Dr. Bandid Nijathaworn

81 Pages·2017·23.04 MB·English

ANNUAL
REPORT 2016

THAI INSTITUTE OF DIRECTORS
www.thai-iod.com

CONTENT
4
About IOD
• Mission, Vision, and 2016-2020 Strategy
• Thai IOD Activities
9
The message from Chairman
10
CEO’s Report to Stakeholder
12
Strategic Patrons & Sponsoring Partners
13
Corporate Financial Highlights
• Membership
• Director Training
• Research & Policy Statistics & Financial Highlights
• Thailand’s Private Sector Collective Action Coalition Against Corruption
22
IOD Organization Chart
23
Board of Directors
33
Steering Committee, Advisory Board and Facilitators
36
Activities in 2016 and next challenges
• Membership
• Director Training
• Research & Policy Statistics & Financial Highlights
• Thailand’s Private Sector Collective Action Coalition Against Corruption
• International Recognition
50
Good Corporate Governance Report
59
Report of Board of Directors’ Responsibilities for the Financial Statement
60
Audit Committee Report
63
Auditor’s Report
65
Financial Statement
78
IOD General Information
About IOD Strategic direction
towards 2020
The Thai Institute of Directors Association (IOD) is a In 2016, IOD has redefined its business direction to
leading organization dedicated to improving director advocate and nurture Thai’s corporate governance to the
professionalism and corporate governance in Thailand. next level.
Founded in 1999, two years after the Asian financial
crisis, IOD has been at the forefront of promoting good Purpose: “Cultivate corporate governance impact
governance practices in Thai companies. Through its through directors for sustainable development of Thai
various activities, it has helped develop a professional economy”
standard of directorship and provided best practice
guidelines for company directors to perform their duties
To achieve this purpose, IOD repositions itself from
effectively and in line with international standards. IOD
being an institution for education and standard setting to
believes that with effective directors, a company can be
becoming a member engaged organization. IOD aims to
managed and operate effectively in a way that results in
work with members to bolster Thai governance bar by
increased shareholder value and sustainable growth of
enabling practices in substance. Directors in business
the Thai economy.
enterprises will be core groups of members that IOD
engage with to achieve such as goal. It will also engage
IOD is a not-for-profit, membership organization,
other governance supporting roles in enterprises to
established with support from core institutions involved in
promote real practice. Besides, it will create awareness
Thai capital market, namely the Securities and Exchange
and build momentum with public at large.
Commission (SEC), the Stock Exchange of Thailand
(SET), the Bank of Thailand, and the Foundation for
IOD will employs a two-prong strategy. First, it will further
Capital Market Development Fund, and international
establish itself to be recognized for “knowledge”
organizations, such as the World Bank. IOD is recognized
leadership in governance. This imperative requires three
locally and abroad for its leading role in corporate
key enabling components: content, tools and values. IOD
governance, and has been cited by national and
is committed to creating comprehensive, inspiring, and
international forums as one of the most successful
thought provoking contents. On tools, IOD will develop
professional bodies.
practical guidelines along with self-service platforms,
Our Mission so members and public can gain access with ease. On
values, it will establish itself as a public opinion moulder,
becoming a destination for principle check in regard to
governance. Second, IOD will function as an integral part
Develop and support company directors to implement
of business community, building strong “relationships”
good corporate governance
with members, stakeholders, and public at large. IOD
aims to connect, interact, and engage with members
Our Vision more through multiple forms. IOD then become an
integral part of Thai business community. The end goal
is to create bonding at value level with members so they
IOD is recognized internationally for promoting feel belong and advocate for the same cause – an
directorship to a professional level leading to the important force to achieve IOD’s purpose.
sustainable growth of Thai companies.
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Thai Institute of Directors
Purpose:
“Cultivate corporate governance
impact through directors for sustainable development of Thai economy”
Positioning: A member engaged institute that bolsters Thai governance bar by enabling practice in substance
Segment Focus: Directors in business enterprise as core along with supporting roles and public at large
Recognized for “Knowledge” leadership
“Flagship” corporate “Flagship” director “Flagship” high value International Level
membership courses research with best practice Forum
Active fellow members/ Non-director Extended CGR and CG circle stakeholder
member sharing events courses tailored services engagement
“Utility” online knowledge, self-service and membership platform for public
Functioned as integral part of business community
with strong “Relationships” with member, stakeholders and public
Enablers:
Human Capital: Senior persons for knowledge & stakeholder mgmt; project mgmt skills to work with external helping hands
Process: More automation of work process, so existing resources retrained to perform higher value added services
Digital Capability: IT expert to design integrated platform for knowledge, service, social connect, and member management
Infra / Premises Improve current office condition and setup a satellite downtown office for better member engagement
Thai IOD Activities
The Thai IOD’S activities comprise three core areas:
IOD TRAINING AND PROFESSIONAL DIRECTORSHIP
Development; Knowledge Dissemination & Policy
Advocacy; and Membership Relations. ors Foundation Skills Committees BEoxcaerdllreonocme
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Director Certification Program (DCP) and the Director Accreditation
Line ID: ThaiIOD www.thai-iod.com Facebook.com/ThaiIODFan
Program (DAP), to enhance their knowledge on roles and
responsibilities of directorship based on the good corporate
governance principles.
The Thai IOD also recognizes the need for knowledge
development for board committees on their roles and
responsibilities under good corporate governance principles.
Hence, several Committee Courses are offered to different
committee such as Audit Committee, Nominations and
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Thai Institute of Directors
Corporate Governance Committee (R&CGC), and the Research & Policy
Remuneration & Compensation Committee.
Given that the Thai IOD’s stated mission is “to develop and
support company directors to implement good corporate
Furthermore, the Thai IOD undertakes skill development courses
governance”, the Research & Policy Department has a core
for directors in order to enhance and increase the ‘functional’
role in providing relevant supporting information and knowledge on
effectiveness of company directors with regard to strategic,
corporate governance principles and practices (i.e.: Knowledge)
risks, financial and corporate governance issues, as well as
This Department also acts as a representative for Thai IOD
decision making skill in a fully independent manner.
Members in expressing opinions on various current or changing
issues that relate to corporate governance, and in communicating
Company Secretary
such viewpoints to involved agencies or authorities as well as
The Thai IOD also offers ‘Foundation’ courses for company
members of the Thai IOD (i.e.: Advocacy).
secretaries, namely, the Company Secretary Program (CSP)
with an aimed to develop both knowledge and understanding
Providing relevant supporting information and know how
about roles and responsibilities of a company secretary in
(i.e.: Knowledge)
supporting the board of directors based on the concepts of
The Thai IOD has a duty and responsibility to provide relevant
good corporate governance.
supporting information and knowledge on corporate governance
principles and practices to company directors, company
‘Functional’ Courses for company secretaries are designed
secretaries and all other involved stakeholders such as regulatory
to heighten their performance in various aspects including
agencies/authorities, institutional investors, general investors,
minute taking, board reporting presentation, information disclosure to
and various other organizations within the capital markets.
the public and stakeholders. They also support the development
of expertise and skills of company secretaries in regards to
This is to further develop good corporate governance practices
effective corporate strategy formulation, in order to elevate their
on a wider scale and in accordance with international standards
level of understanding in directors’ viewpoints associated with
through the following key activities:
strategic decision making and strategic implementation.
1. Surveys of the extent of corporate governance practices
Management
of listed companies in Thailand (i.e.: Corporate Governance
The Thai IOD offers ‘Foundation’ Courses for a company’s
Scorecard), that include two projects as follows:
senior and mid-level management, Corporate Governance for
1.1 Corporate Governance Report of Thai Listed Companies : CGR This
executives (CGE), in order to develop a better understanding of
is a survey and report on the state of corporate governance (CG)
their roles and responsibilities in working with the board under
practices within Thai-listed companies. It was initiated in 2001 and
the good corporate governance principles.
has been undertaken every year since, with the aims of assessing
and following-up on current developments as well as progress of
Similar to company directors, ‘Functional’ Courses are also
good governance practices in Thailand.
offered for management, so that they can effectively perform
their duties in regards to strategic and risks issues as well as in
The associated survey report is useful and beneficial for Thai-listed
reporting to the board of directors.
companies in further developing their respective CG practices in
accordance with accepted CG principles, as well as for regulatory
Furthermore, the Thai IOD has developed good corporate
agencies/authorities in further defining relevant policies and
governance courses for directors and owners of family businesses
regulations relating to required CG practices. The report also
in order to establish a firm foundation for their stable and
provides valuable information for general investors in making their
sustainable growth.
investment decisions.
The Thai IOD also collaborates with regulatory organizations
1.2 Corporate governance survey and report of listed com-
in developing a specific training course for directors and senior
panies, based on agreed ASEAN CG standards (i.e.: ASEAN
management of capital market intermediaries and ensures the
CG Scorecard) This is a survey and report on the extent of
sustainability of such industry. This in turn will help strengthen
corporate governance (CG) practices within the ASEAN region,
the development of Thai economy
based on agreed ASEANwide CG standards. It was initiated in
2011 by the ‘ASEAN Capital Market Forum (ACMF)’ as a result
of cooperation between Securities Exchange Commissions
(SECs) of ASEAN countries, with the aim of enhancing the
standards of CG practices by listed companies in the ASEAN
region so as to increase overall investor confidence throughout
the region.
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Thai Institute of Directors
2. Board of the Year Awards Project IODThe Thai IOD, 2. Policy Alerts– Information on the latest new rules and
together with 6 leading private sector organization: the Stock regulations that Company Directors should be aware of.
Exchange of Thailand, the Thai Chamber of Commerce, the 3. CG News Updates– Information on the latest news
Federation of Thai Industries, the Thai Bankers Association, the and trends relating to good corporate governance
Thai Listed Company Association and the Federation of Thai principles and practices that company directorsshould
Capital Market Organizations jointly established the Board of be aware of.
the Year Awards Project to give due recognition and encouragement
to those listed company directors, who have carried out their Representing Thai IOD members in expressing opinions
responsibilities in an effective and excellent manner leading to on various changing issues regarding corporate governance
achieving transparency as well as equitable treatment for all (i.e.: Advocacy).
their company’s stakeholders, in full accordance with the As an institute of Company Directors, the Thai IOD places
principles of good corporate governance. importance on being their representative in commenting on and
expressing opinions of its members on current or changing
3. Research Paper / Survey / Guideline / Best Practice issue that relate to corporate governance matters and also to the
The Thai IOD undertakes surveys as well as research activities discharging of the duties of company directors – regardless of whether
on key issues and problems relating to being a company director, it relates to any changes to the current laws and regulations, or
and publishes important research papers on good corporate to any corporate governance principles and practices.
governance practices and the role of the board of directors,
such as the board directors remuneration report, board diversity As such, the Thai IOD will bring such relevant issues or topics
survey, best practices for board nominations and remuneration. to the attention of its members in order to hear their opinions and
summarize a common viewpoint for communicating to involved regu-
These surveys and research reports are distributed to Thai IOD latory agencies/ authorities as well as to all Thai IOD members.
members and also made available to the general public for use
as guidelines in the ongoing development of good business
governance practices within various organizations. Member Relations
The Thai IOD is a member-driven organization with
4. Supporting Issues in Conference/Seminar/Forum
a current total of 3,476 members. The Thai IOD places great
The Thai IOD also focuses on hosting conferences, seminars
importance on its members by focusing on providing various
and discussion forums e.g. National Directors Conference,
benefits that its members should receive – information and
Chairman Forum, Director Forum, Audit Committee Forum,
knowledge, having potential networking opportunities and
and Company Secretary Forum. This is in order to disseminate
receiving good services from the Thai IOD, together with other
knowledge and issue reports on the latest trends on good
additional special privileges.
corporate governance practices.
All such membership benefits are derived from four core activities
At the same time, by inviting experienced specialists and
undertaken by the Thai IOD; namely: holding events and
experts to such discussions for direct exchange of views,
activities for its members; establishing various channels of
the Thai IOD is also able to inform its members about CG
communications or media, through which members can receive
practices that can be implemented.
information that is both timely and useful; facilitating networking
opportunities among its members and offering other special
5. Supporting Issues through Policy Briefs
benefits or privileges
The Thai IOD also supports company directors by issuing policy
briefs; it publishes the Board Room Flash Newsletter that aims
Events and member activities
to disseminate to company Directors significant information
The Thai IOD assists its members to meet and exchange both
about the latest news on good corporate governance matters
their knowledge and experiences as a network or group of
together with current developments or directions relating to any
people who jointly seek to establish good corporate governance
applicable rules and regulations specified by involved agencies/
practices in Thailand. Such facilitations occur by arranging various
authorities; namely:
events and activities that allow members to meet on a regular
1. Policy Briefs- A summary of important information
basis – both in a formal as well as informal environment –
and analyses of applicable rules and regulations as
without having to pay any other additional expenses to their
well as the roles of Directors, relating to corporate
annual membership fees.
governance practices with the aim of informing and
recommending appropriate actions.
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Thai Institute of Directors
The events and activities in which Thai IOD Members can year. The contents of the Boardroom consist of: summaries and
regularly participate are as follows: highlights of the various seminars, conferences and forums
held by the Thai IOD; highlights of the various events and
Seminars, Conference and Forums activities undertaken by the Thai IOD for its members; names
• The Annual General Meeting (AGM) of the Thai IOD of new Thai IOD members; as well as various articles
• The Thai IOD’s Annual National Directors Conference summarizing key local and international good corporate
• Forums – to exchange viewpoints as well as to hear and governance related issues and also special articles written by
learn about the latest trends or issues of interest from external fellow Thai IOD members.
guest speakers • Boardroom Flash:A bi-lingual ‘e–newsletter’ that summarizes
• Briefings – to hear and learn useful information relating to any updated trends or timely issues relating to good corporate
various up-to-the minute CG issues from external guest governance and the effective discharge of the duties of being
speakers with special expertise and knowledge; such as: a company Director
Breakfast Talk, Luncheon Talk, Tea Talk, Dinner Talk, Current • www.thai-iod.com website: This is another channel of
Issues Seminars, and other Special Seminars. communication through which Thai IOD members can access
• Events –to disseminate the Thai IOD’s research or and read various research and survey outputs summaries. All
survey activities on specific topics; such as the Compensation members must use their member ID as their username and
Survey Seminar. associated password in order to log in to the website and can
• Various activities that are part of the Thailand’s Private Sector download various information or documents as required.
Collective Action Coalition Against Corruption (CAC) Project, • Facebookfan page: www.facebook.com/ThaiIODFan
of which the Thai IOD is the secretary. These include the Na-
tional CAC Conference and holding Anti-Corruption Seminars. Facilitating networking opportunities among its Members,
The Thai IOD facilitates networking opportunities among all its
members with the aim of creating closer relationships as well
Facilitating networking opportunities among its members as encouraging closer cooperation between its members with a
• DCP Alumni Party A social event that enables those Thai IOD view to establishing improved corporate governance practices;
Members, who have attended and successfully whereby all members can communicate with each other directly
completed the various DCP training programs and courses through such contact channels:
to meet each other again and renew their friendship.
• IOD Golf Challenge A sport and leisure event for Thai IOD • Directors Pool: This is a medium that is part of the Thai
members that are keen on golfing to compete in a friendly IOD official website through which all Members can post or
atmosphere as well as to establish closer relationships. After exchange their personal resume details, as well as search
deducting direct expenses, all proceeds from this event are for information on those who have successfully completed
donated to charity organizations. the various DCP Training programs and courses and also the
names of all current fellow Thai IOD members. Moreover the
Apart from the internal events and activities, the Thai IOD also Thai IOD has a group of ‘Chartered Directors’, all of whom are
collaborates with other organizations to enable Thai IOD well-qualified, knowledgeable and professional in discharging
members to join in any events or activities undertaken by these their duties, from which listed companies can select to be
external organizations. nominated and appointed as independent directors. Currently
there is a total of 33 such ‘registered Chartered Directors’ in
Establishing various channels of communications or media, this group.
through which members can receive information that is both • Membership Directory: The Thai IOD has published membership
timely and useful directory, which is updated every two years, to enable IOD
Apart from the special privilege of attending and participating in members to access useful contacts information.
various internal events arranged by the Thai IOD, its members
also regularly receive timely and useful information relating to Offering various special benefits or privileges to its members.
good corporate governance matters as well as company The Thai IOD offers other additional special benefits and
director duties. Such information and knowledge is made privileges to its members. These include special discounts for
available to all members by the Thai IOD through communications fees payable in attending various Thai IOD training programs/
media, such as: courses; special discounts for the purchases of any special Thai
IOD Research or Survey outputs; and use of the Thai IOD’s
• Boardroom Magazine:A special bi-lingual (Thai and English) conference facilities, located at its office, for any meetings
magazine, of which all Thai IOD members receive six issues a amongst members.
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Thai Institute of Directors
The message from Chairman
In 2016, there were situations that led to directors/executives on asset
a wider and more substantive adoption malpractices, which has become one
of good corporate governance in of the factors that discourage misbehaviors.
Thailand. In addition, the SEC together with IOD
and other capital market organizations
1. Investors demand that directors have developed new Corporate
perform their roles effectively Governance Code for listed companies.
The essence of the new code is in
Individual and institutional investors The IOD Board is well aware that the
line with changing governance trend
called for the boards of listed companies success in 2016 derived largely from
such as board leadership in corporate
to resolve issues involving their guilty tireless efforts of the management,
strategy determination etc.
directors/executives who had been consultants, and employees together
fined or charged by the Securities and with support and cooperation of capital
3. IOD expands training coverage to
Exchange Commission for asset market organizations, listed companies,
directors of family businesses
malpractices. partners, academia, and relevant
The IOD has expanded training
agencies, including members, facilitators,
The Board of the Thai Institute of coverage as part of its strategies in sub-committees, and task forces.
Directors Association (IOD), in its 2016. Recognizing the significance of The IOD Board would like to take this
institutional capacity, felt that such family business as the backbone and opportunity to express our gratitude to
wrongdoings are serious offences that key drivers of the Thai economy, the all the mentioned parties.
cannot be ignored. Therefore, it resolved IOD Board decided to conduct family
to take additional measures to promote business governance courses at key The IOD Board admire and appreciate
prudent exemplary behavior and prevent provinces, including Chiangmai and the roles of the institutional investors,
negative behavior as follows: (a) Two- Ubonratchani. The IOD is also preparing retail investors, and regulatory bodies
year suspension from the Corporate best corporate governance practices in fostering a conducive atmosphere
Governance Report of Thai Listed for family business, which should be for good corporate governance
Companies (CGR) program should ready for distribution in 2017. practices. It is the fervent desire of
company or its directors be charged or the Board to ask corporate directors
fined by the SEC, within the one year This year the IOD Board will emphasize giving precedence to righteousness,
prior to the CGR evaluation completion; the variety of training courses that business ethics, fiduciary duties. Such
and (b) To take into consideration any respond to future needs and challenges. practices will ensure good corporate
violation of the Securities and Exchange Efforts will be made to get a wide governance in the Thai business
Act by directors or executives during range of people to participate in community as well as enhance
the three years preceding the granting corporate governance promotion. robustness and confidence in the Thai
of approval of IOD membership The IOD Board will also focus on economy as a whole.
application or renewal. providing relevant knowledge to
directors (such as best practices and
2. Regulatory bodies take serious FAQ in performing directors’ duties),
actions against wrongdoers and develop such as a practical guide for their
new Corporate Governance Code roles. The Board will also encourage
members to participate in various
Since early 2016, the SEC has Mr. Krirk-Krai Jirapaet
activities in a bid to jointly promote
continuously taken actions against Chairman of the Board of Directos
good corporate governance. Thai Institute of Directors
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Thai Institute of Directors
CEO’s Report to the Stakeholders
1. Raising the institutional profile of 3. Better financial security and
the organization. The IOD is no longer soundness as a result of particularly
known to the private sector as just a strong financial performance of the
school that provides director training Institute in the last 5-6 years. This has
and courses, but also as an Institute helped to strengthen the Institute’s
whose mission is to promote and balance sheet and enabled the
enhance corporate governance Institute to accumulate and utilize the
practices in the Thai private sector. available financial surpluses for
The latter is achieved through its investment to expand its future capacity.
works on board education and director What is more, a strong financial
development, assessment of corporate position will instill greater confidence
governance policy and practices of and boost the morale of the Institute‘s
In undertaking the various activities
companies, being a voice of directors staffs – the organization’s most
during 2016, the last year of the
on issues that affect directors and important asset – about the strength
three-year strategic plan just ended,
corporate governance, being a central and the future path of the organization,
I’m happy to declare the overall
source of knowledge and information as well as providing incentives for
performance of the Thai Institute of
on corporate governance and best the organization to hire and retain
Directors Association (IOD) was quite
practices for the private sector, and high-caliber staffs. A strong and robust
satisfactory. The Institute was able to
promoting good governance in financial position also means a greater
achieve its target objectives for the
practice through its works on anti- degree of financial independence,
three year (2014 -2016) strategic plan
corruption. In consequence, the IOD which can help support the Institute in
on all fronts. These include improving
has become better known as an discharging its duties and responsibilities
and maintaining the high quality of
institution and is increasingly seen independently.
the Institute’s Director development
as an important infrastructure in the
program and the related training;
private sector that promotes and Success in the above three aspect
undertaking research and studies on
safeguards good corporate governance forms an important base for the
issues that affect directors and on
and ethical businesses. Institute to move forward in its duties
best corporate governance practices
to continue to improve corporate
and guidelines; promoting advocacy
2. Greater recognition of the IOD as governance in the country.
and providing comments on policy;
a premier organization for corporate
creating networking opportunities for
government both at home and abroad, In the fourth Quarter of last year, the
IOD Members; supporting professional
through its works and achievements IOD’s Board of Directors approved the
directorship as a career through IOD
in advancing corporate governance in new IOD’s strategy for the next three
Chartered Director program; steering
the private sector. The recognition has years, centering on the works of the
the Private Sector Collective Action
been achieved through its work and IOD on corporate governance to make
Coalition Against Corruption (CAC)
involvement on corporate governance positive impact on the society that
initiative; and expanding the recognition
both at the regional and international leads to better behavior in businesses.
and reputation of the organization
levels. In particular, its work on In addition, the objectives of the
internationally.
director development in the regional Institute in the next three years call
economies has made the Institute an for extension of corporate governance
Among the listed achievements, three
important vehicle for corporate practices to cover other parts of the
stand out for a special mention.
governance development in the region. private sector, beyond the listed firms
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Thai Institute of Directors