Good Corporate Governance
Thai Wah is dedicated to maintaining the highest standards of corporate governance within the company. This commitment is aimed at enhancing the sustainability of the business, demonstrating social and environmental responsibility in the company’s operations. Adhering to ethical principles and moral values, Thai Wah places importance on the well-being of those involved with the company, considering their rights, needs, and benefits, while ensuring fair and equitable treatment. Recognizing that effective corporate governance is crucial for sustainable growth and success, Thai Wah values the trust and confidence of its stakeholders. Therefore, the company is firmly committed to ensuring that its corporate governance practices are fair, transparent, and responsible.
Corporate Governance for Sustainability
On February 21, 2023, the Company’s board established a Sustainability Committee, outlining its scope of operations to cover various aspects, including:
- Reviewing, establishing, and revising policies, strategies, and supporting sustainable development goals of the Company to achieve balance in areas of Environmental, Social, and Governance (ESG). This ensures alignment with good corporate governance practices at both national and international levels, encompassing Corporate Social Responsibility (CSR).
- Providing advice and promoting the formulation of principles and policies in line with the organization’s sustainable development.
- Supporting the Board of Directors, executives, and associates in adhering to the organization’s sustainable development practices, ensuring effective implementation.
- Monitoring, tracking, and evaluating the results of sustainable development operations to maintain balance and enhance efficiency. Additionally, ensuring that the Company and stakeholders derive maximum benefits.
The management reports on sustainability performance to the Sustainability Committee biannually, while sustainability material topics are reported annually. Furthermore, both management and the Sustainability Committee provide a summary of sustainability performance to the Board of Directors biannually.
Risk Management
In order to ensure that the Company’s risk management practices are robust and effective in preventing and mitigating potential risks, the Company has established a risk management system that aligns with the Enterprise Risk Management (ERM) framework, globally recognized under the COSO standards. This system is designed to identify strategies and objectives, manage risks, review and improve risk management operations, and report on the Company’s effectiveness, guided by the COSO framework and the Company’s strong internal controls.
The Company’s risk management practices comprises of five components, which includes Risk Governance Structure, Strategy & Objectives, Operations, Review & Improvement, Information, Communication, and Reporting.
Anti-Corruption
The Company enforces a stringent anti-corruption policy to ensure that its business operates efficiently, honestly, transparently, and can be audited, providing guidelines for all levels of associates to participate in combating corruption. The Company has received acknowledgment from the Thai Private Sector Collective Action Coalition Against Corruption (CAC) three times, starting from February 21, 2017, until the present. This demonstrates the Company’s commitment to supporting anti-corruption standards.
Thai Wah has organized training on anti-corruption for all associates, including new hires, to ensure understanding and awareness of the Company’s anti-corruption guidelines. This demonstrates the commitment to promoting transparency within the organization through the animated E-learning anti-corruption series “Thai Wah Anti-Corruption the Series.” Associates have learned about corruption, starting from the current situation of corruption in Thailand, the Company’s anti-corruption policy, to relevant laws, and have been assessed for their understanding of the lessons. Additionally, the Company has conducted risk assessments at the departmental level regarding work practices and implemented a risk management system to align with the specified policies. This has resulted in increased awareness among employees about risk management and learning how to actively participate in anti-corruption efforts. In 2023, 100% of management received training in risk management and anti-corruption, while 99% of employees in the target groups also underwent training.
| Type of Complaint | Number of Cases | Management Measures | |||
| Verbal Warning | Written Warning | Suspension | Termination | ||
| 1. Corruption | 1 | - | - | - | 3 persons |
| 2. Failure to follow work regulations | 5 | 1 person | 4 person | - | - |
| 3. Non-compliance with the Anti-Corruption Policy | 1 | - | - | - | 1 persons |
| Percentage of disciplinary actions imposed by the Company’s regulations for all cases (%) | 100 | - | - | - | - |
Whistleblowing Channel
Board of Directors
Thai Wah Public Company Limited
Thai Wah Tower 1, 6th Floor, 21/11, 21/13 South Sathorn Road, Tungmahamek, Sathorn, Bangkok 10120
Audit and Risk Committee
Thai Wah Public Company Limited
Thai Wah Tower 1, 6th Floor, 21/11, 21/13 South Sathorn Road, Tungmahamek, Sathorn, Bangkok 10120
Internal Audit
Thai Wah Public Company Limited
Thai Wah Tower 1, 6th Floor, 21/11, 21/13 South Sathorn Road, Tungmahamek, Sathorn, Bangkok 10120