GC One Report 2023 [EN]

and international. In 2023, GC revised its Corporate Governance and Business Code of Conduct Handbook to ensure consistency with laws, good corporate governance principles, and GC’s requirements, and the wording was edited to improve currency and suitability. In addition, the Board of Directors and Executives, who serve a crucial role in fostering and driving an ethical organizational culture, have also formulated and cultivated GC SPIRIT 4 Core Behaviors, an organizational value that places importance on integrity and ethics. GC SPIRIT: 4 Core Behaviors, along with the topics of corporate governance, risk management and internal control, and compliance (GRC), have been communicated to all employees across the organization through CEO Townhall and integrated into the work process in order to cultivate them into GC’s corporate culture. Corporate Compliance GC recognizes the significance of compliance with laws and strives to surpass the requirements stipulated by laws, criteria, and standards. To this end, GC promotes compliance awareness on a regular basis to ensure compliance with domestic and international laws and criteria as well as relevant standards and standard systems. In 2023, GC improved its compliance process as well as guidelines and steps for legal and regulatory compliance management to ensure alignment with the ISO 37301: Compliance Management Systems: 2021 (E) standard and enhanced other compliance-related activities that promoted the effective management of compliance-related risks according to its obligations through a compliance management system, which comprised six steps: (1) Establish; (2) Develop; (3) Implement; (4) Evaluate; (5) Maintain; and (6) Improve. In addition, GC established a compliance process, which consisted of (1) Assessment - to identify major noncompliance risks, (2) Prevention - to ensure compliance control, and (3) Correction and Improvement - to appropriately manage matters that deviate from relevant laws and regulations and to regularly review and improve monitoring. Furthermore, GC has establ ished a compl iance monitoring process internal units and defined the objectives and the scope of laws, rules, and regulations to adhere to. In addition, they are required to produce summaries, provide recommendations, and report the findings from the monitoring to the responsible executives of each unit for their acknowledgment as well as submit reports on the overall compliance performance and the action plan to the Corporate Governance and Sustainability Committee on a yearly basis for acknowledgment and comments so as to ensure efficient governance and compliance with international laws and criteria. In addition, GC regularly builds compliance awareness among its personnel through a wide range of activities as appropriate, including: Creating content on compliance, such as intellectual property, use of social media, money laundering, and complaint handling, which is communicated to employees through the tone from the top. Developing a compliance overview course in which executives and employees can learn by themselves through Hook Acknowledgement and Learning. Organizing workshops and courses on complaint investigation techniques for vice presidents across GC Group. Organizing an online training course entitled Mandatory Compliance for New Managers for division managers. Dissemination of Good Corporate Governance Principles GC communicates its key corporate governance principle entitled “C R E A T E,” comprising six elements: the Creation of long-term value for the organization; Responsibility; Equitable treatment of all stakeholders; Accountability for decisions made and being able to offer justification for such decisions; Transparency, which entails full, accurate, equitable and timely disclosure through appropriate channels; and Ethics in bus iness conduct , to i ts employees for thei r acknowledgement from the first day of work. GC also continuously underlines and instills corporate governance principles in its employees through training programs, seminars, and other activities. For example, GC offers a mandatory e-Learning program on i ts “Hook Acknowledgment and Learning” system, through which Executives and employees can sign the acknowledgement of the Corporate Governance and Business Code of Conduct Handbook and take a test. “PTT Group CG Day 2023: Good to Great – CG Empowering for the Future” was also organized to foster an understanding among employees, suppliers, customers, and relevant agencies of the role of corporate governance in driving the organization towards a sustainable future. Additionally, GC’s corporate governance practices are assessed by domestic regulatory authorities and international standards, such as the Thai Institute of Directors Association (IOD), the Thai Investors Association (TIA), 144

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