Report of the Nomination and Compensation Committee
The Nomination and Compensation Committee (the NCC) comprises five highly experienced directors. Mr. Robbert van der Feltz joined as a new member from March 2020, as a successor of Dr.h.c. Harald Link, who retired from the Board of Directors.
In 2020, the Nomination and Compensation Committee has performed its duties and responsibilities according to the Committee Charter, which was revised to include a more stringent PMS implementation and preparing young talent in each function with structured career path. A total of five meetings were conducted with all members present in all meetings.
The key activities of the NCC in 2020 are summarized below;
Group Management Structure and New recruitments: The Group Management Structure implemented in 2019 has stabilized and decision making decentralized to move each business closer to markets and customers. The NCC also acknowledged new appointments in key executive positions at both the Group, and the Group Company level, which included Group Head of Manufacturing, Group Head of Commercial, Chief Executive Officer of Siam City Cement (Lanka) Limited, Chief Executive Officer of INSEE Ecocycle Company Limited, Chief Financial Officer and Manufacturing Director of Chip Mong INSEE Cement Corporation Limited, and Senior Vice President of Saraburi Operations of Siam City Cement Public Company Limited.
Compensation (Pay for Performance): The NCC advised the Management to uniform one single pay for performance scheme across the group and approved a new performance management system.
Group HR Policy: The NCC reviewed and proposed to the Board of Directors for approval of the Group HR Policy which has been developed to provide an overall framework and guiding principles to drive consistency across SCCC Group.
Leadership Development: The NCC promoted the development of senior and top executives to lead the company which has been facing the rising competition and lower demand in recent years and has asked the Management to develop a succession plan starting with a leadership assessment by a competent third party.
The Nomination and Compensation Committee is committed to ensuring the building of an effective organization driven by an entrepreneurial culture through the selection of passionate leaders; to drive our Company’s performance in today’s highly competitive environment, who will be leading our Group into the future.
Paul Heinz Hugentobler
Chairman of the Nomination and Compensation Committee