Corporate Governance Principles

Corporate Governance is an internal management tool to link relationships among shareholders, the Board of Directors, executives, and employees with due regard for stakeholders at large, leading to the best interests of shareholders and all stakeholders. Thaioil Group’s CG principles are as follows:

Every Thaioil staff is well-aware of the responsibility in the refining and petrochemical business, which depends on natural resources and environment. The Company recognizes the importance of using natural resources effectively and efficiently. It also has environmental management process, operating to prevent and reduce future risks. In addition, Thaioil staff also instill the concept and practice, by focusing on CG principles and Code of Conduct which is one of a key performance index in the performance appraisal of all directors, executives, and other employees. This includes incorporating “I-Integrity” into the Company’s corporate values, known as “POSITIVES”, which encourage all employees to apply in their daily duties and responsibilities as well as being used as a tool to assess variable bonuses for employees at the manager level and above (Guidelines for variable bonus payment).

Moreover, Thaioil regularly reviews its policies, principles, and guidelines for corporate governance annually, in compliance with regulations, announcements, and guidelines for corporate governance of related regulators, as well as principles and assessment criteria for corporate governance of various institutes.

As a result of the above actions, Thaioil has received the third-party verification in terms of the corporate governance, including an assessment of Corporate Governance Report (CGR) of Thai Listed Companies. In 2022, Thaioil received a CGR score of 98, which has achieved the highest score for the 4th consecutive year and classified in the “Excellence” category (90-100 points) for the 14th consecutive year.