Corporate governance

Corporate Govenance

Thaioil believes that the oil business is managed on the basis of corporate governance and business ethics. Major reasons for conducting business efficiently include possessing integrity, transparency, accountability and fairness to all interested parties with maximum benefits to shareholders. This contributes to the sustainability of the business.

• Policies relating to corporate govenance / Internal audit / • Channel complaint 

Board of Directors

Board of Directors shall consist of no less than 5 and no more than 15 persons, as defined in the Articles of Association of the Company. The Board of Directors was assigned to the Nomination and Remuneration Committee and was to maintain the nomination and selection of directors and top executives in the event of vacancy.

The composition of the Board of Directors must have enough number of independent directors to be sure that they can counterbalance the work of the Board of Directors and implement the management. The Board of Directors must consist of at least one-third of the directors with no less than 3 members.

Qualification of the Board of Directors consists of people who are trusted and capable in a variety of skills, including industrial financial accounting and business management as well as international marketing strategy, crisis management, legal and regulatory affairs.

The 4 of the committee includes the Audit Committee, The Nomination and Remuneration Committee, Corporate Governance Committee and Risk Management.

In order to come up with the company’s visions, policies, and various practices, the committee takes sustainability issues into consideration. This is also related to the company’s management and constant improvement. Good standards and work ethics are also vital in management on the basis of merit, quality, and efficiency so as to meet the international standards for corporate governance. This can build confidence and trust from investors and stakeholders.


An assessment of the company's operations—Thaioil is tracking the indicator of the company. The directors will call a meeting conducted by the management on a monthly basis.

The evaluation of Thaioil’s operation involves examining the company’s indices. The committee would call for a meeting among the executives on a monthly basis. They would discuss issues regarding the company’s policies and payments, for example. The committee operates in 3 ways: (1) evaluation of their own performance on the board, (2) evaluation of performance of others on the board, and (3) the board of directors’ evaluation of the board and its committees. This has been audited by the Thai Institute of Directors Association (IOD).


Thaioil announced that it is politically impartial and will not support any political party or individual on behalf of the Company.

TOP Way of Conduct

To ensure the alignment amongst Thaioil and its affiliates, and to create competitive advantages in the market in achieving long-term goals and sustainable growth. Thaioil has established the TOP Way of Conduct since 2015.  The TOP Way of Conduct incorporated 15 important policies. The objectives of the TOP Way of Conduct are to be the guideline for executives ,managements, and employees to adhere to while performing their duties.