It is undeniable that driving a sustainable business must come from a solid foundation of operations. Starting from laying the foundation of Governance, Risk Management and Compliance (GRC) through corporate governance, systematic and comprehensive risk management, and strict compliance with regulations and laws, which will not only help reduce risks that may cause damage to the business, whether it is financial impacts and the company’s reputation, but also prevent negative impacts that may occur to stakeholders. For these reasons, OR emphasizes such management throughout OR’s business value chain, which consists of various business models, including Mobility business, Lifestyle business, Global business, and Innovation business. A management structure covering all 3 issues has been established to serve as a framework for corporate governance throughout the organization and subsidiaries, in order to prepare for changes that may occur in the future and to supervise operations in accordance with the law, as well as to create confidence in business operations for all stakeholders.
OR has prepared and published the Corporate Governance, Ethical Standards and Code of Business Ethics Handbook or CG Handbook to ensure that all executives and employees understand the culture of corporate governance and anti-corruption policy. The cultivating of understanding of the CG Handbook in employees starts with the company’s orientation with new joiners including directors, executives, and employees. All executives and employees are required to acknowledge and comply with OR’s Corporate Governance Policy and CG Handbook, and to pledge for honest operations in accordance with the company’s guidelines. OR supports training courses on GRC including E-Learning courses, good corporate governance, Anti-Corruption, Personal Data Protection Act B.E. 2562 (2019) and Internal Control & Risk Management course. This is to enhance knowledge and understanding of operations based on morality, ethics, corporate governance guidelines, risk management, and compliance with laws.
In addition, OR offers training courses and assessments of knowledge and understanding regarding good corporate governance, insider trading, conflict of interest and anti-corruption for employees through the CG E-learning platform, with 96.59 % of OR employees who attended and completed the course. Employees reported their satisfaction with OR’s Corporate Governance Awareness Campaign and addressed that CG information is easily accessible, and regularly communicated. To ensure that all OR employees operate with significant interest in honesty and fairness, OR requires employees, including executives at all levels, to prepare report on possible conflicts of interest with the Company to ensure that employees perform their duties with the best business interests of the Company and stakeholders.
OR continues to focus on communicating good corporate governance to business partners. OR established the OR Supplier Sustainable Code of Conduct, which specifies ethical expectations. The Company also encourages suppliers to implement the principles of OR’s CG Handbook and communicates such practices at the supplier annually meeting and sends a formal letter to the suppliers. Suppliers who have contracted procurement must acknowledge and sign with accepting the Supplier Sustainable Code of Conduct.
OR has established OR Group Way of Conduct (ORG WoC) to provide a corporate governance framework for OR Group. This is to comply with the company’s good corporate governance policy and PTT Group Way of Conduct. OR focuses on continually improving the GRC management system, along with creating an organizational culture of OR Group Way of Conduct. This communication has been made to all subsidiaries and joint ventures, both domestically and internationally to ensure strict compliance.
For more details on Corporate Governance, please refer to the 2024 Annual Registration Statement/Annual Report (56-1 One Report, Publish Date : March 3, 2025) | PTT Oil and Retail Business)
PTT Oil and Retail Business Public Company Limited
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