Report of the Governance and Risk Committee to the Shareholders
Building sustainability, governance and risk management for the organization are the key components to enable the organization to achieve its business goals efficiently. With this respect, SCCC and its Group companies have been emphasizing on corporate governance and risk management systematically and continuously in order to ensure that the Company is able to handle with various uncertainty situations effectively, which has led to the confidence of our stakeholders.
The Board of Directors of Siam City Cement Public Company Limited Meeting no. 161st on 26 March 2019 appointed Mr. Stephen Patrick Gore as a member of the Governance and Risk Committee (GRC) from 1 April 2019 to replace Mr. Teng Wei Ann Adrian. The GRC presently consists of four members, the Chairman Mr. Pongpinit Tejagupta, and three other Directors, Mr. Vanchai Tosomboon, Ms. Nopporn Tirawattanagool, and Mr. Stephen Patrick Gore.
Directors which specified in the GRC Charter. In this regard, the GRC conducted a total of four meetings and regularly reported the results of the GRC Meeting to the Board of Directors.
The GRC endorsed and then proposed to the Board of Directors to approve the review of the Corporate Governance Policy and the Risk Management Policy for the Group in order to make it align with the principles of good corporate governance including overseeing the implementation of such policies closely.
At SCCC, we have highlighted the importance of business operations with good corporate governance, business ethics and transparency. We have announced the No Gift Policy since 2017 by setting forth a policy stated that our employees and management are strongly suggested to decline the receiving of gifts, souvenirs or any other benefits in all cases.
In addition, The GRC has continuously given the guideline for improvement on the corporate governance and the risk management to the relevant units in order to formulate the strategies to deal with the volatile economic within the country and abroad. The GRC also supervised the management and various operations to effectively implement risk indicators and monitor the progress of significant risk mitigation.
SCCC received the recognition from the Thai Institute of Directors (IOD) in its Corporate Governance Report of the Thai Listed Companies 2019 with the highest level “Excellent” consecutively for the 4th year which emphasizes on the success of our good corporate governance.
The GRC is confident that the business operations under good corporate governance and risk management practices are essential in driving business performance, competitiveness, and the opportunity to grow a sustainable business as well as promoting the trusted organization, which create high values to our shareholders in the long-term future.
Mr. Pongpinit Tejagupta
Chairman of the Governance and Risk Committee
Since 1 April 2020, the Governance and Risk Committee has changed to the Governance Committee.