Âś 'ITC_-WDg I-T‰b;$TELE T*MEYO9lTGTD$ER<I;$TE $TE_=GWgD;`=G*>[ ;lT a6D a;_OG _OfC 9V--W a;_OG 9V--W _= ;9Wg=EX$KT6 T;$TELY<9O67lT`M; *<EVMTE9Wgc6 ES< 'ITCcI IT*b++T$<EVKS97 T*e OT9V Ă?ÏÜÞÊ à òùà ü Ă?üâÊʊ Ă‹ÏèÌĂžŠ ÆÍùâʊ ĂƒÏïåŠ `GR ĂŠâïà âåâð ¿âÍ፠M;S*LYO_EYOg * $TELY<9O67lT`M; * ÂĽĂ?òà à âððÌÏ͌ $GSg;$EO*=ERL<$TE5 MGTD9JIEEK%O*_%T`GRbM a'E*E T*$TE9lT*T; 9Wg;lTc==1V<S7Vc6 +EV* ÂĽĂ?ĂŻĂžà ùÌà ÞÊ ĂƒĂŻĂžêâôÏïèŒ LlTMES<$TELE T*ER<<$TE _=GWgD;`=G*MEYOL *7 OOD T*CW=ERLV9:VBT@ _@YgO$GZ C<EVKS9MGTD@S;G T; :ZE$V+'EO<'ESI MEYO:ZE$V+b6e9WgOD[ ERMI T*LO*LVg*;Wh +T$$TE7W`> $E5WJX$KT%O* Ă…âôÊâùù Ă?Ăžà èĂžïåŠ Ă†ÂżĂŠŠ ÖÞüÏÏ `GR Ă?ÂŁĂ„ 9V--WIV_'ETRM MT_M7Z>G9Wg<EVKS9L I;M;Xg*G C_MGI b;%5R9WgOW$L I; M;Xg*=ERL<'ITCLlT_Ef+b;$TE? $O<EC`GRLT;7 O>[ ;lTER6S<L[*b;EZ ; 8S6c=_%T_; ;8X*% O>V6@GT69WgLTCTE8$ ObM _$V6@T6MSI% TI9Wg; TOS<OTD `GR_= ;BSD7 O$TEOD[ EO69Sh*MGTD9Wg';L I;bM‰ CS$9lT$S; `GR_%TIT* 7lT`M; *%O*$TE@S4;T>[ ;lT`GR$TELY<9O67lT`M; *b;9Wg9Wg'IEOD[ .Xg*$f 'YO7lT`M; *<;LZ6%O*$TE=ER-ZC>[ ;lTb;9Z$eITER 44 | B o a r d r o o m

These are two leadership book books ks we would like to recommend. š­ª ­Ž­ ¾´šª³šŽŒ¹ ¹ªŒŠª¡ ­Ă”Ăœ ÙÔ ÂŹĂ—Ă”Ăœ ÂŤĂ†Ă˜Ă™Â– šĂ†Ă?ĂŠ ÔÓ ÂłĂŠĂœ ¡ĂŠĂ˜Ă•Ă”Ă“Ă˜ĂŽĂ‡ĂŽĂ‘ĂŽĂ™ĂŽĂŠĂ˜Â– ÆÓÉ ²Ă†Ă?ĂŠ ÆÓ ÂŽĂ’Ă•Ă†ĂˆĂ™ By Ram Charan Set your sights on High-Potential leadership and help your organization thrive In today’s tumultuous and rapidly evolving business environment, High-Potential leaders are in high demand. Do you possess the relationship skills, strategic vision, innovation, and determination needed to thrive as a high-potential leader in your organization? New York Times bestselling author Ram Charan answers that question and helps you hop on the fast-track to leadership success in this insightful guide. Traditionally, leaders have risen up through the ranks based on their cognitive abilities, analytical skills, thoroughness, and even perfectionist tendencies, but as modern businesses have moved to a more digitally-driven model, the criteria for leaders has markedly changed. The High-Potential Leader explains the modern business climate while highlighting the critical role relationship building, communication style, engagement, and ability to motivate and bring out the best performance in others play in becoming an impactful leader. Whether you’re just embarking on your leadership journey or are ready to make the leap to the next leadership level, Charan’s real-world lessons and practical advice will help you discover who you are as a leader, chart your path, accelerate your growth, and ultimately, become the high-potential leader your organization needs to succeed. ¸ĂšĂˆĂˆĂŠĂ˜Ă˜ĂŽĂ”Ă“Â&#x; ²Ă†Ă˜Ă™ĂŠĂ—ĂŽĂ“ĂŒ Ă™Ă?ĂŠ ²Ă†Ă?ĂŠ Ô× §Ă—ÊÆĂ? ÂľĂ—Ă”ĂˆĂŠĂ˜Ă˜ ÔË ÂąĂŠĂ†Ă‰ĂŠĂ—Ă˜Ă?ĂŽĂ• šĂ—Ă†Ă“Ă˜ĂŽĂ™ĂŽĂ”Ă“ ÇÞ ³ÔÊÑ ²Â˜ šĂŽĂˆĂ?Ăž Noel Tichy has been the trusted adviser on management succession to companies including Royal Dutch Shell, Nokia, Intel, Ford, and Mercedes Benz. Succession distills his decades of experience and provides a practical framework for building effective transition pipelines - for multi-billion dollar conglomerates, family businesses or anything in between. Through revealing case studies - like Hewlett Packard, IBM, Yahoo and P&G - Tichy examines why some companies fail and others succeed in training and sustaining the next generation of senior leaders. He highlights the all too common mistakes that can generate embarrassing headlines and threaten survival. And he puts leadership development and succession where they belong: at the top of every leader’s agenda.

Expanding your growth opportunities with the right financial strategies

Boardroom

BFI 5/2018

Success through

27 - 28 August 2018

Financing & Investment BFI

Register Now! 0 2955 1155

tanyaporn@thai-iod.com

Board Activities

ŽÓÉÊÕÊÓÉÊÓÙ ŠĂŽĂ—ĂŠĂˆĂ™Ă”Ă— ¨Ă‘ÚÇ

MGS*+T$9Wg Ă†ĂŒĂ +S6=ER-ZC_@YgOMTEYO_$WgDI$S<`;I9T*b;$TE+S67Sh*-CEC$EEC$TE OVLER `GRCW$TE_GYO$7Sh*'5R$EEC$TE-CECQ a6D'Z5DZ9: IE,S7E:TE c6 ES<7lT`M; * =ER:T; 'Z5<EE+* +V77 `+ * 'Z5c@3[ED 9IW>G 'Z5LZ-T6T aL78VBT@$ZG >JÂŤ O;Z-T +V;7$T;;9 'Z5O;ZES7; $ O*:E;V;9E 'Z5OES‰‰T _,GVC@EIaE6C 'Z5-GV7 GVC=;R_I- 'Z5 _O$IS+; OCEIVIS4; 'Z5LZES7; =ERGO*JVG= _= ;$EEC$TE `GR'Z5;E;Z- c> `$ I _= ;_G%T;Z$TE `GRb;IS;9Wg ÂŽÂľ @FKBT'C9Wg> T;CT '5R$EEC$TEc6 +S6=ER-ZC _@YgOE IC_%WD; ;aD<TD`GR`;I9T*$TE6lT_;V;*T;%O*-CEC `GRIT*`>;$V+$EEC9Wg+R6lT_;V;$TEb; = ; hW @E OC9S*h $lTM;67TET*$TE=ER-ZC%O*'5R$EEC$TE-CEC$EEC$TEOVLER'ES*h 7 Oc= ----------------------------------------------------------------------------------After IOD held a meeting to discuss how to set up Independent Director Club (ID Club) and elected the club committee, Mr. Yut Vorachattharn was elected as a chairman. Mr. Banchong Chittchang, Mr. Paitoon Taveebhol, Mrs. Suchada Sodthibhapkul, Asst.Prof. Anucha Chintakanond, Mr. Anurat Kongtoranin, Ms. Aranya Chalermpornvarodom , Mr. Chalit Limpanavech, Mr. Ekavaj Amornvivat , Mr. Surath Pralongsil were the committees and Ms. Norranuch Paikaew was a secretary. On 18th May, recently, the committee held a meeting to write a policy and operational plan of the club and plan some activities for this year, including schedule of ID Club for the next meeting.

¸Ă™Ă—Ă†Ă™ĂŠĂŒĂžĂľĂ˜ ÂŽĂ”šÂ&#x; Ă™Ă?ĂŠ ÂŽĂ“Ă™ĂŠĂ—Ă˜ĂŠĂˆĂ™ĂŽĂ”Ă“ ÔË šĂ?ĂŽĂ“ĂŒĂ˜

Ă†ĂŒĂ c6 +S6*T; Ă†ĂŒĂ Ă° Ă?íâà ÌÞÊ Ă‚óâÍù ¯¯­Ž¾ b; MSI% O Ă?ùïĂžùâäÜ Ă° ÆÏÑ¡ ùüâ ÆÍùâïðâà ùÌÏÍ ĂŹĂŁ Ă‘üÌÍäð bM $S<JVKD _$ T ĂƒÂżĂ„Š Ă?ĂƒĂ‚ `GR Ă?¿Ê 5 _$KEIVG_G+ a6D CW ĂŠĂŻÂŤ Ă€üïÌðùÏíüâï Ă…ĂžãÍâïŠ ĂƒâÊÊÏô ÂŞ ùüâ ÆÍðùÌùòùâ ĂŹĂŁ à Ìïâà ùÏïðŠ Ă’Ăˆ .Xg*_= ;M;Xg*b;>[ LO;MGS$L[7E Ă?ùïĂžùâäÌà ¿ÏÞïå ĂŠĂžðùâï ÀÊÞðð %O* ÑüÞÌ Ă†ĂŒĂ CT_= ;IV9DT$Eb; IS;;Sh; ----------------------------------------------------On 5th April, IOD held IOD’s Special Event 2/2018 on the topic “Strategy’s IoT: the Intersection of Thingsâ€? for alumni of FBM, SFE and SBM at Gaysorn Village. Mr. Christopher Hafner, Fellow - the Institute of Directors, UK which was one of the teachers of Strategic Board Master Class of Thai IOD was a lecturer on that day.

46 | B o a r d r o o m

Ž´Š ŽÓÙÊ×ÓÆÑ šĂ—Ă†ĂŽĂ“ĂŽĂ“ĂŒ

_@Y g O bMh @ ;S $ *T;9Z $ ?g T Dc6h _ %h T b+$TE=ER_CV ; ÀÄĂ? a6D9S g I $S ; 9T*?g TD ĂˆÍÏôÊâåäâ c6h + S6 $V + $EEC ÀÄĂ? Ă‘ĂŻĂžÌÍÌÍä ¯­Ž¾ bMh$ S < @;S $ *T;b;IS ; 9W g Âś ÂŞ ÂŽÂŽ _CKTD; `GR ÂŻÂł ÂŞ ¯´ _CKTD; b;$TEO<EC'ESh*;W h@;S$*T; c6h _ EW D ;E[ h I V : W $ TE=ER_CV ; Ă€ Ă„Ă? ODg T *GR_OWD 69S h* ÂŻ ¹Ž %h O @Eh O C96GO*9lT $TE=ER_CV; `GRbMh ' R`;;<EV K S9 9S h* ¯¹Ž %h O 6h I D -----------------------------------------------------In order to make employees from every department to understand CGR thoroughly, Knowledge Department held CGR Training 2018 for the employees on 9th -11th April and 26th -27th April. In this training, the employees have learned how to assess 241 points of CGR in details and made a trail to assess and score a company.

ÂŽĂš² žĂ?ÉÖ×ÕÛÉÓ Â?Ă?Ă&#x;ÉÖÖ×Ñ

¨Œ¨ ÂŚĂœĂ†Ă—Ă‰

_CYgOIS;@FMSL<6W9Wg ´ CV8Z;TD; ¯²³Ž Ă†ĂŒĂ b;2T;R_G%T;Z$TE Ă€žĂ€ E IC$S< Ă€âÍùâï ĂŁĂŹĂŻ ÆÍùâïÍĂžùÌÏÍÞÊ Ă?ïÌóÞùâ Ă‚ÍùâïíïÌðâ ¼ÀÆĂ?Ă‚ŒŠ <EVKS9 =79ÂŤ +lT$S6 ÂĽCMT-;ÂŚ `GR<EVKS9 c9DD[_;WgD; $EZ = +lT$S6 ÂĽCMT-;ÂŚ c6 +S6@V:W CO<=ER$TJ;WD<S7E`$ >[ > T;$ER<I;$TEES<EO*`GR_= ;LCT-V$`;IE IC =1V<S7V%O*BT'_O$-;c9Db;$TE7 O7 T;9Z+EV7OD T*LC<[E5 =ER+lTc7ECTL 9Wg Âą = ¯²³­ `GRc7ECTL9Wg ÂŽ = ¯²³Ž `$ <EVKS99Wg> T;$TEES<EO* ¹¯ <EVKS9 `GRCW<EVKS99Wg9lT$TE Ă?âà âïùÌãÌà ĂžùÌÏÍ OW$ ÂŻÂą <EVKS9 a6D 6EÂŤ @;SL LVCR _L8WDE =ER:T;$EEC$TE a'E*$TE Ă€žĂ€ @E OC9Sh*CW$TE_LI;T _EYgO* Âą = 'L-ÂŤ $S<$TE=ET<=ETC'OE ES=-S; a6D 6EÂŤCT;R ;VCV7EC*'G _G%T:V$TE O*' $E7 O7 T;'OE ES=-S; ÂĽ=ER_9Jc9DÂŚ = 69 TD6 ID$TEES<CO<9Z;+T$ LCT'C<EVKS9MGS$9ES@D +S6$TE$O*9Z; ÂĽa'E*$TE ÀÄ ĂƒòÍåŒ 9WgCO<bM $S< a'E*$TE Ă€žĂ€ ĂŁĂŹĂŻ Ă?ĂŠĂ‚ 5 aE*`EC_-OET7S; `$E;6 `$E;6 LZ%ZCIV9 ------------------------------------------------------------ÂŽĂš² —×ÖÉ Â˜Ă‘Ă•Ă‘ĂœĂ•Ă—Ă–Ă?Ă“Ă—Ă”

—Ú² Â?Ă•Ă‘ĂœĂ? ÂŒĂ‰Ă–Ă—Ă•ĂĄĂ—Ă–Ă?

On Thursday, June 7, 2018, IOD, as the secretary of CAC, together with the Center for International Private Enterprise (CIPE), PTT Public Company Limited and Thai Union Group Plc. held a certificate ceremony for those who are certified and have fully become members of the Thailand’s Private Sector Collective Action Coalition Against Corruption for the fourth quarter of 2017 and the first quarter of 2018. There were 42 certified companies and 24 re-certified companies. The certificates were given by Dr. Panas Simasathien, Chairman of the CAC. There was also a talk on “4 years of NCPO and the fight against corruption� by Dr. Mana Nimitmongkol, the secretary of the Anti-Corruption Organization of Thailand. The event was ended by a fund granting from the Association of Investment Management Companies (CG Fund) to the CAC for SME project at Sheraton Grande Sukhumvit. B o a r d r o o m | 47

¨¡ ŸÔ×Ă?Ă˜Ă?ÔÕ ڙúšÚÂ?

9T* Ă†ĂŒĂ c6 +S6*T; ÀÄĂ? Ă”ÏïèðüÏí _= ;'ESh*9Wg ÂŽ b;= ;Wh MSI% O Ă‚ĂŤĂĽĂžÍà ÌÍä Ă„ĂŹĂŹĂĄ ÀÏïíÏïÞùâ Ă„ÏóâïÍĂžÍà â Ă&#x;Ăžðâå ĂŹĂŤ ÀÄĂ? Ă?à Ïïâà Þïå _CYgO IS;+S;9E 9Wg ÂŻÂŽ @FKBT'C ¯²³Ž 5 OT'TEL8T<S;IV9DT$TE7GT69Z; ÂŻ a6D CW 'Z5IWEIEE5 CS;;TBV;S;9 EO*>[ - ID$EEC$TE>[ OT;ID$TEÂŞIV+SD`GR;aD<TD L8T<S;$EEC$TE<EVKS9c9D CTO:V<TD_$WgDIa'E*$TE ÀÄĂ? `GR 6EÂŤ 8;OCJS$6Vk LZIEE5; OD 9Wg=EX$KT a'E*$TELlTEI+$TE$lT$S<6[`G$V+$TE<EVKS9+69R_<WD; c9D Ă†ĂŒĂ ;T*LTIC5W C5W`L* >[ _-WgDI-T‰$TEIV+SD ÀÄ IV+SD`GR;aD<TD Ă†ĂŒĂ `GR ;T*LTI:;IEE5 LZEIS4;IV_JK ;S$IV_'ETRM ÀÄ OTIZaLÂŞIV+SD`GR;aD<TD Ă†ĂŒĂ _= ;>[ -Wh`+*MGS$_$53 $TELlTEI+a'E*$TE ÀÄĂ? .Xg*8 T9 T;b6@GT6c= Ă†ĂŒĂ +R+S6*T;6We `<<;WhOW$'ESh* b;- I*=GTD= .Xg*LTCTE87V67TC% TILTEc6 9T* - O*9T*=ER-TLSC@S;: 7 T*e %O* Ă†ĂŒĂ ----------------------------------------------------------------------IOD held the first CGR Workshop of this year on the topic “ Enhancing Good Corporate Governance based on CGR Scorecardâ€? on 21st May 2018 at Capital Market Science Building 2. Mrs. Wirawan Munnapinun assistant director of Research and Policy of Thai IOD explained about CGR and Dr. Thanomsak Suwannoi, advisor of CGR project, Ms. Manee Maneesaeng, expert of CG research of IOD Research and Policy and Ms. Tanawan Surawattanavisase, senior CG analyst of IOD Research and Policy clarified criteria of CGR project. If you missed this event, there is still a chance at the end of this year. You can follow news and updates through different channels of IOD

§ ÂŞĂ?ĂˆĂ‘ĂšĂ˜ĂŽĂ›ĂŠ ŠĂŽĂ“Ă“ĂŠĂ—

_CYgO_Df;IS;JZ$E 9Wg Âľ CV8Z;TD; Ă†ĂŒĂ c6 +S6*T; ĂƒÂżĂ„ Ă‚þà ÊòðÌóâ à ÌÍÍâï bM $S<>[ _% TO<ECMGS$L[7E ĂƒÂżĂ„ Ž¯¯­Ž¾ _@YgObM >[ _% TO<ECc6 LS*LEE' @E OC`G$ _=GWgD;'ITCE[ ERMI T*$S; `GRDS*CW'Z5_O$GS$K5 MIS* -[_-V6$ZG >[ OlT;ID$TE <EVKS9 GOC<TE 6 OV;_IL7 _C ;9 +lT$S6 .Xg*_= ;JVKD _$ T ĂƒÂżĂ„ CT_= ; Ă„òâðù Ă?íâĂžèâï b; 'ĂˆĂ?´'Y;;Sh;OW$6 ID 5 aE*`EC`<*'fO$`CEVOO9 'IW;L =TE ' $EZ*_9@CMT;'E --------------------------------------On Friday night, 8th June, IOD held FBG Exclusive Dinner for the trainees of FBG 12/2018 in order to provide a platform for the trainees to exchange knowledge. Mr. Ekaluck Wangchucherdkul, managing partner of Lombard Investment Company Limited who was an alumnus of FBG was a guest speaker at te night at Bangkok Mariot Queen’s Park, Bangkok.

48 | B o a r d r o o m

Flu Vaccination

_;YgO*+T$>[ <EVMTE Ă†ĂŒĂ _Gf*_Mf;8X*LZ%BT@%O*@;S$*T; _@YgO 9Wg+R6[`G>[ _% TO<ECOD T*_7fC9Wg +X*c6 bM 9T*aE*@DT<TGIVBTI6W _% TCT,W6IS'.W;= O*$S;c% MIS6bM‰ 8X*b;OOAA J bM $S<@;S$*T; 9Z$9 T; _CYgOIS;JZ$E 9Wg ÂŽ CV8Z;TD; ¯²³­ .Xg*'EO<'GZC8X* Âą LTD@S;:Z _@YgObM @;S$*T;CWB[CV'Z C$S;c% MIS6bM‰ LTD@S;:Z bMC .Xg*+RG6 aO$TL= I D_= ; aE'c% M IS 6 bM‰ ` GRBTIR`9E$. O ;9Wg EZ ; `E* @E OCbM <EV$TE`$ LCT-V$OD T*_7fC9Wg -----------------------------------------------------IOD executives were aware of the importance of the health of the employees who took care of the trainees. Thus, they provided all employees with flu vaccines by Vibhavadi Hospital at the office on 1st June 2018 covering 4 flu strains to provide immune against new flu strains. The vaccine would reduce the chance of flu and severe unwanted symptoms.

Ž´Š ŒÓÓÚÆÑ ÊÓÊ×ÆÑ ²ĂŠĂŠĂ™ĂŽĂ“ĂŒÂ&#x; Œ²

_CYgOIS;@FMSL<6W9Wg ÂŻÂą @FKBT'C ¯²³Ž Ă†ĂŒĂ c6 +S6$TE =ER-ZCbM‰ LTCS‰=ER+lT= ¯²³Ž %Xh; 5 M O*<OGE[C aE*`EC _EO_;L.O*' ET-=ERL*' .Xg*CWLCT-V$bM 'ITCL;b+_% T E ICES<A *>G$TE6lT_;V;*T;%O* Ă†ĂŒĂ $I T ¾­ 9 T; `GR `L6*'ITC'V6_Mf;b;ITER7 T*e %O*$TE=ER-ZC .*gX 9W=g ER-ZC CWC7VCW`7 *7Sh*$EEC$TEbMC +lT;I; Âą 9 T; 'YO 'Z5c%JEW _;YOg *LV$%T_@WDE 'Z5<EE+* +V77 `+ * 'Z5=ERLS5M _-YOh @T;V`GR'Z5=EW6W 6TI,TD ---------------------------------------------------On Thursday, 24th May 2018, IOD held an annual general meeting at Ballroom, Renaissance Hotel Ratchaprasong. There were 80 members attending the meeting to hear the operation of IOD and give their opinions on different agendas of the meeting. The meeting had a resolution to appoint 4 new directors, consisting of Mrs. Kaisri Nuengsigkapian, Mr. Banchong Chittchang, Mr. Prasan Chuaphanich and Mr. Predee Daochai.

B o a r d r o o m | 49

³ŠŽ

ERMI T*IS;9Wg Žœª¯¯ CV8Z;TD; 9Wg> T;CT ÑüÞÌ Ă†ĂŒĂ c6 _= ; Ă…ĂŹĂ°Ăą bM $S< >[ `9;+T$ Ă†ĂŒĂ 9SgIaG$ b;$TE=ER-ZC Ă„ĂŠĂŹĂ&#x;ÞÊ Ă‹âùôÏïè ĂŹĂŁ à Ìïâà ùÏï ÆÍðùÌùòùâð ¼ÄËà ƌ .Xg*CW>[ _% TE IC=ER-ZC ÂŻÂą 9 T; +T$ Ž² =ER_9J a6Dc6 =ER-ZC_$WgDI$S< _EYgO* ÄËà Æ Ă?ĂŹĂŠĂŚĂ Ăś Ă€ÏêêÌùùââ `GR žÍÍòÞÊ Ă„âÍâïÞÊ ĂŠââùÌÍä ¼žĂ„ĂŠÂŚ 5 Ă†ĂŒĂ ĂŠâêĂ&#x;âïð Ă?Ă­Ăžà â 7Sh*`7 _- T+E6_Df; @E OC9Sh*c6 _-V‰'5R ÄËà Æ CTE IC *T; Ă‹ĂžùÌÏÍÞÊ à Ìïâà ùÏïð Ă€ÏÍãâïâÍà â a6D ÂŽ b; Âą %O*'5R ÄËà Æ _= ;7SI`9; b;$TE%Xh;`L6*'V6_Mf;<;_I9Wb;- I* ž ÄËà Æ ĂƒÏïòê¡ ĂˆâÜ Ă†ððòâð ÞÍå žà ùÌÏÍð ĂŁĂŻĂŹĂŞ Ă„ĂŠĂŹĂ&#x;ÞÊ ¿ÏÞïåïÏÏê = 69 TD6 ID$TE@T_9WgDI-C _CYO*_$ TODZ:DT `GR OOAA L ÑüÞÌ Ă†ĂŒĂ ----------------------------------------------------------------------Thai IOD hosted global IOD representatives at the Global Network of Director Institutes (GNDI) conference on 19-22 June 2018. There were 24 attendees from 15 countries. The topics of the conference were about the GNDI Policy Committee and the Annual General Meeting (AGM), and it was held at the IOD Members Space from morning until night. The attendees were also invited to the National Directors Conference and one-fourth of them represented on stage during the A GNDI Forum: “Key Issues and Actions from Global Boardroomâ€?. The event was closed by a visit to Ayutthaya and Thai IOD Office.

50 | B o a r d r o o m

Perspective matters

© 2018 Deloitte Touche Tohmatsu Jaiyos Co., Ltd.

B o a r d r o o m | 51

Member Corner

MEMBER CORNERR MEMBERCORNER 'OGSC; ;Wh ÆÌÁ %Ob- @Yh;9Wg;Wh`L6*'ITC DV;6W`$ _MG TJVKD _$ T`GRJVKD = ++Z<S; ÆÌÁ 9Wg =ERL<'ITCLlT_Ef+b;6 T;7 T*e _EVgC9 T;`E$9Wg 'Z5-SD aLB5@;V- ÁÀÍ ®³¬¯­­¯ 9Wg=EX$KT6 T; $V+$TE7 T*=ER_9J <EVKS9 $EZ*_9@=ER$S;BSD +lT$S6 ¥CMT-;¦ `GR=ER:T;$EEC$TEC[G;V:V $EZ*_9@=ER$S;BSD c6 ES<@ERCMT$EZ5T:V'Z5 a=E6_$G Ta=E6$ERMC OC@ERET-9T;_'EYgO* ET-OVLEVDTBE5 OS;CW_$WDE7VDJDVg*C*$Z0c9D-Sh; LTDLR@TD CMTI-VEC*$Z0 ¥C«I«C«¦ =ER+lT= ¯²³­ b;2T;R9Wg_= ;$EEC$TELBTCMTIV9DTGSD `C A TMGI* .Xg*c6 9lT'Z5=ERaD-; bM `$ CMTIV9DTGSDQ`GRLS*'C • 'Z5C;IVBT +[BV<TG ÁÀÍ ®³±¬¯­®¯ >[ - ID$EEC$TE>[ +S6$TEbM LlT;S$$V+$TEO*' $E <EVKS9 cOOTE @W.W +lT$S6 ¥CMT-;¦ 9Wcg 6 E<S CO<aG =ER$TJ_$WDE7V'5Z ET*ISG ;S$<EVMTE6W_6 ;`M *= ¯²³® LT%T<EVMTE`GR @S4;TO*' $E .Xg*_= ;M;Xg*b;a'E*$TEM;Xg*G T; $G T'ITC6W7O<`9;'Z5`> ;6V; a6DC[G;V:V_@YgO LS*'Cc9D • 'Z5IGSD5S2 7EWIVJI_I9Dk ÁÀÍ ¯­®¬¯­®² $EEC$TE>[ +S6$TE <EVKS9 9W9W6S<<GVI +lT$S6 ¥CMT-;¦ ES<CO< ÑåÞæéÞëá Ñìí ÀìêíÞëö ¾ôÞïáð ¯­®µ MEYOLZ6DO6O*' $E`M *= ¯²³® +S6a6D;V7DLTE ¿òðæëâðð¨ `GRCMTIV9DTGSD MO$TE' Tc9D • 'Z5,S7E-SD JVEVcG ÆÑÄ °¬¯­®³ $EEC$TE>[ +S6$TE:;T'TEOT'TEL*_'ETRM ¥:OL«¦ ES<ET*ISG=1V9V;6W_6 ; LZEVDJJV:E 'ESh*9Wg °µ =ER+lT= ¯²³® =ER$O<6 ID ET*ISGEO* -;R_GVJ=1V9V;`%I; =ER_B9L *_LEVC_O$GS$K5 `GRJVG=IS4;:EEC%O*-T7V `GRET*ISGEO*-;R _GVJ=1V9;V 7S*h a7 R =ER_B9L *_LEVC_O$GS$K5 `GR JVG=IS4;:EEC%O*-T7V • 'Z5=ER_LEV2 `7 6GZ DLT:V7 ÁÀÍ ²³¬¯­­² +T$$GZ C@F$KT _EWDG_OL_79ª @EW_CWDC <EVKS9 @F$KT _EWDG_OL_79 +lT$S6 ¥CMT-;¦ c6 ES<ET*ISG OT'TEO;ZES$K @GS**T; =ER+lT= ¯²³® b;ER6S<6WCT$ +T$$ER9EI* @GS**T; • 'Z5JVEV-SD LC<S7VJVEV Á¾Í ¯²¬¯­­± $EEC$TE<EVKS9 ¥$EEC$TEOVLER¦ <EVKS9 @EW<VG9 +lT$S6 ¥CMT-;¦ c6 E<S `7 *7S*h _= ;=ER:T;$EEC$TE <EVKS9 b;= ¯²³® • 'Z5IVG_GWDC G[OWL La7; ÁÀÍ ®¯°¬¯­­¶ =ER:T;_+ TM; T9Wg<EVMTE<EVKS9 L7TE = a7E_GWDC EWcA; ;Vg* +lT$S6 ¥CMT-;¦ ¥ÐÍÏÀ¦ c6 ES<ET*ISG:*:EECTBV<TGLVg*`I6G OC `GR'ITC=GO6BSD b;ER6S<6W_DWgDC 7 O_;YgO*_= ;

Mr. Chai Sophonpanich

Mr. Chatchai Sirilai

Mr. Prasert Taedullayasatit

Ms. Walainut Trivisvavet

Mr. William Lewis Stone

= 9 gW ®­ +T$$TE;V'CªOZ7LTM$EEC`M *=ER_9Jc9D ¥$;O«¦ • 6EªOCE CWCRa; Á¾Í µ´¬¯­®® =ER:T; _+ TM; T9W<g EVMTE <EVK9S _O_+ `O6IT;. _9'a;aGDW +lT$S6 ¥CMT-;¦ c6 ES<aG M*K 9OET*ISG ';c9D 7SIOD T* ';6W7; `<<LS*'C= ¯²³® LT%T;S$:ZE$V+ 7SIOD T*6W_6 ; b;a'E*$TE$V+$EECE5E*' $TE 9lT'ITC6W 7 ;`<<';6W b7 E C@ER<TECW@ O%O* `> ;6V; +S6%X;h a6DLCS--T;S$+S6ETD$TE% TIIV9DZ a9E9SJ; M;S*LYO@VC@ `M *=ER_9Jc9D ¥LI«;9¦ • 'Z56I*$CG _JEK2:;S* ÁÀÍ ®²²¬¯­®¯ EO* $EEC$TE>[ +6S $TEbM LTD*T;$TE_*V;`GR<S -W <EVKS9 @W9W9W a$G<OG _'CV'OG +lT$S6 ¥CMT-;¦ c6 ES<ET*ISGMZ ;%IS b+CMT-; b;$GZ CLV;' T OZ7LTM$EEC • 'Z5$E$1 -T7RLV*M ÁÀÍ ¯±²¬ ¯­®´ >[ OlT;ID$TE? TD%TD <EVKS9 $TE<V;c9D +lT$S6 ¥CMT-;¦ c6 ES<_GYO$+T$'5R$EEC$TE

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

Ms. Monwipa Choopiban

Mr. Sirichai Sombutsiri

Dr. Amorn Meemano

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MEMBER CORNER IOD would like to take this opportunity to congratulate IOD alumni and current students who have been successful in different fields. First, ²× ¨ÍÆÎ ¸ÔÕÍÔÓÕÆÓÎÈÍ, DCP 16/2002, Foreign Affairs Consultant of Bangkok Insurance Public Company Limited and Chairman of the Bangkok Insurance Foundation, was honored Knight Grand Cordon (First Class) of the Most Noble Order of the Crown of Thailand in the year of 2017 as a member of Mae Fah Luang University Council who has contributed to the university and the society. • ²Ø ²ÔÓÜÎÕÆ ¨ÍÔÔÕÎÇÆÓ, DCP 164/2012, Executive Vice President of IRPC Public Company Limited, was awarded Executive of the year 2018 plaque in Management and Organization Development as part of one in a million “Do Good Deeds for Thailand“ projects by For Thai Social Foundation. • ²Ø ¼ÆÑÆÎÓÚÙ ¹×ÎÛÎØÛÆÛÊÙ, DCP 201/2015, Managing Director of TTW Public Company Limited, was given Thailand Top Company Awards 2018 by Business+ Magazine and the University of the Thai Chamber of Commerce. • ²× ¨ÍÆÙÈÍÆÎ ¸Î×ÎÑÆÎ ITG 3/2016, Managing Director of Government Housing Bank (GHB), received the 38th Suriya Sasithorn awards for excellent calendar designs in the year of 2018. The awards

Ms. Duangkamol Settanung

Mr. Korakot Chatasingha

included the second place in hanging calendars under supporting Thai identity and culture genre, and the second place in desktop calendars under supporting Thai identity and culture genre. • ²× µ×ÆØÊ×Ù ¹ÆÊÉÚÑÑÆÞÆØÆÙÎÙ DCP 56/2005 from Pruksa Real Estate Premium, Pruksa Real Estate Public Company Limited received Energy Conservation Building of 2018 award at excellent rate from the Ministry of Energy. • ²× ¸Î×ÎÈÍÆÎ ¸ÔÒÇÚÙØÎ×Î DAP 25/2004, Independent Director of Pre-Build Public Company Limited, was appointed as Chairman of the Board of Directors in 2018. • ²× ¼ÎÑÑÎÆÒ ±ÊÜÎØ ¸ÙÔÓÊ DCP 123/2009, Chief Executive Officer of Star Petroleum Refining Public Company limited (SPRC), received the Environment and Safety Good Governance Award for 10 consecutive years from the Industrial Estate Authority of Thailand (IEAT). • ©× ¦ÒÔ×Ó ²ÊÊÒÆÓÔ DAP 87/2011, Chief Executive Officer of AJ Advance Technology PCL, was awarded Golden Swan Plaque as a good role model of the society 2018 from outstanding business person field as part of the campaign under His Graciousness promoting doing good deeds and being good role models for the country organized by Broadcaster

DCP 251

and Journalist Assembly of Thailand (BJAT). • ²Ø ©ÚÆÓÌÐÆÒÔÑ ¸ÊÙÙÆÓÚÓÌ DCP 155/ 2012, Senior Executive Vice President of Finance & Accounting at PTT Global Chemical Public Company Limited, received popular awards for industrial products segment. • ²× °Ô×ÆÐÔÙ ¨ÍÆÙÆØÎÓÌÍÆ, DCP 245/2017, Sales Director of Thai Airways International Plc. was chosen by Board of Airline Representative (BAR) to be president of the Airline Business Association. • Congratulations to ²Ø µ×ÊÊÞÆÓÆ×Ù ¸ÔÔÓÙÔ×ÓÜÆÙÆ, DAP 123/ 2016, Executive Director of B.Grimm Power Plc., on being appointed as President of the Association of Independent Power Producers for the second time together with being President of Power Producer Industry Club, The Federation of Thai Industries. IOD would like to end this column with pictures from the DCP event for class 191, 204, 211, 213 and 255 which some batch came in Thai costume theme to catch up with the famous Thai drama- BuppeSanNivas trend. IOD is delighted that IOD alumni are still in tight bond and please continue to join our next activities. ---------------------------------------------------

DCP 213

Ms. Preeyanart Soontornwata

DCP 211

DCP 191

B o a r d r o o m | 53

Board Success

CONGRATULATIONS Award Presentation ÂŽÂ?š ´œº¹´¡ú³´úݚ° ´¡Ý¹´¡´³´úݺ ÂŞ ÂŽĂ‘Ă˜Ă”Ă—Ă•Ă‰ ¸Ý³´úݚ¹¸´³´úݺ On Tuesday, April 24th 2018, IOD held a ceremony to give certificates for successful examinees who had passed the Director Diploma Examination class 61/2017-62/2018 and participants of the Director Certification Program (DCP) class 248-250/2017, 251-252/2018 at the InterContinental Ballroom, Bangkok. The event was honored to have Prof. Hiran Radeesri, an Honorable Chairman and the IOD committee such as Mr. Prasan Chuaphanich, Chairman; Dr. Bandid Nijathaworn,IOD President; and IOD board advisors : Mr. Yut Vorrachattan and Mr. Chusak Direkwattanachai joined to congratulated all the award recipients. In the event, a photo board was set to display candid photographs taken during the session. The participants could take their favorite pictures home. This corner could bring a lot of laughter from the guests. After a pleasant dinner along with live music, Mr. Prasan Chuaphanich gave the award recipients a congratulatory speech and opened the ceremony by giving diploma certificates to those who passed the Director Diploma Examination, and giving certificates of completion to those who completed the Director Certification Program (DCP) subsequently. Names of the award recipients are listed in this column. Mr. Praphaisith Tankeyura, Independent Director and Audit Committee Member from Krungthai Card Public Company Limited, the president from class 249 then gave a speech as a representative of presidents from class 248-252. Dr. Bandid Nijathaworn, IOD President ended the event by giving a closing speech and invited all class presidents as representatives of each class to the stage in order to make a toast for their success. The pictures of the atmosphere of the event are included in this column. ----------------------------------------------------------------------------------------------------

Director Diploma Examination 61/2017

Director Diploma Examination 62/2018

54 | B o a r d r o o m

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Director Certification Program 250/2017 ;«L«$;$IEE5 @*J JEW 6E«$FK0T _L$7ER$[G ;TD-S'@S4; ;SL$TE ;TD-T‰-SD *TCIV8W ;T*-Z7VBT $GVg;LZIEE5 ;«L«5GS;ES7; ;S;9 ;;L ;TD:T;V;9E 7S;=ERIS7V ;TD_:WDELV; @GOlTcB ;TD;V$E LZJVEVIS4;;;9 ;TD<Z‰ D*L$ZG

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56 | B o a r d r o o m

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B o a r d r o o m | 57

Welcome New Member

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