Responsibility to Stakeholders
It is natural that the conduct of business of PTT Global Chemical Group involves several stakeholders such as shareholders, customers, business partners, business competitors, creditors, public sector, employees, as well as communities, society and environment. Each group has different requirements.
Therefore a policy has been established for the responsible treatment of all stakeholders in accordance with their specific needs as highlighted below:
Shareholders are encouraged to exercise their basic rights. PTT Global Chemical aims to create utmost satisfaction for the shareholders while taking into consideration the sustainable growth of the Company, the creation of added value and the continued provision of appropriate returns, as well as the good corporate governance principles.
Good practices :
- Manage and discharge duties by applying knowledge and managerial skills to the fullest ability on the basis of honesty. Carefully make decisions with fairness to all shareholders and for the utmost benefit of all shareholders.
- Do not engage in any act which may result in Conflict of Interests with PTT Global Chemical Group.
- Completely and factually report the status of financial and non-financial issues as well as the future trends of PTT Global Chemical Group to all shareholders in an equitable manner.
- Do not seek benefits from PTT Global Chemical Group and affiliated entities using internal information which has not been disclosed to the public. Do not disclose business secrets to third parties which will result in damages to PTT Global Chemical Group.
- Allow a shareholder or multiple shareholders who hold shares in accordance with the criteria of the Company to propose agenda(s) for inclusion as meeting agendas or to nominate suitable candidates for the nomination as a Director prior to the Annual General Meeting. The Corporate Governance Committee or the Nomination and Remuneration Committee will screen the agendas and candidates and subsequently seek the approval of the Board of Directors.
Devote to customers and members of the general public in terms of their satisfaction and confidence in the quality products and services at appropriate price levels. Consistently upgrade standards and maintain a positive and lasting relationship with the customers.
Good practices :
- Commit to the development of products and services quality in order to consistently satisfy the requirements of customers.
- Fully disclose correct information on products and services in a timely manner without any distortion of facts.
- Provide products and services warranty of appropriate duration. Implement a system through which complaints about products and services can be acknowledged. Attempt to respond as quickly as possible to customers.
- Seek only reasonable profit for the quality of products or services when compared to other offerings of the same class. Refrain from the use of trading conditions which are unfair to customers.
- Strictly comply with all conditions agreed upon with customers. In the case where it is not possible to comply with the conditions, the customers must be notified in advance in order to mutually agree on a corrective measure.
- Seriously and regularly maintain the confidentiality of customers and will not use information of the customers to benefit personal gain and affiliated entities.
Take into account equality and honesty in the conduct of business. Protect the interests in collaboration with the business partners by observing the laws and the rules agreed upon by both parties, and by conducting ethical business.
Good practices :
- Do not demand, accept or pay any fraudulent benefit from and to the business partners.
- Strictly comply with the terms and conditions with business partners.
- In the case where it is not possible to comply with conditions, the business partner must be notified in advance in order to mutually agree on a corrective measure on the basis of rationality.
- Maintain the confidentiality of business partner’s information and refrain from using such information to benefit personal gain and affiliated entities.
Treat business competitors as per the international principles within the framework of the laws on trade competition and fair competition.
Good practices :
- Operate within the framework of free and fair competition.
- Do not seek confidential information of business competitors through fraudulent or inappropriate means.
- Do not tarnish the reputation of business competitors with accusation and defamation without availability of facts.
Observe the practical guidelines and the conditions in fairness to the creditors, and repay debt on time.
Good practices :
- Observe and proceed in strict accordance with the conditions to the creditors, both in terms of repayment, the care for collateral and other conditions.
- Correctly and completely report financial status to the creditors in accordance with the requirements of loan agreements and the good corporate governance principles.
- In the case where it is not possible to comply with the obligation of the agreement, the creditor must be notified in advance in order to mutually agree on a corrective measure.
Recognize the significance of public sector, which is one of the stakeholders of PTT Global Chemical Group. A Guidelines have been established for the treatment of the public sector in the countries in which PTT Global Chemical Group invests, in order to avoid negative consequence from any action.
Good practices :
- Proceed in a straightforward manner when engaged in transactions with governmental officials or agencies.
- Be mindful of the fact that each locality or country may have different laws, conditions, procedures, criteria, practices or business traditions concerning the awarding of prizes, the donation of money, employment, reception or hosting of meals for government officials and agencies.
- Comply with the rules of each country or locality concerning the hiring of government employees as consultants or as employees of PTT Global Chemical Group. The employment in question must be transparent and appropriate.
- Avoid transactions with government officials or their family members while such officials have influence on decisions concerning contracts PTT Global Chemical Group has with the government.
- Development of acquaintance or positive relationship between the public sector and PTT Global Chemical Group is permissible where practicable such as engagement in discussions at public facilities and expression of congratulations on occasions, at festivities or as traditionally practiced.
Develop the organization into one of a learning organization. Fostering a culture and an ambiance of teamwork. Pay fair compensation, ensure safe working environment, recognize the significance of development and knowledge transfer, listen to opinions and suggestions of employees at all levels in an equitable manner, and foster and enhance cultural organization with the awareness that all employees are a crucial factor of the sustainable success, advancement and growth of PTT Global Chemical Group.
Good practices :
- Comply with the laws and regulations concerning employees and basic human rights of international standards without discrimination regardless of birthplace, nationality, gender, age, color of skin, religion, disability, social status, family background, academy or other status which is not directly related to the discharge of duties. Recognize their individuality and dignity as a human being.
- Manage human resources in accordance with and in support of business strategies and goals. Implement clear, transparent and fair human resource management systems and procedures of the same caliber as leading businesses and in the same direction across the PTT Global Chemical Group.
- All supervisors have the duty of managing human resources within the department in accordance with the human resource management systems and direction of PTT Global Chemical Group. They must avoid any action which is unfair and may affect the career security of the employees.
- Human resource development is a matter of the organization, the supervisors and all employees as follows:
- The organization will nominate and develop good and competent individuals who work professionally and whose knowledge and capability contribute to the efficient and consistent discharge of duties.
- The supervisors monitor, evaluate, feedback and support the equitable development of all employees.
- Employees have equal opportunity of improving one’s skills and capability.
- Provide fair compensation to the employees. Career advancement and other incentives are dependent upon the quality and the success of the work, as well as their attitude and potential.
- Appointment and transfer of employees, as well as awards and penalties are equitable, honest and on the basis of knowledge, capability and suitability, as well as the action or the practice of the employees in question.
- Encourage the establishment of clubs for employees within PTT Global Chemical Group. The objective of which is to promote relationship and exchange of knowledge among employees and for the arrangement of relationship building activities within the organization and with any outside communities.
- Promote quality of work life with safety and good occupational hygiene. Ensure that the workplace is free of addictive drugs and alcohol.
- Ensure that the working environment is safe to the life and the property of the employees at all times, as well as that it is free of illegal gambling.
- Listen to the opinions and the suggestions of employees of all levels in an equitable manner. There must be a channel through which the employees can report possible violation of working regulations, requirements, orders, announcements or the laws.
Conduct the business on the basis of responsibility to communities, society and environment, in terms of safety, quality of life and preservation of natural resources. Promote the efficient use of energy, recognize the significance of the quality of life of communities surrounding the plants and enhance society at the national level. A proportion of the profit shall be allocated to help build communities and society. The conduct of business should take into account the impact on the environment from the stage of plants construction and the selection of production technology to the handling of waste, as well as the research and development of innovations to increase energy usage efficiency.
Good practices :
- Consider alternative exploitation of natural resources with minimal impact to the society, environment, and the quality of life of people.
- Allocate a proportion of the profit for regular activities which contribute to society and the environment.
- Constantly and seriously instill the awareness of responsibility to society and the environment in all levels of employees.
- Value transactions with business partners who share the same desires as PTTGC Group where responsibility to communities, society, and the environment are concerned.
- Lead in the efficient use and the conservation of energy for the benefit of the public and future generations.
- Community and social activities are a duty and a key policy. Focus on the sustainable development of communities, society, and the environment, with the determination to create and conserve natural resources. Support the education of the young children and public service activities for underprivileged communities in order that they may gain strength and self-reliance.
- Listen to the opinions and the demands of communities in order to efficiently respond and develop good corporate governance measures.
- Provide benefits to society at all levels both in the short and long term.
- Participate in and support activities which correspond with preventive and creative society and country development policy.
- Promote learning and educational skills development of the young children and members of the general public. Create awareness of natural resource and environment conservation in the communities and society.
- Provide correct information, create understanding and listen to the problems and the effects which may occur to the surrounding communities in order to implement timely corrective measures. This is a foundation of mutually benefiting coexistence between the plants and the communities.
- Support public service activities, particularly those in the localities in which PTT Global Chemical Group has business. This must take into consideration the appropriateness and the sustainable benefits to communities and society.
Recognize the significance of managing of quality, safety and occupational hygiene with consistent standards. Establish and review quality, safety and occupational hygiene policy, as well as good practices for sustainable development.
Good practices :
- All employees must operate on the basis of quality, safety, occupational hygiene and environment system in order to increase efficiency and value to the operation, the life, the body, the property and the environment.
- Executives, employees, supplementary staff and employees of contractors must strictly observe the laws, policies, requirements and standards concerning quality, safety, occupational hygiene and environment.
- PTT Global Chemical Group will use all measures to control and prevent any loss from accidents, fire, injury, occupational illness, loss or damage of property, violation of security systems, incorrect work practices and mistakes, as well as preserve a working environment which is safe for employees, supplementary staff, as well as, staff members of suppliers. Executives and the employees are required to report accidents or incidents in accordance with the established procedures.
- PTT Global Chemical Group will arrange for emergency control and prevention plans for all operational areas, as well as emergency and crisis management plans for the organization in preparation for possible emergencies such as fire, spilling or leakage of oil, natural gas, chemical substances or wastes. Prepare for other crises which may result in disturbance to the conduct of business or in damages to the reputation and the image of the organization.
- PTT Global Chemical Group will communicate and create an understanding with employees, supplementary staff and employees of the contractors, as well as stakeholders in order that they may acknowledge and understand policies, regulations, practices and precautions concerning quality, safety, occupational hygiene and environment; and that they may observe them correctly for the benefit of their health, property and the environment.
- PTT Global Chemical Group will promote an awareness of quality, safety, occupational hygiene and environment as a daily routine of the employees.
- PTT Global Chemical Group will be seriously and consistently involved in social responsibility in terms of quality, safety, occupational hygiene and environment. The use of natural resources must result in the greatest benefit with awareness of the significance of the environment and the safety of stakeholders. Further, promote social activities which promote environment preservation and quality of life development for the people in the communities in accordance with the sustainable development principle.
- Appoint relevant departments to monitor and evaluate security conditions in accordance with threat warning levels.
- Develop a security management system which is consistent with the laws and international standards with regular evaluation and review.
- Arrange for regular tests and emergency drills and improve upon those.
- Provide for appropriate and sufficient resources for security management operation.